Abengoa full 2011

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Abengoa full 2011

  1. 1. Innovative Technology Solutions for SustainabilityABENGOAFiscal Year 2011 Earnings Presentation February 27th, 2012
  2. 2. Forward-looking StatementThis presentation contains forward-looking statements and information relating to Abengoa that are based on the beliefs of itsmanagement 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 andassumptions.Many factors could cause the actual results, performance or achievements of Abengoa to be materially different from any futureresults, performance or achievements that may be expressed or implied by such forward-looking statements, including, amongothers: changes in general economic, political, governmental and business conditions globally and in the countries in whichAbengoa does business; changes in interest rates; changes in inflation rates; changes in prices; decreases in governmentexpenditure budgets and reductions in government subsidies; changes to national and international laws and policies that supportrenewable energy sources; inability to improve competitiveness of our renewable energy services and products; decline in publicacceptance of renewable energy sources; legal challenges to regulations, subsidies and incentives that support renewableenergy sources and industrial waste recycling; extensive governmental regulation in a number of different jurisdictions, includingstringent environmental regulation; our substantial capital expenditure and research and development requirements; managementof exposure to credit, interest rate, exchange rate and commodity price risks; the termination or revocation of our operationsconducted pursuant to concessions; reliance on third-party contractors and suppliers; acquisitions or investments in joint ventureswith third parties; unexpected adjustments and cancellations of our backlog of unfilled orders; inability to obtain new sites andexpand existing ones; failure to maintain safe work environments; effects of catastrophes, natural disasters, adverse weatherconditions, unexpected geological or other physical conditions, or criminal or terrorist acts at one or more of our plants; insufficientinsurance coverage and increases in insurance cost; loss of senior management and key personnel; unauthorized use of ourintellectual property and claims of infringement by us of others intellectual property; our substantial indebtedness; our ability togenerate cash to service our indebtedness changes in business strategy and various other factors.Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results mayvary 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. 2
  3. 3. Agenda1 FY 2011 Business Highlights2 FY 2011 Financial Highlights3 Conclusions4 Appendix 3
  4. 4. Agenda1 FY 2011 Business Highlights2 FY 2011 Financial Highlights3 Conclusions4 Appendix 4
  5. 5. FY 2011 HighlightsA year of delivery on our words Growth Deleverage Diversification 5
  6. 6. 2011 Key Financial Highlights 29 consecutive quarters of Y-o-Y financial growth Revenues EBITDA 7,089 M€ 1,103 M€ ↑ 46% (4,860 M€ FY 2010) ↑ 36% (812 M€ FY 2010) Net Income Corporate Net Debt to Corporate EBITDA 257 M€ 2.1x ↑ 24% (207 M€ FY 2010 figure) ↓ from 3.8x at FY 2010 75% increase in dividend payout up to 15%*Note: Figures exclude contribution from Telvent for all periods presented 6*Subject to shareholders’ approval
  7. 7. Crystallizing Value Reducing company leverage securing returns and growth options 1 Investment of 300 M€ in new Class B sharesFirst Reserve FR stable presence within our Board of Directors 2 through nominee of a member, Mr. C. Santiago 1 Reduction of corporate net debt of 725 M€ and increasing overall liquidity by 391 M€Telvent Sale 2 Great returns generation for Abengoa: 27% IRR Sale of five power transmission lines to CEMIG, 1 in line with asset rotation strategy CEMIGAgreement 2 Cash proceeds at corporate level of 479 M€ 7
  8. 8. E&C Business Model Description Value creation and requirements Projects promoted by ↑ EPC Margin External customers, won through ↑ Positive working capital competitive process Projects promoted by ↑ EPC Margin customers or state agencies, ↑ Positive working capitalExternal with won through competitive ↑ O&M Margin Equity process and requiring equity ↓ Equity contribution (< EPC margin) contribution ↑ Asset rotation option Projects promoted by ↑ Positive working capital Internal Abengoa, requiring equity ↓ Equity requirement contribution 8
  9. 9. Corporate Evolution 2011, breaking point at corporate levelCorp. EBITDA generation + cash from assets rotations Capex Invested at Corporate LevelCash from assets rotations Net Capex invested at corp. Level / Corp. EBITDA generationCorporate Ebitda 1,587 1,166 870 1,041 752 708 915 817 119 102394 24 717 2.4x 1.6x 1.2x 0.2x 633 6063702008 2009 2010 2011 2008 2009 2010 2011 Corp. Gross Debt Evolution Capex - External with Equity Capex - Internal 5,043 4,830 3,286 18% 43%2,619 66% 82% 82% 57% 34% 18%2008 2009 2010 2011 2008 2009 2010 2011 9
  10. 10. Geographic Diversification A truly global business Revenues FY 2011 1% 12% E&C 6% 2% Concessions 11% 27% 13% Industrial Production 15% 21%Revenues FY 2001 19% 1% 6%2% 9% Geographies Spain Rest of Latin America18% Brazil Asia & Oceania 64% US Africa Rest of Europe 10
  11. 11. E&C Financial growth year-after-year Revenues of FY 2011, representing an increase of3,526 M€ 53% Y-o-Y 45% of revenues coming from external activities, and 55% from external with equity activities 438 M€ EBITDA achieved in FY 2011, with margins of 12.4%, compared to 11.3% in 2010 7.5 B€ Backlog at December 31, 2011, 3.8 B€ to convert in 2012 4.3 B€ of bookings awarded in 2011 for construction of major energy infrastructures 73 B€ pipeline at December 31, 2011 11Note: Figures exclude contribution from Telvent for all periods presented
  12. 12. E&C A global leader in the power sector Financial figures FY 2011 Revenue Breakdown* Revenues (M€) EBITDA (M€) 438 External with 259 Equity 45% 3,526 External 55% 2,302 12.4% 11.3% FY 2010 FY 2011 FY 2010 FY 2011 Backlog (M€) 7,535 Brazil 1% 2% 10% 6,253 Spain 29% Rest of LatAm 13% US Asia & Oceania 21% 25% Rest of Europe Dec 2010 Dec 2011 AfricaNote: Figures exclude contribution from Telvent for all periods presented 12*In addition, E&C had revenues from internal projects of 354 M€ for FY 2011 which get eliminated in consolidation
  13. 13. E&C – Bookings Solid booking activity securing backlog at high levelsBookings (M€) By Geography By Type Asia 3% External 13% Latam External with 41% 44% Equity 4,343 19% Europe 56% 3,631 Africa 24% USA By Sector By Size Solar < 100 M€ 22% Environment 36% 39% 100-500 M€ 39% T&D 3% Conventional 9% > 500 M€ Power 2010 2011 13% Industrial 25% 14% Plants Others 13
  14. 14. FY2011 E&C Bookings 2011 Landmark Projects awarded through highly competitive bidsCountry Project Activity Amount Detail CSP 100 MW trough 725 M€ South Africa 50 MW tower ALUR bioethanol 120 M$ 70 ML capacity plant Morelos 440 M$ 640 MW combined cycle plant Zapotillo water 5.6 m3/s water 566 M$ project distribution capacity Brazil Wind 108 M€ 64 MW project 14
  15. 15. E&C – Pipeline Record pipeline, highest everM€ Pipeline By Geography By Type 72,537 Asia 6% 2% External 21% 17% 30% Latam External with Equity Europe Internal 20%Bids Presented Africa 77% 27% USA 53,848 38,378 By Sector By Size 15,346 T&D < 100 M€ 22% 20% 25% Conventional Power 100-500 M€ 4,343 1% Environment 52% 7,539 7,539 14% Solar 28% > 500 M€ 22% 16% Industrial 11,150 11,150 Plants Others 2011 2012 New projects Denied identified Proposal and sales team 2011: 414 people (2012e: 502 people) Pending to be 60% expected to convert to advanced opportunities Awarded awarded Under study Average win rate: 10-15% 15
  16. 16. Concession-type Infrastructures Excellent year for all our plants and transmission assets Revenues of FY 2011, an increase of 39% due 427 M€ mainly to new solar thermal assets in operation EBITDA achieved in FY 2011, with overall margins of 299 M€ 70% for the segment of solar power produced and 99.5% of availability391 GWh on our power transmission assets Total investment during FY 11: 1,411 M€ in Solar,2,531 M€ 851 M€ in Transmission, 69 M€ in Water and 200 M€ in Cogeneration and Others project finance facilities raised, signed and fully 2.4 B€ secured to back up our announced capex plan, obtained through a balanced mix of sources new assets commenced operation during the year 5 16
  17. 17. Concession-type Infrastructures Strong results driven by increased capacity and strong operational performance EBITDA (M€) Revenues (M€) 299 6 3 2 4 10 14 427 39 308 93208 26 4 10 FY 2010 FY 2011 43 2% Cogeneration 10% Brazil Water 193 Spain 151 Solar 35% 53% Africa Transmission LatAmFY 2010 Organic Solnovas SPP-1 Helioenergy 1 ATN ATEs FY 2011 Growth 17
  18. 18. Timeline: Main Projects in Execution As of Dec. 31 ‘11 Ann. Abengoa Expected Fully 2011 2012 2013 2014 EBITDAe Location Capacity (%) Start Up (M€) Funded? SPP1 Algeria 150 MW 51% Q2 11 34 Helioenergy 1-2 Spain 50 MW x2 50% Q3 11 / Q1 12 42 Solacor 1-2 Spain 50 MW x2 74% Q1 / Q2 12 39 Solaben 2-3 Spain 50 MW x2 70% Q3/Q4 12 41 Helios 1-2 Spain 50 MW x2 100% Q3/Q4 12 41 Solana USA 280 MW 100% Q3 13 65 Mojave USA 280 MW 100% Q2 14 55 Solaben 1-6 Spain 50 MW x2 100% Q3/Q4 13 41 Tlemcen-Honaine Algeria 200 ML/day 51% Q4 11 11 Tenes Algeria 200 ML/day 51% Q1 13 17 Qingdao China 100 ML/day 92% Q3 12 10 Cogen. Pemex Mexico 300 MWe 60% Q3 12 60 ATN Peru 572 km 100% Q4 11 10 Manaus Brazil 586 km 51% Q3 12 38 Norte Brasil Brazil 2,375 km 51% Q1 13 66 Linha Verde Brazil 987 km 51% Q3 12 13 ATS Peru 872 km 100% Q4 13 30 ATE VIII Brazil 108 km 100% Q4 12 2 Total 615 18Note: Blue colour indicates change from previously reported date of entry in operation
  19. 19. Concessional Asset Portfolio Significant capacity increase when completing capex plan Concession-type infrastructures Solar (MW) Transmission (km) 1,653 8,831 250 4,928 910 3,903 493 493 3,903 Dec 2011 E2013/14 Dec 2011 E2013/14 Cogeneration (MW) Desalination (Ml/day) 970 110 693* 300 560 300 393* Dec 2011 E2013/14 Dec 2011 E2013/14 In operation Under construction Under development 19*Includes 286 MW of capacity of bioethanol plants cogeneration facilities
  20. 20. Solar Regulation Update Royal Decree 1/2012 27th of January 2012No effects on No effects on capacity included in the Pre-Registry, yetpre-registered assets under development Excluding No retroactive measures on CSP capacity in operation orretroactivity under construction Abengoa 300 MW in operation , 250 MW under construction and 100Spanish CSP Asset Base MW under development. Royal Decree confirms feed-in tariff for all of our plants 20
  21. 21. Industrial Production Segment growth achieved in a very challenging environment Biofuels: of revenues for the period, a 41% increase Y-o-Y,2,225 M€ due to higher commodity prices and increase in volumes sold 287 M€ increase due to capacity expansion, with average plant utilization of 93% throughout the year EBITDA achieved in FY 2011, a year affected by 152 M€ challenging volatility in crush spread margins and returns below historical average Recycling: revenues achieved in FY 2011, a good period in both 630 M€ volumes and margins, with 12% growth Y-o-Y 121 M€ EBITDA achieved in FY 2011, maintaining margins at 19% despite volatility in zinc prices 2.2 Mt of residues treated in FY 2011 21
  22. 22. Industrial Production Sustained growth and stable outlook Revenues and FY 2011 Revenues EBITDA Margin (M€) Production (ML) Breakdown 2,225 2,758 2,553 1,575 11% USA 38% Europe 21%13% Spain 7% Brazil 30% FY 2010 FY 2011 FY 2010 FY 2011 Revenues and Industrial Waste EBITDA Margin (M€) Treated (Mt) 2.2 2.2 2% 630 562 7% Europe Spain19% 19% 34% 57% Asia LatAm FY 2010 FY 2011 FY 2010 FY 2011 22
  23. 23. Technology Update - Solar Introducing breakthrough innovations to continue leading the CSP future Leading in the past R&D pilot projects New leading technologyPS10 first commercial saturated Superheated steam technology reaches Superheated steam technologysteam tower in the world temperature up to 540ºC ready for commercial scale Higher cycle efficiency ~ 40% PS50 selected by the South African2009 second commercial saturated department of energy, 50MWsteam tower, 20MW Natural flux dry cooling Reduced water consumption by 80%Smooth daily operation at the expected More than 1,900h operation ofperformance Eureka pilot tower ~ 25% MW/h cost reduction from PS10 16 Patents Applications 2007: PS10 2010-11: Eureka 2012: PS50 23
  24. 24. Technology Update - Bioenergy Getting ready for commercial scale 2GEnzymatic HydrolisisProprietary 2G bioethanol producingtechnology from lignocellulosic raw materialDeveloped in lab, tested at pilot scale and demonstratedin our pilot Salamanca plant Time Frame 2009 2011 2013Enzyme price (USD/Kg cocktail) 1 0.8 0.6Enzyme productivity (g/Kg broth) 40 70 80Enzyme dosing (mg/g cellulose) 30 20 10Glucan to ethanol yield (gal/kg) 0.23 0.24 0.25 Enzyme Contribution 3.29 0.97 0.30 (USD/gal ethanol) % Cost Reduction ↓70% ↓70% 14 Patents Applications 24
  25. 25. Agenda1 FY 2011 Business Highlights2 FY 2011 Financial Highlights3 Conclusions4 Appendix 25
  26. 26. 2011 Key Financial Highlights 29 consecutive quarters of Y-o-Y financial growth Revenues EBITDA Net Income 7,089 M€ 1,103 M€ 257 M€ ↑ 24% (↑ 75% excl. non ↑ 46% (4,860 M€ FY 2010) ↑ 36% (812 M€ FY 2010) recurring items) Bookings Backlog Pipeline 4,343 M€ 7,535 M€ 73 B€ Providing great visibility for E&C 3,631 M€ FY 2010 6,253 M€ FY 2010 division Tot. Net Debt to Tot. EBITDA Corp. Net Debt to Corp. EBITDA Corp. Cash Flow Generation 5.0x 2.1x 1,412 M€ including divestments and before ↓ from 5.5x at FY 2010 ↓ from 3.8x at FY 2010 interest and taxes payment 26*Figures exclude contribution from Telvent for all periods presented
  27. 27. Business Diversification (I) Robust growth from diversified source of revenues Revenues* (M€) Q4’10 Q4’11 Var% FY’10 FY’11 Var% Engineering & Construction 663 1,370 107% 2,302 3,526 53% Concession-type Infrastructure 79 105 33% 308 427 39% Industrial Production 755 830 10% 2,250 3,136 39% Total 1,497 2,305 54% 4,860 7,089 46% FY 2010 FY 2011 E&C 46% Concession-Type Infrastructures 44% 48% 50% Industrial Production Recurrent Activities 6% 6% 4,860 M€ 7,089 M€ 27*Figures exclude contribution from Telvent for all periods presented
  28. 28. Business Diversification (II) Towards a well diversified EBITDA profile Margin Margin EBITDA* (M€) Q4’10 Q4’11 Var% FY’10 FY’11 Var% FY’10 FY’11 Engineering & Construction 87 174 99% 259 438 69% 11% 12% Concession-type 56 68 21% 208 299 44% 68% 70% Infrastructure Industrial Production 142 117 (18%) 345 366 6% 15% 12% Total 286 359 26% 812 1,103 36% 17% 16% FY 2010 FY 2011 E&C 32% 33% 42% 40% Concession-Type Infrastructures Industrial Production 26% Recurrent Activities 27% 812 M€ 1,103 M€ 28*Figures exclude contribution from Telvent for all periods presented
  29. 29. High Revenue Visibility Backlog (M€) Estimated Conversion to Revenues Dec. 2011 2012e 2013e 2014e+ E&C Order Book 7,535* 3,832 2,624 1,078 34,257 35,570 Concession-type Asset based, recurring revenues 463 850 Industrial Production 16,800 (1) 11,200 2,800 2,800* Excluding Telvent 29(1) Illustrative calculation according to estimated 12 months of revenues. 2014+e is calculated as 4 years of revenues.
  30. 30. E&C Backlog Solid backlog, well diversified, provides revenue visibility Backlog (M€) By Geography By Type* LatAm External 20% 26% 33% USA External with Equity 7,535 22% Europe 74% 25% RoW 6,253 By Sector By Size Solar < 100 M€ 12% 2% T&D 22% 9% Environment 100-500 M€ 48% 10% Conventional 51% Power > 500 M€ Industrial 27% 19% Plants Others Dec 2010 Dec 2011 Backlog at Dec 11 represents 2.1x 12M of E&C revenues 53% of backlog from emerging markets 30*In addition, E&C has 245 M€ of backlog at Dec.2011 from internal projects whose revenues eliminate in consolidation
  31. 31. Capex Plan Commitment to invest only when financing is in place Breakdown by Asset Type Breakdown by Financing SourceM€ M€ 2,709 Solar 2,170 2,709 Committed Non- 2,252 15 Recourse Debt Power Transmission 918 94 Committed 93 Biofuels 265 289 Partners Equity 232 Cogeneration 93 Abengoas Equity 1,073 Water 108 736 Recycling 1,676 3,614 60 3,614 777 226 777 1,539 45 14 33 182 490 807 128 128 503 63 86 128 224 42 2012e 2013e 2014e 2012e 2013e 2014eOur 3.6 B€ capex plan is identified and committed to be Capex plan financing and commitments from partners executed during the next three years already secured, with nearly 2.3 B€ of project finance 31
  32. 32. Reinforced Capital Structure Improving capital structure from effective company management and corporate transactions M€ Dec 2010 Dec 2011 Corporate Debt 5,043 4,830 Corporate Cash, Equiv. & STFI (2,766) (3,346) Total net corporate debt 2,277 1,484 N/R Debt 4,050 5,390 N/R Cash Equiv. & STFI (1,131) (1,406) Total net N/R debt 2,919 3,984 Total Net Debt 5,196 5,468 Pre-operational debt(1) 2,094 3,181 Total consolidated EBITDA LTM 942 1,103 Total corporate EBITDA LTM 606 717 Total Net Debt / Total EBITDA 5.5 5.0 Key Leverage Ratios Corporate net debt / Corporate EBITDA 3.8 2.1 Total Net Debt / Total EBITDA 3.3 2.1 (excluding debt from pre-operational activities) Corporate Net Debt / Corporate EBITDA(2) 1.77 0.14 per covenant(1)Pre-operational(2)Corp. Net Debt relates to projects under construction which are not yet generating EBITDA 32 Net Debt as defined by bank and bond facilities includes N/R cash and equiv. and STFI. Corp. EBITDA as defined by bank and bond facilities.
  33. 33. Net Debt Bridge Significant cash generated from Operating Activities ConsolidatedM€ 76 (870) 474 (1,103) 2,913 (919) 5,467 5,196 (300) Net Debt EBITDA NWC Capital Capex Disposals Net Interest Discnt., FX Net debt (Dec 10) Increase Paid and and Other (Dec 11) Taxes 33
  34. 34. Debt Maturity Profile Sound maturity profile and liquidity position at December 31, 2011 Corporate Debt (M€) Committed Capex No refinancing needs at corporate level needs through July 2013 3,346 Average cost corp. debt: 7.9% Convertible Bonds Corporate Debt Proactive management of maturities: extension Syndicated Loans process for syndicated loans currently 1,781 underway 1,529 1,613 224 250 807 Strong liquidity level: 1,282 498 407 1,363 • ~50-75% of corp. cash placed in public 556 42 200 debt (Germany, USA). 166 275 256 407 • Remaining cash placed in bank deposits, with Liquidity 2012e 2013e 2014e 2015e Subsequent minimum A- rating (S&P) - concentration:Note: Maturities exclude revolving facilities 5% per entity • Currency exposure reflecting business mix: Non-Recourse Debt (M€) 41% EUR, 40% USD, 17% BRL, 2% others Average cost N/R debt: 5.8% Highly diversified funding sources and limited interest exposure: 98% fixed 3,911 1,406 N/R Debt expected to be fully repaid with project cash flows 407 481 347 244 Local funding of concessions at Liquidity 2012e 2013e 2014e 2015e Subsequent advantageous rates 34
  35. 35. Agenda1 FY 2011 Business Highlights2 FY 2011 Financial Highlights3 Conclusions4 Appendix 35
  36. 36. Guidance Evolution Keeping our promises and overdelivering H1 2011 Q3 2011 FY 2011 Guidance Update Actual M€Revenues 5,975 ↑ 6,850 √ 7,089EBITDA 960 ↑ 1,050 √ 1,103 36
  37. 37. Key Financial Targets Corp. Revenues EBITDA EBITDA M€ 2012e 7,550 - 7,750 1,275 - 1,325 780 – 800Guidance 8% 18% 10% Corporate Corp. Capex Dividend Leverage Investment Payout Ratio <2013 Corp.Targets ~3x Ebitda >15% 37
  38. 38. ConclusionsWhat do we expect from 2012 Growth Deleverage Diversification 38
  39. 39. Agenda1 FY 2011 Business Highlights2 FY 2011 Financial Highlights3 Conclusions4 Appendix 39
  40. 40. Results by ActivityM€ Revenues EBITDA Margin 2011 2010 Var (%) 2011 2010 Var (%) 2011 2010Engineering and Construction E&C 3,526 2,302 53% 438 259 69% 12.4% 11.3% Total 3,526 2,302 53% 438 259 69% 12.4% 11.3%Concession-type Infrastructure Solar 131 59 122% 93 43 116% 71.0% 72.9% Water 21 15 38% 10 10 0% 47.6% 65.7% Transmission 238 203 17% 193 151 28% 81.1% 74.4% Cogen. & other 37 31 19% 3 4 -25% 8.1% 12.9% Total 427 308 39% 299 208 44% 69.9% 67.4%Industrial Production Bioenergy 2,225 1,575 41% 152 212 -28% 6.8% 13.5% Recycling 630 562 12% 121 108 12% 19.2% 19.2% Other 281 113 149% 93 25 272% 33.1% 22.1% Total 3,136 2,250 39% 366 345 6% 11.7% 15.3%Total 7,089 4,860 46% 1,103 812 36% 15.6% 16.7% 40
  41. 41. Concession-type Infrastructure Balanced Asset Portfolio Under Total Non Capex Operating Construction Gross Net Recourse Invested in (M€) (Gross) Development Assets Assets(1) ABG Equity Net Debt Partners 2011 Trasmission 1,123 1,173 2,296 2,207 943 1,052 212 1,411 CSP 1,569 1,362 2,931 2,847 1,049 1,715 83 851 Cogeneration 213 405 618 592 65 527 0 69 Water 196 243 439 427 108 280 39 200Concession-type 8,892 3,101 3,183 6,284 6,073 2,165 3,574 334 2,531 infrastructure We invest in Concession-type Infrastructure projects where we have a technological edge, targeting a shareholder’s equity IRR of 10% - 15% (excluding upsides from EPC margin, O&M and asset rotation) (1) Net assets calculated as gross assets less accumulated D&A 41
  42. 42. Cash-flow Statement Strong operating cash flow generationM€ Dec 2010 Dec 2011 Consolidated after-tax profit 215 182 Non-monetary adjustments to profit 502 767 Variation in working capital & Discont. activities 336 847 Cash generated by operations 1,053 1,796 Net interest paid / Tax paid & Discont. activities (279) (443) A. Net Cash Flows from Operating Activities 774 1,353 Capex (2,094) (2,913) Other investments/ Disposals 1 755 B. Net Cash Flows from Investing Activities (2,093) (2,158) C. Net Cash Flows from Financing Activities 2,740 1,613Net Increase/Decrease of Cash and Equivalents 1,421 808 Cash and equivalent at the beginning of the year 1,546 2,983 Exchange rate differences & Discont. activities (42) (53)Cash and equivalent at the end of the year 2,925 3,738 42
  43. 43. Capex Committed by segment* (I) Total Total Entry in ABG Committed (M€) Capacity Abengoa (%) Country Operation Investment Pending Corporate Partners Debt Capex Solar 5,081 2,170 534 22 1,614 Algeria 150 MW 51% Algeria Q2 11 293 Helioenergy 1 and 2 100 MW 50% Spain Q3 11 / Q1 12 561 7 3 4 Solacor 1 and 2 100 MW 74% Spain Q1 12/ Q2 12 574 71 23 4 44 Solaben 2 and 3 100 MW 70% Spain Q3 12 / Q4 12 580 137 35 14 88 Helios 1 y 2 100 MW 100% Spain Q3 12 / Q4 12 555 115 58 57 Solana 280 MW 100% US Q3 13 1,369 773 211 562 Mojave 280 MW 100% US Q2 14 1,149 1,067 204 863 Biofuels 419 265 131 57 77 Hugoton 90 ML 100% US Q3 13 419 265 131 57 77 Cogeneration 460 93 16 10 67 Cogen. Pemex 300 MW 60% Mexico Q3 12 460 93 16 10 67 Desalination 511 108 11 11 86 Tlenclem 200,000 m3/day 51% Algeria Q4 11 209 19 1 3 15 Tenes 200,000 m3/day 51% Algeria Q1 13 167 74 7 8 59 Quindgao 100,000 m3/day 92% China Q3 12 135 15 3 12 Transmission 2,471 918 321 189 408 ATN 572 Km 100% Perú Q4 11 254 Manaus 586 km 51% Brasil Q3 12 675 15 5 5 5 Norte Brasil 2,375 km 51% Brasil Q1 13 876 592 168 161 263 Linha Verde 987 km 51% Brasil Q3 12 238 70 25 23 22 ATS 872 km 100% Peru Q3 13 402 219 109 110 ATE VIII 108 km 100% Brazil Q4 12 26 22 14 8 Recycling 60 60 60 Aser Sur 110,000 tn 100% Europe Q3 13 60 60 60 Total Committed 9,002 3,614 1,073 289 2,252 43* Amounts based on the company´s best estimate as of December 30, 2011. Actual investments or timing thereof may change.
  44. 44. Capex Committed by segment* (II) 2012 2013 2014 Total ABG Total ABG Total ABG Committed (M€) Capex Corporate Partners Debt Capex Corporate Partners Debt Capex Corporate Partners Debt Solar 1,539 368 22 1,149 503 124 379 128 42 86 Algeria Helioenergy 1 and 2 7 3 4 Solacor 1 and 2 71 23 4 44 Solaben 2 and 3 137 35 14 88 Helios 1 y 2 115 58 57 Solana 513 138 375 260 73 187 Mojave 696 111 585 243 51 192 128 42 86 Biofuels 232 131 34 67 33 23 10 Hugoton 232 131 34 67 33 23 10 Cogeneration 93 16 10 67 Cogen. Pemex 93 16 10 67 Desalination 94 10 9 75 14 1 2 11 Tlenclem 19 1 3 15 Tenes 60 6 6 48 14 1 2 11 Quindgao 15 3 12 Transmission 736 267 151 318 182 54 38 90 ATN Manaus 15 5 5 5 Norte Brasil 465 132 127 206 127 36 34 57 Linha Verde 57 20 19 18 13 5 4 4 ATS (Perú) 177 96 81 42 13 29 ATE VIII 22 14 8 Recycling 15 15 45 45 Aser Sur 15 15 45 45 Total Committed 2,709 807 226 1,676 777 224 63 490 128 42 86 44* Amounts based on the company´s best estimate as of December 30, 2011. Actual investments or timing thereof may change.
  45. 45. Capex Plan Capex Plan financing fully secured through a balanced mix of sources Date of Project Finance Facility Size and Projects Financial Institution Financial Close Maturity Currency Solar Helioenergy 1 Commercial Banks May 2010 20 Years 158 M€ Helioenergy 2 Commercial Banks 20 Years 158 M€ 178 M€ Solacor 1 Solacor 1 y 2 Commercial Banks August 2010 20 Years 176 M€ Solacor 2 169 M€ Solaben 2 Solaben 2 y 3 Commercial Banks December 2010 20 Years 171M€ Solaben 3 Commercial Banks + Instituto de Crédito Oficial – 144 M€ Helios I Helios 1 y 2 June 2011 20 Years European Investment Bank - KFW Entwiklungsbank 145 M€ Helios II Solana Federal Financial Bank December 2010 30 Years 1,450 M$ Mojave Federal Financial Bank September 2011 25 Years 1,200 M$ Biofuels Hugoton Federal Financial Bank September 2011 13 Years 134 M$ Cogeneration Cogeneración Pemex Commercial Banks + Banobras June 2010 20 Years 460 M$ Desalation Tlenclem State Banks Pool May 2007 17 Years 233 M$ Tenes State Banks Pool November 2008 17 Years 185 M$ Quingdao State Banks Pool July 2009 18 Years 880 MRMB Transmissions* Manaus BNDES - Fondo de Desemvolvimiento da Amazonia Q2 y Q3 2011 Until 20 Years 800 MBRL Norte Brasil BNDES November 2010 Until 16 Years 295 MBRL Linha Verde BNDES December 2010 Until 20 Years 300 MBRL ATE VIII BNDES Until 14 Years Pending ATS Commercial Banks Q3 2011 30 years 344 M$*Facility size refers to bridge loan amount – Lote I pending amount assignation from BNDES 45
  46. 46. Detail of corporate debt FY 2011 Strike Outstanding amount(M€(M€) Ranking Maturity Spread / Coupon Swap/Cap Swap/Cap as of 31/12/2011Corporate Recourse Debt:Bank DebtSyndicated Loan 2005 Senior Unsecured July 12 Euribor + 67.5 bps 167Syndicated Loan 2006 Senior Unsecured July 12 Euribor + 67.5 bps 100Syndicated Loan 2007 Senior Unsecured July 11 Euribor + 67.5 bps - July 12 Euribor + 275-300 224Forward Start Facility Tranche A Senior Unsecured July 13 bps 993 July 12 Euribor + 275-300 65Forward Start Facility Tranche B Senior Unsecured July 13 bps 289Efecto coste amortizado -1Total Syndicated Facilities 1,838Loan with Official Credit Institute Senior Unsecured 01/07/17 Euribor + 60 bps 150Loan with the European Investment Bank Senior Unsecured 01/08/17 Euribor + 60 bps 109Total Forward Start Facilities 259Inabensa Financing Contract Guarantee (total 376 M€) Senior Unsecured 01/12/20 all-in 285 bps 307Abener Financing Contract Guarantee (total 300 M€) Senior Unsecured 01/12/21 all-in 285 bps 163Revolving credit facilities Abengoa SA (around 24 different Euribor + 125-430 Senior Unsecured 2011-2012 128contracts – total 136 M€) bpsOthers: various various 437Total Other Borrowings 1,035Total Bank Debt 3,132Senior NotesSenior Unsecured Notes Senior Unsecured 01/12/15 9,625% 300Senior Unsecured Notes Senior Unsecured 01/03/16 8,500% 500Senior Unsecured Notes Senior Unsecured 01/10/17 8,875% 502Total Senior Notes 8,905% 1,302Senior Convertible Notes2014 Senior Unsecured Convertible Notes Senior Unsecured 01/07/14 6,875% 2002017 Senior Unsecured Convertible Notes Senior Unsecured 01/02/17 4,500% 250Total Senior Convertible Notes 5,556% 450Adj. to accounting value (derivative converts.+market value) -95Total Senior Notes 1,657 Total Corporate Recourse Debt Avg. Cost: 7.9% 4,789 46
  47. 47. 2012 GuidanceM€ E&C Evolution Total Revenues E&C 7,650 Concession-Type 4,100 Infrastructures 7,089 3,526 2,302 Industrial Production 1,683 3,085 2009 2010 2011 2012e 3,136 4,860 Concession-Type Infrastructures Evolution 465 3,444 2,250 427 1,542 308 308 427 465 4,100 219 219 3,526 2,302 2009 2010 2011 2012e 1,683 Industrial Production Evolution 2009 2010 2011 2012e 3,136 (2)% 3,085 2,250 1,542 2009 2010 2011 2012e 47
  48. 48. End-user Tariff Breakdown CSP represents 1% of end-user tariff Hydro Losses 1% Biomass Others Capacity Payments 1% 2% Wind 12% Risk Premium Solar CSP 5% 12% Adjustment Services 1% 1% Solar PV 5% Peak Services Fees 5% 7% 3% CESUR Auction Transport Energy 4% costs Non- 49% renewable 65% premiums 5% Previous Distribution years tariff 15% deficit Costs 7% Accumulated system costs since 2004: 148,360 M€ Abengoa´s retribution since 2004: 161 M€ (0.11%) 48Source: Protermosolar
  49. 49. Special Regime Costs CSP costs represent 2.1% of special regime accumulated costs 6,855 6,451 6,214 937 879 Total special regime (RE) cost 842 accumulated since 2004 1,404 1,177 623 1,076 4,565 3,338 1,701 8,786 1,608 1,731 482 2,468 6,154 29,115 M€ 731 517 1,664 656 1,144 ,2.387 1,053 1,073 390 2,665 2,490 8,987 269 249 430 284 1,085 980 396 807 383 5 528 12 210 23 174 426 37 2004 2005 2006 2007 2008 2009 2010 2011 Solar CSP Solar PV Wind CHP Others (waste, hydro, biomass) 49Source: CNE
  50. 50. Innovative Technology Solutions for SustainabilityABENGOAThank you

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