Abengoa Sa · OTC:AGOAF
Abengoa Sa — H1 2010 Earnings Presentation
30 slides from Abengoa Sa's earnings presentation, Aug 31, 2010
Slide 1: First Half 2010 Earnings Presentation
Innovative Solutions for Sustainability ABENGOA First Half 2010 Earnings Presentation (Non-audited figures) August, 31st 2010
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 H1 2010 Business Description 2 H1 2010 Financial Analysis 3 Q&A 3
Slide 4: Highlights
Highlights I. Positive operating performance II. Well diversified by business and geographies III. Strong backlog IV. Delivering on our investment plan… V. …while strengthening our financial structure 4
Slide 5: H1 2010: Highlights (P&L)
H1 2010: Highlights (P&L) Strong growth in Sales and Ebitda… € in Millions H1 2010 YoY % YoY % (2) Sales 2,789 +37% +37% Ebitda 421 +18% +24% …and record backlog € in Millions H1 2010 % o/Mar.10 Backlog 8,918 +18% (1) P&L H1 2009 has been restated according application IFRIC 12 (2) Excluding in H1 2
Slide 6: Distribution by Business Unit
Distribution by Business Unit Well diversified by business … Environm. Information € in Millions Solar Bioenergy Engineering Consolidated Services Technol. Sales 117 573 422 346 1,331 2,789 Sales ’09 96 391 317 361 876 2,041 % YoY +21% +47% +33% (4%) +52% +37% Ebitda 46 56 63 66 190 421 Ebitda ‘09 3
Slide 7: …and geographies
…and geographies International Activity represents 68% of Total Consolidated Sales H1 2009 € in Millions H1 2010 % % restated US 365 13% 419 21% Latin America 896 32% 444 22% Europe (ex Spain) 405 15% 226 11% Africa 105 4% 158 8% Asia & Oceania 121 4% 53 3% Spain 897 32% 742 36% Total 2,789 2,041 In
Slide 8: Main Projects in Execution
Timeline Main Projects in Execution Projects awarded and 2010 2011 2012 financing committed Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Solnova 1 9 Solnova 3 9 Solar Algeria Solnova 4 Helioenergy 1 9 Helioenergy 2 Solana Córdoba (2x50MW) Financing pending (2010-2011) Extr
Slide 9: Solar
Solar Two new 50 MW parabolic trough plants in operation Sales H1’10 (€ in Million) Two 50MW parabolic trough plants (Solnova 1 and 3) were 4% brought into operation at the Solúcar Platform. + 21.4% YoY 116.8 343 MW in operation by year end 2010. In August, start up of Solnova 4 (50 MW parabol
Slide 10: Bioenergy
Bioenergy Increase in volume and margin in tough market conditions Sales H1’10 (€ in Million) Start of operations in H1 2010: 21 % + 46.7% YoY – Illinois plant in US, 333 Ml/year (88 Mgal/year) 573.4 – Indiana plant in US, 333 Ml/year (88 Mgal/year) Start up in Q3 2010: Ebitda H1’10 (€ in Millio
Slide 11: Environmental Services
Environmental Services Higher industrial waste volume treated Sales H1’10 (€ in Million) 15 Strong recovery in the volume of recycling % + 32.9% YoY 421.6 Construction completed: – Chennai desalination plant (India). 100,000 m3/day Ebitda H1’10 (€ in Million) 15 Desalination plants in construc
Slide 12: Information Technologies
Information Technologies Solid results and margin expansion Sales H1’10 (€ in Million) Vattenfall project in Energy: agreement for the O&M pf 12 % 600k smart meters. (4.3%) YoY 345.9 Organic growth in Europe (including Spain), US and Latin America. Ebitda H1’10 (€ in Million) Transportation: f
Slide 13: Engineering
Engineering Strong growth in sales Revenues H1’10 (€ in Million) Split Sales and Ebitda: Sales (€ in Millions) YoY 48 % Engineering 1,243.5 53.4% + 52.0% YoY Transmission 87.3 34.1% 1,330.8 Ebitda (€ in Millions) Margin Engineering 116.6 (6.1%) 9.4% Transmission 73.6 45.5% 84.3% Ebitda H1’10 (€ in
Slide 14: Agenda
Agenda 1 H1 2010 Business Description 2 H1 2010 Financial Analysis 3 Q&A 14
Slide 15: P&L Account
P&L Account € in Millions H1 2010 H1 09 (1) YoY % YoY %(2) Sales 2,789 2,041 +37% +37% Ebitda 421 356 +18% +24% Depreciation & amortization expense (148) (108) +36% +36% Net operating profit 273 248 +10% +18% Net financial loss (103) (91) +14% +14% Profit before income tax 170 157 +8% +21% Income ta
Slide 16: Sales: contribution by BU
Sales: contribution by BU + 455 +5 +52% +1% 2,789 + 21 Solar + 104 + 183 +21% +33% +47% (16) Information Tech. Renewables (4%) 2,041 +51% growth in Transmission New plants: volume in recycling Salamanca (100%) + 37% Indiana Illinois H1 2009 Bioenergy Environmental Engineering Solar + H1 20
Slide 17: Ebitda: contribution by BU
Ebitda: contribution by BU +9 + 15 +29% 421 + 16 +9% + 25 +33% + 12 Solar +81% Strong growth at +33% normalized margins Volume growth (3) Information Tech. 356 with stable margins (4%) Volumes in US and UE +72% Margin in US and UE + 18% H1 2009 Bioenergy Environmental Engineering Solar + H1 2010 Ser
Slide 18: Backlog
Backlog Order book covers 30 months (1) of sales in contracting activities Portfolio % over € in Millions Jun. 2010 Mar. 10 (2) Total contracting portfolio (ex pipeline) 8,918 + 18% 30 months Over €31 billions of sales in concessions activities in 24 years of average life Sales backlog in concession
Slide 19: Balance Sheet
Balance Sheet More than €2.8 billions in cash and equivalents € in Millions 30 Jun. 10 YoY % 31 Dec. 09 Fixed assets corporate 4,005 +19% 3,355 Fixed assets non recourse activities 4,703 +25% 3,767 Cash and short term financial 2,805 +38% 2,028 investments (mostly public debt, repos and deposits) To
Slide 20: Net Debt Analysis & Covenant
Net Debt Analysis & Covenant Corporate Net Debt/Ebitda ratios in line with previous periods (€ in Million) 30 Jun.10 31 Mar.10 31 Dec.09 30 Jun.09 Net corporate debt + Corporate debt 4,541 4,147 3,286 2,665 - Cash and equivalent (2,805) (2,404) (2,028) (1,520) Corporate entities (2,014) (1,713) (1,2
Slide 21: Net Debt Analysis & Covenant
Net Debt Analysis & Covenant Total Net Debt/Ebitda ratio below 3x when adjusted by preoperational debt (€ in Million) 30 Jun.10 31 Mar.10 31 Dec.09 30 Jun.09 I. Total net corporate debt 1,736 1,744 1,257 1,144 II. Total Non Recourse debt 3,430 3,159 2,933 2,616 Total Net Debt (I+II) 5,166 4,902 4,19
Slide 22: Cash Flow Statement
Cash Flow Statement €1.9 €1.9 billion billion of of financing financing flows, flows, together together with with strong strong operating operating cash-flow, cash-flow, allow allow toto invest invest €1.1 €1.1 billion billion and and increase increase cash cash position position in in €853 €853 M M
Slide 23: Financing update
Financing update Record-high cash balance while accomplishing our investment program: Positive cash-flow generation from operations due to disciplined focus on cash generation. Investment of €1.1 billion into projects with secured financing, in transmission, solar and bioenergy. Financing flow
Slide 24: Financing update
Financing update II. Recent non-recourse financing raised in 2010: – Helioenergy I, II (50%): €320 M signed with a pool of national and international commercial banks for the construction of 2x50 MW plants in Seville – Chilca (100%): $190 M bridge loan signed for a transmission line in Peru – Cogene
Slide 25: Highlights
Highlights I. Positive operating performance II. Well diversified by business and geographies III. Strong backlog IV. Delivering on our investment plan… V. …while strengthening our financial structure 25
Slide 26: Agenda
Agenda 1 H1 2010 Highlights 2 H1 2010 Detailed Financial Analysis 3 Q&A 26
Slide 27: First Half 2010 Earnings Presentation
Innovative Solutions for Sustainability ABENGOA First Half 2010 Earnings Presentation (Non-audited figures) August, 31st 2010
Slide 28: Appendix
Innovative Solutions for Sustainability ABENGOA Appendix August, 31st 2010
Slide 29: Corporate (“ex Non-Recourse”) Activities
Corporate (“ex Non-Recourse”) Activities Ebitda at Corporate entities (“Corporate Ebitda”) grows 44% based on solid drivers and large backlog LTM Corporate Ebitda (€ in Millions) LTM Jun.10 LTM Jun.09 Solar 47 44 % of total 7 10 Bioenergy 166 123 % of total 25 27 Environmental Services 40 20 % of
Slide 30: First Half 2010 Earnings Presentation
Innovative Solutions for Sustainability ABENGOA First Half 2010 Earnings Presentation (Non-audited figures) August, 31st 2010