Abengoa Sa · OTC:AGOAF
Abengoa Sa — Q1 2011 Earnings Presentation
41 slides from Abengoa Sa's earnings presentation, May 11, 2011
Slide 1: Q1'2011 Earnings Presentation
Innovative Solutions for Sustainability ABENGOA Q1’ 2011 Earnings Presentation May 11th, 2011
Slide 2: Forward-looking Statement
Forward-looking Statement This presentation contains forward-looking statements and information relating to Abengoa that are based on the beliefs of its management as well as assumptions made and information currently available to Abengoa. Such statements reflect the current views of Abengoa with re
Slide 3: Agenda
Agenda 1 Q1’2011 Business Highlights 2 Q1’2011 Financial Highlights 3 Conclusions 3
Slide 4: Q1'2011 Business Highlights
Agenda 1 Q1’2011 Business Highlights 2 Q1’2011 Financial Highlights 3 Conclusions 4
Slide 5: Q1'2011 Highlights
Q1’2011 Highlights Strong quarter to begin the year Revenues of €1,656 M, an increase of 43% Q-o-Q Excellent financial EBITDA of €254 M, an increase of 30% Q-o-Q results Net income of €56 M, an increase of 8% Q-o-Q Solid Engineering & Construction backlog at March 31, 2011 up to €8,7B platform to Es
Slide 6: Business diversification
Business diversification Revenues Ebitda Q1 2011 Q1 2011 25% 36% 51% 59% 5% 24% 973 M€ E&C 129 M€ 597 M€ Industrial Production 65M€ 87 M€ Concession-type Infrastructures 61 M€ 1,656M€ 254 M€ Recurrent Activities 6
Slide 7: Geographic Diversification
Geographic Diversification A True Global Business Geographies 4%1% 12% Spain Rest of Latin America 26% Brazil Asia & Oceania 17% US Africa 18% 22% Rest of Europe The Americas (mainly Brazil and US) account for 52% 7
Slide 8: E&C Revenue growth & geographic expansion
E&C Revenue growth & geographic expansion Significant revenue increase of 41%, with 66% Began construction on Solana CSP plant of revenues coming from external customers Good progress in the construction of the Backlog at March 31, 2011 of €8.7 B Tabasco cogeneration plant in Mexico for Pemex, despi
Slide 9: E&C: +41% revenue growth supported by a strong backlog
E&C +41% revenue growth supported by a strong backlog Financial figures Q1 2011 Revenue Breakdown 1% Revenues EBITDA (€M) (€M) Spain 5% Europe exc. Spain 25% 19% Brazil 15% Rest of Latin America 13% 3% US 973 129 Asia & Oceania 20% 691 103 27% Africa Q1 2010 Q1 2011 Q1 2010 Q1 2011 Backlog (€M) 11%
Slide 10: Concession-type Infrastructures: Larger asset portfolio contribution
Concession-type Infrastructures Larger asset portfolio contribution Revenues increase of 42%, supported by 49,2 GWh of solar power produced increase in Solar CSP assets becoming operational after march 2010 Additional 1,044 Km of transmission power lines EBITDA margin of 70% vs 63% in same period of
Slide 11: Revenues and EBITDA visibility for 26 years
Concession-type Infrastructures Revenues and EBITDA visibility for 26 years Financial figures Q1 2011 Revenue Breakdown Revenues EBITDA Backlog 6% 17% Transmission (€M) (€M) (€M) 35,146 Solar 34,976 Cogeneration 17% 60% Water 70% 63% 6% Spain 87 61 34% 61 38 Latin America Q1 2010 Q1 2011 Q1 2010 Q1
Slide 12: Concession-type Infrastructures Key operational metrics
Concession-type Infrastructures Key operational metrics Transmission Power Water Desalination Lines (capacity ML/day) (km) 4,413 375 3,369 275 Q1 2010 Q1 2011 Q1 2010 Q1 2011 Power generation Power generation (Net GWh) (GWh) 49,2 7,9 171 158 Q1 2010 Q1 2011 Q1 2010 Q1 2011 12
Slide 13: Industrial Production: Strong operational performance
Industrial Production Strong operational performance across all of our plants Biofuels: Industrial recycling: – Revenues of €425 M compared to €274 M – Very good quarter in both volumes and in Q1 2010, an increase of 55% Q-o-Q, due margins to increased production capacity – Revenues of €172 M, an in
Slide 14: Industrial Production: Sustained growth and margins
Industrial Production Sustained growth and margins Financial figures Q1 2011 Revenue Breakdown Revenues EBITDA (M€) (M€) 29% 65 Biofuels 55 18% Industrial Recycling 597 17% 71% 407 11% 8% Q1 2011 Ebitda Breakdown Q1 2010 Q1 2011 Q1 2010 Q1 2011 Gross Assets Capex (€M) (M€) Biofuels 49% 51% 4,622 4,4
Slide 15: Industrial Production: Significant presence in key growing areas
Industrial Production Significant presence in key growing areas Biofuels production (ML) Q1 2011 Revenue breakdown (%) 547 1% USA 40% EU 489 59% Brazil Q1 2010 Q1 2011 Q1 2011 Revenue breakdown (%) Industrial Waste treated (Mt) 624 7% Spain 25% Latam 2% 542 Rest of Europe 66% Asia & Africa Q1 2010 Q
Slide 16: Technology update
Technology update At the forefront in Solar CSP, 2nd generation biofuels and in water treatment Main Programs Goals Update CSP – Tower Increase efficiency Demonstrating viability of new superheated steam technology CSP – Trough Reduce components cost New and technically improved heat Thermal Storage
Slide 17: Timeline: Main projects in execution
Timeline: Main projects in execution As of Mar. 31 ‘11 2011 2012 2013 Capacity Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 SPP1 (Algeria) 150 MW Helioenergy 1 (Écija) 50 MW Helioenergy 2 (Écija) 50 MW Solacor 1 (Córdoba) 50 MW Solacor 2 (Córdoba) 50 MW Solaben 2 (Extremadura) 50 MW Start up Solaben 3 (Extre
Slide 18: Assets Portfolio
Assets Portfolio Significant capacity increase when completing capex plan Concession type infrastructures Industrial Production Solar (MW) Transmission (km) Biofuels (Ml/year) 1,503 3,125 3,195 9,233 90 480* 4,820 1,905 4,041 4,413 830 193 43 2009 Mar 2011 E2013/14 2009 Mar 2011 E2013/14 2009 Mar 20
Slide 19: Q1'2011 Financial Highlights
Agenda 1 Q1’2011 Business Highlights 2 Q1’2011 Financial Highlights 3 Conclusions 19
Slide 20: Key Financial Information
Key Financial Information Q1 2010 Q1 2011 Var % Highlights €M Revenues Revenues 1,159 1,656 +43% Strong revenue growth in every segment EBITDA 195 254 EBITDA +30% EBITDA increase mostly from Margin 16,9% 15,4% contribution of E&C and Netincome Income 52 56 +8% Concessions segment, although at Net EP
Slide 21: Business Diversification (I)
Business Diversification (I) Continuing the diversification towards robust business model Revenues (€M) Q1 2010 Q1 2011 Var (%) Engineering & Construction 691 973 +41% Concession-type Infrastructure 61 87 +42% Industrial Production 407 597 +47% Total 1,159 1,656 +43% Q1 2010 Q1 2011 E&C Concession-t
Slide 22: Business Diversification (II)
Business Diversification (II) Recurring EBITDA increased from 47% to 49% EBITDA (€M) Q1 2010 Margin (%) Q1 2011 Margin (%) Var (%) Engineering & Construction 103 15% 129 13% +26% Concession-type Infrastructure 38 63% 61 70% +59% Industrial Production 55 13% 65 11% +18% Total 195 17% 254 15% +30% 1Q
Slide 23: High Revenue Visibility
High Revenue Visibility Backlog (€M) Backlog Conversion (€M) Mar. 2011 Rest 2011 e 2012 e 2013 e +2013 e E&C Order Book 8,660 (1) 1,993 2,512 2,678 6,667 1,227 250 35,146 33,401 Concession-type Asset based, recurring revenues 271 556 916 Industrial Production 16,900 ** 10,000 1,900 2,500 2,500 **Not
Slide 24: E&C Backlog
E&C Backlog Solid backlog, well diversified, provides revenue visibility Backlog By Internal / External* client By Geography External LatAm 18% Internal 100% Europe 38% (Concession- 38% 48% type activities) 9,274 20% USA 8,660 Other Internal (Concession- RoW (1) 2.104 14% type activities) 24% 1.993
Slide 25: Concession-type Infrastructure Balanced Asset Portfolio
Concession-type Infrastructure Balanced Asset Portfolio Asset Portfolio (March 2011) Under Total Non Operating Construction / Net ABG Recourse Partners Gross (Gross) Development Assets(1) Equity Net Debt Assets Transmission € 1,557M € 765M € 2,322M € 2,154M € 1,140M €967M €46 M CSP € 1,094M € 871M €
Slide 26: Capex Plan
Capex Plan Commitment to invest only when financing is in place Capex Breakdown by Asset Type Capex Breakdown by Financing Source €M Water 153 €M Non-Recourse Debt 2,307 Cogeneration 129 Biofuels Partners Equity 494 305 1,830 Power Transmission 1,346 1,830 Abengoa Equity 1,079 1,596 Solar 1,947 80 1
Slide 27: Total leverage in line with own expectations
Total Debt Total leverage in line with own expectations Mar Dec Mar Total Net Debt Bridge M€ ‘2010 ‘2010 ‘2011 Corporate Debt 4.147 5,063 5,276 5,807 Corporate Cash, Equiv & SFTI (1.902) (2.766) (2.670) 600 24 82 N/R Debt 3.159 4.050 4.374 N/R Cash Equiv & SFTI (502) (1.131) (1.173) 5,216 Total Net
Slide 28: Corporate Debt
Corporate Debt Corporate leverage per syndicate <2x Ebitda Net Corporate Debt Covenant Bridge Mar Dec Mar M€ ´2010 ´2010 ‘2011 Corporate Debt 4,147 5,063 5,276 Corporate Cash, Equiv & SFTI (1.902) (2.766) (2.670) 1.433 68 357 21 8 N/R Cash, Equiv & SFTI (502) (1.131) (1.173) 1,166 Net Corporate Debt
Slide 29: Cash-flow Statement
Cash-flow Statement Operating cash flow affected by seasonality in working capital €M Q1´10 Q1´11 I. Consolidated after-tax profit 61 61 Non-monetary adjustments to the profit 116 185 II. Cash generated by operations 177 246 III. Variations in working capital (217) (60) Interests collected/paid (63)
Slide 30: Conclusions
Agenda 1 Q1’2011 Business Highlights 2 Q1’2011 Financial Highlights 3 Conclusions 30
Slide 31: Delivering on our commitments
Key highlights Delivering on our commitments Strong Q1 to begin the year Revenue and Ebitda growth achieved in all segments Capex plan on track Maintaining gross corporate debt levels Revise expectations for revenues from low to mid teens 31 31
Slide 32: Appendix
ABENGOA vent Appendix 32
Slide 33: Concession-type Infrastructure Balanced Asset Portfolio (Dec 2010)
Concession-type Infrastructure Balanced Asset Portfolio Asset Portfolio (Dec 2010) Under Non Gross Net Operating Construction / ABG Recourse Partners Assets Assets(1) (Gross) Development Equity Net Debt Transmission € 2,274M € 2,110M € 1,608M € 666M € 1,066M €1,025M €18 M CSP € 1,762M € 1,715M € 996
Slide 34: Capex Committed by segment (I)
Capex Committed by segment* (I) Total Q2 11- Q4 2011 2012 ABG ABG ABG Total Partner Total Partner Total Capex Partners Debt Corpora Debt Corpora Debt Abengoa Entry in Corporate Capex s Capex s te te Committed Capacity (%) Country Operation Solar 1.947 497 68 1.382 872 214 43 615 781 207 25 550 Alger
Slide 35: Capex Committed by segment (II)
Capex Committed by segment* (II) 2013 2014 Abengoa Entry in Total ABG Total ABG Partners Debt Partners Debt Committed Capacity (%) Country Operation Capex Corporate Capex Corporate Solar 294 76 0 217 0 0 0 0 Algeria 150 MW 51% Algeria Q2 11 0 0 0 0 0 0 0 0 Q3 11 / Q4 Helioenergy 1 and 2 100 MW 50% S
Slide 36: Debt Maturity Profile
Debt Maturity Profile Sound maturity profile and liquidity position Corporate Debt Maturity (€M) 2,766 No financing needs at corporate Revolving Working Capital Facilities level in 2011 Convertible Bonds 1,814 Refinancing of syndicate (Forward Corporate Debt Start Facility) executed in 2010, 400 pus
Slide 37: Reconciliation Q1 2011
Reconciliation Q1 2011 in €M Engineering Environm. Bioenergy Solar IT Total & IC Services 774 1 29 169 973 E&C 97 0 10 22 128 Concession- 66 5 15 87 type Infrastructures 50 1 10 61 Industrial 4 167 425 597 Production 1 31 33 65 845 174 425 44 169 1,656 Total 148 32 33 20 22 254 Revenues 37 EBITDA
Slide 38: Reconciliation Q1 2010
Reconciliation Q1 2010 in €M Engineering Environm. Bioenergy Solar IT Total & IC Services 462 53 16 160 691 E&C 80 4 -4 23 102 Concession- 54 3 4 61 type Infrastructures 35 2 2 38 Industrial 132 274 406 Production 23 31 55 517 188 274 20 160 1,159 Total 115 29 31 -2 23 195 Revenues 38 EBITDA
Slide 39: Reconciliation Q2 2010
Reconciliation Q2 2010 in €M Engineering Environm. Bioenergy Solar IT Total & IC Services 1,089 109 60 346 1,605 E&C 111 5 25 66 208 Concession- 114 6 16 136 type Infrastructures 72 6 14 92 Industrial 306 573 879 Production 52 55 107 1,203 422 573 76 346 2,620 Total 183 63 55 39 183 407 Revenues 39
Slide 40: Reconciliation Q3 2010
Reconciliation Q3 2010 in €M Engineering Environm. Bioenergy Solar IT Total & IC Services 1,442 176 87 517 2,222 E&C 157 12 24 87 288 Concession- 174 10 44 229 type Infrastructures 111 5 36 151 Industrial 414 991 1,405 Production 74 106 180 1,616 600 991 132 517 3,857 Total 268 91 106 60 87 614 Reve
Slide 41: Thank you
Innovative Solutions for Sustainability ABENGOA Thank you