Abengoa Sa · OTC:AGOAF
Abengoa Sa — H1 2017 Earnings Presentation
24 slides from Abengoa Sa's earnings presentation, Sep 28, 2017
Slide 1: H1 2017 Results Presentation
H1 2017 Results Presentation 28 September 2017
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) and information relating to Abengoa that are based on the beliefs of its management as well as assumptions made and information current
Slide 3: Agenda
Agenda 1 H1 2017 Highlights & Business Update 2 Financial Review 3 Main Take-Aways 3
Slide 4: H1 2017 Highlights & Business Update
1 H1 2017 Highlights & Business Update 4 4
Slide 5: Highlights of the period
Increase in business activity, improvement in profitability and Highlights of the period reduction of financial debt after the restructuring Satisfactory results in terms of safety Since the completion of the financial restructuring in March, Abengoa has re-started its business operations Impr
Slide 6: Health & Safety
Commitment to 513 and 750 days without fatal accidents among Abengoa personnel Health & Safety and its subcontractors personnel, respectively Working towards the overall goal of zero accidents Lost Time Injury Rate – H1 2017 ABENGOA Contractors LTIR 2016: 7.6 8 6 2016 LTIR 513 750 4 5.1 Construction
Slide 7: Key Consolidated Figures
Recovery of business activity and improvement in operating profitability. Summary Financials Net result driven by the one-off positive impact of the financial restructuring Key Consolidated Figures (€ million) Completion of financial restructuring on 31st March Change H1 2017 H1 2016 (1) Jun’16
Slide 8: Update on Asset Disposal Plan
Update on Asset Sale of concessional assets and non-core businesses will contribute to Disposal Plan improve Abengoa’s leverage and liquidity profile Assets pledged to the new financing Bioenergy USA 1G & 2G bioethanol P Bioenergy 41% stake that Abengoa owns in Europe 1G bioethanol P Atlantica Atl
Slide 9: Update on Legal Proceedings
Judicial approval of the restructuring agreement in Spain confirmed, Update on Legal pending estimation of potential impact on Abengoa’s accounts of the Proceedings challenges resolved in favor On 25 September 2017, the Mercantile Court of Seville Nº 2 issued a ruling in which: – Confirmed the jud
Slide 10: Update on Legal Proceedings
Update on Legal Abengoa has made significant progress in Brazil and Mexico and expects Proceedings to resolve the open proceedings successfully in due time Subsidiaries related to transmission lines activity (Abengoa Concessões, Abengoa Construçao): – Restructuring plans presented approved in each
Slide 11: Financial Review
' Financial Review ABENGOA 11
Slide 12: EBITDA Bridge
EBITDA Bridge Improved business performance compared to the first six months of 2016 Figures in € million EBITDA June 2017 EBITDA June 2016 120 100 E&C: -41 E&C: -105 100 80 50 80 60 117 34 0 40 60 -49 20 -139 -59 -50 16 0 -52 57 46 -20 -100 -40 -60 -150 E&C One-off Restructuring Concessions H1 Ebit
Slide 13: E&C Bookings
Abengoa has been awarded new projects for a total value of €761 E&C Bookings million during this period Main projects awarded in 2017 275,000 m3/day desalination plant for the supply of drinking and irrigation Agadir Morocco water Shuaiba III Saudi Arabia 250,000 m3/day desalination plant for th
Slide 14: E&C Commercial Opportunities
E&C Commercial Abengoa will leverage on its pipeline to continue building up its project Opportunities backlog Pipeline by Region Pipeline by Project Type Abengoa currently has a pipeline of South America (ex. 4%1% Brazil) identified projects that amounts to 6% Middle East €37,000 million (1) 12%
Slide 15: P&L Snapshot
P&L Snapshot Net Income driven by the one-off effects of the implementation of the financial restructuring Figures in €M 6m 2017 6m 2016 (1) Operating Profit impacted by: Revenues 691 688 • One-off costs of €101 million. Pro- EBITDA 16 (59) forma EBITDA would add to €117 million Depreciation, Amor
Slide 16: Impact of Financial Restructuring on P&L
Impact of Financial One-off financial income from the write-down of restructured debt, Restructuring on P&L partially offset by tax, restructuring advisors fees and other expenses Figures in € million 0 4.000 8.000 Write-down of old debt 8,433 Accounting for new debt issued at fair 6.996 (1,465) Fin
Slide 17: Financial Debt Structure
Reduction of financial debt over 60% to a total of €5,6 billion Financial Debt Structure after restructuring Financial Debt as of June 30, 2017 (€ million) Large financial institutions including the main 12,658 Spanish banks and other international entities comprise the largest group of creditors
Slide 18: Main Take-Aways
_ Main Take-Aways ABENGOA
Slide 19: Main Take-Aways
Increase in business activity, improvement in profitability and Main Take-Aways reduction of financial debt after the restructuring Satisfactory results in terms of safety Since the completion of the financial restructuring in March, Abengoa has re-started its business operations Improvement i
Slide 20: Appendix
_ Appendix ABENGOA
Slide 21: Financial Debt: Maturity Profile
Financial Debt: Post restructuring financial debt with improved maturity profile Maturity Profile Figures in € million June 30, Maturity 2017 Corporate Financial Debt New Money 1 1,045 2021 New Money 2 266 2021 Old Money 1,308 2022 / 2023 Loan - Centro Morelos 124 Before June 2018 Loan - Centro Tecn
Slide 22: Results by Segment
Results by Segment Revenues EBITDA (Figures in € million) H1 2017 H1 2016(1) ∆% H1 2017 H1 2016(1) ∆% Engineering and Construction Engineering and Construction 606 615 (1)% (42) (105) 60% Total 606 615 (1)% (42) (105) 60% Concession-type Infrastructure Solar 30 17 76% 21 11 96% Water 24 31 (20)% 19
Slide 23: Consolidated Cash Flow
Consolidated Cash Flow Figures in €million H1 2017 H1 2016 (1) Profit for the period from continuing operations 5,215 (1,334) Non-monetary adjustments & others (5,290) 1,116 Profit for the period adjusted by non monetary adjustments (75) (218) Operating Working capital (83) (19) Activities Net inter
Slide 24: H1 2017 Results Presentation
H1 2017 Results Presentation 28 September 2017