Abengoa Sa · OTC:AGOAF
Abengoa Sa — H1 2011 Earnings Presentation
36 slides from Abengoa Sa's earnings presentation, Aug 30, 2011
Slide 1: First Half 2011 Earnings Presentation
Innovative technology solutions for sustainability ABENGOA First Half 2011 Earnings Presentation August 30th, 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 wit
Slide 3: Agenda
Agenda 1 H1 2011 Business Highlights 2 H1 2011 Financial Highlights 3 Conclusions 4 Appendix 3
Slide 4: H1 2011 Business Highlights
Agenda 1 H1 2011 Business Highlights 2 H1 2011 Financial Highlights 3 Conclusions 4 Appendix 4
Slide 5: H1 2011 Highlights
H1 2011 Highlights Growth, value and delivery Revenues of €3,143 M*, an increase of 38% Y-o-Y 27 consecutive quarters of EBITDA of €464 M*, an increase of 36% Y-o-Y Y-o-Y financial growth Net income of €102 M, an increase of 11% Y-o-Y Agreement with Schneider Electric to sell 40% stake in Te
Slide 6: Growth in all segments for both Q2 and H1
Business Diversification Growth in all segments for both Q2 and H1 Revenues* EBITDA* H1 2011 H1 2011 E&C 31% Concession-Type Infrastructures 40% 44% 50% Industrial Production Recurrent Activities 6% 29% (€M) H1’10 H1’11 Var% H1’10 H1’11 Var% Engineering & Construction 1,180 1,569 +33% 117 183 +57% C
Slide 7: Successful asset rotation to increase financial flexibility
Successful Asset Rotation Successful asset rotation to increase financial flexibility Agreement with Schneider Electric to sell 40% stake in Telvent at $40 per share - €423 M offer in cash - Reduction of total corporate net debt of approximately €720 M - Net Gain on transaction in the range of €135
Slide 8: Geographic Diversification
Geographic Diversification A true global business Geographies 1% 5% Brazil Rest of Latin America 10% 26% Spain Asia & Oceania 18% US Africa 22% 18% Rest of Europe The Americas account for >50% of revenues 8
Slide 9: E&C: Revenue growth and geographic expansion
E&C Revenue growth and geographic expansion Significant revenue increase of 33%, with 56% Sale of stake in Telvent to Schneider Electric of revenues coming from external customers for $40 per share Backlog at June 30, 2011 of €7.8 B Began construction of 2 new CSP plants, Helios 1 and 2 in S
Slide 10: E&C: 71% of revenues from Americas
E&C 71% of revenues from Americas Financial figures* H1 2011 Revenue Breakdown Brazil Revenues (€M) EBITDA (€M) 1% Rest of Latin 2% 9% America 183 Spain 11% 40% US 117 1,569 17% Asia & Oceania 1,180 12% 10% Rest of Europe 20% Africa H1 2010 H1 2011 H1 2010 H1 2011 Backlog (€M) 7,703 7,808 3% 17% Pow
Slide 11: Concession-type Infrastructures
Concession-type Infrastructures Excellent operational performance of all our plants and transmission lines Revenue increase of 41%, due to 3 new solar Announced strategic agreement with CEMIG, plants in operation (Solnova 1,3,4) carrying on our planned asset rotation strategy EBITDA margin of
Slide 12: Concession-type Infrastructures: Increased capacity, excellent performance
Concession-type Infrastructures Increased capacity, excellent performance Financial figures H1 2011 Revenue Breakdown Revenues EBITDA Backlog* (€M) (€M) (€M) 9% 4% Transmission 34,213 Solar 135 27,610 26% Cogeneration 61% Water 92 192 136 68% 71% 6% Latin America 33% Spain H1 2010 H1 2011 H1 2010 H1
Slide 13: Industrial Production
Industrial Production Strong operational performance across all of our plants Biofuels: Industrial recycling: Revenues of €987 M, an increase of 72% Y-o- Good semester in both volumes and margins Y, due mainly to increase in ethanol prices and expanded production capacity Revenues of €324 M, i
Slide 14: Industrial Production: Sustained growth and stable outlook
Industrial Production Sustained growth and stable outlook Financial figures H1 2011 Revenue Breakdown Revenues EBITDA 5% (€M) 1,382 (€M) 71 24% Biofuels 324 146 969 132 Industrial Recycling 90 Others 306 18% 71% 17% 987 10% 573 7% H1 2011 EBITDA Breakdown H1 2010 H1 2011 H1 2010 H1 2011 Gross Assets
Slide 15: Industrial Production: Significant presence in key growing areas
Industrial Production Significant presence in key growing areas Biofuels production (ML) H1 2011 Revenue breakdown (%) 1,282 6% Europe 1,033 USA 39% 55% Brazil H1 2010 H1 2011 H1 2011 Revenue breakdown (%) Industrial Waste treated (Mt) 3% 1.30 7% Europe 1.17 Asia & Africa 90% Latam&USA H1 2010 H1 20
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 Demonstrated viability of new superheated steam technology CSP – Trough Reduce components cost Building a demonstration molten salt t
Slide 17: Timeline: Main Projects in Execution
Timeline: Main Projects in Execution As of Jun. 30 ‘11 Abengoa Expected 2011 2012 2013 2014 Location Capacity (%) Start Up SPP1 Helioenergy 1 Hassi R'Mel - Algeria Écija - Spain 150 MW 50 MW 51% 50% Q2 11 Q3 11 Helioenergy 2 Écija - Spain 50 MW 50% Q1 12 Solacor 1 Cordoba - Spain 50 MW 74% Q2 12 S
Slide 18: Asset Portfolio
Asset Portfolio Significant capacity increase when completing capex plan Concession type infrastructures Industrial Production Solar (MW) Transmission (km) Biofuels (Ml/year) 1,503 8,955 3,125 3,125 3,215 108 90 380* 4,820 4,413 780 3,718 343 143 4,027 Jun 2010 Jun 2011 E2013/14 Jun 2010 Jun 2011 E2
Slide 19: H1 2011 Financial Highlights
Agenda 1 H1 2011 Business Highlights 2 H1 2011 Financial Highlights 3 Conclusions 4 Appendix 19
Slide 20: Key Financial Information
Key Financial Information H1 2010 H1 2011 Var% Highlights €M Telvent treated as Discontinued Revenues Operations in P/L and 06/30/11 B/S. 2,285 3,143 +38% Assets sold to Cemig treated as Held For Sale in 06/30/11 B/S EBITDA 341 464 +36% Margin 14.9% 14.8% Strong revenue growth driven by Net Inco
Slide 21: Business Diversification (I)
Business Diversification (I) Continuing the diversification towards robust business model Revenues* (€M) Q2’10 Q2’11 Var% H1’10 H1’11 Var% Engineering & Construction 687 785 +14% 1,180 1,569 +33% Concession-type Infrastructure 75 107 +43% 136 192 +41% Industrial Production 522 753 +44% 969 1,382 +43
Slide 22: Business Diversification (II)
Business Diversification (II) Great contribution to EBITDA from recurring activities Margin Margin EBITDA* (€M) Q2’10 Q2’11 Var% H1’10 H1’11 Var% H1’10 H1’11 Engineering & Construction 41 88 +115% 117 183 +57% 10% 12% Concession-type 54 74 +37% 92 135 +47% 68% 71% Infrastructure Industrial Productio
Slide 23: High Revenue Visibility
High Revenue Visibility Backlog (€M) Estimated Backlog Conversion (€M) Jun. 2011 Rest of 2011e 2012e 2013e 2014+e 7,808* E&C Order Book (1) 1,686 2,837 6,122 1,503 1,239 543 34,213 32,735 Concession-type Asset based, recurring revenues 129 468 881 Industrial Production 16,900 (2) 10,400 2,600 2,600
Slide 24: E&C Backlog
E&C Backlog Solid backlog, well diversified, provides revenue visibility Backlog (€M) By Internal / External client By Geography External LatAm 13% Internal 100% (Concession- 36% USA 37% 44% type activities) 19% Europe 7,703 7,808 Other Internal (Concession- RoW 19% type activities) 32% (1) (1) 1,68
Slide 25: Capex Plan
Capex Plan Commitment to invest only when financing is in place Capex Breakdown by Asset Type Capex Breakdown by Financing Source €M Solar 3,269 €M Abengoa's Equity 1,457 2,452 2,452 Power Transmission 1,124 41 50 Partner's Equity 409 48 Biofuels 303 98 Cogeneration 103 Non-Recourse Debt 3,120 591 W
Slide 26: Reinforced Capital Structure
Reinforced Capital Structure Improving leverage ratios from announced transactions Jun Jun Jun 2011 €M 2010 (1) 2011 Proforma Corporate Debt 4,520 4,951 4,951 Corporate Cash, Equiv. & STFI (2,015) (2,340) (3,269) Total net corporate debt 2,505 2,611 1,682 N/R Debt 3,430 4,542 4,542 N/R Cash Equiv. &
Slide 27: Net Debt Bridge
Net Debt Bridge Significant cash generated from Operating Activities 232 5,953 1,466 (133) 5,216 (464) (364) Net Debt EBITDA NWC and Capex Interest Discnt., FX Net debt (Dec 10) other Paid and and Other (Jun 11) Taxes 27
Slide 28: Cash-flow Statement
Cash-flow Statement Strong operating cash flow generation €M Jun 2010 Jun 2011 Consolidated after-tax profit 91 117 Non-monetary adjustments to profit 205 341 Variation in working capital 63 364 Discontinued activities 47 (98) Cash generated by operations 406 724 Interests collected/paid (126) (181)
Slide 29: Debt Maturity Profile
Debt Maturity Profile Sound maturity profile and liquidity position Corporate Debt Maturity June 30, 2011 pro-forma (€M) 3,269 Reinforced balance sheet 423 Revolving Working Capital Facilities structure and increased liquidity Telvent Cash effect 506 Convertible Bonds level to pursue current and n
Slide 30: Conclusions
Agenda 1 H1 2011 Business Highlights 2 H1 2011 Financial Highlights 3 Conclusions 4 Appendix 30
Slide 31: Key Highlights
Key Highlights Delivering on our commitments Strong H1, achieving revenues and EBITDA growth in all segments Strategic projects added to committed Capex plan Improving corporate leverage and financial flexibility Revised guidance for Revenues to €5,900 M - €6,000 M, excl. Telvent Revised g
Slide 32: Appendix
Agenda 1 H1 2011 Business Highlights 2 H1 2011 Financial Highlights 3 Conclusions 4 Appendix 32
Slide 33: Concession-type Infrastructure: Balanced Asset Portfolio
Concession-type Infrastructure Balanced Asset Portfolio(1) Asset Portfolio (June 2011) Under Total Non Operating Construction / Gross Net ABG Recourse (€M) (Gross) Development Assets Assets(2) Equity Net Debt Partners Transmission 1,090 909 2,000 1,922 776 1,078 68 CSP 1,285 1,030 2,314 2,259 805 1,
Slide 34: Capex Committed by segment (I)
Capex Committed by segment* (I) Total H2 2011 Total Total ABG ABG Abengoa Entry in Investment Pending Partners Debt Pending Partners Debt Corporate Corporate Committed (€M) Capacity (%) Country Operation Capex Capex Solar 5,051 3,268 798 64 2,406 928 185 34 709 Algeria 150 MW 51% Algeria Q2 11 318 H
Slide 35: Capex Committed by segment (II)
Capex Committed by segment* (II) 2012 2013 2014 Total Total Total ABG ABG ABG Pending Partners Debt Pending Partners Debt Pending Partners Debt Corporate Corporate Corporate Committed (€M) Capex Capex Capex Solar 1,624 448 30 1,145 595 124 0 471 122 41 0 81 Algeria Helioenergy 1 and 2 32 7 7 18 Sola
Slide 36: Thank you
Innovative technology solutions for sustainability ABENGOA Thank you