Juan Muro-Lara Chief Corporate Development and IR Officer 11th January 2012

Table of contents

1. ACCIONA overview 2. ACCIONA strategy 3. Conclusions

2

ACCIONA overview .1.

EBITDA €1.5bn 2011E¹: Revenues €6.5bn. EV of ∼ €11.3bn Shareholders structure: > 50% in hands of Entrecanales family 4 ¹ Analyst consensus .3bn market capitalisation.ACCIONA overview IBEX 35 listed company €4.

transport.3bn Services & Other Business 4% ¹ Analyst consensus Real Estate 1% 5 .ACCIONA’s businesses ACCIONA is a global developer and provider of renewable energy. ACCIONA is a global developer and provider of renewable energy. social and water infrastructure transport. social and water infrastructure Water 8% Energy 74% EBITDA breakdown 2011E¹ Infrastructure 14% €1.

ACCIONA strategy .2.

ACCIONA strategy Focus on three core divisions: Energy. Infrastructures and Water Internationalisation Focus on degearing Lower NFD/EBITDA ratio Selective investment criteria Capex prioritization Rotation of mature assets 7 .

Infrastructures and Water Internationalisation Focus on degearing Lower NFD/EBITDA ratio Selective investment criteria Capex prioritization Rotation of mature assets 8 .ACCIONA strategy Focus on three core divisions: Energy.

134 2.074 Hydro 912 912 - Biomass 57 57 - SPV 33 3 30 CSP 264 200 64 TOTAL 7. 96 SPAIN INTERNAT 21 75 - - - 50 50 - 146 71 75 ¹ Including 9MW of cogeneration Note: Data as of 30.168 Under constr.Focus on three core divisions: Energy Technologies Wind Installed capacity 6.2011 9 .027 SPAIN INTERNAT 3.09.953 2.302¹ 5.

Focus on three core divisions: Energy Attributable MW @ Sep 2011 Poland 30 (wind) Hungary 11 (wind) Canada 103 (wind) Germany 150 (wind) Spain 5.09.2011 Australia 272 (wind) 10 .953 912 200 57 2 9 USA 611 Wind CSP 547 64 South Korea 61 (wind) India 83 (wind) Solar hot water 1 Mexico 557 (wind) Portugal 150 Wind CSP 120 30 Greece 48 (wind) Italy 92 (wind) 7.134 Wind Hydro CSP Biomass PV Cogeneration 3.302MW Note: Data as of 30.

2011 11 .Focus on three core divisions: Infrastructure Construction backlog 9M 2011 35% Spain 60% International 40% 19% 19% 13% 7% 7% €6.09. Valencia (2006) “Estación Norte”. Colombia (1995) Madrid Subway (2009) Note: Data as of 30.952m Europe Canada Brazil Australia Chile RoW Buildings Transport infrastructure Dams Subway works Versatility “Ciudad de las Artes y las Ciencias”. Madrid Subway (2009) Guavio dam.

414m) 48% 40% Operating Operat.036 12% Under construction 3% 3% 5% 45% 44% Spain Canada Mexico Brazil Chile Book Value (€1. Hospital 1 5 20 4 27 6 15 30 5 225 Total 21 43¹ 30 5 1.Focus on three core divisions: Infrastructure Road # of concessions EBITDA 9M 2011 (€m) Average life (yrs) Average consumed life (yrs) Book value (€m) 3 3 Rail 3 0 31 7 62 Canal 1 1 30 5 61 Port 1 0 30 6 15 Univer.109m Equity: €304m 9 18 31 5 1.414² Net debt: €1. + under construction ¹ Total EBITDA includes -€8m from SPV companies and +€12m from sold concessions ² Total BV includes -€12m from SPV companies 3 Weighted average by book value (equity + net debt) excluding SPV companies 12 .

Focus on three core divisions: Water Design Business model R&D Our Offer Construction Ability to tender every type of project Wrap up guarantees in front of client Regulated Business Commissioning Facilitates project financing O&M 41% Australia Mexico Algeria Italy Venezuela RoW Water backlog 9M 2011 Spain 63% International 37% 23% 9% 3% 3% 21% O&M: 89% €5.071m D&C: 11% 13 .

Infrastructures and Water Internationalisation Focus on degearing Lower NFD/EBITDA ratio Selective investment criteria Capex prioritization Rotation of mature assets 14 .ACCIONA strategy Focus on three core divisions: Energy.

Internationalisation: Global presence Strategic countries¹ CANADA SPAIN POLAND USA ITALY COLOMBIA MEXICO INDIA BRAZIL CHILE AUSTRALIA Wind CSP Infrastructures Water ¹ Strategic countries where ACCIONA is present with more than one division 15 .

Internationalisation: Backlog and revenues Construction backlog 26% 2009 Water backlog 32% Revenues 25% €7.796m Var.358m €6. (+pp) +14pp Spain +5pp International +8pp 16 .021m €4.515m 40% 9M 2011 37% 33% €6.952m €5.071m €4.

ACCIONA strategy Focus on three core divisions: Energy. Infrastructures and Water Internationalisation Focus on degearing Lower NFD/EBITDA ratio Selective investment criteria Capex prioritization Rotation of mature assets 17 .

3bn Cash €2. 34% floating Average cost of debt as of Sep 2011: 5.587 +5% Net Debt 30-Sep-11 6.1bn 18 . recourse 33% Net debt: 66% fixed.022 -112 683 103 43 147 6.886 +5% Key highlights Debt structure as of Sep 2011: Gross debt: non recourse 67%.5bn through a syndicated 18-year project finance of €1.0% No refinancing events No significant short-term maturities Successful refinancing of €1.Net debt Net debt breakdown by division (€m) Net Debt 31-Dec-10 Energy Infrastructures Real Estate Water & Environment Logistic & Transport S.5%-6. Other Business 5.4bn Liquidity @ Sep 2011 Undrawn credit lines €1.616 -243 732 53 157 271 6.

Infrastructures and Water Internationalisation Focus on degearing Lower NFD/EBITDA ratio Selective investment criteria Capex prioritization Rotation of mature assets 19 .ACCIONA strategy Focus on three core divisions: Energy.

Other Business Total gross capex Divestments Total net capex 398 256 -52 19 139 5 765 0 765 629 206 3 23 6 5 872 -425 447 ~98% Most of the capex to be invested internationally Selective criteria applied to investment decisions Capex prioritization – From ∼ 700MW in 2011 to 300400MW in 2012 Selective asset rotation 20 .Capex by division Net capex breakdown by division (€m) Key highlights Core businesses capture most of the Group’s Capex (9M 2011): – Energy: 72% – Infrastructures: 24% – Water: 2% Capex Jan-Sep 10 Capex Jan-Sep 11 Energy Infrastructures Real Estate Water & Environment Logistic & Transport S.

ACCIONA strategy Focus on three core divisions: Energy. Infrastructures and Water Internationalisation Focus on degearing Lower NFD/EBITDA ratio Selective investment criteria Capex prioritization Rotation of mature assets 21 .

Rotation of mature assets: 2010 .2bn enterprise value ACCIONA has executed sales for almost €1.152 204 15% of a CSP company (Mitsubishi) 50% of two concessions in Chile (Atlantia) Car parks (EQT and Horapark) Three rental buildings Splau! shopping center (Unibail Rodamco) Total price of sale (EV) ACCIONA has executed sales for almost €1.2bn enterprise value 22 .2011YTD Enterprise value (€m) 185 190 458 115 1.

3. Conclusions .

Conclusions In the coming years ACCIONA will be working towards: A more simplified structure based on three core divisions: Energy. Infrastructures and Water disposal of non-core assets A strong internationalisation process significant proportion of capex invested in renewables and concessions internationally A less geared structure (lower NFD/EBITDA) through: Rotation of mature assets Selective investment criteria capex prioritization 24 .

Juan Muro-Lara Chief Corporate Development and IR Officer 11th January 2012 .

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