- ChiefCorporateDevelopmentandIROfficer
ChiefCorporateDevelopmentandIROfficer 12 - - PowerPoint PPT Presentation
ChiefCorporateDevelopmentandIROfficer 12 - - PowerPoint PPT Presentation
ChiefCorporateDevelopmentandIROfficer 12 th November2013 Disclaimer This document has been prepared by ACCIONA, S.A. (ACCIONA or the Company) exclusively for use during the
9M2013ResultsPresentation
2
Disclaimer
This document has been prepared by ACCIONA, S.A. (“ACCIONA” or the “Company”) exclusively for use during the presentation of financial results for the first nine months of 2013 (9M 2013). Therefore it cannot be disclosed or made public by any person or entity with an aim other than the one expressed above, without the prior written consent of the Company. The Company does not assume any liability for the content of this document if used for different purposes thereof. The information and any opinions or statements made in this document have not been verified by independent third parties, nor audited; therefore no express or implied warranty is made as to the impartiality, accuracy, completeness or correctness of the information or the opinions or statements expressed herein. Neither the Company, its subsidiaries or any entity within ACCIONA Group or subsidiaries, any of its advisors or representatives assume liability of any kind, whether for negligence or any other reason, for any damage or loss arising from any use of this document or its contents. The information contained in this document on the price at which securities issued by ACCIONA have been bought or sold, or on the performance of those securities, cannot be used to predict the future performance of securities issued by ACCIONA. Neither this document nor any part of it constitutes a contract, nor may it be used for incorporation into or construction of any contract or agreement. IMPORTANT INFORMATION This document does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of the Spanish Securities Market Law (Law 24/1988, of July 28, as amended and restated from time to time), Royal Decree7Law 5/2005, of March 11, and/or Royal Decree 1310/2005, of November 4, and its implementing regulations. In addition, this document does not constitute an offer of purchase, sale or exchange, nor a request for an offer of purchase, sale or exchange of securities, nor a request for any vote or approval in any other jurisdiction. Particularly, this document does not constitute an offer to purchase, sell or exchange or the solicitation of an offer to purchase, sell or exchange any securities. FORWARD7LOOKING STATEMENTS This document contains forward7looking information and statements about ACCIONA, including financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, capital expenditures, synergies, products and services, and statements regarding future performance. Forward7looking statements are statements that are not historical facts and are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates” and similar expressions. Although ACCIONA believes that the expectations reflected in such forward7looking statements are reasonable, investors and holders of ACCIONA shares are cautioned that forward7looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of ACCIONA, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward7looking information and statements. These risks and uncertainties include those discussed or identified in the documents sent by ACCIONA to the Comisión Nacional del Mercado de Valores, which are accessible to the public. Forward7looking statements are not guarantees of future performance. They have not been reviewed by the auditors of ACCIONA. You are cautioned not to place undue reliance on the forward7looking statements, which speak only as of the date they were made. All subsequent oral or written forward7looking statements attributable to ACCIONA or any of its members, directors, officers, employees or any persons acting on its behalf are expressly qualified in their entirety by the cautionary statement above. All forward7looking statements included herein are based on information available to ACCIONA, on the date hereof. Except as required by applicable law, ACCIONA does not undertake any obligation to publicly update or revise any forward7looking statements, whether as a result of new information, future events or otherwise.
9M2013ResultsPresentation
3
- 1. Updateontheelectricitysectorreform
- 2. 9M2013keyhighlights
- 3. Groupfinancialinformation
- 4. Conclusions
Tableofcontents
- 1. Updateontheelectricitysectorreform
9M2013ResultsPresentation
5
Updateontheelectricitysectorreform(i)
itisexpectedthat theElectricitySectorActandthenewframeworkforrenewables(intheform
- faRoyalDecree)willbeapprovedbeforeyear7end
- AMinisterialOrdercontainingthestandardsandtheoutputsofthemodelshould
followshortlyafter
newregulationapplicablesince14July(RD7L 9/2013)butitsdetailisunknown
- Targetedimpactinincentivespertechnology/sub7sectorunknown
- Inputs/standardsremainunavailable
- Lackofdataandcomplexitymakesanalysishighlyunreliable
theReformoftheSpanish electricitysectorcontinuestohittherenewablesectorthehardestintermsof theretroactivenatureofthemeasureandtheuncertaintyaboutitsfuture cashflows
9M2013ResultsPresentation
- Impactfromtheregulatorychangesalreadyapprovedthatapplyfrom1January
2013(Law15/2012andRD7L2/2013)amountsto€137m,equivalentto84%of ACCIONAEnergyEBTand63%ACCIONAgroupEBT
6
Updateontheelectricitysectorreform(ii)
providingareasonable rangeofpotentialimpactsforACCIONAremainsimpracticalandimprudent
- 9M2013figurescontainnoadjustmentfornewregulationsince14Julygiven
impossibilityofareliablecalculation(exceptimpactofreactiveenergysupplement elimination)
- 2. 9M2013keyhighlights
9M2013ResultsPresentation
8
9M2013keyhighlights
Revenues EBITDA EBT Ordinarycapex NFD(vs Dec12) Constructionbacklog Waterbacklog:
(€m)
4,951 964 82 310 7,373 5,917 74.2% 77.3% 751.5% 748% 71.5% 718%
%Chg.
D&C¹ O&M²
1DesignandConstruction 2OperationandMaintenanceservices
548 10,522 79% +153%
- 3. Groupfinancialinformation
9M2013ResultsPresentation Jan7Sep12 Jan7Sep13 Chg. Chg. €m €m €m % Revenues 5,165 4,951 7215 74.2% EBITDA 1,040 964 776 77.3%
D&Aandprovisions
7527 7584 757 10.7%
Resultsonimpairment/reversalofassets
715 1 16 n.m.
Resultsonnoncurrentassetsdisposalsand
- thergainsandlosses
11 36 25 n.m.
EBIT 509 417 792 718.1%
Netfinancialresults¹ 7333 7353 720 6.0% Others 76 19 24 n.m.
EBT 170 82 788 751.5%
Incometax 751 722 29 757.3%
ProfitafterTaxes 118 60 758 749.0%
Minorityinterest 74 15 19 n.m.
AttributableNetProfit 114 75 739 734.3%
P&L:Keyfigures
10
EBITDAbreakdown² 9M2013 (Bydivision)
1Netfinancialresultsincludefinancialrevenuesandexpensesandexchangedifferences 2EBITDAcontributionpercentagesarecalculatedbeforeconsolidationadjustments
Energy 78% Infrastructure 10% Water 3% Others 9%
9M2013ResultsPresentation Jan7Sep12 Jan7Sep13 Energy 322 166 Infrastructure 259 147 Water 14 25 Service 3 5 OtherActivities 73 733
- !"!
#$% Extraordinary divestments 724 77 & !'$ #%# ( )*+
11
Capexbydivision
Capexbreakdown
Bydivision
- Significant48%ordinarycapex
reductionto€310m
- Coreareascapturemostof9M2013
capex:
− ,Capexdownby
43%.Diversifiedinvarious concessionsworkse.g.Ruta 160 road(Chile),Chinookroad (Canada)andRodovía doAço road (Brazil)
− -capexdownby49%
- 63MWwindinstalledduring
9M2013
- 282MWunderconstruction
Keyhighlights
748%
9M2013ResultsPresentation
Debtbreakdownbydivisionandnature
Netdebtbreakdown
Bydivision
Grossdebtbreakdown
Bynature ../ #0/
Recourse Nonrecourse *12"1!
Financialstructurealignedwithlong7termnatureofthegroup’sassetportfolio Financialstructurealignedwithlong7termnatureofthegroup’sassetportfolio
12
)*+ 3 3 317Dec712 307Sep713 Energy 6,086 5,578 Infrastructure 225 454 Water 77 107 Service 42 29 OtherActivities 1,052 1,205 &3 '2014 '2#'#
- #%5$#
Grossdebt 8,985 Cash&cashequivalents 71,612 63 '2#'#
9M2013ResultsPresentation
Netdebtevolution
Netdebtreconciliation9M2013(€m)
13 6,178 6,546 727 577 402 425
Debtassociatedto workinprogress Derivatives Debt associated toworkin progress Derivatives
9M2013ResultsPresentation
14
Debtamortizationschedule
Principalrepaymentschedule201372017(€m)¹
¹Excludesbilateralcreditpolicies,projectbridgefinancingandrealestatedevelopmentloans Note:RepaymentscheduleduringtheperiodtoDecember2017
Undrawncorporatecreditlinesof€0.8bn Undrawncorporatecreditlinesof€0.8bn
9M2013ResultsPresentation
15
Energy:Keyfigures
Keyhighlights Keyfigures
- Attributableproductionup12%:increasedcapacityin
LTM(+105MW)andhighernationalwindandhydro loadfactorsvs.9M2012,partiallyoffsetbylower solarandinternationalwindloadfactor
- Theimpactfromtheregulatorychanges(Law
15/2012&RD7L2/2013),thatapplyfrom1January amountsto€137m
- ActionPlan201372014implementationontrack:
62MWinKoreasoldforEV€114m
9M2013EnergyEBITDAbreakdown (€m) 9M2013attributableinstalledcapacity (MW)
1 AdjustedgenerationEBITDAmarginexcludestheactivityofenergycommercialization Generation ACCIONAWindpower Development& construction Consolidationadj.and
- thers
TotalEBITDA 71!# 734m 742m 7'!%
$%# 727m
- 5$4
5$# (8 (8)/+
- $2!"%
$2.4' #' 48#/
- 9,&3:
14% '!% ." 18!/
- 76.7%
69.5%
9M2013ResultsPresentation
16
Energy:Installedcapacityandunderconstruction
InstalledMW@Sept2013 Futureinstallations
"%/: Underconstruction SouthAfrica94MW Underconstruction: CostaRica50MW SouthAfrica138MW
WIND SOLARPV 9M2013Attributableproduction
WindSpain 6.8TWh
- WindInter. 4.5TWh
Hydro 2.4TWh Solar 0.5TWh Others 0.4TWh &88
- $08.&;
+7% +0.3% +87% 78% +1.1% 7$4/
Readytobuild Chile45MW
;)&+ 5 ,8 & Wind 4,743 2,416 '2$!" ConventionalHydro 681 7 .1$ Hydrospecialregime 231 7 4#$ SolarThermoelectric 250 64 #$0 Biomass 57 7 !' SolarPV 3 46 0" Cogeneration 9 7 " &<&: !2"'0 42!4. 12!%%
9M2013ResultsPresentation
Infrastructure:Keyfiguresandbacklog
Keyfigures
Resultsdecreaseduetoconstructionslowdownin
Spainandtheeffectofthedisposalofthe UniversitySanLuisdePotosi(Mexico)inQ32012 whichcontributedEBITDAof€4.3min9M2012
Internationalbacklogreaches52% DisposalofRoyalJubileeHospitalconcession
(August2013)
Keyhighlights InternationalbacklogSept2013
Bygeography
ConstructionbacklogSept2013
Europe (34%) Latam (35%) Canada(6%) Australia(6%) RoW (19%)
*!2"$' 5 01/ , !4/ *#2%!$
17
- 5$4
5$# (8 (8)/+
- 420$!
42%01 #.' $!84/
- 9,&3:
$4# $%% 4# $181/
- 5.1%
4.9%
9M2013ResultsPresentation
Infrastructure:Concessions
Underconstruction Operating Operat.+under construction
3 Weightedaveragebybookvalue(equity+netdebt)excludingholdingcompanies 4Debtfigureincludesnetdebtfromconcessionsheldforsale(€107m)and thoseaccountedbyequity
method(€751m)
Invested capital (€1,799m2)
Spain Canada Chile Mexico Brazil
- =
*0$. *$2#1#
18
¹TotalEBITDAincludes7€4,6mfromholdingcompanies.AlsoincludesEBITDAaccumulated fromISLHealthVictoriahospitaluntilitssale(August) ²TotalCapitalinvestedincludes€76mfromSPVcompanies
- (
> ? & #ofconcessions 12 3 1 1 5 44 EBITDA9M2013(€m) 26 2 14 #1@ Averagelife
3(yrs)
33 32 30 30 30 ## Averageconsumedlife
3(yrs)
6 7 7 8 6 . ,)*+ 1,360 72 62 17 212 $2'""A
9M2013ResultsPresentation
19
Water
WaterrevenuesandEBITDAup21.4%and
25.4%respectivelyhelped bothbyD&CandO&M activitygrowth
Waterbacklogreaches€11.1bn(includesATLL
O&Mcontract)
keyfigures Keyhighlights Waterbacklog(€m)
D&C¹ (€548m) O&M² (€10.5bn)
Spain (12%) International(88%) Spain (89%) International(11%)
1DesignandConstruction 2OperationandMaintenanceservices
- 5$4
5$# (8 (8)/+
- #04
0$! '# 4$80/
- 9,&3:
4! #$ . 4!80/
- 7.2%
7.4%
9M2013ResultsPresentation
20
ServiceandOtherActivities
Service:keyfigures OtherActivities:keyfigures
- TRASMEDITERRÁNEA
Fuelcostpermilesailed714.9% Occupancyratein9M2013:
- Passenger:+16%
- Vehicle:73%
- Linearmeter:73%
- BESTINVER Assetsundermanagement€8,032m
vs.€5,555masofSeptember2012(+44.6%)
- ACCIONAServiceincludes:facilityservices,
airporthandling,wastemanagement,logistic servicesandother
- Revenuesup~7%to€473mmainlyhelped by
betterperformanceoffacilityservices
- EBITDAup21%to€18monhighervolumes
Keyhighlights Keyhighlights
- 5$4
5$# (8 (8)/+
- 004
0'# #% .8"/
- 9,&3:
$0 $1 # 4$8#/
- 3.3%
3.7%
- 5$4
5$# (8 (8)/+
- 011
0'" " $81/
- 9,&3:
.$ .. ! 18$/
- 12.5%
13.7%
- 4. Conclusions
9M2013ResultsPresentation
Conclusions
22
Significantcapex reduction Ordinarycapexdown48%to€310m 88%investedininternationalmarkets Impactofthenewrenewablesregulationcontinuetobeneitherpossible norprudenttoestimate ResultsnegativelyimpactedbyLaw15/2012andRD7L2/2013energy regulatorychanges €137m 9M2013resultsdonotreflectmajorimpactfromRD7L9/2013 ActionPlanimplementationontrack DisposalofKoreawindasset
- ChiefCorporateDevelopmentandIROfficer