Abengoa Sa · OTC:AGOAF
Abengoa Sa — FY2007 Earnings Presentation
36 slides from Abengoa Sa's earnings presentation, Feb 26, 2008
Slide 1: 2007 Earnings Presentation
2007 Earnings Presentation With the sun … we produce February, 26th 2008 thermoelectric and photovoltaic electric energy With biomass … we produce ecologic biofuels and animal feed With wastes … produce new materials through recycling, and we treat and desalinate water With Information Technology …
Slide 2: Forward-Looking Statement
ABENGOA Forward-Looking Statement This presentation This presentation contains contains forward-looking forward-looking statements statements and and information relating information relating toto Abengoa Abengoa thatthat are are based based on on the the beliefs beliefs of of its its management as
Slide 3: Agenda
ABENGOA Agenda 1. 2007 Highlights 2. 2007 Detailed Financial Analysis 2.1. Consolidated 2.2. Business Unit 3. Q&A 3
Slide 4: 2007: Profitable Growth continues
ABENGOA 2007: Profitable Growth continues Growth in sales, operating cash-flow and Net Profit Balanced contribution to growth: Geographic and business Positive operating performance 20% growth in Net Income, despite strong increase in Depreciation, Financials and elimination of intra-group a
Slide 5: 2007 Main figures
ABENGOA 2007 Main figures YoY % Revenues 3,214.5 M€ + 20.1% Operating Cash Flow 452.4 M€ + 57.2% Net Income 120.4 M€ + 20.0% EPS 1.33 € + 20.0% Investments 1,300.6 M€ + 35.6% Net Debt ex Non-Recourse 234.3 M€ Net Debt* / Ebitda* 1.2x Non-Recourse Debt 1,689.2 M€ +34.7% (*) excluding
Slide 6: Revenues, Operating Cash Flow and Net Income
ABENGOA € in Millions Revenues Operating Cash Flow Sustained Revenue Growth Improved Operating Performance 3.214,5 % 57.2 2.677,2 2.677,2 452,4 % 2.023,5 20.1 % 33.0 287,9 287,9 216,4 14,1% % 32.3 10.8% 10,8% 10.7% 2005 2006 2006 2007 2005 2006 2006 2007 Net Income % 20.0 % 120,4 52.0 100,3 100,3 66
Slide 7: International Activity
ABENGOA International Activity International Activity represents 62.1% of total Sales, with a 33.1% YoY growth Total Abroad 1,996.9 M€ (62.1%) Europe (ex Spain) 604.8 M€ (18.7%) Asia US and Canada 97.3 M€ (3.0%) 477.3 M€ (14.9%) Total Spain 1,217.5 M€ (37.9%) Africa 174.1 M€ (5.4%) Latin America 634
Slide 8: Contribution by Business Unit
ABENGOA Contribution by Business Unit € in Millions 3,500.0 + 377.2 (330.5) 3,300.0 3,214.5 + 120.9 Revenues 3,100.0 + 214.4 BUS Growth 2,900.0 + 137.5 + 151.0 + 17.7 2,700.0 2,677.2 2,500.0 2006 Solar Bioenergy Environmental Information Industrial E&C Intra-group 2007 Services Technologies 500.0 +
Slide 9: Agenda
ABENGOA Agenda 1. 2007 Highlights 2. 2007 Detailed Financial Analysis 2.1. Consolidated 2.2. Business Unit 3. Q&A 9
Slide 10: P&L Account FY 2007
ABENGOA € in Millions, except EPS P&L Account FY 2007 FY 2006 Var (%) Net turnover 3.214 2.677 20% Operating Cash Flow * 452 288 57% Depreciation and amortization expense (97) (69) 42% Net Operating Profit 286 219 31% Net Financial Loss (140) (92) 53% Consolidated Profit before Tax 150 135 11% Corpo
Slide 11: P&L Account
ABENGOA € in Millions P&L Account FY 2007 FY 2006 Var (%) Net turnover 3.214 2.677 20% Operating Cash Flow * 452 288 57% Depreciation and amortization expense (97) (69) 42% Net Operating Profit 286 219 31% Net Financial Loss (140) (92) 53% Consolidated Profit before Tax 150 135 11% Corporate income
Slide 12: Intragroup activities eliminated at consolidated P&L
ABENGOA Intragroup activities fully eliminated at Consolidated P&L… …but relevant for cash-flow generation perspective Net Profit eliminated (40.1 M€) is recovered over the life of the project as a lower depreciation charge Elimination of 330 M€ of sales, 44 M€ of EBITDA and 24 M€ of Net Pro
Slide 13: Cash-Flow Statement
ABENGOA € in Millions Cash-Flow Statement Cash Flow Statement FY 2007 FY 2006 Var (%) Consolidated Profit after-Tax 136 122 12% Corporate Income Tax 14 13 7% Depreciation and amortization 97 69 42% Net Financial Loss 140 92 53% Participation in (Profits)/Losses of Associate Companies (4) (8) -44% Pr
Slide 14: Cash-Flow Statement: cash generation
ABENGOA € in Millions Cash-Flow Statement Cash Flow Statement FY 2007 FY 2006 Var (%) Consolidated Profit after-Tax 136 122 12% Corporate Income Tax 14 13 7% Depreciation and amortization 97 69 42% Net Financial Loss 140 92 53% Participation in (Profits)/Losses of Associate Companies (4) (8) -44% Pr
Slide 15: Cash-Flow Statement: investments and financing
ABENGOA Cash-Flow Statement € in Millions Well defined pipeline of projects and effective organization allows to complete 1,3 bn € of investments: 9 Ethanol: Lacq (France), Nebraska, Illinois, Indiana (US) 9 Transmission: ATE III 9 Desalination: Skikda and Honaine (Algeria) Complemented by selec
Slide 16: Financing Update
ABENGOA Financing Update Well positioned to finance growth plan: Low Net Debt to Ebitda* at Corporate level: 1.2x Strong liquidity position 9 1,698 M € of Cash and cash equivalents 9 596 M € of ST Financial Investments 9 176.5 M € of Undrawn Credit Lines Average Life of 3,5 years No refinanc
Slide 17: Financing Update: non-recourse financing
ABENGOA Financing Update Well positioned to finance growth plan: Most of 2008 Non Recourse Financing needs already covered: 9 2 US ethanol plants 9 ATE III Transmission in Brazil (IADB) 9 Desalination projects (2 in Algeria, 1 in India) 9 2x50 Mw of Solar Thermal projects 9 Algerian Hybrid Project
Slide 18: Balance Sheet
ABENGOA € in Millions Balance Sheet Balance Sheet FY 2007 FY 2006 Var (%) Intangible Assets (incl. Goodwill) 1,227 623 97% Fixed Assets in Projects 1,638 1,147 43% Equity 797 541 47% Non-Recourse Financing 1,689 1,254 35% Total Assets = Total Equity & Liabilities 8,110 5,427 49% Net Debt FY 2007 FY
Slide 19: Uniquely positioned for growth in Energy and Environment
ABENGOA Uniquely positioned for growth in Energy and Environment H3 H2 Options for the Future H1 Growth Cash Flow Generation • Solar Energy • Second-Generation • Bioenergy Bioenergy (Biomass) • Engineering and • Water (desalation) Construction • Hydrogen • Environmental Services in • Transmission Li
Slide 20: Total Investments expected by geographies 2007-2011
ABENGOA Total Investments expected by geographies 2007-2011 20% 12% 42% 1% 5% 20% 20
Slide 21: Ambitious expansion plan not at risk
ABENGOA Ambitious expansion plan not at risk Solar capacity plan in Spain: 2 bn € Solar international: Algeria, Marocco and US Bioethanol US: 2 plants funded Bioethanol Europe Desalination: 2 projects in Algeria funded, 1 project in China High Voltage Transmission 21
Slide 22: Agenda
ABENGOA Agenda 1. 2007 Highlights 2. 2007 Detailed Financial Analysis 2.1. Consolidated 2.2. Business Unit 3. Q&A 22
Slide 23: Solar
ABENGOA Solar With With the the sun …we produce sun…we produce thermoelectric thermoelectric and and photovoltaic photovoltaic electric electric energy energy 23
Slide 24: Solar: 2007 Review
ABENGOA Solar ¤ 2007 Review Highlights Percentage of Total Revenues ; Aggregated Sales reached 40.0 M€: ; 3.0 M€ from PV and Thermoelectric plants, ; 16.9 M€ from solar promotions and, 0.6% ; 20.1 M€ from sale of solar technology for solar thermal projects. ; 22.3 M€ eliminated in the own group Reve
Slide 25: Solar: 2007 Milestones
ABENGOA Solar ¤2007 Milestones ; 13.2 MW already in operation: ¾ PS10, the world’s first tower technology solar thermoelectric power plant (11 MW). ¾ Sevilla PV, the largest low concentration system photovoltaic plant worldwide (1.2 MW). ¾ Copero PV, a 1.0 MW photovoltaic two-axle sun tracker. ; R&D
Slide 26: Bioenergy
ABENGOA Bioenergy With With biomass... biomass... we we produce produce ecologic ecologic fuels fuels and and animal animal feed feed 26
Slide 27: Bioenergy: 2007 Review Highlights
ABENGOA Bioenergy ¤ 2007 Review: Highlights Var. Bioenergy 2007 2006 07/06 Percentaje of Total M€ M€ % Revenues - Consolidated Sales 613,7 476,2 28,9 - Ebitda 54,3 49,9 8,8 - Margin Ebitda / Sales (%) 8,9 10,5 19% - Operating Cash Flow 79,8 49,9 59,8 ; 613.7 M € of Revenues, a 28.9% increase: Revenu
Slide 28: Bioenergy: 2007 Review
ABENGOA Bioenergy ¤ 2007 Review Percentaje of Total Revenues United States 19% ; Ethanol sales volume reached 134.7 million gallons against 102.0 million gallons in 2007 (+32%) ; Ethanol price: avg. 2007 2.13 US$/gall vs. 1.75 US$/gall in 2006 (+22%). Revenue & Operating Cash Flow Margin ; Grain pri
Slide 29: Environmental Services
ABENGOA Environmental Services With wastes... we produce new materials by recycling, and we also treat and desalt water to achieve a sustainable globe 29
Slide 30: Environmental Services: 2007 Review
ABENGOA Environmental Services ¤ 2007 Review Highlights Percentaje of Total Revenues ; Revenues (769.7 M€) increase by 38.6%: 24% ; Higher volume of wastes treated in Aluminum and Industrial Waste ; Steel and Galvanization Waste Recycling: Consolidation of B.U.S., with a Sales contribution of 170.5
Slide 31: Information Technologies
ABENGOA Information Technologies With With Information Information Technology… Technology… wewe transform transform data data into into knowledge, knowledge, providing providing effective effective operational operational and and business business real-time real-time decision decision making making
Slide 32: Information Technologies: 2007 Review
ABENGOA Information Technologies ¤ 2007 Review Percentaje of Total Revenues Highlights 19% ; Sales figure for 2007 reached 597.2 M €, a 25.4% increase on 2006, of which 20% organic growth and 5% new acquisitions. Revenue & Operating ; Energy: 12% growth. Vattenfall project. Cash Flow Margin 8.9% 9.4
Slide 33: Industrial Engineering and Construction
ABENGOA Industrial Engineering and Construction With With engineering... engineering... we we construct construct and and operate operate conventional conventional and and re newable energy renewable energy power power plants, plants, power power transmission transmission systems systems and and ind
Slide 34: Industrial Engineering and Construction: 2007 Review
ABENGOA Industrial Engineering and Construction ¤ 2007 Review Percentaje of Total Revenues Highlights 48% ; Revenues reached 1,546.6 M €, a 32.3% increase: Revenue & Margin ; Concession revenues: start up of ATE II - Colinas Sobradinho (December 06). 43.9 M€ in 2007. 11.8% 11.9% ; Cogeneration drop
Slide 35: Agenda
ABENGOA Agenda 1. 2007 Highlights 2. 2007 Detailed Financial Analysis 2.1. Consolidated 2.2. Business Unit 3. Q&A 35
Slide 36: 2007 Earnings Presentation
2007 Earnings Presentation With the sun … we produce February, 26th 2008 thermoelectric and photovoltaic electric energy With biomass … we produce ecologic biofuels and animal feed With wastes … produce new materials through recycling, and we treat and desalinate water With Information Technology …