Acciona Sa · BME:ANA
Acciona Sa — Merger or Acquisition (January 2006)
18 slides from Acciona Sa's merger presentation, January 2006
Slide 1: Corporación Eólica CESA: A Unique Wind Power Opportunity
Corporación Eólica CESA A Unique Wind Power Opportunity January 2006
Slide 2: Disclaimer
Disclaimer This presentation contains statements that constitute forward looking statements in its general meaning and within the meaning of Spanish Applicable Law regarding securities markets. These statements appear in a number of places in this document and include statements regarding the intent
Slide 3: Table of contents
Table of contents 1. Transaction Summary 2. Transaction Rationale 3. Company Overview 4. Financial Impact 5. Conclusions
Slide 4: Transaction Summary
Transaction Summary • Acquisition of CEATESALAS which holds 93.1% of CESA • Enterprise Value €1,370 million • Implied CESA Equity Value €1,055 million (100% CESA) • Subject to antitrust approval • Customary Reps and Warranties • Bank debt financed acquisition • Closing expected within the next month
Slide 5: Transaction Summary
Transaction Summary CESA Attributable MWs 9000 8000 7000 6000 5000 4000 4,952 3,400 3000 2000 1000 878 138 536 0 Operating Under Under Develop. Develop. Total Construction 06-09 Pipeline
Slide 6: A compelling valuation
A compelling valuation Production GWh (m) NPV Investment (€m) 5.0 3500 4.5 3000 4.0 3.5 2500 3.0 2000 2.5 5.240 1500 3,150 2.0 1.5 1000 1.0 2.060 1,431 1.530 500 964 1.310 0.5 607 0.340 0 148 0.0 Portfolio Enterprise develop. Develop. construc. TOTAL construction Development develop. 06- Operating T
Slide 7: Transaction Rationale
Transaction Rationale • Consistent with Acciona’s strategy: pioneers in development and sustainability • Reinforces Acciona’s leadership as “pure player” in renewable energy • Strategic acquisition of high quality young assets and development portfolio – “Pure play” – scarcity value – Advanced pipel
Slide 8: Transaction Rationale
Transaction Rationale • Identified sizeable synergies: – O&M efficiencies and improvement of availability ratio – Acciona Wind Power turbine supplier – Increased purchasing power – SG&A – Reduction of deviation penalties through portfolio scale effect – Strong management team with proven wind power
Slide 9: Company Overview
Company Overview Installed Attributable Capacity Growth (MW) 800 700 600 CAGR 31% 500 400 674 300 536 482 200 410 296 324 100 163 103 0 1999 2000 2001 2002 2003 2004 2005 2006E
Slide 10: Company Overview
Company Overview Attributable Attributable MWs MWs Operating Assets Under Development 06-09E Spain 496 Spain 563 Andalucía 41 Cataluña 39 Asturias 25 Castilla León 246 Castilla La Mancha 38 Galicia 51 Castilla León 268 Andalucía 49 Galicia 114 Aragón 13 País Vasco 10 Castilla La Mancha 85 Asturias 6
Slide 11: Operating and under construction (Spain)
Operating and under construction (Spain) Net Production hours (Net load factor %) Spanish Average CESA 2,444h (27.7%) 220 206 200 30 180 10 160 142 142 MWs Attributable 140 120 58 100 86 126 76 80 60 30 41 40 84 27 38 26 25 38 20 18 27 15 15 8 0 1.750-2.000 2.001-2.250 2.251-2.500 2.501-2.750 2.751-
Slide 12: CESA Snapshot
CESA Snapshot Revenues (€m)* EBITDA (€m)* Net Income (€m)* 250 200 40 180 CAGR: 36% 35 CAGR: 80% 200 CAGR 33% 160 30 140 25 150 120 100 20 39 211 175 100 80 15 160 131 60 22 119 94 10 50 40 12 5 20 0 0 0 2006E 2007E 2008E 2006E 2007E 2008E 2006E 2007E 2008E * Excluding revenues and cost synergies
Slide 13: Complementarity of Spanish Wind Portfolio
Complementarity of Spanish Wind Portfolio 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 Castilla La Mancha 50 MWs 38 MWs Region of Valencia 62 MWs Andalucía Total Spain: 90 MWs Gross 2,022 MWs Attrib
Slide 14: Complementarity of International Wind Portfolio
Complementarity of International Wind Portfolio Wind Attributable MWs (31 dec 2005) Canada 10 MWs Germany France 100 MWs 20 MWs EE UU Spain 12 MWs 1,638 MWs Greece Italy 25 MWs 15 MWs Australia 33 MWs Total Attributable 1,853 MWs
Slide 15: 2005 Combined Market Share (MWs Installed Capacity)
2005 Combined Market Share (MWs Installed Capacity) Others 24.6% Iberdrola 32.0% Gas Natural 2.7% Gamesa 2.8% UF Enel 3.8% EDP 7.1% Acciona 1 Endesa 18.0% 8.7% Source: Asociación Empresarial Eólica 1 Including CESA’s installed capacity By 2010 Acciona expects to achieve 25% market share* * 20,155 wi
Slide 16: Financial Impact
Financial Impact 2006E Revenue Breakdown 2006E EBITDA Breakdown Other Other Logistics & Logistics & Businesses Businesses Transport Transport 2% 2% Services Services 17% Infraestructure 16% 23% Urban & Environ. Urban & Services Environ. 5% Services Infraestructure 4% 52% Real Estate 8% Real Estate 1
Slide 17: Financial Impact
Financial Impact Cash EPS* 11% 10% 9% 8% 7% 6% 10.9% 5% 4% 8.2% 3% 5.3% 2% 1% 0% 2006E 2007E 2008E * No synergies considered Source: Research reports: Goldman Sachs, UBS Investment Bank, Merrill Lynch, JP Morgan, BBVA, Fidentiis, Banco Santander and ACCIONA’s estimates on CESA The statement as to fi
Slide 18: Conclusions
Conclusions • A unique wind power acquisition opportunity • Reinforces ACCIONA’s leadership as independent “pure player” in renewable energy and the reference in the sustainable energy model • Strategic acquisition: – High quality complementary assets & development pipeline – Significant revenue and