First Nine Months 2008 Earnings Presentation 13 November, 2008

Transcription

1 First Nine Months 2008 Earnings Presentation 13 November, 2008 With the sun we produce thermoelectric and photovoltaic electric energy With biomass we produce ecologic biofuels and animal feed With wastes produce new materials through recycling, and we treat and desalinate water With Information Technology we manage business and operational processes in a secure and efficient way With engineering we build and operate conventional and renewable energy power plants, power transmission systems and industrial infrastructures With the development of social and cultural policies... we contribute to economic progress, social equity and the conservation of the environment in communities where Abengoa is present

2 Forward-Looking Statement This This presentation contains forward-looking statements and and information relating to to Abengoa that that are are based based on on the the beliefs beliefs of of its its management as as well well as as assumptions made made and and information currently available to to Abengoa. Such Such statements reflect reflect the the current current views views of of Abengoa with with respect respect to to future future events events and and are are subject subject to to risks, risks, uncertainties and and assumptions. Many Many factors factors could could cause cause the the actual actual results, results, performance or or achievements of of Abengoa to to be be materially different from from any any future future results, results, performance or or achievements that that may may be be expressed or or implied by by such such forward-looking statements, including, among among others, others, changes in in general economic, political, governmental and and business conditions globally and and in in the the countries in in which which Abengoa does does business, changes in in interest rates, rates, changes in in inflation rates, rates, changes in in prices, prices, changes in in business strategy and and various various other other factors. Should Should one one or or more more of of these these risks risks or or uncertainties materialize, or or should should underlying assumptions prove prove incorrect, actual actual results results may may vary vary materially from from those those described herein herein as as anticipated, believed, estimated, expected or or targeted. Abengoa does does not not intend, intend, and and does does not not assume any any obligations, to to update update these these forward-looking statements. 2

3 Agenda 1. 9M 2008 Highlights 2. 9M 2008 Detailed Financial Analysis 3. Q&A 3

4 9M 2008: Main Figures Strong growth in Ebitda and Net Income YoY % Sales 2,583.5M % Operating Cash Flow M % Ebitda M % Profit before tax M % Net Income M % Net Income pro-forma (1) 95.7 M % EPS % (1) Non including extraordinary profit and changes in consolidation perimeter 4

5 International Activity International Activity represents 66.7% of total Sales Total Abroad 1,724.1 M (66.7%) US and Canada M (17.9%) Total Spain M (33.3%) Europe (ex Spain) M (15.2%) Asia 48.3 M (1.9%) Latin America M (22.8%) Africa M (8.8%) Oceania 4.4 M (0.2%) Total Sales (% over Total Sales) 5

6 Agenda 1. 9M 2008 Highlights 2. 9M 2008 Detailed Financial Analysis 3. Q&A 6

7 Sales Sustained Revenue Growth 3.214, , , ,3 20.1% 17.5% Operating Cash Flow Improved Operating Performance 452,4 467,2 287,9 268,0 57.2% 74.3% in Millions 14.1% 16.3% 10.7% 12.3% M M M M 2008 Ebitda Net Income 383,7 287,9 33.3% 10.7% 11.9% 393,2 242,8 61.9% 15.2% 11% 100,3 20.0% 3,7% 120,4 3,7% 100,6 80,4 25.1% 3.9% 3,7% M M M M

8 Sales Growth Contribution by Business Unit in Millions 3.000, (+38.7%) 2.750, (+42.4%) Increase in execution: - Solar - Ethanol - Transmission (307.5) (internal sales) 2,583.9 (+17,5%) 2.500, (+15.9%) Brazil Ravenna 2.250, ,0 2, Solar (+ 76.5%) Env. (+15,9%) +51,6 IT (+13,3%) 9M 2007 Other Business Units Bioenergy Industrial E&C Intra-group 9M

9 Ebitda Growth Contribution by Business Unit in Millions 400, (+83.7%) (21.7) (internal Ebitda) (+61.9%) 375,0 350,0 325, (+63.3%) Higher margins in transmission in Brazil 300,0 275, (+39.9%) Non-recurrent profit (land divestment) 40 M (+45.4%) non including land divestment 250,0 225, Solar +5.7 IT (+18%) Bioenergy (+34.2%) 200,0 9M 2007 Other Business Units Environmental Services Industrial E&C Intra-group 9M

10 Net Profit Growth Homogenous Net Profit in Millions 110,0 100,0 90,0 + 20,2 100, % (16,8) ,0 +19% 70,0 80,4 60,0 50,0 9M 2007 Business Units 9M 2008 Land divestment Changes in Consolidation Perimeter 9M 2008 pro forma 10

11 P&L Account in Millions, except EPS 9M M 2007 Var (%) Net turnover % Operating Cash Flow * % Ebitda % Depreciation and amortization expense (120) (57) 112% Net Operating Profit % Net Financial Loss (144) (78) 84% Consolidated Profit before Tax % Corporate income tax (13) (16) -19% Consolidated Profit after-tax % Profit attributable to minority interests (15) (11) 36% Profit for the Year attributable to the Parent Company % Number of ordinary shares in circulation (thousands) Earnings per Share ( ) 1,11 0,89 25% * Operating Cash Flow: Earnings before interest, tax, depreciation and amortization, adjusted by profit eliminated from intra-group activities. 11

12 Intragroup activities fully eliminated at Consolidated P&L but relevant for cash-flow generation perspective Net Profit eliminated is recovered over the life of the project as a lower depreciation charge. Elimination of M of sales, 40.1 M of Ebitda and 24.7 M of Net Profit in Engineering for works done to Solar and Bioenergy M Solar (1) Bioenergy (2) Environm. Services Inform. Technol. Industrial E&C Aggregated Eliminations (3) Consolidated Consolidated Sales 29,4 613,1 630,3 440, , ,1 (414,4) 2.583,9 YoY (%) 76,5% 42,4% 15,9% 13,3% 38,7% 16,0% 17,5% Operating Cash Flow 21,0 74,9 124,8 37,6 208,8 467,1 467,2 YoY (%) 738,1% 72,2% 63,3% 18,0% 83,7% 74,3% 74,3% Op. CF / Cons. Sales 71,4% 12,2% 19,8% 8,5% 16,3% 15,6% 18,1% Ebitda 3,6 58,4 124,8 37,6 208,8 433,2 (40,1) 393,2 YoY (%) n.a 34,2% 63,3% 18,0% 83,7% 10,2% 61,9% Ebitda / Cons. Sales 12,1% 9,5% 19,8% 8,5% 16,3% 14,4% 15,2% (1) Solar Sales (50.9 M ) and EBITDA (17.4 M ) eliminated within the segment and correspond to development costs, design and technology services (2) Bioenergy Sales (16.9 M ) and EBITDA (16.5 M ) eliminated within the segment and correspond to development costs, design and technology services (3) Eliminations in Industrial E&C for works done to Solar and Bioenergy plants 12

13 Enclosed Quarters: Margins Strong operating performance in all our business Solar 20% 10% 0% 16,2% 13,3% 8,9% Bioenergy 15% 10% 5% 5,9% 8,1% 11,6% 9,4% Environm. Services pro forma 30% 20% 10% 33,1% 21,0% 14,4% 12,0% 13,9% Information Technology 15% 10% 11,6% 9,8% 6,0% 9,9% 5% Industrial E&C 15% 10% 11,2% 15,6% 18,4% 15,2% 5% Consolidated pro forma 20% 18% 16% 14% 12% 10% 13,9% 18,0% 13,5% 15,9% 15,3% Q4 07 Q1 08 Q2 08 Q

14 Main Projects in execution Projects timeline Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Transmission Desalination Bioenergy Solar PS 20 Start-up Q1 09 Solnova 1 Start-up Q4 09 Solnova 3 Start-up Q2 10 Algeria Q3 10 Start-up Solnova 4 Q4 10 APS Ethanol France Start-up Q3 08 Investment Tax Credit (ITC) renewed. Pending financing Biodiesel San Roque Start-up Q1 09 Indiana & Illinois Start-up Q1 10 Ethanol Rotterdam Start-up Q2 10 Skikda Start-up Q4 08 Chennai Start-up Q2 09 Start-up Tlemcen Q4 10 Tenes Start up Q4 11 ATE III In operation ATE IV - VII Start-up Q1 09 Start-up ATN (Peru) Q4 10 Amazonas Start-up is foreseen by Q

15 Agenda 1. 9M 2008 Highlights 2. 9M 2008 Detailed Financial Analysis 3. Q&A 15

16 First Nine Months 2008 Earnings Presentation 13 November, 2008 With the sun we produce thermoelectric and photovoltaic electric energy With biomass we produce ecologic biofuels and animal feed With wastes produce new materials through recycling, and we treat and desalinate water With Information Technology we manage business and operational processes in a secure and efficient way With engineering we build and operate conventional and renewable energy power plants, power transmission systems and industrial infrastructures With the development of social and cultural policies... we contribute to economic progress, social equity and the conservation of the environment in communities where Abengoa is present