Abengoa Sa · OTC:AGOAF
Abengoa Sa — H1 2008 Earnings Presentation
20 slides from Abengoa Sa's earnings presentation, Sep 1, 2008
Slide 1: First Half 2008 Earnings Presentation
First Half 2008 With the sun … we produce Earnings Presentation thermoelectric and photovoltaic electric energy September, 1st 2008 With biomass … we produce ecologic biofuels and animal feed With wastes … produce new materials through recycling, and we treat and desalinate water With Information Te
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. H1 2008 Highlights 2. H1 2008 Detailed Financial Analysis 3. Q&A 3
Slide 4: H1 2008: Main Figures
ABENGOA H1 2008: Main Figures Strong growth in Ebitda and Net Income YoY % Sales 1,632.0 M€ + 17.1% Operating Cash Flow 312.6 M€ + 83.6% Ebitda 278.0 M€ + 63.3% Profit before tax 107.8 M€ + 52.4% Net Income 71.4 M€ + 29.9% Net Income pro-forma (1) 67.4 M€ + 22.6% EPS 0.79 € + 29.9% N
Slide 5: International Activity
ABENGOA International Activity International Activity H1 2008 H1 2007 Var (08-07) M€ % M€ % % Total Abroad 1.051,4 62,1% 798,9 57,3% 31,6% Total Spain 580,6 37,9% 594,8 42,7% -2,4% Consolidated Total 1.632,0 1.393,6 17,1% International activity main driver of growth 5
Slide 6: Agenda
ABENGOA Agenda 1. H1 2008 Highlights 2. H1 2008 Detailed Financial Analysis 3. Q&A 6
Slide 7: Sales, Operating Cash Flow, Ebitda, Net Income
ABENGOA € in Millions Sales Operating Cash Flow Sustained Revenue Growth Improved Operating Performance 3.214,5 452,4 2.677,2 % % 57.2 % 83.6 312,6 17.1 287,9 1.632,0 1.393,6 170,2 % 20.1 14.1% 19.2% 10.7% 12.2% 2006 2007 H1 2007 H1 2008 2006 2007 H1 2007 H1 2008 Ebitda Net Income % 20.0 120,4 383,7
Slide 8: Contribution by Business Unit: Sales Growth
ABENGOA Contribution by Business Unit Sales Growth € in Millions 2.000,0 + 276.8 (+56.9%) Increase in execution: (245.0) 1.750,0 - Solar (internal sales) - Ethanol 1,632.0 - Power (+17,1%) + 120.7 (+45.7%) +63.5 Brazil + 85.9 (+13.3%) +70.2 Ravenna 1.500,0 +9.1 Solar (+114%) +55.4 Env. (+15%) +21.3
Slide 9: Contribution by Business Unit: Ebitda Growth
ABENGOA Contribution by Business Unit Ebitda Growth € in Millions 300,0 + 58.3 (+81.9%) (9.7) Higher margins 278.0 (internal Ebitda) 275,0 in HV lines in (+63.3%) Brazil: - In execution External: +42.1 M€ (+59%) - In operation 250,0 + 49.1 HV lines: +6.5 M€ (+15%) (+103.9%) 225,0 238.0 (+39.8%) Non-
Slide 10: Homogenous Net Profit
ABENGOA Homogenous Net Profit Net Profit Growth € in Millions 75,0 71,4 70,0 +29,9% 67.4 +22.6% 65,0 + 16,5 (16,8) + 12.8 60,0 55,0 54,9 50,0 H1 2007 Business Units H1 2008 Land divestment Changes in H1 2008 Consolidation pro forma Perimeter 10
Slide 11: P&L Account
ABENGOA € in Millions, except EPS P&L Account H1 2008 H1 2007 Var (%) Net turnover 1.632 1.394 17% Operating Cash Flow * 313 170 84% Ebitda 278 170 63% Depreciation and amortization expense (80) (44) 81% Net Operating Profit 198 126 57% Net Financial Loss (90) (55) 63% Consolidated Profit before Tax
Slide 12: Cash-Flow Statement
ABENGOA € in Millions Cash-Flow Statement Cash Flow Statement H1 08 H1 07 Var (%) Consolidated Profit after-Tax 82 63 32% Corporate Income Tax 25 8 216% Depreciation and amortization 80 44 81% Net Financial Loss 94 59 60% Participation in (Profits)/Losses of Associate Companies (4) (3) 8% Profit fro
Slide 13: Cash-Flow Statement
ABENGOA Cash-Flow Statement € in Millions Strong increase of our investments: 9 Ethanol: Illinois, Indiana, Rotterdam 9 Transmission: ATE III-VII 9 Desalination: Skikda, Honaine (Algeria) 9 Solar: PS 20, Solnova 1, Solnova 3, Hassi R’Mei (Algeria). 9 Befesa: Alcasa Cash Flow Statement H1 08 H1 07
Slide 14: Balance Sheet
ABENGOA € in Millions Balance Sheet Balance Sheet H1 2008 H1 2007 Var (%) FY 07 Intangible Assets (incl. Goodwill) 1.243 653 90% 1.227 Fixed Assets in Projects 2.137 1.322 62% 1.638 Equity 898 652 38% 797 Non-Recourse Financing 1.719 1.275 35% 1.689 Total Assets = Total Equity & Liabilities 8.316 5.
Slide 15: Intragroup activities fully eliminated at Consolidated P&L
ABENGOA Intragroup activities fully eliminated at Consolidated P&L… …but relevant for cash-flow generation perspective Net Profit eliminated is recovered over the life of the project as a lower depreciation charge. Elimination of 245.0 M€ of sales, 9.7 M€ of EBITDA and 6.4 M€ of Net Profit i
Slide 16: Enclosed Quarters: Margins
ABENGOA Enclosed Quarters: Margins Strong Strong operating operating performance performance in in all all our our business business 20% 16,2% 13,3% Solar 10% 0% 15% 14,4% 11,6% 7,4% 8,1% Bioenergy 10% 9,5% 5,9% 5% Environm. 30% 33,1% Services 21,0% 16,8% 20% 13,6% 11,8% 14,4% pro forma 12,0% 10% 15
Slide 17: Main Projects in Execution
ABENGOA Main Main Projects Projects in in execution execution Projects timeline 2008 2009 2010 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 PS 20 Start-up Q1 09 Solnova 1 Start-up Q4 09 Solnova 3 Start-up Q2 10 Solar Algeria Q3 10 Start-up Solnova 4 Q4 10 APS Waiting for I
Slide 18: Conclusions
ABENGOA Conclusions In very dificult market conditions, we… Increase our Sales, Ebitda and Net Profit Increase results in all our business We continue obtaining non recourse Financing for our projects (280 M€ for Solar Projects) 18
Slide 19: Agenda
ABENGOA Agenda 1. H1 2008 Highlights 2. H1 2008 Detailed Financial Analysis 3. Q&A 19
Slide 20: First Half 2008 Earnings Presentation
First Half 2008 With the sun … we produce Earnings Presentation thermoelectric and photovoltaic electric energy September, 1st 2008 With biomass … we produce ecologic biofuels and animal feed With wastes … produce new materials through recycling, and we treat and desalinate water With Information Te