Abengoa Sa · OTC:AGOAF
Abengoa Sa — Q3 2011 Earnings Presentation
36 slides from Abengoa Sa's earnings presentation, Nov 15, 2011
Slide 1: Third Quarter 2011 Earnings Presentation
Innovative Technology Solutions for Sustainability ABENGOA Third Quarter 2011 Earnings Presentation November 15th, 2011
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 with re
Slide 3: Agenda
Agenda 1 Q3 & 9M 2011 Business Highlights 2 Q3 & 9M 2011 Financial Highlights 3 Conclusions 4 Appendix 3
Slide 4: Q3 & 9M 2011 Business Highlights
Agenda 1 Q3 & 9M 2011 Business Highlights 2 Q3 & 9M 2011 Financial Highlights 3 Conclusions 4 Appendix 4
Slide 5: Q3 and 9M 2011 Highlights
Q3 and 9M 2011 Highlights* Growth, delivery and strategy enhancement Revenues for 9M 2011 of 4,784 M€, an increase of 42% Y-o-Y 28 consecutive quarters of EBITDA for 9M 2011 of 744 M€, an increase of 41% Y-o-Y Y-o-Y financial growth Net income for 9M 2011 of 211 M€, an increase of 45% (105% excludin
Slide 6: Business Diversification: Growth in all segments
Business Diversification Growth in all segments for both Q3 and 9M Revenues* 9M 2011 EBITDA* 9M 2011 E&C 33% 36% Concession-Type Infrastructures 48% 45% Industrial Production Recurrent Activities 7% 31% (M€) 9M’10 9M’11 Var% 9M’10 9M’11 Var% Engineering & Construction 1,639 2,156 +32% 172 264 +53% C
Slide 7: Strategy Implementation
Strategy Implementation 1 Transaction closed on November 4th, 2011 Strategic partnership with 2 Investment of 300 M€ in new Class B shares First Reserve 3 Endorses and reinforces Abengoa’s strategy 1 Sale of Telvent closed on September 5th Asset Rotation Update Closing of agreement with Cemig pendin
Slide 8: Geographic Diversification
Geographic Diversification A true global business Revenues* 9M 2011 Geographies 5%1% Brazil Rest of Latin America 10% 24% Spain Asia & Oceania 18% Africa Rest of Europe 24% US 18% E&C Concessions Industrial Production 2% 2% 2% 1% 7% 10% 6% 10% 1% 10% 37% 38% 21% 22% 36% 56% 18% 70% 21% 30% 8
Slide 9: E&C: Financial growth year-after-year
E&C Financial growth year-after-year Revenues of 9M 2011, representing an increase of 2,156 M€ 32% Y-o-Y 56% of revenues coming from external customers 264 M€ EBITDA achieved in 9M 2011, with margins of 12.2%, compared to 10.5% posted in the same period of last year 7.5 B€ Backlog at September 30, 2
Slide 10: E&C: A global leader in the power sector
E&C A global leader in the power sector Financial figures* 9M 2011 Revenue Breakdown Revenues (M€) EBITDA (M€) 264 Internal 172 44% 2,156 56% External 1,639 12.2% 10.5% 9M 2010 9M 2011 9M 2010 9M 2011 Backlog (M€) 7,808 7,529 4% Power 20% Industrial Plants Water 76% Jun 2011 Sep 2011 10 *Figures exc
Slide 11: Concession-type Infrastructures
Concession-type Infrastructures Excellent operational performance of all our plants and transmission assets 322 M€ Revenue achieved for the 9M 2011 period, an increase of 41% due mainly to new solar thermal assets in operation through 2010 (Solnova 1,3,4 ) 231 M€ EBITDA achieved in 9M 2011, with ove
Slide 12: Concession-type Infrastructures: Increased capacity, excellent performance
Concession-type Infrastructures Increased capacity, excellent performance Revenues (M€) EBITDA (M€) Backlog* (M€) 9M 2011 Revenue Breakdown 231 34,213 35,665 Transmission 8% 4% 152 Solar 322 Cogeneration 229 31% 57% 72% Water 66% 9M 2010 9M 2011 9M 2010 9M 2011 Jun 2011 Sep 2011 Gross Fixed Assets*
Slide 13: Industrial Production
Industrial Production Strong operational performance across all of our plants Biofuels: 1,629 M€ of revenues for the period, a 64% increase Y-o-Y, due to higher commodity prices and increase in volumes sold 111 M€ EBITDA achieved in 9M 2011, with improvement in crush spread margins achieved in Q3’11
Slide 14: Industrial Production: Sustained growth and stable outlook
Industrial Production Sustained growth and stable outlook Revenues (M€) EBITDA (M€) Production (ML) 2,306 249 1,994 200 203 1,755 1,495 477 27% 26% 90 18% 18% 414 1,629 11% 7% 991 9M 2010 9M 2011 9M 2010 9M 2011 9M 2010 9M 2011 Gross Fixed Industrial Waste Assets (M€) Capex (M€) Treated (Mt) 506 4,7
Slide 15: Timeline: Main Projects in Execution
Timeline: Main Projects in Execution As of Sep. 30 ‘11 Abengoa Expected 2011 2012 2013 2014 Location Capacity (%) Start Up SPP1 Hassi R'Mel - Algeria 150 MW 51% Q2 11 Helioenergy 1 Écija - Spain 50 MW 50% Q3 11 Helioenergy 2 Écija - Spain 50 MW 50% Q1 12 Solacor 1 Cordoba - Spain 50 MW 74% Q2 12 Sol
Slide 16: Main Projects in Execution: Snapshots
Main Projects in Execution: Snapshots Steady execution schedule on all of our assets under construction Solana CSP Plant Pemex Cogeneration Plant 280 MW 300 MW CSP Trough Gas Turbine >6h Storage est. start up Q3 12 Tlemcen-Honaine Desalination Plant Helioenergy 1 CSP Plant 200 ML/day 50 MW 215 M€ es
Slide 17: Asset Portfolio
Asset Portfolio Significant capacity increase when completing capex plan Concession type infrastructures Industrial Production Solar (MW) Transmission (km) Biofuels (Ml/year) 1,503 3,215 8,955 3,125 100* 90 4,928 1,010 4,027 393 4,027 Sep 2011 E2013/14 Sep 2011 E2013/14 Sep 2011 E2013/14 Cogeneratio
Slide 18: Q3 & 9M 2011 Financial Highlights
Agenda 1 Q3 & 9M 2011 Business Highlights 2 Q3 & 9M 2011 Financial Highlights 3 Conclusions 4 Appendix 18
Slide 19: Key Financial Information
Key Financial Information Financial highlights* 4,784 M€ of revenues achieved in the 9M2011 period, a 42% increase compared to 3,363 M€ for the 9M 2010 744 M€ EBITDA for 9M 2011 compared to 527 M€ for the 9M 2010 period, resulting in a 41% increase 211 M€ of Net Income, a 45% increase over 9M, 2010
Slide 20: Business Diversification (I)
Business Diversification (I) Continuing the diversification towards robust business model Revenues* (M€) Q3’10 Q3’11 Var% 9M’10 9M’11 Var% Engineering & Construction 431 587 +36% 1,639 2,156 +32% Concession-type Infrastructure 93 130 +40% 229 322 +41% Industrial Production 554 924 +67% 1,495 2,306 +
Slide 21: Business Diversification (II)
Business Diversification (II) Great contribution to EBITDA from recurring activities Margin Margin EBITDA* (M€) Q3’10 Q3’11 Var% 9M’10 9M’11 Var% 9M’10 9M’11 Engineering & Construction 54 81 +50% 172 264 +53% 10.5% 12.2% Concession-type 60 96 +60% 152 231 +52% 66.4% 71.7% Infrastructure Industrial P
Slide 22: High Revenue Visibility
High Revenue Visibility Backlog (M€) Estimated Backlog Conversion (M€) Sep. 2011 Q4 2011e 2012e 2013e 2014+e E&C Order Book 7,529* (1) 270 3,284 7,259 2,148 1,023 804 34,225 35,665 Concession-type Asset based, recurring revenues 483 850 107 Industrial Production 18,200 (2) 11,600 2,900 2,900 800 * E
Slide 23: E&C Backlog
E&C Backlog Solid backlog, well diversified, provides revenue visibility Backlog (M€) By Internal / External client By Geography External LatAm 13% Internal 100% 29% Europe 34% (Concession- 33% type activities) 27% USA Other Internal 7,808 7,529 (Concession- RoW (1) 270 37% type activities) 27% (1)
Slide 24: Capex Plan
Capex Plan Commitment to invest only when financing is in place Capex Breakdown by Asset Type Capex Breakdown by Financing Source M€ Solar 2,888 M€ 1,249 2,413 Abengoa's Equity Power Transmission 921 2,413 15 Partner's Equity 67 Biofuels 360 327 74 203 Cogeneration 103 Non-Recourse Debt 2,892 Water
Slide 25: Reinforced Capital Structure
Reinforced Capital Structure Improving capital structure from corporate transactions Sep Sep Sep 2011 M€ 2010 (1) 2011 Proforma(4) Corporate Debt 4,524 4,778 4,778 Corporate Cash, Equiv. & STFI (1,914) (2,493) (3,249) Total net corporate debt 2,610 2,285 1,529 N/R Debt 3,440 4,910 4,910 N/R Cash Equ
Slide 26: Cash-flow Statement
Cash-flow Statement Strong operating cash flow generation M€ Sep 2010 Sep 2011 Consolidated after-tax profit 153 134 Non-monetary adjustments to profit 454 579 Variation in working capital (17) 614 Discontinued activities (39) (72) Cash generated by operations 551 1,255 Interests collected/paid (269
Slide 27: Net Debt Bridge
Net Debt Bridge Significant cash generated from Operating Activities 347 5,814 1,905 5,216 (296) (744) (614) Net Debt EBITDA NWC Net Net Interest Discnt., FX Net debt (Dec 10) Investment Paid and and Other (Sep 11) Taxes 27 Note: Figures are reported in M€
Slide 28: Debt Maturity Profile
Debt Maturity Profile Sound maturity profile and liquidity position Corporate Debt Maturity September 30, 2011 pro-forma (M€) 3,249 Reinforced balance sheet 300 First Reserve Cash Effect Capex needs structure and increased liquidity 456 Cemig Cash effect Convertible Bonds level to pursue current and
Slide 29: Conclusions
Agenda 1 Q3 & 9M 2011 Business Highlights 2 Q3 & 9M 2011 Financial Highlights 3 Conclusions 4 Appendix 29
Slide 30: Key Highlights and Revised Guidance
Key Highlights Revenue and EBITDA growth achieved in all 1 segments Strong 9M and Steady execution of Capex plan to transform the 2 Q3 company 3 Great reinforcement of capital structure and liquidity profile after corporate transactions 1 Guidance for 2011 Revenues to 6,800 M€ - 6,900 M€ Revised 2 G
Slide 31: Appendix
Agenda 1 Q3 & 9M 2011 Business Highlights 2 Q3 & 9M 2011 Financial Highlights 3 Conclusions 4 Appendix 31
Slide 32: Concession-type Infrastructure: Balanced Asset Portfolio
Concession-type Infrastructure Balanced Asset Portfolio(1) Asset Portfolio (September 2011) Under Total Non Operating Construction / Gross Net ABG Recourse (M€) (Gross) Development Assets Assets(2) Equity Net Debt Partners Transmission 1,010 977 1,987 1,909 816 987 106 CSP 1,502 1,155 2,657 2,546 86
Slide 33: Capex Committed by segment (I)
Capex Committed by segment* (I) Total Q4 2011 Total Total ABG ABG Abengoa Entry in Investment Pending Partners Debt Pending Partners Debt Corporate Corporate Committed (M€) Capacity (%) Country Operation Capex Capex Solar 5,256 2,888 615 34 2,239 638 109 18 511 Algeria 150 MW 51% Algeria Q2 11 318 H
Slide 34: Capex Committed by segment (II)
Capex Committed by segment* (II) 2012 2013 2014 Total Total Total ABG ABG ABG Pending Partners Debt Pending Partners Debt Pending Partners Debt Corporate Corporate Corporate Committed (M€) Capex Capex Capex Solar 1,541 372 16 1,153 577 90 487 132 44 88 Algeria Helioenergy 1 and 2 Solacor 1 and 2 36
Slide 35: Spanish Renewable Energy Plan
Spanish Renewable Energy Plan The Spanish Renewable Energy Plan (PER) for 2011 – 2020 confirms and strengthens Abengoa’s strategic goals PER regulates in Spain the energy production under the special conditions for Commitment renewable sources and sets the path to achieve the target of 20% of gross
Slide 36: Thank you
Innovative Technology Solutions for Sustainability ABENGOA Thank you