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![Page 1: JUNTA ACCIONA 09 - ANIMADA ENG DISCLAIMER › media › 991924 › ...Microsoft PowerPoint - JUNTA ACCIONA 09 - ANIMADA ENG DISCLAIMER.ppt Author tgarayar Created Date 6/4/2009 11:58:55](https://reader034.vdocuments.us/reader034/viewer/2022042310/5ed8ab8b6714ca7f47685ae5/html5/thumbnails/1.jpg)
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DisclaimerThis document contains statements that constitute forward looking statements about the Company including financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations. These statements appear in a number of places in this document and include statements regarding the intent, belief or current expectations of the customer base, estimates regarding future growth in the different business lines and the global business, market share, financial results and other aspects of the activity and situation relating to the Company. The forward-looking statements in this document can be identified, in some instances, by the use of words such as expects", "anticipates", "intends", "believes", and similar language.
Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and other important factors that could cause actual developments or results to differ materially from those expressed in our forward looking statements. These risks and uncertainties include those discussed or identified in the documents filed by ACCIONA with the relevant Securities Markets Regulators, and in particular, with the Spanish Market Regulator.
Except as required by applicable law, ACCIONA undertakes no obligation to release publicly the results of any revisions to these forward looking statements which may be made to reflect events and circumstances after the date of this presentation, including, without limitation, changes in ACCIONA’s business or acquisition strategy or to reflect the occurrence of unanticipated events.
Neither this presentation nor any of the information contained herein constitutes an offer of purchase, sale or exchange, nor a request for an offer of purchase, sale or exchange of securities, or any advice or recommendation with respect to such securities.
The information contained in this document is subject to, and must be read in conjunction with, all other publicly available information, including if it is necessary, any fuller disclosure document published by ACCIONA.
Finally, please note that this information contained in the document has not been verified or revised by the Auditors of ACCIONA.
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2008: New Macroeconomic Environment
Strong business model
Change in growth modelCredit crunch Global economical
slowdown
ACCIONA’s reaction
+ +
Investment Plan slowdown
Commercial effort and internationalization
Restructuring plans
Non–Core asset disposal
Co-Investments with stable partners
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Results ex Endesa: Revenue 2008€m
7,208
6,749+7%
2007 2008
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Results ex Endesa: EBITDA 2008€m
1,069
978 +9%
2007 2008
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Group Performance: Revenue 2008€m
2007 2008
12,665
7,953
+59%
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Group Performance: EBITDA 2008
+101%
1,407
2007 2008
2,827€m
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Capex 2008
972
Endesa
81% Energy
Group Capex€3,152m
ACCIONA
2,180
ACCIONA Capex€2,180m
5% Real Estate
9% Infrastructures
5% Services and Other
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Net Attributable Profit 2008
950
464
2007 2008
-51%
Lower extraordinary results (€233m; 48%)
Provision for value deterioration of real
estate assets (€112m; 23%)
Negative results from the Logistics division
(- €25m; 6%)
Smaller contribution from Endesa in 2008
(€90m; 19%)
€m
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Dividend 2008€ per share
Interim Final
2.92
1.85
1.07
Payout45%
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Share Performance LTMju
n-0
8
jul-
08
aug-0
8
sep-0
8
oct
-08
nov-
08
dec
-08
jan-0
9
feb-0
9
mar
-09
abr-
09
may
-09
jun-0
9
ACCIONA Ibex 35
-30%
-49%
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Share Performance Last 4 Years
+26%
jun-0
5
sep-0
5
dec
-05
mar
-06
jun-0
6
sep-0
6
dec
-06
mar
-07
jun-0
7
sep-0
7
dec
-07
mar
-08
jun-0
8
sep-0
8
dec
-08
mar
-09
jun-0
9 -0.3%
ACCIONA Ibex 35
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Endesa: Net Profit 2008€m
+6% vs. 2007
7,169
Net Profit
4,884
Extraordinary Profit
Ordinary Net Profit
2,371
Note: Extraordinary Profit includes minorities
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Energy: Revenue 2008€m
+63%
2007 2008
1,093
1,784
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Energy: EBITDA 2008
+50%
33%36%
EBITDA margin
392
2007 2008
589
€m
Flat margins and greater contribution to
EBITDA
Growth consolidation and internationalization
Energy production: +20%
Energy Price +29%
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Energy: Key Milestones 2008
Installation of 781 renewable MW adding up to 4,871MW
Production of 715 wind turbines (+23%)
Construction of ACCIONA’s largest wind farm, 180MW in the US
Biggest Solar PV plant in the world, 46MW in Portugal
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Infrastructures: Revenue 2008€m
-3%
2007 2008
3,6953,592
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2007 2008
276243
-12%
Infrastructures: EBITDA 2008€m
6.8%7.5%
EBITDA margin
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Infrastructures: Backlog€m
+28%
2007 2008
5,755
7,341
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Real Estate: EBITDA 2008
Supply / demand
unbalance
Credit crunch
Drop in pre-sales
Internationalactivity
Rental property
Parking business
125
2007 2008
85
-32%
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Real Estate: 2008 Independent Valuation€m Valuation: €2,388m(1)
Gross capital gain
331
Book value
2,056
(1) Excludes value of parking business
Provision: €112m
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Agua: Revenue 2008€m
2007 2008
275
370+34%
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Agua: EBITDA 2008
€m
+80%
2007 2008
22
40
Backlog: €3,595m
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Agua: Key Milestones 2008
Inauguration of the biggest desalination plant in the US
Presence in Australia, Algeria, Dubai, UK and the US
Awarded the biggest desalination plant in Australia
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Note: Excludes ACCIONA AguaNote: During 2008 ACCIONA sold Mémora (funerary services) and some minority interests in certain road concessions, which contributed for the whole year in 2007 whereas in 2008 only until 3Q
Rest of Services and Other Businesses:Revenue 2008
1,516
2007 2008
1,456-4%
€m
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Rest of Services and Other Businesses:EBITDA 2008€m
Note: Excludes ACCIONA AguaNote: During 2008 ACCIONA sold Mémora (funerary services) and some minority interests in certain road concessions, which contributed for the whole year in 2007 whereas in 2008 only until 3Q
Fall in Trasmediterranea’s
profitability-32%
Δ Fuel costs
Cargo demand
Tariff pressure2007 2008
119
174
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Enel/Endesa Agreement
Value creation for ACCIONA
EARLY EXERCISE OF PUT OPTION ON ITS 25.01%
STAKE IN ENDESA
Valued at €11,107m in cash
CONSOLIDATION OF A LEADING RENEWABLE
ENERGY COMPANY
Acquisition of 2,105MW for €2,890m
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Enel/Endesa Agreement
Strengthens the company’s financial position
World’s #2 renewable energy player
Reinforces the company’s business model based on Renewable Energy, Infrastructures and Water
#4 Spanish electric company as of total installed capacity
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2008 Proforma Net Debt after Enel/Endesa Agreement
Proforma 2008
6,313
11,107
2,890
Put Option-Cash Asset Acquisition EstimatedFinancial
Costs / Taxes
Deconsol.Endesa
250
3,616
17,897
Total
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2009 Expectations
Energy
2009 conditioned by electricity power prices
Circumstantial decrease in wind turbine sales
Expected EBITDA contribution > 60%
Infrastructures
Flat business volume and margin contraction
Conditioned by public tender reactivation
Risk in the current backlog consolidation
AguaReinforced leadership position
Strong commercial and international tender activity
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R+D+i 2008
+82%
€m
1/3 of net profit
91 projects
Application for 48 patents
39
71
2007 2008
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