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Innovative Technology Solutions for
Sustainability
Innovative Technology Solutions for
Sustainability
First Half 2014 Earnings Presentation
ABENGOA
August 12, 2014
2
Forward-looking Statement
• This presentation contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) 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 respect to future events and are subject to risks, uncertainties and assumptions about
Abengoa and its subsidiaries and investments, including, among other things, the development of its business, trends in its operating industry, and future
capital expenditures. In light of these risks, uncertainties and assumptions, the events or circumstances referred to in the forward-looking statements
may not occur. None of the future projections, expectations, estimates or prospects in this presentation should be taken as forecasts or promises nor
should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates
or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the presentation.
• Many factors could cause the actual results, performance or achievements of Abengoa to be materially different from any future results, performance or
achievements that may be expressed or implied by such forward-looking statements, including, among others: changes in general economic, political,
governmental and business conditions globally and in the countries in which Abengoa does business; changes in interest rates; changes in inflation rates;
changes in prices; decreases in government expenditure budgets and reductions in government subsidies; changes to national and international laws and
policies that support renewable energy sources; inability to improve competitiveness of Abengoa’s renewable energy services and products; decline in
public acceptance of renewable energy sources; legal challenges to regulations, subsidies and incentives that support renewable energy sources;
extensive governmental regulation in a number of different jurisdictions, including stringent environmental regulation; Abengoa’s substantial capital
expenditure and research and development requirements; management of exposure to credit, interest rate, exchange rate and commodity price risks;
the termination or revocation of Abengoa’s operations conducted pursuant to concessions; reliance on third-party contractors and suppliers; acquisitions
or investments in joint ventures with third parties; unexpected adjustments and cancellations of Abengoa’s backlog of unfilled orders; inability to obtain
new sites and expand existing ones; failure to maintain safe work environments; effects of catastrophes, natural disasters, adverse weather conditions,
unexpected geological or other physical conditions, or criminal or terrorist acts at one or more of Abengoa’s plants; insufficient insurance coverage and
increases in insurance cost; loss of senior management and key personnel; unauthorized use of Abengoa’s intellectual property and claims of
infringement by Abengoa of others intellectual property; Abengoa’s substantial indebtedness; Abengoa’s ability to generate cash to service its
indebtedness; changes in business strategy; and various other factors indicated in the “Risk Factors” section of Abengoa’s Form 20-F for the fiscal year
2013 filed with the Securities and Exchange Commissionon March 19, 2014. The risk factors and other key factors that Abengoa has indicated in its past
and future filings and reports, including those with the U.S. Securities and Exchange Commission, could adversely affect Abengoa’s business and
financial performance.
• Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from
those described herein as anticipated, believed, estimated, expected or targeted.
• Abengoa does not intend, and does not assume any obligations, to update these forward-looking statements.
• This presentation includes certain non-IFRS financial measures which have not been subject to a financial audit for any period.
• The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to verification, completion
and change without notice.
3
Agenda
Abengoa Yield Highlights3
Strategy & Business Update1
Financial Overview2
Outlook & Targets4
Appendices5
4
Agenda
Abengoa Yield Highlights3
Strategy & Business Update1
Financial Overview2
Outlook & Targets4
Appendices5
3,405 M€
48.2 B€
164.6 B€
695 M€
69 M€
H1 2014 at a Glance
Pipeline
Backlog
Revenues
EBITDA
Corp. Leverage
5
Net Income
+31%
+49%
+2%
-0.7x 2.5x
0.09 €Pro-forma Diluted EPS(1)
(1) Pro-forma diluted EPS excludes the mark-to-market of derivatives (hedging and embedded options in convertible bonds): -7 M€ in H1'14
Y-oY Change
E&C  7.7 B€
Conc.  40.5 B€
+8%
+12%
0%
Continued Solid Business Performance
H1 2014 Highlights
Continued
Strong
Business
Performance
• EBITDA and Net Income Growth delivered
• Solid H1 2014 New Bookings awards of ~3 B€ (+17% Y-o-Y)
• Record E&C Backlog of 7.7 B€ provides visibility into rest of 2014 and 2015+
• Solid pipeline with tangible opportunities
• Improved Q-o-Q business performance in all segments
Successfully
Executing
Strategic
Plan
• Consolidation of business model: successful Abengoa Yield IPO
Ability to hold equity investments given Yieldco has the lowest cost of capital
Reduced risk for equity partners can lead to retained returns at Abengoa
Enhance visibility of the ring-fenced nature of non-recourse debt
Easier to value for financial markets thanks to Abengoa Yield’s market value
• Refinancing of syndicated facility already secured
• Reduced Corporate Leverage vs Jun’13
• Focus on Credit profile Improvement and FCF Generation for FY 2014
• Strict Financial Discipline on execution of plan
6
Engineering
&
Construction
1
H1 2014 KPI’s
2,942 M€
+16% YoY
H1 ‘14 Operating Segment Analysis
Revenues (M€)
H1'13 H1'14
-5%
EBITDA (M€)
H1'13 H1'14
Margin (M€)
H1'13 H1'14
E&C Highlights
16.0%
17.7%
2,182 350 366
+5%
2,068
Bookings
• 2014E revenues >80% covered by record backlog & H1’14 performance
• Continued strong margin performance thanks to successful vertical integration
and technology
• Strong Q2 bookings: strategic awards in Water (San Antonio, Agadir, Turkey),
T&D (India & Brazil), wind and others
7,671 M€
+8% YoY
Backlog
164.6 B€
+49% YoY
Pipeline
7
110
125
139
159 165
164.6 B€
Record Pipeline Providing Strong Growth Prospects for Abengoa and
Abengoa Yield
E&C Pipeline
Pipeline
8
Dec.
2013
Jun.
2014
Mar.
2014
Sep.
2013
Jun.
2013
+49%
B€
• Strong prospects on thermosolar in North
America, Latam, Africa and Middle East
• Opportunities in Mexico from the new
legislation promoting private or public-private
partnerships
• Integrated Water Combined Cycle to satisfy
water needs associated to growing energy
demand, especially in the US and ME
• Waste to Biofuels (W2B) gaining interest
• ~45 B€ of E&C works for potential projects to
be developed under concession mode
Concessions
pipeline
45 B€
Abengoa
Concessions
2
H1 2014 KPI’s H1 ’14 Operating Segment Analysis
Revenues (M€)
185
222
51
124
H1'13 H1'14
+46%
EBITDA (M€)
+74%
Margin (M€)
H1'13 H1'14
Abengoa Concessions
Highlights
57.3%
27 in operation
10 in YieldCo
64.7%
1,223 MW
2,768 Km
743 MW
660 ML/day
• Growing business and improved margins from assets ramping up and
achieving efficiency and better weather conditions in Spain for CSP assets
• Creation of ABY provides market reference for Abengoa’s concession
portfolio and option for further value crystallization
• Negotiation with equity partners in Brazil impacted by new ABY exit model
22 constr./develop.
Abengoa YieldAbengoa
106
144
34
100
H1'13 H1'14
236
346 66.7%
80.6%
140
244
162 M€
-70% YoY
Equity
invested
Installed
Capacity
3,653 M€
as of June 2014
Total
Equity BV
Total # of
Assets
40.5 B€
+12% YoY
Concess.
Backlog
9
3,653(2)
820
1,681
193
1,345(1)(2)
Construction Operational ABCH Pref. Equity
Abengoa Concessions EBV
Significant Value in Abengoa’s Concessions to Provide Recurrent
Equity Recycling for Abengoa and Growth for Abengoa Yield
ABENGOA ABENGOA YIELD
720
M€
81
M€
1,412
M€
95
M€
Attractive EBV and cash yield in current
and remaining portfolio of concessions
staying in Abengoa…
…with ABY providing visibility
on the ability to maximize
returns on EBV invested
Equity Book Value in Concessions
M€
(1) ABY equity BV numbers above include the 193 M€ value of the preferred equity in ACBH.
(2) Abengoa owns 64% of the 1,345 M€ ABY’s equity BV
10
Biofuels
3
H1 ’14 Operating Segment Analysis
Revenues (M€)
H1'13 H1'14
+1%
EBITDA (M€)
41
84
H1'13 H1'14
+107%
Margin (M€)
H1'13 H1'14
Biofuels Highlights
8.5%984 991
H1 2014 KPI’s
1,207 ML
vs 964 ML H1 2013
Ethanol
Produced
~0.84 $
Vs 0.57 $ H1 2013
4.2%
• Strong operational performance in all our plants
• Solid results in the US and Brazil, disappointing in EU
• Restarting our Colwich plant, after 20 months idle
Ethanol
Produced
US Crush
Spread
Hugoton
• Construction: Finished
• Commissioning: On progress
• Enzymes: Producing
11
Geographic Diversification
North and South America key geographies, with increased
focus in developing business in emerging markets
H1
2013
H1
2014
12
39%
442 M€
13%
81 M€
South America
21%
846 M€
25%
36% 471 M€
H1’14 Revenues
3,405 M€
Capturing Global Macro-trends in Energy and Environment
Sectors Worldwide
5%
ME, Asia &
Oceania
7%
North America
*Includes USA and Mexico
*
1,329 M€ Africa
2%
Rest of EU
12%
Spain
14% 18%
237 M€
8%
Technology Update
13
Continued Development of Our Technology: Milestones of the Quarter
Solar Technology
Increased thermal storage capacity with nanoparticles
Smart Solar Plant (SSP): CSP + PV + Electrical and Thermal Storage
 Optimal management of energy supply
 Fast response in energy delivery
Water Technology
Started manufacturing process for Micronet Porous Fibers (MPF) modules
Pilot project of water reuse with aquifer injection for indirect
potabilization of waste water (Texas AM university)
Bioenergy
Hugoton commissioning phase; full operation scale by end
of Q3 2014
Improving Abengoa's enzymatic cocktail, lowering its
ethanol cost contribution through an achieved enzyme
dose reduction of 30%
269
Patents(1)
(1) Patents applications of which 116 have been granted
Developing n-butanol trough fermentation,
diversifying our product portfolio, reducing
capital investment. ~115% EBITDA increase
estimation of our plants
14
Agenda
Abengoa Yield Highlights3
Strategy & Business Update1
Financial Overview2
Outlook & Targets4
Appendices5
H1 2014 Financial Performance
15
Revenues
EBITDA
Net Income
3,405 M€
695 M€
69 M€
+2% YoY
Continued positive
operating performance…
… with leverage improving
year over year …
0% YoY
+31% YoY
LTM
Corporate
EBITDA
967 M€
+28% YoY
1 2
Total
Backlog
E&C
Pipeline
48,2 B€
165 B€
+11% YoY
Corporate
Leverage
2.5x
Corporate
CAPEX
60 M€
-16% YoY+18% YoY
+3% QoQ
flat vs Mar ‘13
-0.7x vs June‘13
…and focus on generating
recurrent corporate FCF
3
Strong Corporate EBITDA
Dividends from ABY
Lowering financial cost
Reduced Corp. Capex
Recurrent Asset Rotation
Solid operating performance while keeping on track to achieve financial
targets
Equity Inv.
Concessions
162 M€
-70% YoY
ABY IPO
Proceeds
611 M€
gross proceeds




Strong Bookings Performance Increasing E&C Backlog to ~7.7 B€..
June 2014 Backlog
16
…by Sector
Water
Renewable
Power
Conventional
Power
T&D
Others
Industrial Plants
7.1
6.8
2.4
2.6
2.7
Jun. 2013Dec. 2013Jun. 2014
24%
11%
23%
22%
7%
13%
Europe
Rest of South
America
North America Brazil
Asia
…by Region
+8%
27%
29%
16%
15%
0%
13%
Significant awards in Q2 2014 drive backlog to very healthy levels
San Antonio Water & Others: materializing water opportunities in the pipeline
~31% of total backlog expected to convert into revenues in the remainder of 2014E
Good visibility: >80% of 2014E E&C revenues already covered
Africa
(*) Includes USA and Mexico
*
7.7
Rest
2014
2015
2016+
+13%
…and +40 B€ of contracted revenues in concessions with a +26
years average remaining life
Net Debt Position
17
2,446 2,421 2,442
3.2x
2.5x
Jun'13 Mar'14 Jun'14
Reduced Leverage Through Execution of Strategic Plan
Corporate Net Debt
2,108 2,184 2,117
8.4x
7.7x
7.0x
Jun'13 Mar'14 Jun'14
Concessions Net Debt(1)(2)(3)
2.5x
Adj. Corp. Net Debt
2.5x ~1,450 M€
(1.5x)
Abengoa stake in ABY
Corp. Leverage
without considering
stake in Abengoa
Yield 1.0x
(1) On-going net debt /EBITDA: includes operational project outstanding net debt position at reporting date and annualized EBITDA for projects in ramp-up phase
(2) Excludes Abengoa Yield
(3) Do not Include 410 M€ of Biofuels Non-recourse Net Debt
Millions € Millions €
45 74
193
118 127 78 99
500
476
550
330
500
9
313
681
250
400
18
Improved Maturity Profile
Reinforced and extended maturity profile, diversified in sources
No refinancing needs through 2016
Rest of
2014E
2015E 2016E 2017E 2018E 2019E
Syndicated Loans Other corp. debt Convertible Bonds Expected UoP from
Capital Increase and
HY Notes
2020E
Bonds
2021E+
(1)
317
200
186
100
300
192
(1) If converted, company has elected to settle in shares
Extension of Syndicated Loan
Already Secured with
Improved Terms
H1 2014
Positive Corporate FCF expected by YE 2014
• Corporate EBITDA 211 205 416
• Net Financial Income/(Expense) (98) (142) (240)
• Taxes (11) 11 (0)
• Dividends from ABENGOA YIELD - - -
Funds from Operations 102 74 176
• Change in Working Capital & Others (642) (162) (804)
Cash Flow from Operations (540) (88) (628)
• Corp. CAPEX (incl. R&D & Maintenance CAPEX)) (21) (39) (60)
• Equity Invested in Concessions (69) (93) (162)
• Equity Recycled from Concessions - 611 611
Corporate Net CAPEX (90) 479 389
Corporate Free Cash Flow (630) 391 (239)
• Dividends Paid - (39) (39)
• Solana cash 333 (333) -
• ABY IPO fees and expenses - (40) (40)
Change in Corp. Net Debt (297) (21) (318)
Corporate Free Cash Flow
Q2 2014Q1 2014
19
Consolidated Cash-flow
Cash as of June 30, 2014
• EBITDA 531 695
• Working Capital (69) (738)
• Net Interest Paid (243) (357)
• Taxes & Other Financial Cost (93) (44)
• Non-monetary Adjust. - (86)
• Discontinued operations 35 0
Cash generated from operations 161 M€ (531) M€
H1 2014
• Total CAPEX invested (931) (1,193)
• Other net investments (53) -
• Discontinued Operation (28) -
Cash used in investing activities (1,012) M€ (1,193) M€
of which ABG’s Corp CAPEX: (222) M€
Cash as of Dec’13
2,994 M€
2,952 M€ 24 M€ FX
(2) M€ Disc. Op.
H1 2013
• Proceeds from loans & borrowings 1,097 1,490
• Repayment of loans & borrowings & other act. (367) (319)
• Gross ABY IPO Proceeds - 611
• Dividends paid (39) (39)
• Treasury stock (85) --
• Discontinued operations (35) -
Net Cash from financing activities 571 M€ 1,743 M€
Net increase (decrease) in cash and
cash equiv. 22 M€
20
21
Agenda
Abengoa Yield Highlights3
Strategy & Business Update1
Financial Overview2
Outlook & Targets4
Appendices5
EBITDA (M$)Revenues (M$)
22
H1'13 H1'14
92%
H1'13 H1'14
109%
Transfer of assets to Abengoa Yield in mid-June; H1’14 results are mainly attributable
to the predecessor
Increase mainly due to assets entering into operation in H2 2013 and H1 2014:
Solana, ATS, Quadra 1 &2 and recently Palmatir
Mojave construction substantially complete, COD expected by October. All assets in
the IPO portfolio in operation thereafter.
Pro-rata dividend of $0.037 per share expected to be declared and paid together
with third quarter dividend
Confirmed guidance of CAFD for LTM 2015 and 2016
LTM June 15 LTM June 16
63%
Performance in Line with Expectations Considering Seasonality
and CODs of the Assets
$169,8M
$88,3M
$65,7M
$137,2M
$92M
$150M
Abengoa Yield Highlights
CAFD Targets (M$)
23
Delivering as Expected by Geography and Business Sector
Abengoa Yield - Results by Sector
In Millions $
North America
Results
by
Region
H1’14 H1’13 %
Revenues 96.8 47.6 103%
EBITDA 83.7 40.7 106%
EBITDA Margin 86.5% 85.5%
South America
H1’14 H1’13 %
36.3 10.8 236%
29.5 7.4 299%
81.3% 68.5%
Europe
H1’14 H1’13 %
36.7 29.9 23%
24.0 17.6 36%
65.4% 58.9%
In Millions $
Renewable
Energy
Results
by
Sector
H1’14 H1’13 %
Revenues 78.3 29.9 162%
EBITDA 60.6 17.0 257%
EBITDA Margin 77.4% 56.7%
Clean Conventional
Power
H1’14 H1’13 %
57.1 47.6 20%
48.5 41.0 18%
85.0% 86.3%
Transmission
Lines
H1’14 H1’13 %
34.4 10.8 218%
28.0 7.7 264%
81.6% 71.3%
24
Agenda
Abengoa Yield Highlights3
Strategy & Business Update1
Financial Overview2
Outlook & Targets4
Appendices5
< 2.0x
25
FY 2014E Business Guidance1
FY 2014 Business Guidance & Targets
Confirmed Business Guidance and Targets for 2014
Business Guidance
M€ Y-o-Y %
Revenues: 7,900 - 8,000 +7%-9%
EBITDA: 1,350 - 1,400 +10%-14%
Corp. EBITDA: 860 - 885 +3%-6%
Higher visibility and
business resilience
allowing for a solid
performance in 2014
2014 Financial Targets2
Net Corp. Leverage
450 M€Corp. CAPEX + Equity in Concessions
> > 0 M€Corporate FCF
26
Agenda
Abengoa Yield Highlights3
Strategy & Business Update1
Financial Overview2
Outlook & Targets4
Appendices5
27
Results by Activity
€ in Millions Revenues EBITDA EBITDA Margin
H1 2014 H1 2013 Var (%) H1 2014 H1 2013 Var (%) H1 2014 H1 2013
Engineering and Construction
E&C 2,068 2,181 -5.2% 366 350 4.6% 17.8% 16.0%
Total E&C 2,068 2,182 -5.2% 366 350 4.6% 17.8% 16.0%
Abengoa Concessions
Solar 157 112 41.1% 107 69 56.4% 68.1% 61.5%
Water 21 21 0.0% 14 16 -14.1% 66.7% 78.7%
Transmission 31 24 24.0% 20 15 32.7% 66.0% 63.0%
Co-generation & Other 13 28 -53.6% 3 6 -54.3% 19.7% 19.6%
Abengoa Yield 124 51 143.1% 100 34 192.0% 80.8% 66.6%
Total Concessions 346 236 46.3% 244 140 74.4% 70.6% 59.3%
Industrial Production
Biofuels 991 984 0.7% 84 41 104.9% 8.5% 4.1%
Total Industrial Production 991 984 0.7% 84 41 107.1% 8.5% 4.1%
Total 3,405 3,402 0.1% 695 531 30.9% 20.4% 15.6%
E&C Pipeline Breakdown
28
By Region
164.6 B€Pipeline
2%
26%
8%
10%15%
30%
9%
Spain 2.7 B€
North America 42.9 B€
Rest of EU 13.9 B€
Brazil 16.5 B€
Rest of South America 24.4 B€
Asia & Oceania 50.0 B€
Africa 14.3 B€
By Sector
T&D 21.9 B€
Renewable Power 19.4 B€
Conventional Power 60.9 B€
Water 33.7 B€
Industrial Plants 13.4 B€
Others 15.4 B€
+49% Y-oY
13%
12%
37%
20%
8%
9%
29
Capex under construction by
segment (I)
1This project falls under the scope of IFRS 10 and is therefore consolidated through equity
method until entry into operation
Total Equity Capex
Amounts based on the company´s best estimate as of Jun. 30, 2014. Actual investments or timing thereof may change.
2 Project where financial structure pending to be secured
Total Amounts (M€)
Capacity
Abengoa
(%)
Country
Entry in
Operation
Total
Investment
Pending
Capex
Corporate
Capex
Partners Debt
Mojave1 280 MW 100% US Q3 14 1,137 98 11 0 87
South Africa 100 MW1 100 MW 51% S.Africa Q4 14 540 83 8 7 68
South Africa 50 MW1 50 MW 51% S.Africa Q1 15 282 45 6 6 33
Cadonal S.A. 50 MWH 50% Uruguay Q1 15 87 34 12 12 10
Tenes 200,000 m3/day 51% Algeria Q3 14 193 21 2 2 17
Ghana 60,000 m3/day 56% Ghana Q1 15 92 17 3 2 12
Zapotillo Water Project 3,80 m3/seg 100% Mexico Q1 17 502 336 106 150 80
Norte Brasil (Rio madeira) 2,375 km 51% Brazil Q3 14 932 47 22 21 4
ATN 3 355 km 100% Peru Q3 16 116 89 41 0 48
Hospital Manaus 300 beds 60% Brazil Q2 15 167 105 0 0 105
Xina 100 MW 40% S.Africa Q4 16 666 666 67 100 499
Ashalim 110 MW 50% Israel Q2 17 803 803 54 54 695
Corfo CSP Plant 110 MW 30% Chile 2017 1,074 1,074 113 264 697
A3T 240 MW 100% Mexico Q1 17 919 386 93 0 293
Nicefield 70 MWH 100% Uruguay Q4 15 113 113 11 11 91
Agadir 100,000 m3/day 51% Morocco Q4 16 85 84 6 16 62
SAWS 175,000 m3/day 51% EEUU Q4 19 618 618 31 29 558
New Brazilian T&D Lines 5786 Km 30% Brazil Q1 16-17 2,370 2,083 148 346 1,589
India T&D Line 115 km 51% India 2017 54 54 4 4 46
Hugoton1 100 ML 100% US Q2 14 546 67 2 38 27
740
Industrial Production
Limited Equity Investment 2
Consolidated Concessions Capex
2014 (M€) 2015 (M€) 2016+ (M€)
Consolidated Concessions
Capex
Pending
Capex
Corp.
Capex
Partners Debt
Pending
Capex
Corp.
Capex
Partners Debt
Pending
Capex
Corp.
Capex
Partners Debt
Mojave1 98 11 0 87 0 0 0 0 0 0 0 0
South Africa 100 MW1 55 5 5 45 28 3 2 23 0 0 0 0
South Africa 50 MW1 45 6 6 33 0 0 0 0 0 0 0 0
Cadonal S.A. 32 11 11 10 2 1 1 0 0 0 0 0
Tenes 21 2 2 17 0 0 0 0 0 0 0 0
Ghana 17 3 2 12 0 0 0 0 0 0 0 0
Acueducto Zapotillo 53 16 20 17 143 45 64 34 140 45 66 29
Norte Brasil 47 22 21 4 0 0 0 0 0 0 0 0
ATN 3 11 0 0 11 61 35 0 26 17 6 0 11
Hospital Manaus 93 0 0 93 12 0 0 12 0 0 0 0
Limited Equity Investment2
Xina2 145 15 22 108 320 32 49 239 201 20 29 152
Ashalim2 145 0 54 91 358 54 0 304 300 0 0 300
Corfo CSP Plant2 267 35 82 150 434 51 120 263 373 27 62 284
A3T2 132 32 0 100 151 38 0 113 103 23 0 80
Nicefield2 44 3 3 38 69 8 8 53 0 0 0 0
Agadir2 18 2 5 11 47 3 7 37 19 1 4 14
SAWS2 0 0 0 0 618 31 29 558 0 0 0 0
New Brazilian T&D Lines2 123 9 22 92 630 43 101 486 1,330 96 223 1,011
India T&D Line2 6 3 1 2 13 0 0 13 35 1 3 31
Industrial Production
Hugoton1 67 2 38 27 0 0 0 0 0 0 0 0
177 344 219
30
Capex under construction by
segment (II)Amounts based on the company´s best estimate as of June 30, 2014. Actual investments or timing thereof may change.
Total Equity Capex
1 This project falls under the scope of IFRS 10 and is therefore consolidated through equity method until entry into operation
2 Project where financial structure pending to be secured
Asset Portfolio Capacity
31
Revenue visibility backed by our solid asset portfolio
Solar (MW)
1,157 1,157
1,611 1,611
8,645
Mar. 2014 2017E
560
260
100
660
920
Mar 2014 2015E
(1) Includes 286 MW of capacity of bioethanol plants cogeneration facilities
(2) Assumes sale of Qingdao
Cogeneration & Others(1)
(MW)
Desalination (Ml/day)
Transmissions (km)
Extensive concessional asset base once current capex plan completed
3,175 3,175
95
Mar. 2014 2014E
Solid producing assets
Biofuels (Ml/year)
In operation
Under construction
Under development
563 563
660 660
150
320
Mar. 2014 2017E
393 393
350 350
340
Mar. 2014 2016E
11,413
1,973
(2)
2,768
Abengoa Yield
1,223
3,175 3,270
1,083
743
Innovative Technology Solutions for
Sustainability
Thank you
ABENGOA
August 12, 2014

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Abengoa first semester 2014 Earnings Presentation

  • 1. Innovative Technology Solutions for Sustainability Innovative Technology Solutions for Sustainability First Half 2014 Earnings Presentation ABENGOA August 12, 2014
  • 2. 2 Forward-looking Statement • This presentation contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) 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 respect to future events and are subject to risks, uncertainties and assumptions about Abengoa and its subsidiaries and investments, including, among other things, the development of its business, trends in its operating industry, and future capital expenditures. In light of these risks, uncertainties and assumptions, the events or circumstances referred to in the forward-looking statements may not occur. None of the future projections, expectations, estimates or prospects in this presentation should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the presentation. • Many factors could cause the actual results, performance or achievements of Abengoa to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others: changes in general economic, political, governmental and business conditions globally and in the countries in which Abengoa does business; changes in interest rates; changes in inflation rates; changes in prices; decreases in government expenditure budgets and reductions in government subsidies; changes to national and international laws and policies that support renewable energy sources; inability to improve competitiveness of Abengoa’s renewable energy services and products; decline in public acceptance of renewable energy sources; legal challenges to regulations, subsidies and incentives that support renewable energy sources; extensive governmental regulation in a number of different jurisdictions, including stringent environmental regulation; Abengoa’s substantial capital expenditure and research and development requirements; management of exposure to credit, interest rate, exchange rate and commodity price risks; the termination or revocation of Abengoa’s operations conducted pursuant to concessions; reliance on third-party contractors and suppliers; acquisitions or investments in joint ventures with third parties; unexpected adjustments and cancellations of Abengoa’s backlog of unfilled orders; inability to obtain new sites and expand existing ones; failure to maintain safe work environments; effects of catastrophes, natural disasters, adverse weather conditions, unexpected geological or other physical conditions, or criminal or terrorist acts at one or more of Abengoa’s plants; insufficient insurance coverage and increases in insurance cost; loss of senior management and key personnel; unauthorized use of Abengoa’s intellectual property and claims of infringement by Abengoa of others intellectual property; Abengoa’s substantial indebtedness; Abengoa’s ability to generate cash to service its indebtedness; changes in business strategy; and various other factors indicated in the “Risk Factors” section of Abengoa’s Form 20-F for the fiscal year 2013 filed with the Securities and Exchange Commissionon March 19, 2014. The risk factors and other key factors that Abengoa has indicated in its past and future filings and reports, including those with the U.S. Securities and Exchange Commission, could adversely affect Abengoa’s business and financial performance. • Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or targeted. • Abengoa does not intend, and does not assume any obligations, to update these forward-looking statements. • This presentation includes certain non-IFRS financial measures which have not been subject to a financial audit for any period. • The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to verification, completion and change without notice.
  • 3. 3 Agenda Abengoa Yield Highlights3 Strategy & Business Update1 Financial Overview2 Outlook & Targets4 Appendices5
  • 4. 4 Agenda Abengoa Yield Highlights3 Strategy & Business Update1 Financial Overview2 Outlook & Targets4 Appendices5
  • 5. 3,405 M€ 48.2 B€ 164.6 B€ 695 M€ 69 M€ H1 2014 at a Glance Pipeline Backlog Revenues EBITDA Corp. Leverage 5 Net Income +31% +49% +2% -0.7x 2.5x 0.09 €Pro-forma Diluted EPS(1) (1) Pro-forma diluted EPS excludes the mark-to-market of derivatives (hedging and embedded options in convertible bonds): -7 M€ in H1'14 Y-oY Change E&C  7.7 B€ Conc.  40.5 B€ +8% +12% 0% Continued Solid Business Performance
  • 6. H1 2014 Highlights Continued Strong Business Performance • EBITDA and Net Income Growth delivered • Solid H1 2014 New Bookings awards of ~3 B€ (+17% Y-o-Y) • Record E&C Backlog of 7.7 B€ provides visibility into rest of 2014 and 2015+ • Solid pipeline with tangible opportunities • Improved Q-o-Q business performance in all segments Successfully Executing Strategic Plan • Consolidation of business model: successful Abengoa Yield IPO Ability to hold equity investments given Yieldco has the lowest cost of capital Reduced risk for equity partners can lead to retained returns at Abengoa Enhance visibility of the ring-fenced nature of non-recourse debt Easier to value for financial markets thanks to Abengoa Yield’s market value • Refinancing of syndicated facility already secured • Reduced Corporate Leverage vs Jun’13 • Focus on Credit profile Improvement and FCF Generation for FY 2014 • Strict Financial Discipline on execution of plan 6
  • 7. Engineering & Construction 1 H1 2014 KPI’s 2,942 M€ +16% YoY H1 ‘14 Operating Segment Analysis Revenues (M€) H1'13 H1'14 -5% EBITDA (M€) H1'13 H1'14 Margin (M€) H1'13 H1'14 E&C Highlights 16.0% 17.7% 2,182 350 366 +5% 2,068 Bookings • 2014E revenues >80% covered by record backlog & H1’14 performance • Continued strong margin performance thanks to successful vertical integration and technology • Strong Q2 bookings: strategic awards in Water (San Antonio, Agadir, Turkey), T&D (India & Brazil), wind and others 7,671 M€ +8% YoY Backlog 164.6 B€ +49% YoY Pipeline 7
  • 8. 110 125 139 159 165 164.6 B€ Record Pipeline Providing Strong Growth Prospects for Abengoa and Abengoa Yield E&C Pipeline Pipeline 8 Dec. 2013 Jun. 2014 Mar. 2014 Sep. 2013 Jun. 2013 +49% B€ • Strong prospects on thermosolar in North America, Latam, Africa and Middle East • Opportunities in Mexico from the new legislation promoting private or public-private partnerships • Integrated Water Combined Cycle to satisfy water needs associated to growing energy demand, especially in the US and ME • Waste to Biofuels (W2B) gaining interest • ~45 B€ of E&C works for potential projects to be developed under concession mode Concessions pipeline 45 B€
  • 9. Abengoa Concessions 2 H1 2014 KPI’s H1 ’14 Operating Segment Analysis Revenues (M€) 185 222 51 124 H1'13 H1'14 +46% EBITDA (M€) +74% Margin (M€) H1'13 H1'14 Abengoa Concessions Highlights 57.3% 27 in operation 10 in YieldCo 64.7% 1,223 MW 2,768 Km 743 MW 660 ML/day • Growing business and improved margins from assets ramping up and achieving efficiency and better weather conditions in Spain for CSP assets • Creation of ABY provides market reference for Abengoa’s concession portfolio and option for further value crystallization • Negotiation with equity partners in Brazil impacted by new ABY exit model 22 constr./develop. Abengoa YieldAbengoa 106 144 34 100 H1'13 H1'14 236 346 66.7% 80.6% 140 244 162 M€ -70% YoY Equity invested Installed Capacity 3,653 M€ as of June 2014 Total Equity BV Total # of Assets 40.5 B€ +12% YoY Concess. Backlog 9
  • 10. 3,653(2) 820 1,681 193 1,345(1)(2) Construction Operational ABCH Pref. Equity Abengoa Concessions EBV Significant Value in Abengoa’s Concessions to Provide Recurrent Equity Recycling for Abengoa and Growth for Abengoa Yield ABENGOA ABENGOA YIELD 720 M€ 81 M€ 1,412 M€ 95 M€ Attractive EBV and cash yield in current and remaining portfolio of concessions staying in Abengoa… …with ABY providing visibility on the ability to maximize returns on EBV invested Equity Book Value in Concessions M€ (1) ABY equity BV numbers above include the 193 M€ value of the preferred equity in ACBH. (2) Abengoa owns 64% of the 1,345 M€ ABY’s equity BV 10
  • 11. Biofuels 3 H1 ’14 Operating Segment Analysis Revenues (M€) H1'13 H1'14 +1% EBITDA (M€) 41 84 H1'13 H1'14 +107% Margin (M€) H1'13 H1'14 Biofuels Highlights 8.5%984 991 H1 2014 KPI’s 1,207 ML vs 964 ML H1 2013 Ethanol Produced ~0.84 $ Vs 0.57 $ H1 2013 4.2% • Strong operational performance in all our plants • Solid results in the US and Brazil, disappointing in EU • Restarting our Colwich plant, after 20 months idle Ethanol Produced US Crush Spread Hugoton • Construction: Finished • Commissioning: On progress • Enzymes: Producing 11
  • 12. Geographic Diversification North and South America key geographies, with increased focus in developing business in emerging markets H1 2013 H1 2014 12 39% 442 M€ 13% 81 M€ South America 21% 846 M€ 25% 36% 471 M€ H1’14 Revenues 3,405 M€ Capturing Global Macro-trends in Energy and Environment Sectors Worldwide 5% ME, Asia & Oceania 7% North America *Includes USA and Mexico * 1,329 M€ Africa 2% Rest of EU 12% Spain 14% 18% 237 M€ 8%
  • 13. Technology Update 13 Continued Development of Our Technology: Milestones of the Quarter Solar Technology Increased thermal storage capacity with nanoparticles Smart Solar Plant (SSP): CSP + PV + Electrical and Thermal Storage  Optimal management of energy supply  Fast response in energy delivery Water Technology Started manufacturing process for Micronet Porous Fibers (MPF) modules Pilot project of water reuse with aquifer injection for indirect potabilization of waste water (Texas AM university) Bioenergy Hugoton commissioning phase; full operation scale by end of Q3 2014 Improving Abengoa's enzymatic cocktail, lowering its ethanol cost contribution through an achieved enzyme dose reduction of 30% 269 Patents(1) (1) Patents applications of which 116 have been granted Developing n-butanol trough fermentation, diversifying our product portfolio, reducing capital investment. ~115% EBITDA increase estimation of our plants
  • 14. 14 Agenda Abengoa Yield Highlights3 Strategy & Business Update1 Financial Overview2 Outlook & Targets4 Appendices5
  • 15. H1 2014 Financial Performance 15 Revenues EBITDA Net Income 3,405 M€ 695 M€ 69 M€ +2% YoY Continued positive operating performance… … with leverage improving year over year … 0% YoY +31% YoY LTM Corporate EBITDA 967 M€ +28% YoY 1 2 Total Backlog E&C Pipeline 48,2 B€ 165 B€ +11% YoY Corporate Leverage 2.5x Corporate CAPEX 60 M€ -16% YoY+18% YoY +3% QoQ flat vs Mar ‘13 -0.7x vs June‘13 …and focus on generating recurrent corporate FCF 3 Strong Corporate EBITDA Dividends from ABY Lowering financial cost Reduced Corp. Capex Recurrent Asset Rotation Solid operating performance while keeping on track to achieve financial targets Equity Inv. Concessions 162 M€ -70% YoY ABY IPO Proceeds 611 M€ gross proceeds    
  • 16. Strong Bookings Performance Increasing E&C Backlog to ~7.7 B€.. June 2014 Backlog 16 …by Sector Water Renewable Power Conventional Power T&D Others Industrial Plants 7.1 6.8 2.4 2.6 2.7 Jun. 2013Dec. 2013Jun. 2014 24% 11% 23% 22% 7% 13% Europe Rest of South America North America Brazil Asia …by Region +8% 27% 29% 16% 15% 0% 13% Significant awards in Q2 2014 drive backlog to very healthy levels San Antonio Water & Others: materializing water opportunities in the pipeline ~31% of total backlog expected to convert into revenues in the remainder of 2014E Good visibility: >80% of 2014E E&C revenues already covered Africa (*) Includes USA and Mexico * 7.7 Rest 2014 2015 2016+ +13% …and +40 B€ of contracted revenues in concessions with a +26 years average remaining life
  • 17. Net Debt Position 17 2,446 2,421 2,442 3.2x 2.5x Jun'13 Mar'14 Jun'14 Reduced Leverage Through Execution of Strategic Plan Corporate Net Debt 2,108 2,184 2,117 8.4x 7.7x 7.0x Jun'13 Mar'14 Jun'14 Concessions Net Debt(1)(2)(3) 2.5x Adj. Corp. Net Debt 2.5x ~1,450 M€ (1.5x) Abengoa stake in ABY Corp. Leverage without considering stake in Abengoa Yield 1.0x (1) On-going net debt /EBITDA: includes operational project outstanding net debt position at reporting date and annualized EBITDA for projects in ramp-up phase (2) Excludes Abengoa Yield (3) Do not Include 410 M€ of Biofuels Non-recourse Net Debt Millions € Millions €
  • 18. 45 74 193 118 127 78 99 500 476 550 330 500 9 313 681 250 400 18 Improved Maturity Profile Reinforced and extended maturity profile, diversified in sources No refinancing needs through 2016 Rest of 2014E 2015E 2016E 2017E 2018E 2019E Syndicated Loans Other corp. debt Convertible Bonds Expected UoP from Capital Increase and HY Notes 2020E Bonds 2021E+ (1) 317 200 186 100 300 192 (1) If converted, company has elected to settle in shares Extension of Syndicated Loan Already Secured with Improved Terms
  • 19. H1 2014 Positive Corporate FCF expected by YE 2014 • Corporate EBITDA 211 205 416 • Net Financial Income/(Expense) (98) (142) (240) • Taxes (11) 11 (0) • Dividends from ABENGOA YIELD - - - Funds from Operations 102 74 176 • Change in Working Capital & Others (642) (162) (804) Cash Flow from Operations (540) (88) (628) • Corp. CAPEX (incl. R&D & Maintenance CAPEX)) (21) (39) (60) • Equity Invested in Concessions (69) (93) (162) • Equity Recycled from Concessions - 611 611 Corporate Net CAPEX (90) 479 389 Corporate Free Cash Flow (630) 391 (239) • Dividends Paid - (39) (39) • Solana cash 333 (333) - • ABY IPO fees and expenses - (40) (40) Change in Corp. Net Debt (297) (21) (318) Corporate Free Cash Flow Q2 2014Q1 2014 19
  • 20. Consolidated Cash-flow Cash as of June 30, 2014 • EBITDA 531 695 • Working Capital (69) (738) • Net Interest Paid (243) (357) • Taxes & Other Financial Cost (93) (44) • Non-monetary Adjust. - (86) • Discontinued operations 35 0 Cash generated from operations 161 M€ (531) M€ H1 2014 • Total CAPEX invested (931) (1,193) • Other net investments (53) - • Discontinued Operation (28) - Cash used in investing activities (1,012) M€ (1,193) M€ of which ABG’s Corp CAPEX: (222) M€ Cash as of Dec’13 2,994 M€ 2,952 M€ 24 M€ FX (2) M€ Disc. Op. H1 2013 • Proceeds from loans & borrowings 1,097 1,490 • Repayment of loans & borrowings & other act. (367) (319) • Gross ABY IPO Proceeds - 611 • Dividends paid (39) (39) • Treasury stock (85) -- • Discontinued operations (35) - Net Cash from financing activities 571 M€ 1,743 M€ Net increase (decrease) in cash and cash equiv. 22 M€ 20
  • 21. 21 Agenda Abengoa Yield Highlights3 Strategy & Business Update1 Financial Overview2 Outlook & Targets4 Appendices5
  • 22. EBITDA (M$)Revenues (M$) 22 H1'13 H1'14 92% H1'13 H1'14 109% Transfer of assets to Abengoa Yield in mid-June; H1’14 results are mainly attributable to the predecessor Increase mainly due to assets entering into operation in H2 2013 and H1 2014: Solana, ATS, Quadra 1 &2 and recently Palmatir Mojave construction substantially complete, COD expected by October. All assets in the IPO portfolio in operation thereafter. Pro-rata dividend of $0.037 per share expected to be declared and paid together with third quarter dividend Confirmed guidance of CAFD for LTM 2015 and 2016 LTM June 15 LTM June 16 63% Performance in Line with Expectations Considering Seasonality and CODs of the Assets $169,8M $88,3M $65,7M $137,2M $92M $150M Abengoa Yield Highlights CAFD Targets (M$)
  • 23. 23 Delivering as Expected by Geography and Business Sector Abengoa Yield - Results by Sector In Millions $ North America Results by Region H1’14 H1’13 % Revenues 96.8 47.6 103% EBITDA 83.7 40.7 106% EBITDA Margin 86.5% 85.5% South America H1’14 H1’13 % 36.3 10.8 236% 29.5 7.4 299% 81.3% 68.5% Europe H1’14 H1’13 % 36.7 29.9 23% 24.0 17.6 36% 65.4% 58.9% In Millions $ Renewable Energy Results by Sector H1’14 H1’13 % Revenues 78.3 29.9 162% EBITDA 60.6 17.0 257% EBITDA Margin 77.4% 56.7% Clean Conventional Power H1’14 H1’13 % 57.1 47.6 20% 48.5 41.0 18% 85.0% 86.3% Transmission Lines H1’14 H1’13 % 34.4 10.8 218% 28.0 7.7 264% 81.6% 71.3%
  • 24. 24 Agenda Abengoa Yield Highlights3 Strategy & Business Update1 Financial Overview2 Outlook & Targets4 Appendices5
  • 25. < 2.0x 25 FY 2014E Business Guidance1 FY 2014 Business Guidance & Targets Confirmed Business Guidance and Targets for 2014 Business Guidance M€ Y-o-Y % Revenues: 7,900 - 8,000 +7%-9% EBITDA: 1,350 - 1,400 +10%-14% Corp. EBITDA: 860 - 885 +3%-6% Higher visibility and business resilience allowing for a solid performance in 2014 2014 Financial Targets2 Net Corp. Leverage 450 M€Corp. CAPEX + Equity in Concessions > > 0 M€Corporate FCF
  • 26. 26 Agenda Abengoa Yield Highlights3 Strategy & Business Update1 Financial Overview2 Outlook & Targets4 Appendices5
  • 27. 27 Results by Activity € in Millions Revenues EBITDA EBITDA Margin H1 2014 H1 2013 Var (%) H1 2014 H1 2013 Var (%) H1 2014 H1 2013 Engineering and Construction E&C 2,068 2,181 -5.2% 366 350 4.6% 17.8% 16.0% Total E&C 2,068 2,182 -5.2% 366 350 4.6% 17.8% 16.0% Abengoa Concessions Solar 157 112 41.1% 107 69 56.4% 68.1% 61.5% Water 21 21 0.0% 14 16 -14.1% 66.7% 78.7% Transmission 31 24 24.0% 20 15 32.7% 66.0% 63.0% Co-generation & Other 13 28 -53.6% 3 6 -54.3% 19.7% 19.6% Abengoa Yield 124 51 143.1% 100 34 192.0% 80.8% 66.6% Total Concessions 346 236 46.3% 244 140 74.4% 70.6% 59.3% Industrial Production Biofuels 991 984 0.7% 84 41 104.9% 8.5% 4.1% Total Industrial Production 991 984 0.7% 84 41 107.1% 8.5% 4.1% Total 3,405 3,402 0.1% 695 531 30.9% 20.4% 15.6%
  • 28. E&C Pipeline Breakdown 28 By Region 164.6 B€Pipeline 2% 26% 8% 10%15% 30% 9% Spain 2.7 B€ North America 42.9 B€ Rest of EU 13.9 B€ Brazil 16.5 B€ Rest of South America 24.4 B€ Asia & Oceania 50.0 B€ Africa 14.3 B€ By Sector T&D 21.9 B€ Renewable Power 19.4 B€ Conventional Power 60.9 B€ Water 33.7 B€ Industrial Plants 13.4 B€ Others 15.4 B€ +49% Y-oY 13% 12% 37% 20% 8% 9%
  • 29. 29 Capex under construction by segment (I) 1This project falls under the scope of IFRS 10 and is therefore consolidated through equity method until entry into operation Total Equity Capex Amounts based on the company´s best estimate as of Jun. 30, 2014. Actual investments or timing thereof may change. 2 Project where financial structure pending to be secured Total Amounts (M€) Capacity Abengoa (%) Country Entry in Operation Total Investment Pending Capex Corporate Capex Partners Debt Mojave1 280 MW 100% US Q3 14 1,137 98 11 0 87 South Africa 100 MW1 100 MW 51% S.Africa Q4 14 540 83 8 7 68 South Africa 50 MW1 50 MW 51% S.Africa Q1 15 282 45 6 6 33 Cadonal S.A. 50 MWH 50% Uruguay Q1 15 87 34 12 12 10 Tenes 200,000 m3/day 51% Algeria Q3 14 193 21 2 2 17 Ghana 60,000 m3/day 56% Ghana Q1 15 92 17 3 2 12 Zapotillo Water Project 3,80 m3/seg 100% Mexico Q1 17 502 336 106 150 80 Norte Brasil (Rio madeira) 2,375 km 51% Brazil Q3 14 932 47 22 21 4 ATN 3 355 km 100% Peru Q3 16 116 89 41 0 48 Hospital Manaus 300 beds 60% Brazil Q2 15 167 105 0 0 105 Xina 100 MW 40% S.Africa Q4 16 666 666 67 100 499 Ashalim 110 MW 50% Israel Q2 17 803 803 54 54 695 Corfo CSP Plant 110 MW 30% Chile 2017 1,074 1,074 113 264 697 A3T 240 MW 100% Mexico Q1 17 919 386 93 0 293 Nicefield 70 MWH 100% Uruguay Q4 15 113 113 11 11 91 Agadir 100,000 m3/day 51% Morocco Q4 16 85 84 6 16 62 SAWS 175,000 m3/day 51% EEUU Q4 19 618 618 31 29 558 New Brazilian T&D Lines 5786 Km 30% Brazil Q1 16-17 2,370 2,083 148 346 1,589 India T&D Line 115 km 51% India 2017 54 54 4 4 46 Hugoton1 100 ML 100% US Q2 14 546 67 2 38 27 740 Industrial Production Limited Equity Investment 2 Consolidated Concessions Capex
  • 30. 2014 (M€) 2015 (M€) 2016+ (M€) Consolidated Concessions Capex Pending Capex Corp. Capex Partners Debt Pending Capex Corp. Capex Partners Debt Pending Capex Corp. Capex Partners Debt Mojave1 98 11 0 87 0 0 0 0 0 0 0 0 South Africa 100 MW1 55 5 5 45 28 3 2 23 0 0 0 0 South Africa 50 MW1 45 6 6 33 0 0 0 0 0 0 0 0 Cadonal S.A. 32 11 11 10 2 1 1 0 0 0 0 0 Tenes 21 2 2 17 0 0 0 0 0 0 0 0 Ghana 17 3 2 12 0 0 0 0 0 0 0 0 Acueducto Zapotillo 53 16 20 17 143 45 64 34 140 45 66 29 Norte Brasil 47 22 21 4 0 0 0 0 0 0 0 0 ATN 3 11 0 0 11 61 35 0 26 17 6 0 11 Hospital Manaus 93 0 0 93 12 0 0 12 0 0 0 0 Limited Equity Investment2 Xina2 145 15 22 108 320 32 49 239 201 20 29 152 Ashalim2 145 0 54 91 358 54 0 304 300 0 0 300 Corfo CSP Plant2 267 35 82 150 434 51 120 263 373 27 62 284 A3T2 132 32 0 100 151 38 0 113 103 23 0 80 Nicefield2 44 3 3 38 69 8 8 53 0 0 0 0 Agadir2 18 2 5 11 47 3 7 37 19 1 4 14 SAWS2 0 0 0 0 618 31 29 558 0 0 0 0 New Brazilian T&D Lines2 123 9 22 92 630 43 101 486 1,330 96 223 1,011 India T&D Line2 6 3 1 2 13 0 0 13 35 1 3 31 Industrial Production Hugoton1 67 2 38 27 0 0 0 0 0 0 0 0 177 344 219 30 Capex under construction by segment (II)Amounts based on the company´s best estimate as of June 30, 2014. Actual investments or timing thereof may change. Total Equity Capex 1 This project falls under the scope of IFRS 10 and is therefore consolidated through equity method until entry into operation 2 Project where financial structure pending to be secured
  • 31. Asset Portfolio Capacity 31 Revenue visibility backed by our solid asset portfolio Solar (MW) 1,157 1,157 1,611 1,611 8,645 Mar. 2014 2017E 560 260 100 660 920 Mar 2014 2015E (1) Includes 286 MW of capacity of bioethanol plants cogeneration facilities (2) Assumes sale of Qingdao Cogeneration & Others(1) (MW) Desalination (Ml/day) Transmissions (km) Extensive concessional asset base once current capex plan completed 3,175 3,175 95 Mar. 2014 2014E Solid producing assets Biofuels (Ml/year) In operation Under construction Under development 563 563 660 660 150 320 Mar. 2014 2017E 393 393 350 350 340 Mar. 2014 2016E 11,413 1,973 (2) 2,768 Abengoa Yield 1,223 3,175 3,270 1,083 743
  • 32. Innovative Technology Solutions for Sustainability Thank you ABENGOA August 12, 2014