Acciona Sa · BME:ANA
Acciona Sa — Q1 2020 Earnings Presentation
33 slides from Acciona Sa's earnings presentation, May 8, 2020
Slide 1: Q1 2020 Results presentation & COVID-19 update
Q1 2020 – January-March Results presentation & COVID-19 update 8 th May 2020
Slide 2: Disclaimer
ACCIONA Q1 2020 Results 2 Disclaimer This document has been prepared by ACCIONA, S.A. (“ACCIONA” or the “Company”) exclusively for use during the presentation of financial results. Therefore it cannot be disclosed or made public by any person or entity with an aim other than the one expressed above,
Slide 3: COVID-19 Update
COVID-19 Update
Slide 4: COVID-19 – Proactive response to pandemic challenge
ACCIONA Q1 2020 Results 4 COVID-19 – Proactive response to pandemic challenge Overriding priorities Health & well-being of ACCIONA community Continuity of day-to-day operations Preservation of our Business Plan Early response to mitigate pandemic challenge Strategy Ready for sustainable Protec
Slide 5: COVID-19 – Pandemic Protection Plan 2020
ACCIONA Q1 2020 Results 5 COVID-19 – Pandemic Protection Plan 2020 Protecting liquidity, solvency and profitability Protect Dividend Reduction in Reduction in Liquidity & 2019 – Assets Operating Investment Funding Responsibility Disposal Costs Cash Outflow Flexibility & Prudence Keeping the Use defe
Slide 6: Preliminary implications of COVID-19 in Energy and Infra
Preliminary implications of COVID-19 in Energy and Infra
Slide 7: COVID-19 – Energy business
ACCIONA Q1 2020 Results 7 COVID-19 – Energy business Operations & Maintenance Fleet operating according to Business Continuity Plan – Excellent performance in availability (97.2% Q1 2020 vs. 96.6% FY 2019) and safety – Seamless operations at control center (CECOER) – Lessons learnt to lead to futu
Slide 8: COVID-19 – Energy business: Energy growth
ACCIONA Q1 2020 Results 8 COVID-19 – Energy business Energy growth (1) 1,061MW approved investments with CoD in 2020-2021 on track (1) Big 4 countries: US, Mexico, Chile, Australia
Slide 9: COVID-19 – Infrastructure business
ACCIONA Q1 2020 Results 9 COVID-19 – Infrastructure business Complex short-term picture in Construction but expect quick recovery Infrastructure considered ‘essential activity’ in our strategic countries and a tool for economic recovery Tendering activity remains at high levels in the market alt
Slide 10: COVID-19 – Infra EPC project overview by region
ACCIONA Q1 2020 Results 10 C O V I D - 1 9 – I n f r a E P C p r o j e c t o v e r v i e w b y r e g i o n EUROPE 45% EPC Backlog On-going – Works restarted Spain: after two weeks of suspension, 90% of works have restarted (140/153) Poland: all works on-going, only around 50% have slowed down
Slide 11: Q1 2020 Results
Q1 2020 Results
Slide 12: Key highlights Q1
ACCIONA Q1 2020 Results 12 K e y h i g h l i g h t s Q 1 2 0 2 0 Moderate impact from COVID-19 in Q1 (€24m EBITDA) given disruption concentrated on later part of March EBITDA remains flat: – Energy: weak prices and lower regulated revenues in Spain offset higher output and new capacity – Infrast
Slide 13: ACCIONA: Key figures
ACCIONA Q1 2020 Results 13 A C C I O N A : K e y f i g u r e s Q1 2020 % Chg. (€m) vs Q1 2019 Revenues 1,622 -5.1% EBITDA 325 -0.2% EBT 128 +8.4% Attributable net profit 78 +6.9% Q1 2020 Q1 2019 (€m) (€m) Total Investment 322 270 Net Financial Debt 5,200 4,733 Net Financial Debt incl. IFRS16 5,621 4
Slide 14: Group: Investment by division
ACCIONA Q1 2020 Results 14 G r o u p : I n v e s t m e n t b y d i v i s i o n Total Investment breakdown Key highlights Most of the investment goes to Energy growth: (Million Euro) Jan-Mar 20 Jan-Mar 19 Energy 284 101 - Construction of new windfarms mainly in Mexico (Santa Cruz, San Carlos), USA
Slide 15: Group: Net debt evolution
ACCIONA Q1 2020 Results 15 G r o u p : N e t d e b t e v o l u t i o n Net debt reconciliation Q1 2020 (€m) Operating Financing/ Net Investment CF: -€55m Others CF: CF: -€322m €92m 421 763 902 103 126 4.335 3.887 (1) Debt associated to work in progress Derivatives IFRS16 adjustment Increase in Net D
Slide 16: Group: Net financial debt
ACCIONA Q1 2020 Results 16 G r o u p : N e t f i n a n c i a l d e b t Net financial debt breakdown by nature (€m) Net debt & cash interest evolution (€m) Av. maturity undrawn Average cost of debt Average debt maturity (years) Credit Lines (years) Project debt Corporate debt
Slide 17: Current liquidity position
ACCIONA Q1 2020 Results 17 C u r r e n t l i q u i d i t y p o s i t i o n Successful actions to boost liquidity – comfortable position to address any market volatility Incremental liquidity actions COVID-19: since the start of the pandemic ACCIONA has proactively arranged incremental liquidity tr
Slide 18: Energy
ACCIONA Q1 2020 Results 18 E n e r g y Key figures EBITDA evolution (€m) Output +4 Output -4 (Million Euro) Jan-Mar 20 Jan-Mar 19 Chg. Chg. (%) Price -33 Price +2 Generation Spain 184 211 -28 -13.0% Opex & other +20 Opex & other -5 Generation International 188 183 5 3.0% Other & Adjustments 104 150
Slide 19: Infrastructure
ACCIONA Q1 2020 Results 19 I n f r a s t r u c t u r e Key figures EBITDA evolution (€m) (Million Euro) Jan-Mar 20 Jan-Mar 19 Chg. Chg. (%) Construction Revenues 674 781 -107 -13.7% EBITDA 25 47 -22 -47.2% Margin (%) 3.7% 6.0% Concessions Revenues 21 19 2 8.2% -25.8% EBITDA 14 14 0 0.2% Margin (%) 6
Slide 20: Other Activities
ACCIONA Q1 2020 Results 20 O t h e r A c t i v i t i e s Property Development - Key figures Bestinver- Key figures (Million Euro) Jan-Mar 20 Jan-Mar 19 Chg. Chg. (%) (Million Euro) Jan-Mar 20 Jan-Mar 19 Chg. Chg. (%) Revenues 46 47 -1 -1.4% Revenues 25 24 2 6.9% EBITDA 10 -6 16 268.5% EBITDA 12 15 -
Slide 21: Outlook 2020 in the COVID-19 context
Outlook 2020 in the COVID-19 context
Slide 22: COVID-19 – 2020 outlook in pandemic context
ACCIONA Q1 2020 Results 22 COVID-19 – 2020 outlook in pandemic context The 2020 outlook provided on 28 February (FY 2019 results presentation) is no longer valid post the pandemic outbreak ACCIONA envisages a reduction in its 2020 EBITDA relative to 2019 reported figures – Low degree of visibili
Slide 23: Appendix
Appendix
Slide 24: Group: Debt maturity & breakdown
ACCIONA Q1 2020 Results 24 G r o u p : D e b t m a t u r i t y & b r e a kd o w n (1) Gross Debt maturity (€m) 2,357 1,443 812 792 693 410 141 Debt breakdown by nature Gross financial debt - Currency Gross financial debt - Interest rate Corporate debt Gross financial debt - Level (1) Extension of €1
Slide 25: Income from associates: Accounting policy change
ACCIONA Q1 2020 Results 25 I n c o m e f r o m a s s o c i a t e s : A c c o u n t i n g p o l i c y c h a n g e 2019 2020 Revenues Revenues Operating costs Operating income from associated companies Operating costs EBITDA EBITDA Depreciation and amortisation Depreciation and amortisation Results on
Slide 26: Income from associates & Q1 2020 breakdown
ACCIONA Q1 2020 Results 26 I n c o m e f r o m a s s o c i a t e s 2 0 1 9 & Q 1 2 0 2 0 b r e a kd o w n Income from Associates Q1 2020 Q1 2019 H1 2019 9M 2019 FY 2019 Energy 28 17 30 39 46 Generation Spain 25 11 15 19 26 Generation International 4 5 13 17 17 Other 0 1 2 2 3 Infrastructure 7 17 16
Slide 27: Energy: Installed capacity
ACCIONA Q1 2020 Results 27 E n e r g y : I n s t a l l e d c a p a c i t y Installed MW 31-Mar-20 Total Consolidated Eq accounted Net Spain 5,676 4,451 593 5,013 Wind 4,738 3,514 593 4,078 Hydro 873 873 0 873 Solar PV 3 3 0 3 Biomass 61 61 0 59 International 4,565 3,726 358 3,173 Wind 3,312 3,109 48
Slide 28: Energy: Equity-accounted generation capacity
ACCIONA Q1 2020 Results 28 E n e r g y : E q u i t y - a c c o u n t e d g e n e r a t i o n c a p a c i t y Q1 2020 (proportional figures) (1) 31-Mar-20 MW GWh EBITDA NFD Average COD Wind Spain 593 378 9 101 2005 Wind International 48 25 1 -1 2005 Australia 32 17 0 -1 2005 Hungary 12 5 0 0 2006 USA
Slide 29: Energy: Q1 installations and WIP
ACCIONA Q1 2020 Results 29 E n e r g y : Q 1 2 0 2 0 i n s t a l l a t i o n s a n d W I P % ANA Total Consol. Net MW added MW const. MW start Expected Technology Country Asset name Details stake MW MW MW YTD Mar 2020 const. 2020 COD PV Chile Usya 100% 64 64 64 51 14 - Q3 2020 Private PPA Wind Chile
Slide 30: Energy: Wind drivers by country
ACCIONA Q1 2020 Results 30 E n e r g y : W i n d d r i v e r s b y c o u n t r y Wind prices (€/MWh) (1) and Load factors (%) Q1 2020 Q1 2019 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Spain Average 66.8 26.3% 75.9 28.9% -11.9% Spain - Regulated 82.0 86.7 Spain - No
Slide 31: Energy: Other technologies drivers by country
ACCIONA Q1 2020 Results 31 E n e r g y : O t h e r t e c h n o l o g i e s d r i v e r s b y c o u n t r y Other technologies (€/MWh) and Load factors (%) Q1 2020 Q1 2019 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Hydro Spain 43.9 30.9% 61.4 16.9% -28.6% Biomass Spa
Slide 32: Infrastructure: Concessions
ACCIONA Q1 2020 Results 32 I n f r a s t r u c t u r e : C o n c e s s i o n s Road Rail Canal Port Hospital Water TOTAL # of concessions 6 2 1 1 5 53 68 Proportional EBITDA Q1 2020 (€m) 14 2 0 0 11 11 34 Consolidated EBITDA Q1 2020 (€m) 11 0 -1 0 6 8 22 Average life (yrs) 30 26 30 30 28 26 27 Avera
Slide 33: Q1 2020 Results presentation & COVID-19 update
Q1 2020 – January-March Results presentation & COVID-19 update 8 th May 2020