Acciona Sa · BME:ANA
Acciona Sa — H1 2006 Earnings Presentation
16 slides from Acciona Sa's earnings presentation, Sep 5, 2006
Slide 1: Investor Meetings 1H 2006 Results, London
Juan Muro-Lara Group Executive Director Chairman Office Pioneers in development and sustainability Investor Meetings 1H 2006 Results LONDON 5th & 6th September 2006
Slide 2: Disclaimer
Disclaimer This presentation contains statements that constitute forward looking statements in its general meaning and within the meaning of Spanish Applicable Law regarding securities markets. These statements appear in a number of places in this document and include statements regarding the intent
Slide 3: Business divisions: Infrastructure, Real Estate, Energy, Services
Infrastructure Construction Concessions Real Estate Rental portfolio Development Energy Wind Other renewables Logistics and Transport Services Urban and environmental Services Other businesses 3 Pioneers in development and sustainability
Slide 4: Key financial highlights
1H 2006 RESULTS Key financial highlights • Very attractive set of results in 1H 2006, ahead of market consensus • Revenues increased by 37% to €2.9 billion • EBITDA up yoy 52.1% to €458 million, margin expansion of 150bp to 15.9% • Operating profit (EBIT) up yoy 50.0% to €296 million • PBT & Net Pro
Slide 5: 1H 2006 Results
1H 2006 RESULTS (€m) 1H 2005 1H 2006 (%) Sales 2,093 2,873 37.3% EBITDA 301 458 52.1% EBIT 197 296 50.0% Net Profit 137 188 38.0% Shareholders equity 3,431 3,647 6.3% Net Debt 1,006 3,270 225.0% Gearing (%) 31% 90% n/a Capital Expenditure 489 1,555 218% Operational Data 1H 2005 1H 2006 (%) Construct
Slide 6: Strong performance: Top to bottom line
1H 2006 RESULTS Strong performance: Top to bottom line +37% +52% +50% +41% +38% 2,873 2,415 3,000 800 700 600 500 458 162 400 296 23 300 273 85 188 200 100 0 s st s A A IT er T or . it le TD D& EB Ot h EB in of Sa Co I M tP r g EB l& a ti n c ia e s& Ne r x e an Ta Op Fin * % growth 1H 2006 / 1H 200
Slide 7: EPS growth
1H 2006 RESULTS EPS growth 3.5 +36.8% +39.3% +38.0% 3 2.5 2 1.5 2.96 1 1.60 1.36 0.5 0 1Q06 2Q06 1H06 * % growth 2006 / 2005 7 Pioneers in development and sustainability
Slide 8: Key financial highlights by division
1H 2006 RESULTS Key financial highlights • Infrastructure division: 61% EBITDA growth to €140m 8.3% margin Construction backlog €5.0bn (+14.9%), i.e. 21 months of annualised activity • Real Estate division: Sales increased by 60% and EBITDA by 98% Significant land bank investment (€138m) •
Slide 9: 1H 2006 EBITDA Growth
1H 2006 RESULTS 1H 2006 EBITDA Growth €458m* 450 19 28 400 +69% 37 350 +20% 58 €301m 300 11 +4% 24 250 36 +98% 140 29 200 +61% 150 87 100 +62% 184 50 114 0 1H2005 1H2006 Energy Infrastructure Real Estate Logistic&Transport Urban&Environmental Other Businesses * Includes €9m of consolidation adjustme
Slide 10: Divisional performance
1H 2006 RESULTS Divisional performance Jan-Jun 05 Jan-Jun 06 (Euro Million) Amount % Sales Amount % Sales Δ (%) Sales 2,093 100.0 2,873 100.0 37.3 Infrastructure 1,201 57.4 1,693 58.9 40.9 Real Estate 135 6.4 215 7.5 60.1 Energy 220 10.5 365 12.7 66.0 Logistics and Transport 399 19.1 422 14.7 5.7 Ur
Slide 11: Infrastructure Division
1H 2006 RESULTS Infrastructure Division • Strong growth of construction activity indicators in 2006 • SEOPAN forecast 6% real growth in construction activity for 2006 • PEIT programs for 2007 – 2008: ADIF (high speed train): € 8.2 bn Highways: € 2.0 bn rehabilitation plan (shadow toll) € 5.0 bn
Slide 12: Real Estate Division
1H 2006 RESULTS Real Estate Division • Property sector “soft landing” scenario as base case • SEOPAN forecast 700,000/600,000 new houses for 2007/2008. BBVA expects a decline to 560,000 by 2009 • Price adjustment expected to be gradual based on: Growing family disposable income Demographic facto
Slide 13: Energy Division: Pool Price
1H 2006 RESULTS Energy Division 8 Pool Price 7 Eur c/k W h 6 5 4 3 2 1 Jan-0 5 M ar- 05 05 Jul -0 5 Sep- 05 Nov- 05 Jan-0 6 M ar- 06 06 un-06 M ay - M ay - J Pool Market Tariff 1H 2005 Pool Market Tariff 1H 2006 Variable price based on pool price Variable price based on pool price plus premium: plus
Slide 14: Energy Division: installed wind MWs
1H 2006 RESULTS Energy Division Total installed wind MWs Attributable installed wind MWs 2,500 International Spain 2,000 International Spain 2,221 1,800 1,762 2,000 1,600 +71% +99% 1,400 1,500 1,200 1,031 1,000 1,118 1,000 800 +59% 600 +108% 500 415 400 246 262 200 118 0 0 1H 2005 1H 2006 1H 2005 1H
Slide 15: Logistic and Transport; Urban and Environmental Services Divisions
1H 2006 RESULTS Logistic and Transport Services Division • Acciona Trasmediterranea is involved in a fleet renewable program • Divisional profitability affected by continued oil price increases • Limited impact of recent Spanish handling licences awarded Urban and Environmental Services Division • A
Slide 16: Investor Meetings 1H 2006 Results, London
Juan Muro-Lara Group Executive Director Chairman Office Pioneers in development and sustainability Investor Meetings 1H 2006 Results LONDON 5th & 6th September 2006