Acciona Sa · BME:ANA
Acciona Sa — 9M 2009 Earnings Presentation
29 slides from Acciona Sa's earnings presentation, Nov 12, 2009
Slide 1: 9M 2009 Results Presentation
9M 2009 Results Presentation 12th November 2009
Slide 2: Disclaimer
9M 2009 Results Presentation 9m 2008 RESULTS Disclaimer This document has been prepared by ACCIONA, S.A. (“ACCIONA” or the “Company”) exclusively for use during the presentation of financial results of the first nine months of 2009 (9M-2009). Therefore it cannot be disclosed or made public by any pe
Slide 3: Table of Contents
9M 2009 Results Presentation 9m 2008 RESULTS Table of Contents 1. Key Highlights of 9M 2009 2. Operating Performance 3. Financial Information by Division 4. Conclusions
Slide 4: Changes in the Perimeter
9M 2009 Results Presentation 9m 2008 RESULTS Changes in the Perimeter 2009 vs. Accounting Perimeter Changes 2008 Endesa Disposal/Renewable Assets Acquisition: On the 25th of June 2009 ACCIONA, Enel and Endesa executed the 20th February Agreement in relation to the transmission of the Endesa stake to
Slide 5: Table of Contents
9M 2009 Results Presentation 9m 2008 RESULTS Table of Contents 1. Key Highlights of 9M 2009 2. Operating Performance 3. Financial Information by Division 4. Conclusions
Slide 6: Key Highlights of 9M 2009
9M 2009 Results Presentation 9m 2008 RESULTS Key Highlights of 9M 2009 After the execution of the agreement with Enel to sell our 25.01% stake in Endesa and the simultaneous acquisition of 2,0811 Renewable assets: renewable MW, 3Q 2009 has been the first quarter where the Full contribution acquire
Slide 7: Table of Contents
9M 2009 Results Presentation 9m 2008 RESULTS Table of Contents 1. Key Highlights of 9M 2009 2. Operating Performance 3. Financial Information by Division 4. Conclusions
Slide 8: P&L Main Figures
9M 2009 Results Presentation 9m 2008 RESULTS P&L Main Figures Key Figures EBITDA Breakdown² 9M 2009 By Division Jan-Sep Jan-Sep (€m) Chg. (%) 08¹ 09 56% Energy Revenue 5,208 4,697 -9.8 21% Infrastructures 5% Real Estate EBITDA 747 711 -4.8 3% Water Attributable 346 1,229 254.9 Services and Other Net
Slide 9: Capex by Division
9M 2009 Results Presentation 9m 2008 RESULTS Capex by Division (€m) Investments % Contribution Capex Breakdown Jan-Sep 09 Organic Total By Division Energy 848 77.2% 22.0% Infrastructures 136 12.4% 3.5% 22% Energy (organic) Real Estate 71 6.4% 1.8% 72% Energy (Endesa) Logistics & Transport Services 5
Slide 10: Debt & Liquidity Analysis
9M 2009 Results Presentation 9m 2008 RESULTS Debt & Liquidity Analysis Net Debt Breakdown (€m) Debt Amortization Schedule (€m) By Division 1,856 (€m) Net Debt % 2 year bridge loan Jan-Sep 09 of Total financing the acquisition Energy 5,418 73.0% of Endesa assets 515 (€1,500m; maturity July Infrastruc
Slide 11: Table of Contents
9M 2009 Results Presentation 9m 2008 RESULTS Table of Contents 1. Key Highlights of 9M 2009 2. Operating Performance 3. Financial Information by Division 4. Conclusions
Slide 12: Energy
9M 2009 Results Presentation 9m 2008 RESULTS Energy Concentrated Photovoltaic Conventional Wind Mini Hydro Biomass Solar Power Cogeneration Biofuels Solar Hydro 6
Slide 13: Energy: Key Figures
9M 2009 Results Presentation 9m 2008 RESULTS Energy: Key Figures Revenues (€m) EBITDA (€m) 1,236 33.8% 46.7% -30.1% -3.5% 418 404 864 52% Generation 12% 20% 414 Industrial & Other EBITDA margin 88% 48% 80% Jan-Sep 08 Jan-Sep 09 Jan-Sep 08 Jan-Sep 09 -10 Wind Load Factor (%) Prices – Spain (€/MWh) 11
Slide 14: Energy: Capacity and Production
9M 2009 Results Presentation 9m 2008 RESULTS Energy: Capacity and Production MW Installed @ Sep 09 MW under Construction @ Sep 09 MW (Total) Spain International Total MW (Total) Spain International Total Wind 4.492 1.609 6.101 Wind 60 47 107 Mini Hydro 232 - 232 Mini Hydro - - - Hydro 679 - 679 88%
Slide 15: Energy: Capacity Installation
9M 2009 Results Presentation 9m 2008 RESULTS Energy: Capacity Installation LTM: +66% +2,897MW Total MWs 9M 09: +50% 679 7.308 +2,437MW 1.150 173 386 460 4.871 50 4.411 CSP Wind Mini Hydro Conventional Hydro Sep-08 4Q 2008 Dec-08 9m09 9m09 Endesa Endesa Endesa Sep-09 ACCIONA ACCIONA CSP ACCIONA Wind
Slide 16: Infrastructures
9M 2009 Results Presentation 9m 2008 RESULTS Infrastructures Construction Concessions Real Estate 10
Slide 17: Infrastructures: Key Figures
9M 2009 Results Presentation 9m 2008 RESULTS Infrastructures: Key Figures Revenues (€m) EBITDA (€m) 2,624 2,648 Const. & Eng 0.9% Concessions 6.0% 5.6% 2% 2% EBITDA margin 157 -5.7% 149 14% 16% 98% 98% 86% 84% Jan-Sep 08 Jan-Sep 09 Jan-Sep 08 Jan-Sep 09 Construction in Spain showed flat volumes wi
Slide 18: Infrastructures: Construction Backlog
9M 2009 Results Presentation 9m 2008 RESULTS Infrastructures: Construction Backlog Total Backlog Total Backlog By Business By Geography €m Sep-08 Sep-09 Chg. (%) Weight (%) Civil works (Spain) 4,017 4,027 0% 56% Civil works (International) 1,322 1,266 -4% 18% Total Civil Works 5,339 5,293 -1% 74% In
Slide 19: Infrastructures: Concessions
9M 2009 Results Presentation 9m 2008 RESULTS Infrastructures: Concessions Increased international contribution Very young concessions portfolio Book value of concessions as of Sep 2009: €780m (equity and net debt) EBITDA Breakdown - By Geography Jan-Sep 08 Jan-Sep 09 Spain 41% Spain 30% Intern
Slide 20: Infrastructures: Real Estate
9M 2009 Results Presentation 9m 2008 RESULTS Infrastructures: Real Estate Revenues (€m) EBITDA (€m) 200 33.6% 21.6% Development 9% -18.4% Rental Assets 163 17% Parkings 10% 67 -47.5% EBITDA margin 21% 14% 35% 35 74% 69% 27% 51% 67% 6% Jan-Sep 08 Jan-Sep 09 Jan-Sep 08 Jan-Sep 09 This division is st
Slide 21: Services and Other Businesses
9M 2009 Results Presentation 9m 2008 RESULTS Services and Other Businesses Services Other Businesses Logistic & Transport Urban & Environmental Asset Management Media (GPD) Winery 15
Slide 22: Logistic & Transport Services: Key Figures
9M 2009 Results Presentation 9m 2008 RESULTS Logistic & Transport Services: Key Figures Revenues (€m) EBITDA (€m) Trasmediterránea Handling 6.5% 12.4% 735 Other 78 -14.6% EBITDA margin 627 7% 19% 15% 61.9% 17% 16% 48 18% 76% 25% 65% 67% 40% 35% Jan-Sep 08 Jan-Sep 09 Jan-Sep 08 Jan-Sep 09 As a resu
Slide 23: Logistic & Transport Services: Trasmediterránea
9M 2009 Results Presentation Logistic & Transport Services: 9m 2008 RESULTS Trasmediterránea Successful execution of Restructuring Plan Revenues OPEX EBITDA €477m 9M 2009 9M 2008 €424m Fuel & Other Salaries Port Charges/Tax Maintenance €59m Other €17m Revenues Reduction OPEX Reduction EBITDA Increas
Slide 24: Urban & Environmental Services: Key Figures
9M 2009 Results Presentation Urban & Environmental Services: 9m 2008 RESULTS Key Figures Revenues (€m) EBITDA (€m) Agua Other 7.4% 7.3% -7.6% 564 521 Mémora 11% EBITDA margin 42 4.3% -9.0% 38 59% 42% 32% 33.0% 58% 43% 58% 41% 42% 57% Jan-Sep 08 Jan-Sep 09 Jan-Sep 08 Jan-Sep 09 Revenues amounted to
Slide 25: Urban & Environmental Services: Agua
9M 2009 Results Presentation 9m 2008 RESULTS Urban & Environmental Services: Agua Consolidation as key strategic business of the Group: – ACCIONA Agua’s revenues up 32% and EBITDA up 24% to €303m and €22m respectively – Water business increases its weight on EBITDA of the division to 57% (vs. 42%
Slide 26: Other Businesses: Key Figures
9M 2009 Results Presentation 9m 2008 RESULTS Other Businesses: Key Figures Revenues (€m) EBITDA (€m) 19.9% 29.8% 106 -31.6% EBITDA margin 2.4% 22 21 72 Jan-Sep 08 Jan-Sep 09 Jan-Sep 08 Jan-Sep 09 Includes: – Bestinver – “Bodegas Hijos de Antonio Barceló” winery business – Media (GPD) Bestinver h
Slide 27: Table of Contents
9M 2009 Results Presentation 9m 2008 RESULTS Table of Contents 1. Key Highlights of 9M 2009 2. Operating Performance 3. Financial Information by Division 4. Conclusions
Slide 28: Conclusions
9M 2009 Results Presentation 9m 2008 RESULTS Conclusions Results affected by challenging environment (pool prices down by 41% in Spain) Investment focus (~€4bn) on core activities generating over 85% EBITDA (Energy: 56%, Infrastructures & Real Estate: 26% and Water: 3%) Successful execution of Trasm
Slide 29: 9M 2009 Results Presentation
9M 2009 Results Presentation 12th November 2009