- ACCIONA reported solid financial results for FY 2015 with EBITDA up 8% and ordinary EBT up 42% compared to FY 2014.
- Net financial debt was reduced by 2.5% to €5.2 billion despite historically low capex levels, with the NFD/EBITDA ratio improving to 4.39x from 4.87x in FY 2014.
- The year was focused on operational improvements, setting the foundation for future growth, and further strengthening the financial position of the company.
ACCIONA has agreed to subscribe to a 10% capital increase in Nordex, increasing its stake from 29.9% to 36.27%. It will launch a tender offer for the remaining Nordex shares at €10.32 per share. The capital increase strengthens Nordex's balance sheet to execute its growth plan. The transaction maintains ACCIONA's financial targets for 2019 while enhancing earnings from 2021. The tender offer is expected to complete in early 2020.
- ACCIONA's energy business operations have continued resiliently despite challenging market conditions from COVID-19, with excellent safety and availability performance. Projects under construction are mostly on track with some potential delays.
- The construction business expects a material impact on 2020 production and higher costs due to new health and safety practices, but is well positioned to benefit from expected investment-led economic recovery.
- Most infrastructure projects across regions have continued with some level of work suspension, but the majority have restarted with more restrictive health and safety protocols.
Valeant reported strong financial results for the third quarter of 2014, with total revenue growing 33% year-over-year to $2.1 billion and cash EPS growing 48% to $2.11. Several key business segments saw double-digit organic growth, including the recently acquired Bausch + Lomb business and emerging markets. Valeant also provided an update on its proposed acquisition of Allergan, noting potential regulatory hurdles and uncertainties remaining around a potential combination.
The Wellgreen platinum group metals project has a long history of exploration dating back to its discovery in 1952. Over 750 drill holes totaling over 55km have been completed to define the deposit. In 2011, an NI 43-101 technical report outlined 289 million tonnes of inferred resources grading 1.18 g/t PGM+Au, 0.38% Ni and 0.35% Cu, as well as 14.3 million tonnes of indicated resources at higher grades. The deposit remains open for expansion and is located in a mining-friendly jurisdiction in the Yukon with existing infrastructure.
Valeant reported financial results for Q2 2014, with total revenue increasing 86% year-over-year to $2.041 billion. Organic growth accelerated significantly compared to Q1, though the sale of facial injectable assets reduced growth rates. Key highlights included FDA approval and launch of Jublia, three small acquisitions, and restructuring the Bausch + Lomb plant in Ireland. Valeant provided guidance for the remainder of 2014 and through 2016, expecting continued revenue and earnings growth. An update on the potential Allergan acquisition was also provided.
- Prophecy Wellgreen presents an inferred resource of 289 million tonnes at 1.18 g/t PGM+Au, 0.38% Ni, and 0.35% Cu, as well as an indicated resource of 14.3 million tonnes at 2.25 g/t PGM+Au, 0.69% Ni, and 0.69% Cu based on a 2011 NI 43-101 technical report.
- The project has excellent exploration potential for precious and base metals along its 17.5 km strike, which remains open at depth and to the south.
- It is located in the mining-friendly Yukon Territory of Canada near existing infrastructure for accessible development.
Prophecy Platinum Corp. provided a presentation on its operations and projects in October 2011. The presentation contained forward-looking statements and disclaimers about the risks and uncertainties inherent in the company's projects. It also included information on the company's quality control and quality assurance procedures for sampling and assays. Mineral resources that are not mineral reserves were noted to not have demonstrated economic viability.
- The document provides background information on Prophecy Platinum Corp. and its Wellgreen platinum group metals project in Yukon, Canada.
- It discusses the project's exploration history dating back to 1952, including past resource estimates and recent drilling programs.
- It also gives an overview of Prophecy Platinum's management team, shareholders, and current market capitalization.
ACCIONA has agreed to subscribe to a 10% capital increase in Nordex, increasing its stake from 29.9% to 36.27%. It will launch a tender offer for the remaining Nordex shares at €10.32 per share. The capital increase strengthens Nordex's balance sheet to execute its growth plan. The transaction maintains ACCIONA's financial targets for 2019 while enhancing earnings from 2021. The tender offer is expected to complete in early 2020.
- ACCIONA's energy business operations have continued resiliently despite challenging market conditions from COVID-19, with excellent safety and availability performance. Projects under construction are mostly on track with some potential delays.
- The construction business expects a material impact on 2020 production and higher costs due to new health and safety practices, but is well positioned to benefit from expected investment-led economic recovery.
- Most infrastructure projects across regions have continued with some level of work suspension, but the majority have restarted with more restrictive health and safety protocols.
Valeant reported strong financial results for the third quarter of 2014, with total revenue growing 33% year-over-year to $2.1 billion and cash EPS growing 48% to $2.11. Several key business segments saw double-digit organic growth, including the recently acquired Bausch + Lomb business and emerging markets. Valeant also provided an update on its proposed acquisition of Allergan, noting potential regulatory hurdles and uncertainties remaining around a potential combination.
The Wellgreen platinum group metals project has a long history of exploration dating back to its discovery in 1952. Over 750 drill holes totaling over 55km have been completed to define the deposit. In 2011, an NI 43-101 technical report outlined 289 million tonnes of inferred resources grading 1.18 g/t PGM+Au, 0.38% Ni and 0.35% Cu, as well as 14.3 million tonnes of indicated resources at higher grades. The deposit remains open for expansion and is located in a mining-friendly jurisdiction in the Yukon with existing infrastructure.
Valeant reported financial results for Q2 2014, with total revenue increasing 86% year-over-year to $2.041 billion. Organic growth accelerated significantly compared to Q1, though the sale of facial injectable assets reduced growth rates. Key highlights included FDA approval and launch of Jublia, three small acquisitions, and restructuring the Bausch + Lomb plant in Ireland. Valeant provided guidance for the remainder of 2014 and through 2016, expecting continued revenue and earnings growth. An update on the potential Allergan acquisition was also provided.
- Prophecy Wellgreen presents an inferred resource of 289 million tonnes at 1.18 g/t PGM+Au, 0.38% Ni, and 0.35% Cu, as well as an indicated resource of 14.3 million tonnes at 2.25 g/t PGM+Au, 0.69% Ni, and 0.69% Cu based on a 2011 NI 43-101 technical report.
- The project has excellent exploration potential for precious and base metals along its 17.5 km strike, which remains open at depth and to the south.
- It is located in the mining-friendly Yukon Territory of Canada near existing infrastructure for accessible development.
Prophecy Platinum Corp. provided a presentation on its operations and projects in October 2011. The presentation contained forward-looking statements and disclaimers about the risks and uncertainties inherent in the company's projects. It also included information on the company's quality control and quality assurance procedures for sampling and assays. Mineral resources that are not mineral reserves were noted to not have demonstrated economic viability.
- The document provides background information on Prophecy Platinum Corp. and its Wellgreen platinum group metals project in Yukon, Canada.
- It discusses the project's exploration history dating back to 1952, including past resource estimates and recent drilling programs.
- It also gives an overview of Prophecy Platinum's management team, shareholders, and current market capitalization.
- Quattro Exploration and Production Ltd. (QXP) is building a diversified energy company through a series of focused acquisitions to consolidate best-in-class oil and gas assets.
- In September 2015, QXP increased its term debt and working capital by $4 million to fund a $12.8 million capital budget in 2016 for recompletions, reactivations and new well drilling.
- QXP reported net earnings of $0.04 per share and net income from operations of $1.56 million or $12.55 per barrel of oil equivalent for the second quarter of 2015.
Quabit unveils its 2018-2022 Business Plan update.
The company is set to position itself as one of the leading real estate developers in Spain already in 2021. Current share price represents a huge opportunity as the company is trading at a very significant discount over Book Value and over NAV and it is planned to reach a 17%-20% ROE in 2022.
Quabit is one of the top 5 Spain's Residential Developers with ore than 3.700 dwellings under development. here is the 9 mothns up to September '18 Report
Quabit reported results for fiscal year 2018 with the following highlights:
- Successful capital increases of €63 million and €6 million strengthened the financial position with equity increasing 31% and loan-to-value decreasing 16 percentage points.
- The business plan is on track with 190 home units delivered in 2018, strong investments in the land bank exceeding €180 million since 2017, new developments launched with 1,467 home units in 2018 representing 18% of the 2018-2022 plan, and commercial strength with 793 pre-sales in 2018 increasing 148% compared to 2017.
- Approximately 4,000 home units are under development representing 50% of the 2018-2022 business plan, and a management incentive plan was
This document provides an overview of the proposed merger between Iberdrola USA and UIL Holdings to create one of the largest utilities in the US. The combined company would have a rate base over $8 billion, serve 3.1 million customers, and have $2 billion in EBITDA and $570 million in net income. Iberdrola would own 81.5% of the combined company, while UIL shareholders would receive 18.5% ownership plus a $597 million cash payment. The merger satisfies Iberdrola's criteria by increasing its US exposure, regulated business profile, and listing on the NYSE without a capital increase.
Valeant reported strong financial results for Q1 2014, with product sales increasing 78% year-over-year to $1.85 billion and adjusted cash flow from operations growing 84% to $636 million. Organic growth was positive across regions and business units, led by dermatology, contact lenses, and ophthalmology in the US. Valeant remains active in business development, with over 20 transactions expected to close in 1H 2014. The company provided an update on its offer to acquire Allergan, noting overwhelmingly positive feedback from shareholders of both companies regarding the strategic benefits of the combination. Valeant intends to request information from Allergan and potentially pursue actions to engage the board or remove members to
- The Wellgreen project has an inferred resource of 289 million tonnes at 1.18 g/t PGM+Au, 0.38% Ni, and 0.35% Cu, and an indicated resource of 14.3 million tonnes at 2.25 g/t PGM+Au, 0.69% Ni, and 0.69% Cu based on a 2011 technical report.
- The project has excellent exploration potential along a 17.5 km strike, is open at depth and to the south, and contains rhodium credits.
- The project is located in the accessible and mining-friendly Southwest Yukon near infrastructure with over 55km of drilling and 702 holes completed since its discovery
Corporate presentation november 2016 finalcorpaveda2015
This corporate presentation provides an overview of Aveda Transportation and Energy Services Inc. It discusses Aveda's history of growth through acquisitions and expansion across North America. The presentation highlights Aveda's diversified revenue base across major oil basins in the US and Canada, as well as its blue chip customer base. It also summarizes Aveda's capitalization, balance sheet, and North American operations footprint.
The document provides an update on Aegon's residential mortgage business and information for investors regarding a proposed securitization transaction called SAECURE 14 NHG. It includes a disclaimer noting that the information has not been independently verified. The summary also outlines the proposed note structure, including expected ratings, credit enhancements, payment dates and optional redemption details. Key transaction parties and features are highlighted.
This corporate presentation provides an overview of Aveda Transportation and Energy Services Inc. It discusses Aveda's track record of growth through both acquisitions and organic expansion. Aveda has a diversified business model with multiple revenue streams, including oilfield hauling, transportation services, and oilfield rentals. The presentation also provides highlights about Aveda's management team, capitalization, North American footprint, equipment fleet, and growth strategies.
Aveda energy investor presentation july 2014 finalAvedaEnergy
Aveda is a growing provider of specialized oilfield hauling and rentals in North America. This corporate presentation outlines Aveda's operations, recent acquisitions, management team, capitalization, balance sheet, and North American footprint. It also provides an overview of Aveda's oilfield hauling and rentals divisions, including recent fleet expansions and a case study demonstrating Aveda's performance advantages over competitors.
The document is an investor presentation for Modzify LLC, a startup developing smartphone accessory cases. It summarizes Modzify's team and founders, philosophy of empowering users to customize smartphone functionality, flagship modzCase product which integrates features like a laser pointer and wireless mouse, market opportunity analysis, competitive landscape, financial projections showing profitability in years 2-5, distribution strategy, milestones, and funding request.
SpringOwl's 99 Page Presentation On How To Best Turnaround Yahoo!Eric Jackson
On Dec. 13, 2015, SpringOwl released this 99 page presentation on why Yahoo needs substantial change from the status quo and why it would be a mistake to sell the core business now at the lows. We offer our 9 point plan for how to turn around the company and create the most amount of value with the least risk for shareholders (and employees)
1) Eurazeo reported strong results for FY 2012, with continued increase in contribution from Group companies and 16% growth in NAV per share.
2) Key events included the sale of part of ANF Immobilier's portfolio, Europcar's refinancing, and impairments related to certain companies.
3) The company aims to further accelerate change at its portfolio companies by proactively sourcing new investment opportunities with growth potential in Europe and internationally.
Klöckner & Co SE Analysts' and Investors' Presentation FY 2014 ResultsKlöckner & Co SE
Analysts' and Investors' Presentation for the full year results on March 5, 2015
More at http://www.kloeckner.com/en/press-releases-5268.php?langswitched=1
For a german version of the presentation please visit:
http://www.kloeckner.com/de/index.php
Cypress Development Corp. has discovered a 1.5 km by 3 km zone of strong lithium mineralization at its Glory Lithium Brine/Claystone Project in Nevada, with samples assaying up to 3,800 ppm lithium. Leach tests show potential to extract lithium directly from the claystones with a low-cost process. Cypress has also acquired the adjacent Dean Lithium Project and initial sampling returned lithium values up to 2,940 ppm. Cypress plans to drill at both projects to evaluate lithium brines and claystones.
1) Cypress has discovered a 1.5km by 5km zone of strong lithium mineralization in non-hectorite claystones at its Glory Lithium Project in Nevada, with samples averaging 1000ppm lithium.
2) Laboratory tests showed an average 35% lithium recovery from the claystones using water leaching, and 95% recovery using dilute Aqua Regia leaching.
3) The lithium-rich claystones are believed to represent uplifted portions of the lake bed stratigraphy where lithium brines are produced commercially in the area.
Chase Corporation is a leading manufacturer of protective materials for high-reliability applications. It has two business segments: Industrial Materials, which produces specialty tapes, coatings, and sealants for electronics, energy, and other industries; and Construction Materials, which supplies products for infrastructure projects like bridges, highways, and water/wastewater systems. Chase has transformed over time through acquisitions, investments in new technologies, and facility rationalization to strengthen its product portfolio and operational efficiency. The company pursues growth through both organic expansion and strategic acquisitions within its core protective materials markets.
This document provides an overview of Aben Resources Ltd., a mineral exploration company with gold projects in British Columbia, Saskatchewan, and Yukon. It discusses the company's key assets - the Forrest Kerr project in BC's Golden Triangle region, which covers over 23,000 hectares of prospective geology near producing mines; the Chico project in Saskatchewan, located along a crustal structure hosting other gold deposits; and the Justin project in Yukon. It also introduces Aben's management team and advisory board, all with extensive experience advancing exploration projects. Moving forward, it states Aben will focus on re-interpreting models at Forrest Kerr and further exploring targets identified at Chico.
Mainstream Renewable Power has a global portfolio of over 11 GW of renewable energy projects with a diverse mix of solar, onshore wind, and offshore wind technologies. The portfolio includes over 1.4 GW under construction or operation and nearly 11 GW in development across Latin America, Africa, Asia Pacific, and offshore regions. Mainstream has established itself as a leading independent developer by bringing over 6.4 GW of projects to financial close since inception.
This investor presentation provides an overview of ALTUM, a Latvian state-owned financial institution. Key highlights include:
- ALTUM provides access to finance for areas prioritized by the Latvian government with over EUR 800 million in financial instruments.
- It operates across Latvia with regional centers and consulting offices to serve clients.
- ALTUM has a unique standing as the sole national development bank in Latvia, established by law to implement state economic policy.
- The presentation reviews ALTUM's business lines, financial performance, funding and liquidity, risk management, and key indicators.
ALTUM Investoru prezentācija, Septembris 2021 (full screen)ALTUM
ALTUM is Latvia's development financial institution that provides financing to support the country's economic development priorities. It has a unique position in the market with over 859 million euros in financial instruments and 28,951 contracts. ALTUM follows strong corporate governance practices and has an experienced management team. It aims to continue expanding its portfolio and implementing its 2022-2024 strategy.
- Quattro Exploration and Production Ltd. (QXP) is building a diversified energy company through a series of focused acquisitions to consolidate best-in-class oil and gas assets.
- In September 2015, QXP increased its term debt and working capital by $4 million to fund a $12.8 million capital budget in 2016 for recompletions, reactivations and new well drilling.
- QXP reported net earnings of $0.04 per share and net income from operations of $1.56 million or $12.55 per barrel of oil equivalent for the second quarter of 2015.
Quabit unveils its 2018-2022 Business Plan update.
The company is set to position itself as one of the leading real estate developers in Spain already in 2021. Current share price represents a huge opportunity as the company is trading at a very significant discount over Book Value and over NAV and it is planned to reach a 17%-20% ROE in 2022.
Quabit is one of the top 5 Spain's Residential Developers with ore than 3.700 dwellings under development. here is the 9 mothns up to September '18 Report
Quabit reported results for fiscal year 2018 with the following highlights:
- Successful capital increases of €63 million and €6 million strengthened the financial position with equity increasing 31% and loan-to-value decreasing 16 percentage points.
- The business plan is on track with 190 home units delivered in 2018, strong investments in the land bank exceeding €180 million since 2017, new developments launched with 1,467 home units in 2018 representing 18% of the 2018-2022 plan, and commercial strength with 793 pre-sales in 2018 increasing 148% compared to 2017.
- Approximately 4,000 home units are under development representing 50% of the 2018-2022 business plan, and a management incentive plan was
This document provides an overview of the proposed merger between Iberdrola USA and UIL Holdings to create one of the largest utilities in the US. The combined company would have a rate base over $8 billion, serve 3.1 million customers, and have $2 billion in EBITDA and $570 million in net income. Iberdrola would own 81.5% of the combined company, while UIL shareholders would receive 18.5% ownership plus a $597 million cash payment. The merger satisfies Iberdrola's criteria by increasing its US exposure, regulated business profile, and listing on the NYSE without a capital increase.
Valeant reported strong financial results for Q1 2014, with product sales increasing 78% year-over-year to $1.85 billion and adjusted cash flow from operations growing 84% to $636 million. Organic growth was positive across regions and business units, led by dermatology, contact lenses, and ophthalmology in the US. Valeant remains active in business development, with over 20 transactions expected to close in 1H 2014. The company provided an update on its offer to acquire Allergan, noting overwhelmingly positive feedback from shareholders of both companies regarding the strategic benefits of the combination. Valeant intends to request information from Allergan and potentially pursue actions to engage the board or remove members to
- The Wellgreen project has an inferred resource of 289 million tonnes at 1.18 g/t PGM+Au, 0.38% Ni, and 0.35% Cu, and an indicated resource of 14.3 million tonnes at 2.25 g/t PGM+Au, 0.69% Ni, and 0.69% Cu based on a 2011 technical report.
- The project has excellent exploration potential along a 17.5 km strike, is open at depth and to the south, and contains rhodium credits.
- The project is located in the accessible and mining-friendly Southwest Yukon near infrastructure with over 55km of drilling and 702 holes completed since its discovery
Corporate presentation november 2016 finalcorpaveda2015
This corporate presentation provides an overview of Aveda Transportation and Energy Services Inc. It discusses Aveda's history of growth through acquisitions and expansion across North America. The presentation highlights Aveda's diversified revenue base across major oil basins in the US and Canada, as well as its blue chip customer base. It also summarizes Aveda's capitalization, balance sheet, and North American operations footprint.
The document provides an update on Aegon's residential mortgage business and information for investors regarding a proposed securitization transaction called SAECURE 14 NHG. It includes a disclaimer noting that the information has not been independently verified. The summary also outlines the proposed note structure, including expected ratings, credit enhancements, payment dates and optional redemption details. Key transaction parties and features are highlighted.
This corporate presentation provides an overview of Aveda Transportation and Energy Services Inc. It discusses Aveda's track record of growth through both acquisitions and organic expansion. Aveda has a diversified business model with multiple revenue streams, including oilfield hauling, transportation services, and oilfield rentals. The presentation also provides highlights about Aveda's management team, capitalization, North American footprint, equipment fleet, and growth strategies.
Aveda energy investor presentation july 2014 finalAvedaEnergy
Aveda is a growing provider of specialized oilfield hauling and rentals in North America. This corporate presentation outlines Aveda's operations, recent acquisitions, management team, capitalization, balance sheet, and North American footprint. It also provides an overview of Aveda's oilfield hauling and rentals divisions, including recent fleet expansions and a case study demonstrating Aveda's performance advantages over competitors.
The document is an investor presentation for Modzify LLC, a startup developing smartphone accessory cases. It summarizes Modzify's team and founders, philosophy of empowering users to customize smartphone functionality, flagship modzCase product which integrates features like a laser pointer and wireless mouse, market opportunity analysis, competitive landscape, financial projections showing profitability in years 2-5, distribution strategy, milestones, and funding request.
SpringOwl's 99 Page Presentation On How To Best Turnaround Yahoo!Eric Jackson
On Dec. 13, 2015, SpringOwl released this 99 page presentation on why Yahoo needs substantial change from the status quo and why it would be a mistake to sell the core business now at the lows. We offer our 9 point plan for how to turn around the company and create the most amount of value with the least risk for shareholders (and employees)
1) Eurazeo reported strong results for FY 2012, with continued increase in contribution from Group companies and 16% growth in NAV per share.
2) Key events included the sale of part of ANF Immobilier's portfolio, Europcar's refinancing, and impairments related to certain companies.
3) The company aims to further accelerate change at its portfolio companies by proactively sourcing new investment opportunities with growth potential in Europe and internationally.
Klöckner & Co SE Analysts' and Investors' Presentation FY 2014 ResultsKlöckner & Co SE
Analysts' and Investors' Presentation for the full year results on March 5, 2015
More at http://www.kloeckner.com/en/press-releases-5268.php?langswitched=1
For a german version of the presentation please visit:
http://www.kloeckner.com/de/index.php
Cypress Development Corp. has discovered a 1.5 km by 3 km zone of strong lithium mineralization at its Glory Lithium Brine/Claystone Project in Nevada, with samples assaying up to 3,800 ppm lithium. Leach tests show potential to extract lithium directly from the claystones with a low-cost process. Cypress has also acquired the adjacent Dean Lithium Project and initial sampling returned lithium values up to 2,940 ppm. Cypress plans to drill at both projects to evaluate lithium brines and claystones.
1) Cypress has discovered a 1.5km by 5km zone of strong lithium mineralization in non-hectorite claystones at its Glory Lithium Project in Nevada, with samples averaging 1000ppm lithium.
2) Laboratory tests showed an average 35% lithium recovery from the claystones using water leaching, and 95% recovery using dilute Aqua Regia leaching.
3) The lithium-rich claystones are believed to represent uplifted portions of the lake bed stratigraphy where lithium brines are produced commercially in the area.
Chase Corporation is a leading manufacturer of protective materials for high-reliability applications. It has two business segments: Industrial Materials, which produces specialty tapes, coatings, and sealants for electronics, energy, and other industries; and Construction Materials, which supplies products for infrastructure projects like bridges, highways, and water/wastewater systems. Chase has transformed over time through acquisitions, investments in new technologies, and facility rationalization to strengthen its product portfolio and operational efficiency. The company pursues growth through both organic expansion and strategic acquisitions within its core protective materials markets.
This document provides an overview of Aben Resources Ltd., a mineral exploration company with gold projects in British Columbia, Saskatchewan, and Yukon. It discusses the company's key assets - the Forrest Kerr project in BC's Golden Triangle region, which covers over 23,000 hectares of prospective geology near producing mines; the Chico project in Saskatchewan, located along a crustal structure hosting other gold deposits; and the Justin project in Yukon. It also introduces Aben's management team and advisory board, all with extensive experience advancing exploration projects. Moving forward, it states Aben will focus on re-interpreting models at Forrest Kerr and further exploring targets identified at Chico.
Mainstream Renewable Power has a global portfolio of over 11 GW of renewable energy projects with a diverse mix of solar, onshore wind, and offshore wind technologies. The portfolio includes over 1.4 GW under construction or operation and nearly 11 GW in development across Latin America, Africa, Asia Pacific, and offshore regions. Mainstream has established itself as a leading independent developer by bringing over 6.4 GW of projects to financial close since inception.
This investor presentation provides an overview of ALTUM, a Latvian state-owned financial institution. Key highlights include:
- ALTUM provides access to finance for areas prioritized by the Latvian government with over EUR 800 million in financial instruments.
- It operates across Latvia with regional centers and consulting offices to serve clients.
- ALTUM has a unique standing as the sole national development bank in Latvia, established by law to implement state economic policy.
- The presentation reviews ALTUM's business lines, financial performance, funding and liquidity, risk management, and key indicators.
ALTUM Investoru prezentācija, Septembris 2021 (full screen)ALTUM
ALTUM is Latvia's development financial institution that provides financing to support the country's economic development priorities. It has a unique position in the market with over 859 million euros in financial instruments and 28,951 contracts. ALTUM follows strong corporate governance practices and has an experienced management team. It aims to continue expanding its portfolio and implementing its 2022-2024 strategy.
ALTUM Investor presentation, September 2021 (full screen)ALTUM
ALTUM is Latvia's development financial institution that provides financing to support the country's economic development priorities. It has a unique market position as the sole state-owned institution focused on development financing. ALTUM has grown significantly since its establishment in 2015 through the merger of three state entities, and now manages a portfolio of over EUR 859 million in financial instruments. It aims to continue expanding access to financing while maintaining strong corporate governance and financial stability.
Axiare Patrimonio Investors Presentation April 2016Axiare_Patrimonio
This document provides disclaimers and warnings for information contained within. It states that the document is for informational purposes only and not a regulated prospectus or recommendation. It also notes that financial and operational information may be unaudited, subject to change, and from internal or third party sources that may be incomplete or inaccurate. The document does not guarantee the accuracy of information or opinions and assumes no responsibility for errors or omissions. It contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ.
This document provides disclaimers and warnings for information contained within. It states that the document is for informational purposes only and not a regulated prospectus or recommendation. It also notes that financial and operational information may be unaudited, subject to change, and from internal or third party sources that may be incomplete or inaccurate. The document does not guarantee the accuracy of information and those using it are responsible for their own due diligence. Forward-looking statements are based on current judgments and estimates that may prove incorrect.
ALTUM is Latvia's development finance institution that provides financing to priority sectors to further Latvia's economic development. It has a diverse portfolio of loans, guarantees, and venture capital investments totaling €496 million. ALTUM has improved its operational efficiency through initiatives like project 25K and maintains strong financial metrics with a 37.1% equity ratio and liquidity ratio over 227%. Going forward, it aims to continue growing its business volumes while prudently managing risks.
Altum is a state-owned development finance institution in Latvia that provides financing to support the country's economic growth. It offers loans, guarantees, and venture capital funding across several sectors. Altum aims to be financially sustainable in the long run through prudent risk management practices. It has a solid portfolio of over 18,000 outstanding contracts totaling nearly 500 million euros in assets.
ALTUM Investor presentation, June 2022 from ALTUM.pptxAgneseSperga
ALTUM is Latvia's national development finance institution that provides financing to support the country's economic development priorities. It has a portfolio of financial instruments worth 896 million euros, including loans, guarantees, venture capital funds, and a land fund. ALTUM operates with a unique legal status and high barriers to entry in the market. It aims to improve access to finance for SMEs, agriculture, individuals and other sectors in Latvia.
This investor presentation provides an overview of ALTUM, Latvia's development finance institution. Some key points:
- ALTUM provides access to finance for priority areas in Latvia and implements state economic policy. Its portfolio totals 617 million EUR across loans, guarantees, venture capital funds and a land fund.
- It has a unique standing as a 100% state-owned institution established by law to partner with the government on economic development. Moody's assigns it an investment-grade rating of Baa1.
- The portfolio has grown 16.6% year-over-year, with guarantees now exceeding loans as the fastest growing segment. ALTUM is focusing on individuals, SMEs/mid-caps, and
2i Rete Gas - Debt Investor Presentation 2i Rete Gas
This debt investor presentation by 2i Rete Gas S.p.A. provides an overview of the company and its subsidiaries. It begins with introductions of the speakers and a disclaimer noting that the presentation does not constitute an offer or invitation to purchase securities. The presentation contains forward-looking statements and is intended only for relevant persons in the UK. It includes sections on credit highlights, final remarks, and an appendix.
IGNITE your…. Share equity investment
Presenter – Graeme Purdy, Chief Executive of Ilika will comment upon his own successful experience of
“leading the Company through successfully private funding rounds to finally floating on AIM”
Ilika Technologies Ltd was founded in 2004 as a spin-out from the School of Chemistry at the University of Southampton. The Company quickly established an international reputation for the rapid development of novel materials and secured commercial partnerships with a portfolio of blue-chip companies including Asahi Kasei, Shell, NXP and Toyota. The Company’s growth has been financed by three rounds of venture capital, an initial public offering (IPO) on the London Stock Exchange in May 2010 and a Placing in April 2012.
Top 10 China Stock Picks - Century Financialrayanwarner
The document is an email from Century Financial advising that their top 10 China stock picks report is ready to be downloaded from their website. It provides a disclaimer that the information in the report is for informational purposes only and should not be considered advice. It also notes several risks and limitations of the information provided.
This presentation provides an overview of Altum, Latvia's development finance institution. Key points include:
- Altum provides financing to priority sectors identified by the Latvian government through loans, guarantees, and venture capital investments.
- It has a well-diversified portfolio across industries and a strong liquidity position with over 350% liquidity ratio.
- Operational efficiency has improved through streamlining processes and a strategic shift to less administrative funding sources.
1. Prophecy Platinum Corp. is a mining exploration company with a platinum group metals project in Yukon, Canada.
2. The presentation provides an overview and disclaimer for the company's Wellgreen platinum project.
3. It cautions readers that mineral resources are not reserves and do not have demonstrated economic viability, and that inferred resources have low confidence levels.
Apollo Hospitals Enterprise Limited is a leading private healthcare services provider in India with over 6 decades of operations. It operates 71 hospitals with close to 10,000 beds across India and has expanded access to affordable healthcare through various initiatives. Apollo has played a pivotal role in developing the private healthcare sector in India by improving clinical outcomes and attracting medical talent both from India and overseas. Going forward, the company aims to continue its growth through a focus on clinical excellence, digital healthcare, and expansion into underserved markets.
This presentation provides an overview of Altum, Latvia's national development finance institution. It discusses Altum's business model, portfolio, and funding sources. Altum provides loans, guarantees, and venture capital to priority sectors in Latvia to promote economic development. As of December 2017, Altum had a diverse portfolio of €441 million consisting of loans, guarantees, and venture capital investments. It maintains a strong liquidity position with a liquidity ratio over 500% and diversified funding sources.
Canadian Overseas Petroleum Limited is an international oil and gas exploration, development, and production company actively pursuing opportunities in the United States and in sub-Saharan Africa through its ShoreCan joint venture company in Nigeria, and independently in other countries.
COPL’s acquisition of Atomic Oil and Gas LLC and its affiliate companies in December 2020 has had a transformational impact on the group and is significantly value-enhancing. It provides an immediate and growing revenue stream and underpins the group’s strategic objectives.
We have a team of individuals who have many years of relevant industry experience and who possess a strong track record of making discoveries and bringing those to production. Our goal is to continue to expand our company by developing existing assets and securing discoveries. We specialize in exploiting oil assets in lightly explored emerging regions where large discoveries occur. We achieve this by focusing on single well-unappraised discoveries in these basins and evaluating them and bringing them into production quickly and efficiently.
COPL has a strong balance sheet, secure cash flow, and is now well placed to deliver increased production and enhanced revenues, profitability, and shareholder value.
Similar to ACCIONA Results Presentation FY 2015 (20)
We are entering an era of multiple changes that will define the future of society and the relationship with the environment. Join us in this journey, in which regenerative infrastructures are playing a vital role, in a new issue!
Revista ACCIONA 77: Ferrocarril para cambiar de destinoacciona
Nos adentramos en una era de cambios, donde las infraestructuras juegan un papel definitivo en la composición del futuro de la sociedad y de su relación con el planeta. Descubre estos cambios, que impulsamos en ACCIONA, en una nueva edición de nuestra revista.
ACCIONA Magazine 76: the Global Challenge of Access to Wateracciona
The planet is already thirsty. What is going to happen when population grows and climate crisis worsens? Sustainable
Development Goal 6, a basic human right, can be achieved through engineering, legislation and investment.
Revista ACCIONA 76: El reto global del acceso al #aguaacciona
Si el planeta pasa sed hoy, ¿qué no ocurrirá cuando crezcan
la población y la emergencia climática? El ODS 6, un derecho
humano, puede cumplirse con ingeniería, legislación e inversión.
ACCIONA Magazine 75: Sustainable economy, the solution to the crisisacciona
In this ACCIONA Magazine edition, we talk about the world's current challenges and the solutions to solve them. It's time to act and to invest in a green recovery.
Revista ACCIONA 75: Economía sostenible, la solución anticrisisacciona
El documento habla sobre la importancia de aprovechar la oportunidad que presenta la crisis del coronavirus para acelerar la transición hacia una economía más sostenible. Menciona que la pandemia y el cambio climático comparten algunas causas y soluciones, por lo que los esfuerzos para la recuperación económica pospandemia deben enfocarse en proyectos sostenibles. También resalta el potencial de los desiertos para la generación de energía renovable a gran escala.
H1 2020 key results presentation. Full COVID impact seen in Q2 with revenues down 15% and EBITDA down 29% versus last year. Infrastructure most impacted, with construction and non-essential services temporarily suspended. Signs of gradual recovery since April. Measures implemented through pandemic protection plan including liquidity boost, cost reductions, asset disposals, and capex deferrals. Business plan remains on track with energy projects progressing and new infrastructure contract awards.
Este documento presenta los resultados financieros de la compañía para el primer semestre de 2020 (enero a junio). Incluye secciones sobre sostenibilidad, estados financieros consolidados, resultados por división (energía, infraestructuras, otras actividades), hechos relevantes, dividendos, y anexos con detalles adicionales. Los resultados se vieron afectados negativamente por la pandemia COVID-19, con un impacto estimado de €468 millones en ingresos y €140 millones en EBITDA. La compañía opera en energía renovable
- Revenues for H1 2020 were €3,042 million, down 14.8% from H1 2019, due to effects of the COVID-19 pandemic which negatively impacted the Energy and Infrastructure divisions.
- EBITDA was €499 million, down 29.1% from H1 2019, also affected by COVID-19.
- Attributable net profit was €22 million, 85.7% lower than H1 2019, reflecting the impact of COVID-19 and losses from an investment in Nordex that more than doubled.
- Net financial debt increased by €402 million compared to December 2019, due to COVID-19 effects and investments during the period, with most capex directed
The document reports ACCIONA's Q1 2020 results. Key highlights include:
- Revenues decreased 5.1% to €1,622 million due to lower energy sales and a small drop in other activities.
- EBITDA remained flat at €325 million as growth in energy and other activities offset an Infrastructure division decline.
- Attributable net profit increased 6.9% to €78 million due to higher earnings and a reversal of prior impairment charges.
- Net debt rose 5.8% to €5,200 million due to intensive investment activity, notably €284 million spent on new renewable capacity.
Este documento presenta los resultados financieros y operativos del primer trimestre de 2020 del Grupo ACCIONA. Los ingresos totales fueron de €1,622 millones, un 5.1% menos que en el mismo periodo de 2019. El EBITDA fue de €325 millones, en línea con 2019. La inversión neta ordinaria fue de €316 millones, principalmente en nueva capacidad renovable. La deuda neta alcanzó €5,621 millones, un aumento de €304 millones debido a la intensa actividad inversora del trimestre.
Este documento presenta los resultados financieros de ACCIONA para 2019. Incluye notas legales sobre el uso y distribución del documento, así como advertencias sobre declaraciones de futuro. También contiene información importante sobre ofertas de valores y una lista de medidas alternativas de rendimiento.
ACCIONA reported its financial results for fiscal year 2019, from January to December. Key highlights included:
- Revenue of €7.191 billion, down 4.2% from 2018.
- EBITDA of €1.357 billion, up 9% from 2018.
- Net profit of €352 million, up 7.2% from 2018.
- Total investment of €1.241 billion, focused on renewable energy and infrastructure.
- Net financial debt of €4.915 billion, within financial policy thresholds.
ACCIONA reported revenues of €7.19 billion in 2019, down 4.2% from 2018. EBITDA increased 9% to €1.36 billion due to growth in the Energy division, partly offset by lower revenues in Energy and Other Activities. Attributable net profit grew 7.2% to €352 million, or 60.3% excluding corporate transactions. Net debt increased 13.4% to €4.92 billion due to investment in renewable capacity and infrastructure projects. ACCIONA invested €1.03 billion in projects including 835MW under construction, exceeding 10GW total installed renewable capacity.
El documento presenta los resultados financieros de ACCIONA para el año 2019. Los principales puntos son:
- Los ingresos fueron de €7.191 millones, un 4,2% menos que en 2018, debido principalmente a menores ventas en Energía.
- El EBITDA aumentó un 9,0% hasta €1.357 millones, impulsado por el crecimiento en Energía internacional y Construcción.
- La inversión neta ordinaria fue de €1.031 millones, destinada principalmente a nueva capacidad renovable y a la concesión
The document discusses ACCIONA's commitment to sustainability and solutions to environmental challenges. It highlights ACCIONA's leadership in renewable energy through innovation in engineering, construction, generation, operation and maintenance of wind and solar projects. It also discusses ACCIONA's comprehensive approach to infrastructure development which assesses all impacts and maximizes social value. In water management, ACCIONA is leading in desalination membranes and biological reactors for wastewater treatment to address issues of water scarcity and population growth.
Una nueva edición de nuestra revista, centrada en la Conferencia de Naciones Unidas sobre el Cambio Climático, COP25, celebrada en Madrid, y en la que ACCIONA participa de forma activa. Descubre cómo.
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2. FY 2015
Disclaimer
This document has been prepared by ACCIONA, S.A. (“ACCIONA” or the “Company”) exclusively for use during the presentation of financial results for the full year
of 2015 (FY 2015). Therefore it cannot be disclosed or made public by any person or entity with an aim other than the one expressed above, without the prior
written consent of the Company.
The Company does not assume any liability for the content of this document if used for different purposes thereof.
The information and any opinions or statements made in this document have not been verified by independent third parties, nor audited; therefore no express or
implied warranty is made as to the impartiality, accuracy, completeness or correctness of the information or the opinions or statements expressed herein.
Neither the Company, its subsidiaries or any entity within ACCIONA Group or subsidiaries, any of its advisors or representatives assume liability of any kind,
whether for negligence or any other reason, for any damage or loss arising from any use of this document or its contents.
The information contained in this document on the price at which securities issued by ACCIONA have been bought or sold, or on the performance of those
securities, cannot be used to predict the future performance of securities issued by ACCIONA.
Neither this document nor any part of it constitutes a contract, nor may it be used for incorporation into or construction of any contract or agreement.
IMPORTANT INFORMATION
This document does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of the Spanish Securities Market Law
(Law 24/1988, of July 28, as amended and restated from time to time), Royal Decree-Law 5/2005, of March 11, and/or Royal Decree 1310/2005, of November 4,
and its implementing regulations.
In addition, this document does not constitute an offer of purchase, sale or exchange, nor a request for an offer of purchase, sale or exchange of securities, nor a
request for any vote or approval in any other jurisdiction.
Particularly, this document does not constitute an offer to purchase, sell or exchange or the solicitation of an offer to purchase, sell or exchange any securities.
FORWARD-LOOKING STATEMENTS
This document contains forward-looking information and statements about ACCIONA, including financial projections and estimates and their underlying
assumptions, statements regarding plans, objectives and expectations with respect to future operations, capital expenditures, synergies, products and services, and
statements regarding future performance. Forward-looking statements are statements that are not historical facts and are generally identified by the words
“expects”, “anticipates”, “believes”, “intends”, “estimates” and similar expressions.
Although ACCIONA believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ACCIONA shares are
cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally
beyond the control of ACCIONA, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the
forward-looking information and statements. These risks and uncertainties include those discussed or identified in the documents sent by ACCIONA to the Comisión
Nacional del Mercado de Valores, which are accessible to the public.
Forward-looking statements are not guarantees of future performance. They have not been reviewed by the auditors of ACCIONA. You are cautioned not to place
undue reliance on the forward-looking statements, which speak only as of the date they were made. All subsequent oral or written forward-looking statements
attributable to ACCIONA or any of its members, directors, officers, employees or any persons acting on its behalf are expressly qualified in their entirety by the
cautionary statement above. All forward-looking statements included herein are based on information available to ACCIONA, on the date hereof. Except as required
by applicable law, ACCIONA does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information,
future events or otherwise.
2
3. FY 2015
Disclaimer
This document has been prepared by ACCIONA, S.A. (“ACCIONA” or the “Company”) exclusively for use during the presentation of financial results for the full year
of 2015 (FY 2015). Therefore it cannot be disclosed or made public by any person or entity with an aim other than the one expressed above, without the prior
written consent of the Company.
The Company does not assume any liability for the content of this document if used for different purposes thereof.
The information and any opinions or statements made in this document have not been verified by independent third parties, nor audited; therefore no express or
implied warranty is made as to the impartiality, accuracy, completeness or correctness of the information or the opinions or statements expressed herein.
Neither the Company, its subsidiaries or any entity within ACCIONA Group or subsidiaries, any of its advisors or representatives assume liability of any kind,
whether for negligence or any other reason, for any damage or loss arising from any use of this document or its contents.
The information contained in this document on the price at which securities issued by ACCIONA have been bought or sold, or on the performance of those
securities, cannot be used to predict the future performance of securities issued by ACCIONA.
Neither this document nor any part of it constitutes a contract, nor may it be used for incorporation into or construction of any contract or agreement.
IMPORTANT INFORMATION
This document does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of the Spanish Securities Market Law
(Law 24/1988, of July 28, as amended and restated from time to time), Royal Decree-Law 5/2005, of March 11, and/or Royal Decree 1310/2005, of November 4,
and its implementing regulations.
In addition, this document does not constitute an offer of purchase, sale or exchange, nor a request for an offer of purchase, sale or exchange of securities, nor a
request for any vote or approval in any other jurisdiction.
Particularly, this document does not constitute an offer to purchase, sell or exchange or the solicitation of an offer to purchase, sell or exchange any securities.
FORWARD-LOOKING STATEMENTS
This document contains forward-looking information and statements about ACCIONA, including financial projections and estimates and their underlying
assumptions, statements regarding plans, objectives and expectations with respect to future operations, capital expenditures, synergies, products and services, and
statements regarding future performance. Forward-looking statements are statements that are not historical facts and are generally identified by the words
“expects”, “anticipates”, “believes”, “intends”, “estimates” and similar expressions.
Although ACCIONA believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ACCIONA shares are
cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally
beyond the control of ACCIONA, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the
forward-looking information and statements. These risks and uncertainties include those discussed or identified in the documents sent by ACCIONA to the Comisión
Nacional del Mercado de Valores, which are accessible to the public.
Forward-looking statements are not guarantees of future performance. They have not been reviewed by the auditors of ACCIONA. You are cautioned not to place
undue reliance on the forward-looking statements, which speak only as of the date they were made. All subsequent oral or written forward-looking statements
attributable to ACCIONA or any of its members, directors, officers, employees or any persons acting on its behalf are expressly qualified in their entirety by the
cautionary statement above. All forward-looking statements included herein are based on information available to ACCIONA, on the date hereof. Except as required
by applicable law, ACCIONA does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information,
future events or otherwise.
2
4. FY 2015
Disclaimer
This document has been prepared by ACCIONA, S.A. (“ACCIONA” or the “Company”) exclusively for use during the presentation of financial results for the full year
of 2015 (FY 2015). Therefore it cannot be disclosed or made public by any person or entity with an aim other than the one expressed above, without the prior
written consent of the Company.
The Company does not assume any liability for the content of this document if used for different purposes thereof.
The information and any opinions or statements made in this document have not been verified by independent third parties, nor audited; therefore no express or
implied warranty is made as to the impartiality, accuracy, completeness or correctness of the information or the opinions or statements expressed herein.
Neither the Company, its subsidiaries or any entity within ACCIONA Group or subsidiaries, any of its advisors or representatives assume liability of any kind,
whether for negligence or any other reason, for any damage or loss arising from any use of this document or its contents.
The information contained in this document on the price at which securities issued by ACCIONA have been bought or sold, or on the performance of those
securities, cannot be used to predict the future performance of securities issued by ACCIONA.
Neither this document nor any part of it constitutes a contract, nor may it be used for incorporation into or construction of any contract or agreement.
IMPORTANT INFORMATION
This document does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of the Spanish Securities Market Law
(Law 24/1988, of July 28, as amended and restated from time to time), Royal Decree-Law 5/2005, of March 11, and/or Royal Decree 1310/2005, of November 4,
and its implementing regulations.
In addition, this document does not constitute an offer of purchase, sale or exchange, nor a request for an offer of purchase, sale or exchange of securities, nor a
request for any vote or approval in any other jurisdiction.
Particularly, this document does not constitute an offer to purchase, sell or exchange or the solicitation of an offer to purchase, sell or exchange any securities.
FORWARD-LOOKING STATEMENTS
This document contains forward-looking information and statements about ACCIONA, including financial projections and estimates and their underlying
assumptions, statements regarding plans, objectives and expectations with respect to future operations, capital expenditures, synergies, products and services, and
statements regarding future performance. Forward-looking statements are statements that are not historical facts and are generally identified by the words
“expects”, “anticipates”, “believes”, “intends”, “estimates” and similar expressions.
Although ACCIONA believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ACCIONA shares are
cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally
beyond the control of ACCIONA, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the
forward-looking information and statements. These risks and uncertainties include those discussed or identified in the documents sent by ACCIONA to the Comisión
Nacional del Mercado de Valores, which are accessible to the public.
Forward-looking statements are not guarantees of future performance. They have not been reviewed by the auditors of ACCIONA. You are cautioned not to place
undue reliance on the forward-looking statements, which speak only as of the date they were made. All subsequent oral or written forward-looking statements
attributable to ACCIONA or any of its members, directors, officers, employees or any persons acting on its behalf are expressly qualified in their entirety by the
cautionary statement above. All forward-looking statements included herein are based on information available to ACCIONA, on the date hereof. Except as required
by applicable law, ACCIONA does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information,
future events or otherwise.
2
5. FY 2015 5
2015 key highlights
Solid FY 2015 financial results: EBITDA up +8% and Ordinary EBT up +42%
− Good operating performance of both core and non-core activities
A year of stability and back to ordinary course of business, with focus on:
− The operational improvement of our businesses
− Setting the basis for future growth
− Reinforcing the financial de-risking of the company
Net Financial Debt down 2.5% to €5.2bn
Significant reduction in NFD /EBITDA from 4.9x (Dec’14) to 4.4x (Dec’15)
− Further transformation and strengthening of corporate debt structure and liquidity
Transition year with historically low capex levels whilst securing strong
pipeline for 2016
Proposed dividend of €2.5/share, +25%, a new base from which to provide
sustainable growth going forward
6. FY 2015 6
2015 key highlights
A year of intense strategic activity
− Combination of AWP and Nordex to create a global leader in on-shore WTG sector
− Agreement to acquire BTG’s Pactual stake in ATLL, the upstream water concession
in the Barcelona region (transaction closed in January 2016)
− Relaunch of Bestinver under new investment team
Decided not to further pursue certain corporate transactions
− IPO of a US “YieldCo” with certain International energy fleet
− Disposal of Trasmediterránea
7. FY 2015
Outlook - 2016
7
2016 strategic priorities:
− Preserve balance sheet strength
− Strike right balance between leverage, capex and shareholder remuneration
− Pursue strategic alternatives for part of the Real Estate division
− Proactive approach to other business opportunities
− Continue to reduce financial costs and increase flexibility
Significant capex ramp-up started construction of renewable projects in
Chile, India and US, and acquisition of BTG Pactual’s stake in ATLL
Outlook moderately optimistic expected improvement in core and non-
core businesses
− With potential downside risks in energy generation Spain due to low pool prices,
partially mitigated by regulatory banding and potentially by higher volumes
8. FY 2015
Outlook - 2016
8
Net capex: ~€600m investment timing to be managed in the
context of business performance and credit ratios
EBITDA to remain relatively flat
Like-for-like growth impacted by low pool prices in Spain
NFD / EBITDA “comfort zone target” remains ~4.0-4.5x
Ambition to deliver moderate and sustainable growth in dividend
Changes in 2016 perimeter: deconsolidation of AWP and full
consolidation of water concession ATLL
9. 2. Group financial information
Carlos Arilla
Group Chief Financial Officer
11. FY 2015
Jan-Dec 14 Jan-Dec 15
Energy 282 130
Infrastructure 70 80
Construction 39 49
Water 9 19
Service 22 12
Other Activities -12 13
Net ordinary capex 340 223
Extraordinary
divestments
-629 -51
Total net capex -289 172
Capex(€m)
1111
Group: Capex by division
Historically low capex levels
Energy captures most of the investment effort:
- Installed in 2015: 128MW (all wind)
o 93MW in South Africa, 30MW in Poland,
5MW in Spain
- Under construction @ Dec 2015 340MW
o 247MWp SPV plant in Chile
o 93MW windfarm in US
Capex of the Construction division mainly
related to concessions: Toowoomba (Australia)
and Ruta 160 (Chile)
Extraordinary divestments of €51m
Key highlights
Capex breakdown
By division
-34%
12. FY 2015
Group debt breakdown
Recourse
Non-recourse
Euro
US Dollar
Other
Fixed
Variable
Group: Debt breakdown by division and nature
Gross debt by nature
Gross debt - Currency
Gross debt - Interest rate
Significant reduction in group net debt and NFD/EBITDA ratio, which falls
from 4.87x to 4.39x, now within targeted range
Significant reduction in group net debt and NFD/EBITDA ratio, which falls
from 4.87x to 4.39x, now within targeted range
12
31-Dec-14
(€m) Net debt
Recourse
debt
Non-
recourse
debt
Gross
debt
Cash +
C. Equiv.
Net debt
Energy 4,653 1,174 3,872 5,046 -750 4,295
Infrastructure 253 392 488 880 -718 162
Construction 119 363 365 728 -592 136
Water 111 5 116 121 -104 17
Services 23 24 7 31 -22 9
Other businesses 145 23 269 292 -82 210
Corporate 243 814 0 814 -322 492
Total 5,294 2,403 4,629 7,032 -1,873 5,159
Average cost of debt 5.6% 5.5%
Net debt / EBITDA 4.87x 4.39x
31-Dec-15
13. FY 2015
Debt with recourse: €2,403m
Continuously analysing opportunities to reduce cost of debt and increase flexibilityContinuously analysing opportunities to reduce cost of debt and increase flexibility
Group: Recourse debt & liquidity
Bank debt
Non bank debt
Bank debt vs. capital markets
13
Debt with recourse (€m) 31-Dec-15
Bank debt 952
Commercial paper programme 296
Bonds 306
Convertible bond 313
Other (ECAs, Supranationals) 536
Capital markets 1,451
Total debt with recourse 2,403
Liquidity (€m) 31-Dec-15
Cash 1,873
Available committed credit lines 1,881
Total liquidity 3,754
Average cost of
debt
Average maturity
(years)
Averg. matur.
Undrawn credit
lines (years)
14. FY 2015
New financing contract of €1.8bn
Group: Recourse debt €1.8bn syndicated facility
14
ACCIONA signed in March a 5 year syndicated financing facility for €1.8bn
divided in two tranches:
Tranche A
Loan for a maximum
amount of €360m
Tranche B
Credit lines €1,440m
To refinance part of the corporate debt and finance the general investment and
treasury needs of the group – significant simplification of liquidity structure
Improved the credit profile of the group covered all corporate debt repayments
until 2019 (including the convertible bond)
Lower cost and less commissions
Signed with 19 financial institutions 10 Spanish and 9 international
€1,800m
15. FY 2015
Group: Recourse debt & liquidity
15
Maturity profile of debt with recourse (€2,403m)
6
Undrawn credit lines cover all corporate maturities for the next three yearsUndrawn credit lines cover all corporate maturities for the next three years
16. FY 2015
Group: Debt amortization schedule
Note: Repayment schedule during the period to December 2025
Accrued interest and mark to market of derivatives as of 31st December 2015 not included in repayment schedule
Principal repayment schedule 2016-2025 (€m)
Group: Non-recourse debt amortization schedule
16
17. FY 2015
377
509
151466
Operating CF Investment CF Financing CF
-€683m +€167m +€381m
5,294
4,319 4,631
17
Group: Net debt evolution
17
Debt associated to work in progress Derivatives
Net debt reconciliation FY 2015 (€m)
LTM: -€135m (-3%)
5,159
19. FY 2015 3
1. 2015 key highlights
2. Group financial information
3. Energy
4. Infrastructure
5. Other activities and 2016 Outlook
6. Q&A session
Appendix
Table of contents
20. FY 2015
EBITDA
contribution
Associates
20
Energy: Installed capacity
Net
income
Total Consolidated Eq accounted Net
Spain 5,950 4,673 619 5,248
Wind 4,747 3,470 619 4,079
Hydro 888 888 0 888
Solar Thermoelectric 250 250 0 220
Solar PV 3 3 0 3
Biomass 61 61 0 59
Internacional 2,669 2,383 78 1,557
Wind 2,465 2,225 48 1,462
Solar Thermoelectric 64 64 0 43
Solar PV 140 94 30 52
Total 8,619 7,055 697 6,806
MW
Installed MW
21. FY 2015
Technology Country Asset name MW Expected COD Details
Solar PV Chile Romero Solar 247 H2 2017
Biggest PV plant in Latin America
247MWp PV plant of wich ~140MW expected to be installed in 2016
Will contribute to cover part of the 600GWh renewable supply contract from Jan 2018
onward and the supply contract signed with Google
Wind USA (Texas) San Roman 93 Q4 2016
Tax Equity investor
+
12 year financial hedge + merchant
Wind India Bannur 78 Q1 2017
Begining construction in January 2016
78MW windfarm of wich ~60MW expected to be installed in 2016
Feed-in tariff + GBI (Generation Based Incentive)
21
Energy: 2015 installations and WIP
MW installed in 2015
Under construction MW
*
* Peak capacity
Tecnology Country Asset name MW Installation date Details
Wind Poland Poniec II 30 Q3 2015
Green certificates (1 Green certif. = 1MWh)
+
Electricy price annualy set by the ERO (Energy Regulatory Office)
Wind South Africa Gouda 93 Q1 2015
138MW wind farm completed in 2015 with the installation of the remaining 93MWs
20 year PPA with local utility Eskom
Wind Spain Monreal 5 Q4 2015 Completed construction of the project initiated before regulatory reform
22. FY 2015 22
Energy: ACCIONA Windpower
Revenues increase close to 35%
EBITDA improves +€46m
AWP installs 931MW in FY 2015 vs 762MW in
FY 2014
− 100% international
− 94% for third party clients
− 6% for ACCIONA group
Key highlights
Key figures Backlog evolution (MW)
(Million Euro) Jan-Dec 14 Jan-Dec 15 Chg. Chg. (%)
Revenues 705 950 245 34.7%
EBITDA 39 84 46 119.4%
Margin (%) 5.5% 8.9%
AWP Backlog by region
1,140MW
23. FY 2015
Energy: Global trends
23
Installation of renewable new capacity exceeds that of fossil sources
at global levels (1) since 2013
2015:
− US: renewables represented 68% of new installed capacity (2)
− Europe: renewables represented 73% of new installed capacity (3)
Important technological progress and cost reductions as the main
drivers for renewables development
In the next 25 years, >40% of new installed capacity globally to come
from wind and solar PV technologies (4)
Renewables already competitive in “technology neutral” auctions:
− Chile: most recent energy auction 100% awarded to renewables
Competitive prices set in recent auctions
− South Africa
− Morocco
− Peru
Increasingly
competitive
technology
Renewables are
already the
fastest growing
technologies
1
2
(1) Ren21
(2) BNEF/ Business Council for Sustainable Energy
(3) EWEA 2015 European Statistics
(4) IEA, WEO 2015
24. FY 2015 24
187 countries representing 98.6% of global emissions presented
INDCs (1)
Not enough to avoid exceeding 2ºC target (2)
Investment in renewable energy must be increased
Mature renewable technologies lower risk
Stable prices vs fossil fuel price volatility
Carbon bubble: 60-80% fossil fuel reserves cannot be burned(3)
Fossil fuel divestment and shift towards clean energy investment
COP 21: Global
commitment
against climate
change
Investment
decisions
turnaround
3
4
(1) INDCs: Intended Nationally Determined Contributions
(2) IEA, WEO 2015
Energy: Global trends
(3) Carbon Tracker Initiative
25. FY 2015
Energy: Strategy
Wind fleet COE reduction program in place target -25%
− Continuing efforts in O&M cost reductions
− Initiatives in place to increase availability and performance
− Action Plan to extend useful life
Progress in Big Data management to improve asset
performance
Pioneers in storage applications
Competitive auctions with long term contracts
Connecting projects and clients – e.g. Google
New opportunities through PPAs with private clients
EPCs in selective markets
New focus:
maximise
operating
efficiency
New business
models
25
26. FY 2015
Focused on growth in attractive markets:
− Strategic markets: Chile, Mexico, India, US and Australia
− First mover strategy in new markets
Greater capacity and bigger solar PV portfolio
2016 Growth: ~300MW incremental capacity
− San Roman (US) 93MW
− El Romero (Chile) 140MWp
− Bannur (India) 60MW
Profitable growth
is the priority
26
Energy: Strategy
28. FY 2015 28
Infrastructure: Key highlights
Key figures
Profitability resilience and improved margin
as a result of new strategy being implemented:
2015 highlights
28
− Project selectivity
− Contract management
− Technical excellence
Contracts awarded + backlog
+22% +13%
− Risk control
− Specialization
New contracts awarded (€m)1
Upbeat outlook with
significant increase in
new contracts awarded
and backlog growth
Upbeat outlook with
significant increase in
new contracts awarded
and backlog growth
Backlog (€m)2
¹ Including construction, water (excluding ATLL concession) and services
2 2014 backlog figure restated to exclude ATLL concession
(Million Euro) Jan-Dec 14 Jan-Dec 15 Chg. Chg. (%)
Revenues 3,727 3,336 -391 -10.5%
EBITDA 173 167 -6 -3.5%
Margin (%) 4.6% 5.0%
EBT 90 90 0 n.m.
Margin (%) 2.4% 2.7%
2
29. FY 2015 29
Infrastructure: New contracts awarded in 2015
New awards
Construction
Site C large-scale hydroelectric dam (Canada)
Total project €1.2bn (o/w ACCIONA’s share 37.5%)
Metro Quito (Ecuador) Total €1.4bn (50% share)
Föllo Line rail tunnels (Norway) Total €1bn (60%
share)
Toowoomba road concession (PPP) (Australia)
Total €620m (50% share)
Water
Desalination plants (EPC + O&M) (Qatar) €476m
(100% share)
St. John waste water treatment plant Total
€188m (100% share)
Industrial
Electric power grid (Mexico) Total project value
€85m (100% share)
Kathu Solar complex - 100MW CSP (South Africa)
Total €564m (50% share)
Services
Düsseldorf Airport (Handling) (Germany) – 7 years
Relevant projects awarded in 2015
29
Significant increase in new contracts in most
businesses
Service’s new orders drop due to delays in
Spain public contract awarding
Key highlights
(Million Euro) Jan-Dec 14 Jan-Dec 15 Chg. Chg. (%)
Construction 2,620 3,565 945 36.1%
Water 683 814 131 19.2%
Services 808 628 -180 -22.3%
Total 4,111 5,007 896 22%
30. FY 2015 30
Construction: Key figures and backlog
Key figures
30
FY2015 Backlog
EBITDA margin increase due to efficiency
improvements and more selectivity in contracts
Quality of international backlog recently awarded
Pessimistic outlook for the Spanish market in
2016; recovery from 2017 onwards
Increasing opportunities in PPPs
Key highlights
International backlog FY 2015
By region
€4,939m
Spain (27%)
International (73%)
€6,722m
(Million Euro) Jan-Dec 14 Jan-Dec 15 Chg. Chg. (%)
Revenues 2,626 2,170 -456 -17.4%
EBITDA 118 102 -16 -13.8%
Margin (%) 4.5% 4.7%
31. FY 2015 31
Water: Key figures and backlog
Key figures
New sea water reverse osmosis (SWRO)
contracts in Qatar totaling €476m
New BOT contract in Canada sets the return
to the North American market
Water backlog stands at €3.5bn
– D&C: €0.6bn
– O&M: €2.9bn
Ongoing projects in 25 countries
60% of revenues from international markets
50% of revenues from D&C
31
Key highlights
Backlog FY 2015
By region
€3,536m¹
(Million Euro) Jan-Dec 14 Jan-Dec 15 Chg. Chg. (%)
Revenues 409 451 41 10.0%
EBITDA 35 35 0 n.m.
Margin (%) 8.4% 7.7%
¹ Water backlog does not include ATLL concession
32. FY 2015 32
Industrial and Service
Industrial Service: key figures
Key highlights
New Industrial EPC contracts are gaining weight
ACCIONA will start to report Industrial as a new
business within the Infrastructure division from Q1
2016
Therefore, Infrastructure will include:
Construction, Water, Industrial and Service
Appointment of new management team to lead
Industrial business
Types of contracts:
− Power EPCs (conventional & renewable)
− Transmission & distribution EPCs
− Waste to energy EPCs
− Biomass EPCs
− Regasification and gas storage
New contracts awarded in these fields worth
€453m in 2015 (vs €47m in 2014)
Service includes O&M of all kind of
infrastructure assets
Focus on efficiency improvement
Future business opportunities:
− Transmission & distribution operations
− Healthcare services
(Million Euro) Jan-Dec 14 Jan-Dec 15 Chg. Chg. (%)
Revenues 691 716 24 3.5%
EBITDA 21 31 10 49.9%
Margin (%) 3.0% 4.3%
33. FY 2015
Equity Net debt
Infrastruc. 444 888
Water 170 234
Total 613 1,122
Infrastructure: Concessions
Invested
capital
(€1,735m)
33
By degree of construction By region
¹ Invested capital: Capital contributed by banks, shareholders and others financers
² Debt figure includes net debt from concessions accounted by the equity method (€570m)
3 Debt figure includes net debt from water concessions accounted by the equity method (€147m)
Note: For construction concessions EBITDA and invested capital include -€4m and +€12m from holdings respectively. Average lives are weighted by BV excluding holdings
²
3
Road Rail Canal Port Hospital Water TOTAL
# of concessions 13 2 1 1 6 56 79
Proportional EBITDA FY 2015 (€m) 72 3 3 0 27 75 175
Consolidated EBITDA FY 2015 (€m) 39 0 0 0 15 20 70
Average life (yrs) 29 35 30 30 30 n.m. n.m.
Average consumed life (yrs) 6 6 9 10 9 n.m. n.m.
Invested capital¹ (€m) 906 46 69 17 282 403 1,735
34. FY 2015 34
Infrastructure: Global Trends
34
Development Growth Drivers Opportunities for ACCIONA
New funding models (PPPs)
Sustainable and efficient
power generation
Regions
Connectivity projects
Tunneling
Social facilities & services
New resources / desalination
More efficient management
Reuse
Reuse
Maintenance
Decommissioning
Renewable energy EPCs
Smart systems, T&D distribution
Privatization initiatives
Capital attraction
LatAm
South East Asia
Middle East
Australia
Middle East
Africa
South East Asia
North America
Europe
All
LatAm
North America
Australia
Europe
Rapid population and
urbanization growth
Resources and water scarcity
Renewal of aging infrastructure in
developed countries
35. FY 2015 35
Infrastructure: Business priorities and transformation
35
Product: specialized
business units (UNEs)
Geography: strategic
countries
Bid management
Contract management
Technical excellence
Talent
Accountability
Cost efficiency
Specialization Risk Control Profitability
Ongoing internal transformation
Digitalization
Big data
Building information
modelling (BIM)
Working area digitalization
Collaborative environments
Business priorities for 2016
Construction Concessions Water Industrial Service
I. New markets:
Middle East
South East Asia
I. New markets:
USA (TX, FL, VA y
CO)
Europe (UK,
Norway)
I. New markets:
Sub-Saharan
Africa
South East Asia
II. International
concessions &
operations
I. New businesses:
Transmission &
distribution EPCs
Waste to energy
EPCs
Biomass EPCs
Regasification and
Gas storage
I. New businesses:
Transmission &
distribution
operations
Healthcare Services
II. Facility Services
International
36. 5. Other activities and 2016 Outlook
Juan Muro-Lara
Chief Corporate Development & IR Officer
38. 1. 2015 key highlights
José Manuel Entrecanales
Chairman & CEO
Juan Muro-Lara
Chief Corporate Development & IR Officer
39. FY 2015 39
Bestinver
EBITDA contribution €67m
AUM Dec. 2015: €5.1bn
Significant gross inflows €325m
1,500 new clients
Performance 2015
+13%
+12%
+5%
Key figures Key highlights
In 2015 Bestinver has captured upside and protected
the downside
All funds in top decile1 (Bestinfond, International,
Bolsa and Hedge)
Bestinver Hedge # 1 in absolute terms
Since the new investment team took control until 26th
Feb B. International +14% vs MSCI Europe +3%
(1) Source Expansión - Decile: top 10% in each category
40. FY 2015 40
Real Estate: 2015 independent asset appraisal
GAV 2015 breakdown
Note: Independent asset appraisal – Savills, Aguirre Newman, CBRE and Instituto de Valoraciones
By region By asset type
GAV 2015: €1,271m
75% Residential
7% Offices
18% Others
Book value Gross capital gain
Development Land Rental
41. FY 2015
Real Estate Update
Creation of ACCIONA Real Estate (“ARE”)in 2015
Segregation process virtually completed so ARE operates as stand-alone entity
ACCIONA Inmobiliaria (“AI”) has segregated its assets according to two lines of business:
Rental and Development for Sale
AI has created ACCIONA Real Estate (“ARE”) as a new subsidiary to which it has transferred
certain assets and liabilities related to rental business including:
Standing rental properties + Land plots for development of rental properties
Rental business: most dynamic part of AI
ACCIONA continues to evaluate different alternatives including a private corporate
transaction or a potential listing of ARE if market conditions are attractive
41
Legal transfer &
registry of the
relevant assets
Binding tax
authority
consultation –
tax-neutral
transaction
confirmed
Regulatory
approvals for the
transfer of
concession
assets
Refinancing of
subsidiary El
Coto
Allocation of
management
and employees
Legal transfer Tax authority Approvals Debt refinancing Management
Creation of
corporate
structures and
contractual
arrangements in
advanced stage
Structure
42. FY 2015
Fulfillment of CPs¹ progressing according to plan
Regulatory approvals process just completed
Completion expected early April
Fulfillment of CPs¹ progressing according to plan
Regulatory approvals process just completed
Completion expected early April
Note: Adjustment to price if estimated NFD at signing defers to final 2015 audited figures
¹ Condition precedent
2 Management Board
3 Supervisory Board
Signing
- 4 Oct 15
Public announcement
- 5 Oct 15
- CNMV – Communication of
relevant event
- Analyst Conf Call
Closing (April)
- Cash payment + 16.1m
shares (16.6%)
- Simultaneous acquisition of
12.9m shares from
Skion/Momentum
- New MB2 members
appointed
Economic
effective date
01.01.2016
2015 2016
Fulfillment of CPs
(key: merger clearance)
AGM 2016
- Appointment of
SB3 members
Combination of AWP – Nordex
Process update
42
43. FY 2015
2016 Outlook: Group
43
Good prospects for most businesses, except for Energy generation in Spain if
current low power price environment persists
= “Flattish”Group EBITDA 2016E
~€600m ~2/3 EnergyNet capex
Within targeted range of
~4.0x - 4.5x
NFD / EBITDA
44. FY 2015
2016 Outlook: By division
44
Single digit percentage change approximately
Double digit percentage change approximately
Energy Infrastructure Other Businesses
Like-for-like EBITDA (ex-
AWP effect)
‒ New capacity not sufficient
to compensate for lower
Spanish power prices
‒ However in 2017, the
regulatory review should
reset incentives to
compensate for the lower
power price levels
Capacity additions up to
300MWs
Like-for-like EBITDA
(pre-ATLL)
Reported EBITDA growth
amplified by full consolidation
of ATLL from 1st January 2016
Construction EBITDA
‒ Driven by international
margins
Water EBITDA - ATLL
consolidation
Service EBITDA -
improvement of operational
efficiency
EBITDA =
Improvement in
Trasmediterránea offset by
lower expected Bestinver
contribution on weaker
financial markets
47. FY 2015
ARE’s asset base
Mainly Spanish non-subsidized residential rental
assets
Internally managed
Capabilities across full value chain sourcing,
development and property management
ARE’s Net debt as of December 31st 2015: €199m
GAV breakdown by Asset Class
€630m
Assets in detail
Residential Commercial RE Land for Development
1,382 units + 36 high street
related units
Concentrated in Madrid:
73.5% of total units and 86%
GAV
144k sqm of GLA¹
¹ Gross lettable area
Four office buildings (Madrid &
Barcelona) – 27k sqm GLA
Two hotels (Marbella & Barcelona) –
25k sqm GLA
50% stake in Arturo Soria Plaza
shopping mall (Madrid) and additional
54 retail units with 5.5k sqm GLA
16 fully permitted land plots
ready for development-to-let
Total GLA of >155k sqm
Real Estate Update
Overview of ACCIONA Real Estate
47
Land for
Development
15%
Commercial RE
22%
Residential
63%
As of Dec-15
48. FY 2015
Transaction structure
ACCIONA contributes AWP to Nx
AWP is contributed for a total EV of €785m
in exchange for 16.1m new Nx shares
(16.6% stake) + €366m cash consideration
Nx remains listed in Frankfurt Stock
Exchange
1. Combination
Contribution
100%
16.1m new Nx shares +
€366m in cash (EV)
Simultaneously, ACCIONA will acquire
12.9m existing Nx shares from
SKion/Momentum for €335m in cash,
increasing its stake in the company to
29.9%
2. Shareholder reorganization
SKion/Momentum will retain a 5.7% stake
in Nx
12.9m existing Nx
shares
€335m in Cash
SKion/
Momentum
100%
Combination of AWP - Nordex
48
49. FY 2015
2. Reorganization of shareholders1. Combination: Valuation of AWP
Step 1: Acquisition of
AWP by Nx
Step 2: Skion sells part
of its shares to ACCIONA
16.1m shares
(authorized
capital)
Nx to pay ACCIONA with shares + cash consideration
AWP valued at EV of €785m
Equity value of €743m
ACCIONA acquires 12.9m shares from
Skion/Momentum to reach a 29.9% shareholding
Nx Shares
16.6% Nx
Cash
Payment
+ AWP EV=
ACCIONA, #5 global renewables
operator, new strategic anchor
investor
ACCIONA
Skion/
Momentum Free Float
Net debt¹+
¹ Adjustment estimates as of 31.12.2015
² Fairness opinion provided by Warth & Klein Grant Thornton AG
The transaction is financially fair² from the perspective of Nx and ACCIONA
Combination of AWP - Nordex
49
50. FY 2015 5
2015 key highlights
Solid FY 2015 financial results: EBITDA up +8% and Ordinary EBT up +42%
− Good operating performance of both core and non-core activities
A year of stability and back to ordinary course of business, with focus on:
− The operational improvement of our businesses
− Setting the basis for future growth
− Reinforcing the financial de-risking of the company
Net Financial Debt down 2.5% to €5.2bn
Significant reduction in NFD /EBITDA from 4.9x (Dec’14) to 4.4x (Dec’15)
− Further transformation and strengthening of corporate debt structure and liquidity
Transition year with historically low capex levels whilst securing strong
pipeline for 2016
Proposed dividend of €2.5/share, +25%, a new base from which to provide
sustainable growth going forward
51. FY 2015 5
2015 key highlights
Solid FY 2015 financial results: EBITDA up +8% and Ordinary EBT up +42%
− Good operating performance of both core and non-core activities
A year of stability and back to ordinary course of business, with focus on:
− The operational improvement of our businesses
− Setting the basis for future growth
− Reinforcing the financial de-risking of the company
Net Financial Debt down 2.5% to €5.2bn
Significant reduction in NFD /EBITDA from 4.9x (Dec’14) to 4.4x (Dec’15)
− Further transformation and strengthening of corporate debt structure and liquidity
Transition year with historically low capex levels whilst securing strong
pipeline for 2016
Proposed dividend of €2.5/share, +25%, a new base from which to provide
sustainable growth going forward
52. FY 2015 5
2015 key highlights
Solid FY 2015 financial results: EBITDA up +8% and Ordinary EBT up +42%
− Good operating performance of both core and non-core activities
A year of stability and back to ordinary course of business, with focus on:
− The operational improvement of our businesses
− Setting the basis for future growth
− Reinforcing the financial de-risking of the company
Net Financial Debt down 2.5% to €5.2bn
Significant reduction in NFD /EBITDA from 4.9x (Dec’14) to 4.4x (Dec’15)
− Further transformation and strengthening of corporate debt structure and liquidity
Transition year with historically low capex levels whilst securing strong
pipeline for 2016
Proposed dividend of €2.5/share, +25%, a new base from which to provide
sustainable growth going forward