Acciona Sa · BME:ANA
Acciona Sa — Investor Presentation (February 2009)
36 slides from Acciona Sa's investor presentation, February 2009
Slide 1: Pioneers in development and sustainability
acciona Pioneers in development and sustainability February 2009
Slide 2: Disclaimer
Disclaimer This document contains statements that constitute forward looking statements about the Company including financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations. These statements appear in a number of places in this doc
Slide 3: Table of Contents
Table of Contents 1. Overview of the Company 2. Strategy 3. Financial Highlights 4. ACCIONA´s Business Divisions Energy Infrastructure ACCIONA Agua 5. Conclusions 3
Slide 4: From the Origins to Current Strategic Positioning
From the Origins to Current Strategic Positioning ACCIONA is created in 1997 as a result of the merger between Entrecanales & Tavora and Cubiertas & MZOV, being the first merger in the Spanish construction sector – Founded as a construction Company specialising in large civil works During the de
Slide 5: Transformation since 2003
Transformation since 2003 2003 2008E¹ 53% 15% (4% Real Estate) Revenues Other 22% Energy 2% Endesa 41% 31% 4% (2% Real Estate) Services Construction & 20% Real Estate x 1.9 74% 25% 13% x 3.1 2003: €3,865m 2008E: €7,172m Energy 2008E: €12,155m Ex-Endesa Incl. Endesa Infrastructures Water & Other Serv
Slide 6: Historical Performance since 2003
Historical Performance since 2003 Revenues (€ million) EBITDA (€ million) 46% 26% 8E: : 20 % 08: 0 2,771 -E 3% 12,155 3 - 8 E 03 08: 1 R 0 3-0 CAG R 03- E C AG e sa0 n d esa E nd E ex R ex R CAG 7,953 C AG 1,407 6,272 4,853 3,865 4,046 960 743 569 411 2003 2004 2005 2006 2007 E2008 2003 2004 2005 20
Slide 7: ACCIONA in the Equity Capital Markets
ACCIONA in the Equity Capital Markets ACCIONA is listed since 1997 and has a market capitalisation of €5.5bn and EV of €24.5bn as of 2nd February 2009 It is part of the following indexes: - IBEX-35 - Dow Jones Sustainability World Index (DJSI World) - Dow Jones Stoxx Sustainability Index Since
Slide 8: Divisional Overview
Divisional Overview Energy Infrastructures Construction Concessions Real Estate Services Logistic and Transport - Trasmediterránea (shipping company) - Airport services Urban and Environmental - Water - Waste treatment - Facility management 8
Slide 9: Value Creation for Stakeholders
Value Creation for Stakeholders Acciona´s outstanding investment effort has created significant value for Acciona´s stakeholders EBT 2003-2008E¹: Investment 2003-2008E¹: €7,117m €19,639m 13% 67% Reinvestment Dividend 2.8x 20% Tax Value Shared Shareholders ACCIONA The Society Tax: €1,429m Dividend: €
Slide 10: Direct Employments Created
Direct Employments Created ACCIONA has doubled its workforce since 2003 [email protected]: [email protected]¹: 20,698 41,410 20,698 41,410 2.0x New Direct Employments : 20,712 ¹ ACCIONA estimate 10
Slide 11: Table of Contents
Table of Contents 1. Overview of the Company 2. Strategy 3. Financial Highlights 4. ACCIONA´s Business Divisions Energy Infrastructure ACCIONA Agua 5. Conclusions 11
Slide 12: Strategy
Strategy Acciona´s business model rests on three pillars Infrastructures Sustainability: Construction 9 Economic Growth Concessions 9 Environmental Balance 9 Social Progress Energy Agua 12
Slide 13: Table of Contents
Table of Contents 1. Overview of the Company 2. Strategy 3. Financial Highlights 4. ACCIONA´s Business Divisions Energy Infrastructure ACCIONA Agua 5. Conclusions 13
Slide 14: Financial Highlights
Financial Highlights 2007 2008E¹ Sales 7,953 12,151 Financials EBITDA 1,407 2,765 (€m) EBITDA Margin (%) 18% 23% Net Debt 17,804 17,543² 2007 30 Sep 2008 Total Installed Renewable capacity (MW) 4,090 4,411 Construction Backlog (€bn) 5,8 7,6 Operating Water Backlog (€bn) 3,3 3,6 Data Employees 35,583
Slide 15: Debt Reduction Capacity
Debt Reduction Capacity Net Debt @ Sep. 2008 (€m) Put Assuming Sale at Min. Put Value 3,410 17,543 9,012 5,121 11,100 3,033 3,410 1,733 Acciona Endesa Endesa Total Put min. Endesa Total ex Acq. Consol. Value¹ Deconsol. Endesa Multiple ND/EBITDA E20092 6.0x 2.7x Adjusted multiple ND/EBITDA E20092 5.5
Slide 16: Investment Needs
Investment Needs Capex Estimates 1 (€m) 6,774 2,147 2,280 2,347 E2009 E2010 E2011 ∑ 2009-2011 Capital intensive business plan in an environment of difficult access to credit ¹ Analyst Consensus 16
Slide 17: Table of Contents
Table of Contents 1. Overview of the Company 2. Strategy 3. Financial Highlights 4. ACCIONA´s Business Divisions Energy Infrastructure ACCIONA Agua 5. Conclusions 17
Slide 18: ACCIONA's Business Divisions
ACCIONA’s Business Divisions Infrastructures Sustainability: Construction 9 Economic Growth Concessions 9 Environmental Balance 9 Social Progress Energy Agua 18
Slide 19: Energy: Overview of Technologies
ACCIONA Energy: Overview of Technologies #1 developers of wind farms, #3 owner of wind assets and #7 manufacturer of turbines HORIZONTAL INTEGRATION M&A ELECTRICITY HEAT BIOFUELS ENDESA VERTICAL INTEGRATION Cogeneration Wind Mini Hydro Wind Mini Hydro Biomass Concentrated Photovoltaic Thermal Bioeth
Slide 20: Energy: Industry Benchmark
ACCIONA Energy: Industry Benchmark Leading owners of wind farms 7,362 Gross Capacity Accumulated in MW at Dec. 2007 5.878 5,077 2.054 3,639 3,824 1,859 1,620 1,053 1,385 1,300 1,000 1,218 1,148 1,008 855 700 421 1 2 … L F N P G s a C a k FP G ED rp C rd an er ru ED er on O oc l NR FC ro EP LL E. Co
Slide 21: Energy: Wind Capacity
ACCIONA Energy: Wind Capacity Total Wind Capacity MWs (30th September 2008) United Kingdom Germany Ireland 148 MW (Offshore) Poland Hungary Canada 24 MW 136 MW Eslovenia Spain Spain (76%) Croatia USA 3,117 MW 302 MW Portugal Italy Greece US (7%) 26 MW 71 MW 37 MW Mexico Canada (3%) 32 MW Costa
Slide 22: Energy: Social & Political Support around the World
ACCIONA Energy: Social & Political Support around the World Dec 2008: European Parliament approves the European directive aiming to promote renewable energies with a triple target by 2020: European - 20% of the EU's overall energy consumption coming from renewables Union - 20% CO2 emissions reduct
Slide 23: Energy: Solar Thermoelectric (CSP)
ACCIONA Energy: Solar Thermoelectric (CSP) Acciona Solar Thermoelectric develops the only long-term proven technology: Parabolic Trough Nevada Solar One (USA) Pipeline (Spain) Third largest CSP 5 Projects: Alvarado I and II, Palma del Rio I and II & (Concentrated Solar Power) Majadas plant in th
Slide 24: Energy: Solar Photovoltaic
ACCIONA Energy: Solar Photovoltaic No. Plants: 369 (five owned) Power: 115 MW installed (48 MW owned) Landmark Project: ACCIONA has developed the biggest plant in the world (46 MW) in Moura, Portugal Investment: €261m Employees: average workforce of 150 people ACCIONA has developed 66MW
Slide 25: Energy: Biomass
ACCIONA Energy: Biomass Key Facts No. Plants: 3 Power: 33 MW Production: 240 Gwh/year Market Share in Spain: 11% Pipeline (Spain) 7 projects with a total capacity of 110 MW in Spain • Under construction: - Investment: €83m o Briviesca (Burgos): 16MW - Employees: 50 direct employees (150 in
Slide 26: Energy: Wind Power
ACCIONA Energy: Wind Power World’s #7 turbine manufacturer AW-1500 wind turbines produced No. Plants: 4 (2 in Spain, 1 in China, 1 in USA) Total capacity Year Units (MW) No. Employees: 915 2004 143 214,5 Product: AW 1500, in – house developed technology 2005 149 223,5 2006 284 426,0 Capaci
Slide 27: ACCIONA's Business Divisions
ACCIONA’s Business Divisions Infrastructures Sustainability: Construction 9 Economic Growth Concessions 9 Enviromental Balance 9 Social Progress Energy Agua 27
Slide 28: Infrastructures: Construction
ACCIONA Infrastructures: Construction Focused on the design, construction, financing and maintenance of infrastructure projects across a wide range of sectors Ranks amongst top 5 Spanish construction and infrastructure companies and amongst the top #15 European ones Civil Works: Budget 09 –
Slide 29: Infrastructures: Concessions
ACCIONA Infrastructures: Concessions ACCIONA Concessions is a pioneer in project finance for infrastructures and is at the forefront of the infrastructures business worldwide Acciona ranks among the leaders in terms of both number of projects and business volume It currently has c. 20 concessi
Slide 30: ACCIONA's Business Divisions
ACCIONA’s Business Divisions Infraestructures Sostenibilidad: 9 Crecimiento Económico 9 Equilibrio Medioambiental 9 Progreso Social Energy Agua 30
Slide 31: Agua: Overview
ACCIONA Agua: Overview ACCIONA Agua is a leading company in water treatment and particularly in (%) desalination by reverse osmosis ACCIONA Agua offers a full range of services in the integral water cycle: • Project design and construction of • Supply of drinking water desalination plants and wa
Slide 32: Agua: Landmark projects (i)
ACCIONA Agua: Landmark projects (i) (%) ACCIONA Agua has built over 70 desalination plants, which produce 1.6 million m3/day to supply over 6 million people. ACCIONA Agua also operates most of the desalination plants which it has built A few of ACCIONA Agua’s landmark projects: Torrevieja desali
Slide 33: Agua: Landmark projects (ii)
ACCIONA Agua: Landmark projects (ii) Thames GW Carlsbad Djerba Tampa Fouka Palm Jebel Ali Hialeah El Ahogado KAEC CRP Chennai Adelaida Under Development Awarded / Under Construction In Operation 33
Slide 34: Table of Contents
Table of Contents 1. Overview of the Company 2. Strategy 3. Financial Highlights 4. ACCIONA´s Business Divisions Energy Infrastructure ACCIONA Agua 5. Conclusions 34
Slide 35: Conclusions
Conclusions (%) ACCIONA has undergone a significant transformation since 2003, being sustainability the axis of its strategy and the energy, infrastructures and water sectors its future growth drivers This transformation is the result of ACCIONA’s strong investment effort since 2003: €19,639m, c
Slide 36: acciona
acciona Pioneers in development and sustainability