Abengoa Sa · OTC:AGOAF
Abengoa Sa — Instituto Español de Analistas Financieros (March 2006)
36 slides from Abengoa Sa's conference presentation, Mar 2, 2006
Slide 1: Your Partner in Resources and Technical Solutions
ABENGOA ABENGOA Your Partner in Resources and Technical Solutions 2nd March 2006 Instituto Español de Analistas Financieros 1
Slide 2: Disclaimer
ABENGOA Disclaimer "The present document has been drafted by Abengoa for its exclusive use as a presentation of the results of the period considered. It does not suppose a bid, commitment nor recommendation to subscribe or to acquire values, it has not been verified by third parties and consequently
Slide 3: Overview
ABENGOA Overview Abengoa is a technological company that applies innovative solutions for sustainable development in infrastructures, environment and energy sectors. It is present in over 70 countries where it operates through its five Business Units: Solar, Bioenergy, Environmental Services, Inform
Slide 4: Key Abengoa Consolidated Financial Figures: 1995–2005
ABENGOA Key Abengoa Consolidated Financial Figures: 1995 – 2005 Sales EBITDA (€ in millions) (€ in millions) CAGR: 14 .7% : 17.4% 2.024 CAGR 216 1.746 1.522 175 180 1.380 166 514 44 1995 2001 2002 2004 2005 1995 2001 2002 2004 2005 Net Income Cash Flow (€ in millions) (€ in millions) .3% .7% CAGR: 1
Slide 5: Abengoa's Diverse Client Base
ABENGOA Abengoa’s Diverse Client Base Bioenergy Information Technology Environmental Services Engineering and Industrial Construction A Diverse and Stable “Blue Chip” Client Base. 5
Slide 6: Leader in every business
ABENGOA Leader in every business Engineering Engineering and and Environmental Environmental Information Information Bioenergy Bioenergy Industrial Industrial Services Services Technology Technology Construction Construction ## 11 Ethanol Ethanol Leader Leader inin Spain Spain International Internat
Slide 7: Consolidated P&L Account
ABENGOA Consolidated P&L Account IFRS IFRS 2005 2004 05/04 05/04 2005 2004 % % Sales Sales (€M) (€M) 2,023.5 2,023.5 1,746.1 1,746.1 15.9 15.9 EBITDA EBITDA (€M) (€M) 216.4 216.4 180.1 180.1 20.1 20.1 EBITDA EBITDA // Sales Sales (%) (%) 10.7 10.7 10.3 10.3 Net Net Profit Profit (€M) (€M) 66.0 66.0
Slide 8: Engineering & IC
ABENGOA Engineering & IC IFRS IFRS 2005 2004 05/04 05/04 2005 2004 % % Sales Sales (€M) (€M) 865.8 865.8 772.0 772.0 12.2 12.2 EBITDA EBITDA (€M) (€M) 98.9 98.9 77.0 77.0 28.4 28.4 EBITDA EBITDA // Sales Sales (%) (%) 11.4 11.4 10.0 10.0 Comments Comments - Good performance of the cogeneration busin
Slide 9: Befesa: Environmental Services
ABENGOA Befesa: Environmental Services IFRS IFRS 2005 2004 05/04 05/04 2005 2004 % % Sales Sales (€M) (€M) 402.4 402.4 357.8 357.8 12.5 12.5 EBITDA EBITDA (€M) (€M) 40.4 40.4 36.7 36.7 10.1 10.1 EBITDA EBITDA // Sales Sales (%) (%) 10.0 10.0 10.3 10.3 Comments Comments - Higher sales of aluminum. -
Slide 10: Telvent: IT
ABENGOA Telvent: IT IFRS IFRS 2005 2004 05/04 05/04 2005 2004 % % Sales Sales (€M) (€M) 362.6 362.6 281.1 281.1 29.0 29.0 EBITDA EBITDA (€M) (€M) 33.3 33.3 27.1 27.1 22.9 22.9 EBITDA EBITDA // Sales Sales (%) (%) 9.2 9.2 9.6 9.6 Comments Comments - Sales increase: 6% of this increase is due to new c
Slide 11: Bioenergy
ABENGOA Bioenergy IFRS IFRS 2005 2004 05/04 05/04 2005 2004 % % Sales Sales (€M) (€M) 392.7 392.7 335.2 335.2 17.2 17.2 EBITDA EBITDA (€M) (€M) 43.8 43.8 39.3 39.3 11.5 11.5 EBITDA EBITDA // Sales Sales (%) (%) 11.2 11.2 11.7 11.7 Comments Comments - Ethanol sales 303.5 M liters (261.4 M liters in 2
Slide 12: Balance Sheet
ABENGOA Balance Sheet IFRS IFRS 2005 2004 05/04 05/04 2005 2004 % % Total Total Assets Assets (€M) (€M) 3,322.7 3,322.7 2,490.7 2,490.7 33.4 33.4 Shareholders’ Shareholders’ 526.2 526.2 413.1 413.1 27.4 27.4 Funds Funds (€M) (€M) Net Net Debt Debt (€M) (€M) ** -118.4 -118.4 27.9 27.9 * Does not incl
Slide 13: Engineering & IC
ABENGOA Engineering & IC Leader in Spain and Latam of several Engineering and Industrial Construction markets: - Electric generation and distribution - Industrial - Transport With engineering... we construct and operate conventional and renewable energy power plants, power transmission systems and i
Slide 14: Engineering & IC: Growth Drivers
ABENGOA Engineering & IC Growth Drivers - Geographic expansion: Med Rim and Middle East - PFI – Concessions: ¾ Areas of core expertise ¾ No demand risk ¾ Availability of long term Project Finance - Thermoelectric solar plan: 302 Mw 14
Slide 15: Overview of all Latam T & D Concessions
ABENGOA Engineering & IC Overview of all Latam T & D Concessions Reference Status Regional Distance Abengoa Concession Project Investment (Operations start Operator location Kms stake Contract type (mUSD) date) Operating BR Expansion Minas Gerais 582 112 25% BOOT Transener (Dec-02) Operating CHESF B
Slide 16: Solar
ABENGOA Solar New Business Unit with a Strategic Plan to produce 302 MW With the sun... we produce thermoelectric and photovoltaic electric energy 16
Slide 17: Solar
ABENGOA Solar ¾ Two plants operating by year end: • 11.0 MW power thermoelectric plant • 1.2 MW photovoltaic plant ¾ Start of construction of a new 20 MW thermoelectric plant in 2006 ¾ Development stage for additional 270 MW 17
Slide 18: Befesa: Environmental Services
ABENGOA Befesa: Environmental Services Befesa leads three environmental services markets in Spain: industrial waste management, environmental engineering and services and aluminum residues recycling. With wastes... we produce new materials by recycling, and we also treat and desalt water to achieve
Slide 19: Befesa: Environmental Services
ABENGOA Befesa: Environmental Services ¾ Desalination : Befesa is one of the leaders in Spain… • More than 500.000 m3/day built in Spain …and international 500.000 m3/d • 3 BOO contracts in Algeria (400.000 m3/d) • 1 BOOT contract in India (100.000 m3/d) ¾ Befesa is one of the companies with largest
Slide 20: Telvent: IT
ABENGOA Telvent: IT Telvent’s vision Telvent’s vision is to be the Global RealTime IT Company specializing in high value add solutions and services in four industry sectors (Energy, Traffic, Transport and Environment). Its technology allows high performing companies to make real-time business decisi
Slide 21: Mission Critical Solutions
ABENGOA Mission Critical Solutions Our solutions: Manage more than half the movements of hydrocarbons in pipelines in North and Latin America Manage water distribution for a population of more than 25 million throughout Europe, North America, Latin America and the Middle East Transport and dis
Slide 22: Mission Critical Solutions
ABENGOA Mission Critical Solutions Manage the displacements of more than 2,500 million passengers per year on train and metro networks Enable 13 million users at more than 4,000 universities and research centers throughout Europe to exchange information Provide landing and take-off security an
Slide 23: Abengoa Bioenergy
ABENGOA Abengoa Bioenergy Abengoa Bioenergy is the only international producer of ethanol Europe’s No. 1 bioethanol producer and No. 5 in the USA. With biomass... we produce ecologic fuels and animal feed 23
Slide 24: Logic of Ethanol
ABENGOA Logic of Ethanol “The transport sector is a principal source of global emissions of GHG. The only long-term solution to this connected set of problems is to 25-31 Oct 2003 reduce the world’s reliance on oil” “Hydrogen fuel cells are at last becoming a viable alternative. Another alternative
Slide 25: Basic Concepts
ABENGOA Basic Concepts f Bioethanol is an ethyl alcohol produced from the fermentation of Definition sugars contained in vegetable products, such as cereals, sugar cane, beets or other biomass f Bioethanol is then blended with conventional fuels f Production of ETBE (45% EtOH + 55% isobutilene, C4)
Slide 26: Demand Drivers
ABENGOA Demand Drivers The main drivers that lead the development of the Worldwide ethanol industry: Environmental Protection f Ethanol is an environmentally friendly biodegradable fuel source that reduces exhaust emissions and, unlike MTBE, has been determined to be relatively safe for ground water
Slide 27: Abengoa Bioenergy Today
ABENGOA Abengoa Bioenergy Today f Production and supply of ethanol, “green” fuel derived from grain mixed directly or indirectly into fossil based fuels Business f Leader in production capacity with ability to use various feedstocks f World class supplier to major oil companies f #1 in Europe with a
Slide 28: Abengoa Bioenergy's R&D
ABENGOA Abengoa Bioenergy’s R&D Abengoa Bionenergy conducts its R&D through a subsidiary, ABRD, Inc. f 23 researchers in Spain and US working on developing ethanol, biomass and fuel cells f Use JVs and equity stakes to identify and develop cost-efficient manufacturing technologies and new applicatio
Slide 29: Production Capacity
ABENGOA Production Capacity Production Facilities in EU Production Facilities in the U.S. EU(Ml) EU (Ml) 2006 2006 2007 2007 2008 2008 US(Ml) (Ml) 2006 2007 2008 US 2006 2007 2008 Production Production 540 540 540 540 790 790 Production 420 420 745 Production 420 420 745 Construction Construction 25
Slide 30: EU Fuel biofuel production targets
EU Fuel biofuel production ABENGOA targets (05e – 10e) f Achieving the 5,75% EU indicative target would require boosting bioethanol capacity an annual 60% (05 – 10) f A committed action from the UE and Member States is needed to achieve those targets f We estimate that almost an additional 12 millio
Slide 31: EU Implementation of legal framework
ABENGOA EU Implementation of legal framework Netherlands: Sweden: 2% mandatory Total tax exemption introduction by 2007 0,5 Eur/l Jan 2004 – Dec 2010 United Kingdom: Germany: Partial tax exemption = Total tax exemption 0,3 Eur/l (0,2 GBP/l) (yearly revised) Jan 2005 – Dec 2010 0,65 Eur/l France: Jan
Slide 32: US Main Ethanol Legislative Initiatives
US Main Ethanol ABENGOA Legislative Initiatives There are five main legislative actions that have been introduced in recent years that create a stable framework for the ethanol industry. 1. Energy Bill f The new Energy Bill replaces the 2% oxygen requirement with a Renewable Fuel Standard mandating
Slide 33: Renewable Fuels Standard – Energy Bill
Renewable Fuels Standard – ABENGOA Energy Bill The U.S. Congress has passed a final version of the Energy Bill that contains Renewable Fuels Standards, which is essentially a federal mandate on ethanol. f The final version contains a mandatory minimum 7.5 billion gallon ethanol usage quota by 2012 f
Slide 34: US Future Ethanol Industry Growth Potential
US Future Ethanol Industry ABENGOA Growth Potential f New Energy Bill mandating a minimum ethanol usage requirements of 7.5 BNGPY in 2012 f Key 2005 and 2006 demand drivers in Baton Rouge, the States of Missouri, Kentucky and Maryland f Future demand growth will result in California, the East Coast
Slide 35: Conclusion
ABENGOA Conclusion: -Leader in its Business -Attractive Growth Markets -Strong corporate culture and management systems 35
Slide 36: Your Partner in Resources and Technical Solutions
ABENGOA ABENGOA Your Partner in Resources and Technical Solutions 2nd March 2006 Instituto Español de Analistas Financieros 36
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