Abengoa Sa · OTC:AGOAF
Abengoa Sa — Q1 2012 Earnings Presentation
36 slides from Abengoa Sa's earnings presentation, May 4, 2012
Slide 1: First Quarter 2012 Earnings Presentation
Innovative Technology Solutions for Sustainability ABENGOA First Quarter 2012 Earnings Presentation May 4th, 2012
Slide 2: Forward-looking Statement
Forward-looking Statement This presentation contains forward-looking statements and information relating to Abengoa that are based on the beliefs of its management as well as assumptions made and information currently available to Abengoa. Such statements reflect the current views of Abengoa wit
Slide 3: Agenda
Agenda 1 Q1 2012 Business Highlights 2 Q1 2012 Financial Highlights 3 Conclusions 4 Appendix 3
Slide 4: Q1 2012 Business Highlights
Agenda 1 Q1 2012 Business Highlights 2 Q1 2012 Financial Highlights 3 Conclusions 4 Appendix 4
Slide 5: Q1 2012 Key Highlights
Q1 2012 Key Highlights 30 consecutive quarters of Y-o-Y financial growth Revenues EBITDA 1,764 M€ 285 M€ 18% (1,498 M€ Q1 2011) 24% (230 M€ Q1 2011) Net Income Pro-forma Corporate Net Debt to Corporate EBITDA ratio 89 M€ 2.6x 57% (56 M€ Q1 2011) from 2.1x at FY 2011 1,566 M€ of Syndicated Loans alre
Slide 6: E&C: Flawless execution and delivery
E&C Flawless execution and delivery 931 M€ Revenues in Q1 2012, an increase of 19% Y-o-Y 106 M€ EBITDA achieved in Q1 2012, with margins of 11.4% 74 B€ Pipeline at March 31, 2012 552 M€ Bookings recorded for the period ended March 31, 2012 an increase of 111% Y-o-Y 7,078 M€ Backlog at March 31, 2012
Slide 7: Concession-type Infrastructures: Delivery as expected
Concession-type Infrastructures Delivery as expected 103 M€ Revenues in Q1 2012, an increase of 18% Y-o-Y 67 M€ EBITDA achieved in Q1 2012, with margins of 65%, compared to 70% in Q1 2011 667 M€ Total investment during Q1’12: 434 M€ in Solar, 184 M€ in Transmission, 6 M€ in Water and 43 M€ in Cogen.
Slide 8: Industrial Production
Industrial Production Segment growth achieved in a very challenging environment Biofuels: Production (ML) 450 M€ of revenues for the period, a 6% increase Y-o-Y 593 568 1 M€ EBITDA achieved in Q1 2012, a 97% decrease Y-o-Y due to low crush margins in the period 3 plants that have not been operating
Slide 9: Timeline: Main Projects in Execution
Timeline: Main Projects in Execution As of Mar. 31 ‘12 Ann. Abengoa Expected Fully 2012 2013 2014 2015 EBITDAe Start Up Funded? Location Capacity (%) (M€) Solacor 1-2 Spain 50 MW x2 74% Q1 12 42 Solaben 2-3 Spain 50 MW x2 70% Q3/Q4 12 42 Helios 1-2 Spain 50 MW x2 100% Q2/Q4 12 40 Solana USA
Slide 10: Capex Plan
Capex Plan Focused investment strategy to diversify business profile Diversified by Asset Type Diversified by Geography M€ (as of Mar’ 12) Solar 1,799 Power Transmission 834 1,618 242 1,860 Biofuels 242 Cogeneration 73 1,980 13 Water 105 645 78 73 Recycling 60 200 3,113 18973 262 707 1,012 47 27 127
Slide 11: Q1 2012 Financial Highlights
Agenda 1 Q1 2012 Business Highlights 2 Q1 2012 Financial Highlights 3 Conclusions 4 Appendix 11
Slide 12: Q1 2012 Key Financial Highlights
Q1 2012 Key Financial Highlights Building strength in a challenging environment Growth Diversification Deleverage/Liquidity Protection E&C Syndicated Loan Extension Revenues 931 M€ +19% 1,566 M€ 1,764 M€ Concessions already secured 103 M€ +18% 18% (1,498 M€ Q1 2011) Industrial Production Santander I
Slide 13: Geographic Diversification
Geographic Diversification A truly global business Revenues Q1 2012 5% 2% 16% E&C Geographies 14% 3% Concessions Spain Rest of Latin America 11% Industrial Production 30% Brazil 15% Asia & Oceania US Africa 17% 17% Rest of Europe E&C Concessions Industrial Production 1% 1% 2% 7% 11% 18% 5% 22% 12% 3
Slide 14: E&C Cycle
E&C Cycle Securing revenues going forward from identified opportunities Figures as of Q1’12 Bookings 1%4% Pipeline 552 M€ 6% 1% 13% 73,729 M€ 6% 8% 15% 30% 67% 13% 5% 6% Asia 25% Brazil Rest of LatAm Backlog Spain 4% Rest of Europe 10% E&C 23% Africa USA Revenues 16% 21% +19% 5% 21% 7,078 M€ 14
Slide 15: High Revenue Visibility
High Revenue Visibility Backlog (M€) Estimated Conversion to Revenues Mar. 2012 Rest of 2012e 2013e 2014e+ E&C Order Book 7,078 3,141 2,727 1,210 32,541 33,620 Concession-type Asset based, recurring revenues 330 749 Industrial Production 16,100 (1) 11,200 2,100 2,800 (1) Illustrative calculation acc
Slide 16: Capex Plan – Financing secured
Capex Plan – Financing secured Committed Capex fully financed through a balanced mix Diversified by Financing Source Track record of successful closing M€ (as of Mar’ 12) of non-recourse, ring-fence Committed Non- 2,056 structure financing, for concession Recourse Debt projects awarded Committed 2
Slide 17: Reinforced Capital Structure
Reinforced Capital Structure Continue to monitor leverage on track Mar 2012 M€ Mar 2011 Dec 2011 proforma* Corporate Debt 5,276 4,830 4,876 Corporate Cash, Equiv. & STFI (2,670) (3,346) (2,825) Total net corporate debt 2,606 1,484 2,051 N/R Debt 4,374 5,390 5,522 N/R Cash Equiv. & STFI (1,173) (1,40
Slide 18: Syndicated Loans Extension
Syndicated Loans Extension Great success obtained in challenging credit environment Terms of the operation 1,838 M€ syndicated loan, 556 M€ of which was due in July 2012 and 1,282 M€ in July 2013 1,566 M€ extension already closed with 35 banks up to 300 M€ additional amount to be negotiated in the n
Slide 19: Debt Maturity Profile
Debt Maturity Profile Improved maturity profile and liquidity position at March 31, 2012 Pre-extension Maturity Profile (M€) 2,825 376 Cemig Cash Effect Successful 1,566 M€ extension 1,640 2,449 1,282 865 650 616 466 422 250 556 200 615 130 358 266 94 Liquidity Rest of 2012e 2013e 2014e 2015e 2016e
Slide 20: Conclusions
Agenda 1 Q1 2012 Business Highlights 2 Q1 2012 Financial Highlights 3 Conclusions 4 Appendix 20
Slide 21: 2012 Guidance
2012 Guidance 2012 Guidance maintained as originally announced Corp. Revenues EBITDA EBITDA M€ 2012e 7,550 - 7,750 1,275 - 1,325 780 – 800 Guidance 8% 18% 10% 21
Slide 22: Appendix
Agenda 1 Q1 2012 Business Highlights 2 Q1 2012 Financial Highlights 3 Conclusions 4 Appendix 22
Slide 23: Business Diversification
Business Diversification Robust growth from diversified source of revenues Q1 2012 Revenues* (M€) Q1’11 Q1’12 Var% Engineering & Construction 785 931 19% 41% Concession-type Infrastructure 87 103 18% 53% Industrial Production 626 730 17% 6% Total 1,498 1,764 18% 1,764 M€ Margin Margin EBITDA* (M€) Q
Slide 24: Results by Activity
Results by Activity M€ Revenues EBITDA Margin Q1 2011 Q1 2012 Var (%) Q1 2011 Q1 2012 Var (%) Q1 2011 Q1 2012 Engineering and Construction E&C 785 931 18.6% 94 106 12.8% 12.0% 11.4% Total 785 931 18.6% 94 106 12.8% 12.0% 11.4% Concession-type Infrastructure Transmission 58 31 -46.6% 49 23 -53.1% 84.
Slide 25: 2012 Guidance
2012 Guidance M€ E&C Evolution Total Revenues E&C Concession-Type 7,650 4,100 Infrastructures 7,089 3,526 2,302 Industrial Production 1,683 3,085 2009 2010 2011 2012e 3,136 4,860 Concession-Type Infrastructures Evolution 465 3,444 2,250 427 1,542 308 308 427 465 4,100 219 219 3,526 2,302 2009 2010 2
Slide 26: E&C: A global leader in the power sector
E&C A global leader in the power sector (M€) Revenues EBITDA Backlog 931 7,535 7,078 785 106 94 12.0% 11.4% Q1 2011 Q1 2012 Q1 2011 Q1 2012 Q1 2011 Q1 2012 Bookings Revenue Breakdown* 552 261 External 32% with Equity External 68% Q1 2011 Q1 2012 26 *In addition, E&C had revenues from internal projec
Slide 27: E&C Backlog
E&C Backlog Solid backlog, well diversified, provides revenue visibility Backlog (M€) By Geography By Type* LatAm External 20% 31% 29% USA External with Equity 26% Europe 7,535 71% 7,078 23% RoW 6,253 5,710 By Sector By Size 13% Solar < 100 M€ 16% T&D 26% 2% Environment 100-500 M€ 9% 47% 43% Convent
Slide 28: Concessional Asset Portfolio
Concessional Asset Portfolio Significant capacity increase when completing capex plan Concession-type infrastructures Solar (MW) Transmission (km) 1,653 6,859 150 960 3,903 5,088 543 543 1,771 Mar 2012 E2013/14 Mar 2012 E2013/14 Cogeneration & Others (MW) Desalination (Ml/day) 920 807* 60 114 560 30
Slide 29: Concession-type Infrastructure Balanced Asset Portfolio
Concession-type Infrastructure Balanced Asset Portfolio Under Total Non Capex Operating Construction Gross Net Recourse Invested at (M€) (Gross) Development Assets Assets(1) ABG Equity Net Debt Partners Mar. 2012 Trasmission 537 1,367 1,904 1,883 715 914 254 184 CSP 2,120 1,268 3,388 3,288 1,112 2,0
Slide 30: Capex Committed by segment (I)
Capex Committed by segment (I) Amounts based on the company´s best estimate as of March 31, 2012. Actual investments or timing thereof may change. Total Total Entry in ABG Committed (M€) Capacity Abengoa (%) Country Operation Investment Pending Corporate Partners Debt Capex Solar 4,905 1,799 432 10
Slide 31: Capex Committed by segment (II)
Capex Committed by segment (II) Amounts based on the company´s best estimate as of March 31, 2012. Actual investments or timing thereof may change. Q2-Q4 2012 2013 2014 Total ABG Total ABG Total ABG Committed (M€) Capex Corporate Partners Debt Capex Corporate Partners Debt Capex Corporate Partners D
Slide 32: Capex Non-Committed by segment (I)
Capex Non-Committed by segment (I) Amounts based on the company´s best estimate as of March 31, 2012. Actual investments or timing thereof may change. Total Total Entry in ABG Committed (M€) Capacity Abengoa (%) Country Operation Investment Pending Corporate Partners Debt Capex Solar 1,500 1,473 320
Slide 33: Capex Non-Committed by segment (II)
Capex Non-Committed by segment (II) Amounts based on the company´s best estimate as of March 31, 2012. Actual investments or timing thereof may change. Q2-Q4 2012 2013 2014+ Total ABG Total ABG Total ABG Committed (M€) Capex Corporate Partners Debt Capex Corporate Partners Debt Capex Corporate Partn
Slide 34: Cash-flow Statement
Cash-flow Statement Operating cash flow affected by seasonality working capital M€ Mar 2011 Mar 2012 Consolidated after-tax profit 57 96 Non-monetary adjustments to profit 185 109 Variation in working capital (60) (394) Cash generated by operations 182 (189) Net interest paid / Tax paid (97) (134) A
Slide 35: Net Debt Bridge
Net Debt Bridge Significant cash generated from Operating Activities Consolidated 146 M€ 134 966 (285) 394 6,823 5,468 Net Debt EBITDA NWC Total Net Net Interest Discnt., FX and Net debt Dec´11 Investment Paid and Taxes Other Mar´12 35
Slide 36: Thank you
Innovative Technology Solutions for Sustainability ABENGOA Thank you