Acciona Sa · BME:ANA
Acciona Sa — FY2008 Earnings Presentation
35 slides from Acciona Sa's earnings presentation, Feb 27, 2009
Slide 1: FY 2008 Results Presentation
FY 2008 Results Presentation 27th February 2009
Slide 2: Disclaimer
FY 2008 Results Presentation 9m 2008 RESULTS Disclaimer This document has been prepared by Acciona, S.A. (“Acciona” or the “Company”) exclusively for use during the presentation of financial results of the 2008 fiscal year. Therefore it cannot be disclosed or made public by any person or entity with
Slide 3: Table of Contents
FY 2008 Results Presentation 9m 2008 RESULTS Table of Contents Performance Summary Operating Performance Financial Information by Division Post Closing Events Conclusions
Slide 4: Changes in the Perimeter/Consolidation
FY 2008 Results Presentation 9m 2008 RESULTS Changes in the Perimeter/Consolidation Consolidation Changes 2007 vs 2008* Change in consolidation method: During 2007 Endesa was consolidated under the dividend accounting method until September 2007, and proportionally during the 4Q. In 2008 Not Compara
Slide 5: Table of Contents
FY 2008 Results Presentation 9m 2008 RESULTS Table of Contents Performance Summary Operating Performance Financial Information by Division Post Closing Events Conclusions
Slide 6: Performance Summary
FY 2008 Results Presentation 9m 2008 RESULTS Performance Summary Our solid business model resulted in very positive results for the year 2008 in the current challenging environment Group Revenues up 59.3% to €12,665m – Group Revenues excluding Endesa increased 6.8% to €7,208m Growth Strong increase
Slide 7: Table of Contents
FY 2008 Results Presentation 9m 2008 RESULTS Table of Contents Performance Summary Operating Performance Financial Information by Division Post Closing Events Conclusions
Slide 8: P&L Main Figures
FY 2008 Results Presentation 9m 2008 RESULTS P&L Main Figures (€m) Jan-Dec 07 Jan-Dec 08 Chg. (%) Revenue 7,953 12,665 ∆ 59.3 Revenue Ex Endesa 6,749 7,208 ∆ 6.8 EBITDA 1,407 2,827 ∆ 100.9 EBITDA Ex Edesa 978 1,069 ∆ 9.3 EBIT 889 1,678 ∆ 88.6 EBIT Ex Endesa 620 535 -13.7
Slide 9: EBITDA Contribution
FY 2008 Results Presentation 9m 2008 RESULTS EBITDA Contribution 2008 EBITDA 2008 EBITDA ex Endesa 20.8% ACCIONA Energy 54.8% 62.0% Endesa - 8.6% Infrastructures 22.6% 3.0% Real Estate 7.9% 1.4% Logistic & Transport Services 3.6% 2.5% Urban & Enviromental Services 6.5% 1.7% Other Business and Financ
Slide 10: Capex by Division
FY 2008 Results Presentation 9m 2008 RESULTS Capex by Division Our Investments are aligned with the strategy… (€m) Investments % 2008 o/ Total Infrastructures 206 6.5% Real Estate 100 3.2% Energy 1,762 55.9% Logistic & Transport Services 28 0.9% Urban & Enviromental Services 84 2.7% ACCIONA ex Endes
Slide 11: Debt & Liquidity Analysis (i)
FY 2008 Results Presentation 9m 2008 RESULTS Debt & Liquidity Analysis (i) Net Debt Breakdown by Division Debt Amortization Schedule (€m) (ex. Endesa) (€m) Infrastructures -41 433 415 Real Estate 1,186 327 Energy 3,662 134 305 293 € million 281 Logistic & Transport Services 423 Urban & Environmental
Slide 12: Debt & Liquidity Analysis (ii)
FY 2008 Results Presentation 9m 2008 RESULTS Debt & Liquidity Analysis (ii) 2008 FY Debt Breakdown Post Endesa Disposal (pro forma) (€m) (ACCIONA/Enel agreement / 20th February 2009) Debt Free assets €6,313m net debt ex Endesa consolidation does not include any financial debt associated to the 3,616
Slide 13: Table of Contents
FY 2008 Results Presentation 9m 2008 RESULTS Table of Contents Performance Summary Operating Performance Financial Information by Division Post Closing Events Conclusions
Slide 14: Energy
FY 2008 Results Presentation 9m 2008 RESULTS Energy Wind Mini Hydro Biomass Concentrated Photovoltaic Thermal Biodiesel Acciona Energy Solar Solar Solar Windpwer Power
Slide 15: Energy: Key Figures
FY 2008 Results Presentation 9m 2008 RESULTS Energy: Key Figures Revenues (€m) EBITDA (€m) 35.9% 33.0% 1,784 63.2% 50.3% Generation Reven. 589 1,093 54% Industrial & Other 13% 392 EBITDA margin 46% 18% 87% 46% 82% 54% 2007 2008 2007 2008 Wind Load Factor (%) Prices – Spain (€/MWh) 111,9 108,3 Jan –
Slide 16: Energy: Capacity
FY 2008 Results Presentation 9m 2008 RESULTS Energy: Capacity MW Installed @ Dec 08 MW under Construction @ Dec 08 MW (Total) Spain International Total MW (Total) Spain International Total Wind 3,274 1,292 4,566 Wind 222 324 546 Mini Hydro 59 - 59 Mini Hydro - - - Biomass 33 - 33 82% Biomass 32 - 32
Slide 17: Infrastructure
FY 2008 Results Presentation 9m 2008 RESULTS Infrastructure Construction Concessions Real Estate
Slide 18: Infrastructure: Key Figures
FY 2008 Results Presentation 9m 2008 RESULTS Infrastructure: Key Figures Revenues (€m) EBITDA (€m) 3,695 7.5% 6.8% -2.8% 3.592 1% 276 -11.9% 2% 243 6% 12% 99% Const. & Eng. 94% 88% 98% Concessions EBITDA margin 2007 2008 2007 2008 Main infrastructure works awarded in 2008: SPAIN: INTERNATIONAL: Plat
Slide 19: Infrastructure: Construction
FY 2008 Results Presentation 9m 2008 RESULTS Infrastructure: Construction Constr. Backlog - Business Breakdown Constr. Backlog - Geograph. Breakdown Construction Backlog (€m) Dec-07 Dec-08 % Var. Weight (%) Civil works (Spain) 3,398 4,144 22% 56% Civil works (International) 458 1,353 196% 18% Intern
Slide 20: Infrastructure: Concessions
FY 2008 Results Presentation 9m 2008 RESULTS Infrastructure: Concessions Book value of concessions as of December 2008: €669m (equity and debt) Young portfolio of concessions: – Average life: 3.7 years – Average remaining life: 24 years Main 2008’s new concessions awarded: – A-30 toll road in Canada
Slide 21: Infrastructure: Real Estate
FY 2008 Results Presentation 9m 2008 RESULTS Infrastructure: Real Estate Revenues (€m) EBITDA (€m) 445 28.1% 26.6% 5% -28.1% 19% 125 320 -31.8% 7% Parkings 9% 15% Rental Assets 34% 85 Development 14% 76% EBITDA margin 34% 78% 56% 52% 2007 2008 2007 2008 Presales dropped from €182m in 2007 to €42.9m
Slide 22: Real Estate: Independent Asset Appraisal
FY 2008 Results Presentation 9m 2008 RESULTS Real Estate: Independent Asset Appraisal 2007 2008 Gross Capital Gross Capital (€ million) GAV GAV Gain Gain Development 1,634 423 559 66 Independent asset Domestic 1,336 350 289 57 appraisal by: International 298 73 270 9 Rental 1,105 302 1,829 265 – CB
Slide 23: Services and Other Businesses
FY 2008 Results Presentation 9m 2008 RESULTS Services and Other Businesses Services Other Businesses Logistic & Transport Urban & Environmental Asset Management Media (GPD) Winery
Slide 24: Logistic & Transport Services: Key Figures
FY 2008 Results Presentation 9m 2008 RESULTS Logistic & Transport Services: Key Figures Revenues (€m) EBITDA (€m) -1.1% 7.5% 4.3% 924 914 69 -43.3% 18% 19% 10% Other Trasmediterránea 60% 39 66% 64% Handling 32% EBITDA margin 14% 53% 16% 17% 30% 2007 2008 2007 2008 The division has suffered a severe
Slide 25: Logistic & Transport Services: Trasmediterránea
FY 2008 Results Presentation Logistic & Transport Services:9m 2008 RESULTS Trasmediterránea ACCIONA is undertaking a strategic review of Trasmediterránea Conclusions indicate that the reorganization of certain areas will be implemented in the current environment 2009 Restructuring Plan Main Measures
Slide 26: Urban & Environmental Services: Key Figures
FY 2008 Results Presentation 9m 2008 RESULTS Urban & Environmental Services: Key Figures Revenues (€m) EBITDA (€m) 7.8% 9.1% 10.1% 772 70 702 28.0% 55 43% Agua 52% Other 61% 60% EBITDA margin 57% 39% 48% 40% 2007 2008 2007 2008 ACCIONA Agua’s revenues up 34.2% and EBITDA up 80.1% to €370m and €40m r
Slide 27: Other Businesses: Key Figures
FY 2008 Results Presentation 9m 2008 RESULTS Other Businesses: Key Figures Revenues (€m) EBITDA (€m) 43.8% 35.7% 165 -15.5% 72 EBITDA margin -31.7% 140 49 2007 2008 2007 2008 Includes: – Bestinver – “Bodegas Hijos de Antonio Barceló” winery business – Media (GPD) Bestinver had €2,386m under manageme
Slide 28: Endesa
FY 2008 Results Presentation 9m 2008 RESULTS Endesa 25% Stake in Endesa
Slide 29: Endesa: Contribution
FY 2008 Results Presentation 9m 2008 RESULTS Endesa: Contribution Chg. (€m) Jan-Dec 07 Jan-Dec 08 (x) Revenue 1,203 5,458 4.5x EBITDA 429 1,757 4.1x Net Profit 316 226 0.7x Significant increase of net financial expenses (+€896 million) mainly explained by the change in the consolidation criteria of
Slide 30: Table of Contents
FY 2008 Results Presentation 9m 2008 RESULTS Table of Contents Performance Summary Operating Performance Financial Information by Division Post Closing Events Conclusions
Slide 31: Agreement with Enel
FY 2008 Results Presentation 9m 2008 RESULTS Agreement with Enel On the 20th February 2009 ACCIONA and Enel reached an agreement regarding Endesa EARLY EXERCISE OF PUT CONSOLIDATION OF A OPTION ON ITS 25.01% LEADING RENEWABLE STAKE IN ENDESA ENERGY COMPANY Valued at €11,107m in cash Simultaneously A
Slide 32: Agreement with Enel: Overview of Assets
FY 2008 Results Presentation Agreement with Enel: 9m 2008 RESULTS Overview of Assets Gross Net Average Average Load Assets MWs MWs Remaining Life(1) Factor (2) Wind Assets in Spain 1,154.0 1,154.0 18 26.9% (2) Wind Assets in Portugal 93.7 93.7 17 26.9% Mini-Hydro 175.4 174.6 40 33.2% Hydro 682.2 682
Slide 33: Gross Installed Capacity (MW)
FY 2008 Results Presentation Agreement with Enel: 9m 2008 RESULTS Consolidating Worldwide Leadership Gross Installed Capacity (Q3 2008) 8,487 #2 Gross Installed Capacity (MW) 6,516 5,884 #3 (1) 2,105 4,411 4,155 4,411 1,830 Iberdrola Acciona Florida Power & Acciona EDP Renovaveis EDF Energies Renova
Slide 34: Table of Contents
FY 2008 Results Presentation 9m 2008 RESULTS Table of Contents Performance Summary Operating Performance Financial Information by Division Post Closing Events Conclusions
Slide 35: Conclusions
FY 2008 Results Presentation 9m 2008 RESULTS Conclusions ACCIONA’s future business strategy relies on three pillars under the sustainability umbrella: Infrastructures, Energy and Water Under a challenging environment, the sound results of the period respond to the defensive business mix of the compa