Acciona Sa · BME:ANA
Acciona Sa — Non-Deal Roadshow (April 2006)
37 slides from Acciona Sa's roadshow presentation, Apr 24, 2006
Slide 1: Pioneers in development and sustainability
Juan Muro-Lara Group Executive Director Chairman Office Pioneers in development and sustainability Investor Meetings The Netherlands & Germany 24th & 25th April 2006
Slide 2: Pioneers in development and sustainability: business divisions
Infrastructure Construction Concessions Logistics and Transport Services Urban and environmental Services Energy Wind Other renewables Real Estate Rental portfolio Development Other businesses 2 Pioneers in development and sustainability
Slide 3: Development and sustainability key of our corporate strategy
Development and sustainability key of our corporate strategy Infrastructure: Construction Concessions Real Estate: Urban & environmental Economic Growth Rental portfolio services Ecological Balance Development Social Progress Energy: Logistics & transport Wind services Other renewables 3 Pioneers in
Slide 4: 2005 financial and operational data
(€m) 2004 2005 (%) Sales 4,078 4,853 19.0% EBITDA 571 743 30.0% EBIT 356 512 44.0% Net Profit 230 324 40.8% Shareholders equity 3,014 3,431 13.8% Net Debt 595 1,108 86.2% Gearing (%) 22% 32% n/a Capital Expenditure 958 1,292 34.9% Operational Data 2004 2005 (%) Construction backlog (€m) 3,706 4,952
Slide 5: 2005 EBITDA Growth
2005 EBITDA Growth €743m 750 24 700 +25% 42 650 €571m +22% 99 600 550 19 34 +27% 128 500 78 450 0% 400 128 350 216 300 +14% 250 190 200 +95% 150 238 100 50 122 0 2004 2005 Energy Infrastructure Logistic&Transort Real Estate Urban&Enviromental Other Businesses 5 Pioneers in development and sustainabi
Slide 6: Selective growth / acquisition policy
Selective growth / acquisition policy • Strategic divisions / core businesses • Complementary with existing operations • Profitability/earnings enhancing vs volume • Targeted geographies only • Reasonable price / capital discipline • Not jeopardising solvency profile / dividend policy Supplying deve
Slide 7: Pioneers in development and sustainability
7 Pioneers in development and sustainability
Slide 8: Business Strategy
Business Strategy Pure Player: renewable energies exclusively Long term sustainable energy model Presence in all renewable energies technically and economically feasible All phases of the value chain extracting synergies and economies of scale Presence in international markets, with local partners a
Slide 9: Horizontal Integration
Horizontal Integration Wind: 3,594 MW installed – close to 2,000 MW attributable Biomass: three plants (33 MW) - straw and wood waste Solar: 14 MW photovoltaic, 18 MW thermal, and 64 MW thermoelectric under construction Minihydro: 19 plants (59 MW) Biofuels: 35,000 tons plant (70,000 by year end) AC
Slide 10: MW Operational Dec 05
MW Operational Power Generation (Gwh) Dec 05 Dec 05 Total Attributable Total Attributable Total wind 2,421 1,853 5,348 4,148 Minihydro 59 59 215 215 Biomass 33 33 208 208 Solar 3 3 3 3 Cogeneration 139 137 1,312 1,249 Total other technologies 237 231 1,737 1,674 Total Energy 4,248 2,084 7,085 5,822
Slide 11: Regulatory framework: key regulation
Regulatory framework Key regulation Global KYOTO PROTOCOL (dec 1997) EU COUNCIL DIRECTIVE DECISION OF EU WHITE BOOK 2001/77/CE Europe (nov 1997) (oct 2001) 25.04.2002 RD 1995/2000 Law 54/1997 of the RD 2818/1998 of Regulation of RES Development Plan Electric Sector Special Regime Authorisations Spai
Slide 12: Regulatory framework: EU regulation
Regulatory framework EU regulation EU TARGETS for RES (EU Directive 2001/77/CE) - Global Indicative Target for Primary Energy: 12% demand by 2010 - Global Indicative Target for Electricity: 22,1% demand by 2010 - EU TARGETS for Biofuels (EU Directive 2003/30/CE) - 2005: 2% of total gasoline and dies
Slide 13: Regulatory framework: Spanish main features
Regulatory framework Spanish Main Features RD 436/2004 Coherence with targets and regulations established in Kyoto and EU Directives - Special Regime Producers Rights: Priority access to the Electrical Grid; guaranteed purchase of all energy produced and premium over pool price - Governmental Policy
Slide 14: New Renewable Energy Plan (PER 2005-2010)
New Renewable Energy Plan (PER 2005-2010) By 2010 12% of Spanish global energy consumption will be supplied from renewable sources Renewable energies will produce 30% of electricity consumption by 2010 Biofuels will represent 5,8% of total petrol and diesel consumption Total investment estimated at
Slide 15: RD 436/04: Wind tariff mechanism
RD 436/04: WIND TARIFF MECHANISM OPTIONS Fixed Tariff Pool Market Tariff Fixed price based on Average Variable price based on pool Regulated Tariff (TMR): price plus a premium: R= Pm+Pr+I ± ER-D-MC • Yrs 1 to 5: 90% TMR R= €/ kWh • Yrs 6 to 10: 85% TMR Pm= pool price • Rest useful life: 80% Pr= prem
Slide 16: Pool price evolution
Eur c/kWh 16 1 2 3 4 5 6 7 8 ene-03 mar-03 may-03 jul-03 sep-03 nov-03 ene-04 mar-04 may-04 jul-04 sep-04 nov-04 ene-05 mar-05 may-05 jul-05 sep-05 nov-05 ene-06 Pool Price mar-06 Pioneers in development and sustainability
Slide 17: Fixed tariff vs pool market tariff
Fixed Tariff Pool Market Tariff Fixed price based on Average Variable price based on pool Regulated Tariff (TMR): price plus premium: • Fixed Tariff: 6,73 •POOL price: 4,99 •Power guaranty: 0,48 • Reactive En.: 0,31 •Premium: 3,06 •Incentive: 0,77 •Deviation Penalty: (0,28) •Reactive En.: 0,31 •Agen
Slide 18: Full value chain in Wind Energy
Full value chain in Wind Energy Proprietary WTG Design technology ANA Wind Power: Navarra, Valencia and China. Production Manufacturing capacity of 1.100 WTG by 2008 (1.650MWs) Sights selection, environmental Development impact, relationship with local authorities Financial analysis, Financing struc
Slide 19: Acciona Energía wind energy
Acciona Energía wind energy #1 developer and #4 worldwide O&M builder worldwide player of wind farms #8 wind turbine #3 owner of wind manufacturer assets in the worldwide world, #2 in Spain 19 Pioneers in development and sustainability
Slide 20: ACCIONA Wind Energy
ACCIONA Wind Energy • No. Wind Farms: 131 (96 owned) • World Market Share: 6,3% of installed power • Market Share in Spain: 29% of installed power, 18% of attributable MWs • Full presence in the wind value chain 1.853 attributable MWs (31/12/05)* * Pro-forma including CESA 20 Pioneers in development
Slide 21: Acciona Energía Spain
Acciona Energía Spain Wind Attributable MWs* (31 dec 2005) Asturias País Vasco 25 MWs 10 MWs Navarra 708 MWs Aragón Galicia 19 MWs 369 MWs Castilla León 268 MWs Cataluña 50 MWs Castilla La Mancha 38 MWs Valencia 62 MWs Andalucía 90 MWs Total Spain: Gross 2,022 MWs * Includes 496 Mws Cesa Attributabl
Slide 22: Acciona Energía Worldwide
Acciona Energía Worldwide Wind Attributable MWs* (31 dec 2005) United Kingdom Germany Ireland 100 MW (Offshore) Poland Canada Hungary 10 MW France Eslovenia China 20 MW Croatia USA Spain Greece South Korea 12 MW 1.638 MW Italy 25 MW Mexico 15 MW Costa Rica Morocco 10 MW (3rd party) India Australia C
Slide 23: Global Wind Capacity (MWs)
Global Wind Capacity (MWs) 70.000 160.000 140.000 24,415 60.000 11,352 120.000 CAGR 10/05: +25.9% 50.000 20,190 CAGR 05/00: +26.3% 7,611 100.000 16,625 40.000 8,264 80.000 15,000 148,794 30.000 7,110 59,264 13,300 60.000 124,379 47,912 104,189 20.000 6,478 40,301 40.000 87,564 32,037 72,564 24,927 5
Slide 24: Offshore Wind Capacity
Offshore Wind Capacity 9.000 8.000 7.000 3,900 6.000 CAGR 10/05: +65.3% 5.000 4.000 8,388 1,683 3.000 1,408 4,488 2.000 2,805 1.000 520 90 198 1,397 589 679 877 0 4 5 6E 7E 8E 9E 0E 00 00 00 00 00 00 01 2 2 2 2 2 2 2 Source: BTM Consult ApS 24 Pioneers in development and sustainability
Slide 25: 2005-2010 Wind Development by Region
2005-2010 Wind Development by Region 80.000 68,567 70.000 60.000 2.2x 50.000 40.000 31,017 30.000 1.9x 2.4x 22,381 19,217 20.000 2.9x 10,027 12,253 3.8x 9,181 6.6x 6.1x 7,764 10.000 4,533 4,253 683 1,264 717 2,717 0 Spain Rest of US Canada China India Australia Europe 2005 2010 Source: BTM Consult A
Slide 26: 2005-2010 Forecast for Wind Development
2005-2010 Forecast for Wind Development CAGR France 64% Germany 18,445 26,495 26,199 8,050 UK 55% Spain 10,027 19,127 17,463 9,100 Portugal 44% UK 1,336 7,736 6,400 28% France 775 5,575 4,800 Italy Austria 25% Portugal 1,087 4,687 3,600 18% Italy 1.713 4,613 2,900 Spain Austria 820 1,970 1,150 Germa
Slide 27: ACCIONA Wind Development Plan
ACCIONA Wind Development Plan 5.000 CAGR 09E/05: +25.2% 4.500 4,557 4.000 International 1,207 3.500 3.000 1,497 2.500 Spain 2.000 CAGR 05/02: +27.1% 366 1,853 1.500 302 1,487 1.000 283 1,185 500 902 0 2002 2003 2004 2005 2009E Attributable MWs by year end Attributable MWs installed in calendar year
Slide 28: Total MWs developed by ACCIONA
Total MWs developed by ACCIONA 4.000 654 1,192 1,478 1,960 2,444 3,031 3,603 34 3.500 24 3.000 1,148 Total Average 2.500 18 1,133 492 MWs per year 568 2.000 942 387 743 1.500 449 307 193 1.000 419 183 1,853 111 147 1,487 1,024 1,177 500 110 846 626 433 0 1999 2000 2001 2002 2003 2004 2005 ANA attrib
Slide 29: Biodiesel
Biodiesel • No. Plants: 35,000 tons. Plant in Navarra (70,000 in 2006) • Projects: five plants in Spain (1 million tons.) to supply Repsol – YPF in Bilbao, Tarragona, León, Puertollano Cartagena & La Coruña • Product Differentiation: fulfils the European Quality Code EN - 14214 • Origin: first use v
Slide 30: Repsol Agreement
Repsol Agreement • Biofuel Objetive: 5.75% by 2010 (European Directive) • To achieve the target in 2010:1.75 million tons/year • Production & supply to Repsol of more than 1.000.000 tons/year of biodiesel (1,250 M lit.) • ACCIONA secures the leadership in the Spanish biodiesel market • ACCIONA would
Slide 31: ACCIONA Wind Power
ACCIONA Wind Power • No. Plants: 3 • Product: AW 1500, in – house developed technology • Capacity Production: 1,100 units / year • Strategic activity: • full wind value chain (75% of total cost) • reduces and diversifies supplier risk • turbine designed from wind farm´s owner and operator perspectiv
Slide 32: Minihydro
Minihydro • No. Plants: 19 • Installed capacity: 58 MW • Production: 240 Gwh/year • Market Share in Spain: 3.6% Mature sector in Spain. Important experience in O&M 32 Pioneers in development and sustainability
Slide 33: Solar Photovoltaic
Solar Photovoltaic • No. Plants: 369 (five owned) • Power: 14 MW installed (2.8 MW owned) • Market Share: leader with 40% of total installed power in Spain Stagnant market due to panel unavailability 33 Pioneers in development and sustainability
Slide 34: Solar Thermoelectric
Solar Thermoelectric • No. Plants: 1 (in construction in the US: “Nevada Solar One”) • Power: 64 MW (biggest plant in the world in 15 years) • Production: 129 GWh/year • Market Share: 18% of current worldwide installed capacity • Markets: high growth potential in the US and Spain High quality energy
Slide 35: Biomass
Biomass • No. Plants: 3 • Power: 33 MW • Production: 220 Gwh/year • Market Share in Spain: 11% • Potential: 6 projects under analysis in Spain Premiun to kwh key for future development 35 Pioneers in development and sustainability
Slide 36: ACCIONA ENERGIA within ACCIONA Group
ACCIONA ENERGIA within ACCIONA Group Acciona Energia has a unique combination of attractive financial features: • High Growth • Short term FCF generation • Low risk profile • Short term value creation (IRR >WACC) and long term (strategic sector globally) ACCIONA ENERGIA KEY TO CORPORATE STRATEGY 36
Slide 37: Leading the sustainable energy model
Juan Muro-Lara Group Executive Director Chairman Office “Leading the sustainable energy model” Pioneers in development and sustainability 37 Pioneers in development and sustainability