Acciona S A : Resultados tercer trimestre 2020 (inglés)
11/05/2020 | 03:17pm EST
| A C C I O N A 9 M 2 0 2 0 R E S U L T S
9 M 2 0 2 0 - J a n u a r y - S e p t e m b e r
R E S U L T S
P R E S E N T A T I O N
6 N o v e m b e r 2 0 2 0
| A C C I O N A 9 M 2 0 2 0 R E S U L T S
D I S C L A I M E R
This document has been prepared by ACCIONA. S.A. ("ACCIONA" or the "Company") exclusively for use during the presentation of financial results. 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 plan, 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.
Results Report includes the list and definition of the Alternative Performance Measures (APMs) used both in this presentation and the Results Report, according to the guidelines published by the European Securities and Markets Authority (ESMA).
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| A C C I O N A 9 M 2 0 2 0 R E S U L T S
K E Y H I G H L I G H T S 9 M 2 0 2 0
Q3 performance confirms the improving trend in the operating environment
G R A D U A L C O N V E R G E N C E T O W A R D S ' N O R M A L I S E D ' P R O F I T A B I L I T Y L E V E L S A C R O S S M O S T O F A C C I O N A ' S B U S I N E S S E S …
…although the slope of recovery has proven to be less steep than anticipated at the outset of the Pandemic
E B I T D A 9 M 2 0 2 0 D O W N B Y 2 4 % - N A R R O W I N G T H E G A P R E L A T I V E T O H 1 W H E R E E B I T D A F E L L B Y 2 9 % …
COVID-19impact diminishing with €50m impact at EBITDA level in Q3 relative to €144m in H1
R E S I L I E N T E N E R G Y D E S P I T E L O W E R S P A N I S H R E G U L A T O R Y / W H O L E S A L E P R I C E S , A N D G E N E R A L L Y W E A K W I N D V O L U M E S›Incremental EBITDA from newly commissioned projects contributes to mitigating lower 2020 prices/volumes
› ~80% of Energy EBITDA on an ongoing basis arising from regulated/contracted assets
I N F R A D I V I S I O N S U F F E R S A C U T E I M P A C T F R O M C 1 9 B U T B A C K T O P O S I T I V E E B I T D A I N Q 3
S I G N I F I C A N T A C C E L E R A T I O N I N G R O W T H P R O S P E C T S - E N E R G Y V I S I B I L I T Y A N D I N F R A B A C K L O G A T A L L - T I M E H I G H S D E S P I T E C 1 9
Energy 5GW target: >100% covered by scheduled capacity additions (3.6GW) and high probability development projects in a mature stage (2.7GW)
Infra project backlog as of September stands at €12.7bn with €7.5bn new additions, as well as >€1bn of potential projects as preferred bidder in October
Megatrends continue to support ACCIONA's sustainable business model
P R O T E C T I N G T H E B A L A N C E S H E E T A N D T H E B U S I N E S S P L A N - C 1 9 W I L L N O T S E T B A C K A C C I O N A ' S G R O W T H
›
Net debt remains flat relative to H1 with controlled investment cash outflows and positive WC
›
Asset disposal process on track
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| A C C I O N A 9 M 2 0 2 0 R E S U L T S
K E Y F I G U R E S 9 M 2 0 2 0
9M 2020 (€m)
% Chg. vs 9M 2019
9M 2020 (€m)
9M 2019
(€m)
Revenues
4,554
-13.9%
Total Investment
660
982
EBITDA
760
-23.8%
EBT
136
-61.4%
9M 2020 (€m)
Dec 2019
(€m)
of which Nordex contribution
-56
62.6%
Net Financial Debt
5,230(1)
4,915
Attributable net profit
78
-63.4%
Net Financial Debt (incl.IFRS16)
5,694
5,317
Depreciation of wind and PV over 30 years - lower depreciation charges and one-off partial reversal of 2013 impairment
EBITDA figures presented including equity-accounted investments when underlying activity is analogous to the group's
4
1. Including the reduction for the Net Debt of Spanish concessions classified held for sale (€127m)
| A C C I O N A 9 M 2 0 2 0 R E S U L T S
Q U A R T E R L Y R E V E N U E & E B I T D A - C L O S I N G T H E G A P
Converging towards normalized levels of activity - expect trend to continue in Q4 and 2021
Revenues (€m)
1,861
1,903
1,708
1,718
1,622
1,512
1,420
Q1
Q2
Q3
Q4
2019
2020
EBITDA (€m)
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| A C C I O N A 9 M 2 0 2 0 R E S U L T S
I N V E S T M E N T B Y D I V I S I O N
Total Investment breakdown
(Million Euro)
Jan-Sep 20
Jan-Sep 19
Energy
502
346
Infrastructure
117
369
Construction
58
34
Concessions
9
288
Water
10
9
Service
40
37
Other Activities
-1
17
Net Ordinary Capex
618
731
Property Development
42
251
Total Investment
660
982
Key highlights
Reduction in quarterly investment cash outflows to contain indebtedness, while protecting the business plan - no energy investments have been postponed
Energy growth represents the majority of investment during the period:
Construction of new windfarms mainly in Mexico (Santa Cruz, San Carlos), USA (La Chalupa, Palmas Altas), Australia (Mortlake) and Chile (Tolpán)
New PV capacity in Chile (Usya)
The investment in the Infrastructure division is associated mainly with the first instalment of LLE acquisition and, to a lesser extent, investment in equipment
Steep decline in investment in property development, 9M 2019 included the Mesena development project acquisition
Quarterly investment evolution (€m)
322
182
156
6
Q1 2020
Q2 2020
Q3 2020
Q4 2020
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N E T D E B T E V O L U T I O N
Net debt reconciliation 9M 2020 (€m)
N E T
F I N A N C I N G /
O P E R A T I N G
I N V E S T M E N T
O T H E R S
C F : € 3 2 4 m
C F : - € 6 6 0 m
C F : € 2 1 m
(106)
(5,694)
(618)
(42)
(7)
(5,230)
464
(4,915)
(299)
(149)
133
760
12
3,887
4,179
5,230
126
88
902
963
Net debt
EBITDA
Financial results (2)
Working
Other op. CF
Net Ordinary Capex
Real Estate
Dividends
Derivatives, FX
Perimeter
Net debt
Debt incl.
Dec 2019 (1)
capital
(taxes, min. &
& IFRS 16
changes(3)
Sep 2020
IFRS16
IFRS16)
principal (2)
adjustment
Debt associated to work in progress
Derivates
IFRS16 adjustment
D E S P I T E C O V I D - L E D F A L L I N E B I T D A , N E T D E B T I N C R E A S E S A R E C O N T A I N E D W I T H R E D U C E D I N V E S T M E N T C A S H F L O W S
A N D H A L V E D D I V I D E N D , A S W E L L A S F L A T T I S H W O R K I N G C A P I T A L
1. IFRS16 adjustment as of December 2019 not included (€402m)
2.
IFRS16 lease payments: €77m of which €18m is reflected in Financial results (interests) and €59m in Derivatives, FX & IFRS16 principal
7
3.
Includes the portfolio of Spanish concessions classified as held for sale (€127m)
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N E T F I N A N C I A L D E B T
Net financial debt breakdown by nature (€m)
Net debt & cash interest evolution (€m)
1,015
6,826
5,811
5,230
464
5,694
(1,596)
Corporate
Project Debt Gross Debt
Cash +
Net Debt
IFRS 16
Net Debt
Debt
9M 2020
C. Equiv.
9M 2020
liability
incl. IFRS16
9M 2020
Average
Average
Av. maturity undrawn
cost of debt
debt maturity (years)
Credit Lines (years)
2.82%
3.25%
7.39%
6.92%
Project debt
4.05
3.92
3.35
1.97%
Corporate debt 2.31%
2.64
9M 2020
FY 2019
9M 2020
FY 2019
Jan-Sep 2020
Jan-Dec 2019
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| A C C I O N A 9 M 2 0 2 0 R E S U L T S
L I Q U I D I T Y A N D N E A R - T E R M D E B T M A T U R I T Y
Liquidity remains at peak levels and markets have normalised significantly in recent months
Commercial paper market and EMTN activity recovering fast
Bank of Spain/ECB remains supportive in commercial paper issuance
Ordinary renewal and extension of bilateral and syndicated facilities throughout the worst of COVID
Pipeline of targeted financing transactions leveraging on our green/ESG credentials and innovation
Liquidity evolution (€m)
4,066
4,478
4,367
4,477
3,709
3,602
3,811
3,319
3,615
3,560
3,358
2,808
2,170
2,839
2,881
2,059
1,931
2,195
2,363
3,080
1,612
2,195
1,799
1,315
1,520
1,493
1,556
1,629
1,896
1,746
1,514
1,407
1,639
1,448
1,288
1,596
FY 17
Q1 18
H1 18
9M 18
FY 18
Q1 19
H1 19
9M 19
FY 19 (1)
Q1 20
H1 20
9M 20
Cash
Available facilities
Near-term debt maturities (€m)
1,577
531
517
ECP
225
EMTN
265
16
440
Term Loans
75
106
270
Credit lines
70
125
Project Debt
1
1
Q4 20
FY 21
1. Adjusted for Nordex tender offer cash deposit. Deposit cancelled and facility repaid on 10 of Jan 2020. FY 2019 available facilities figure included €455m undrawn amounts from €675m ESG-linked syndicated term loan
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| A C C I O N A 9 M 2 0 2 0 R E S U L T S
E N E R G Y B U S I N E S S
Key figures 9M 2020
(Million Euro)
Jan-Sep 20
Jan-Sep 19
Chg.
Chg. (%)
Generation Spain
491
571
-80
-13.9%
Generation International
486
493
-7
-1.4%
Other & Adjustments
291
434
-143
-32.9%
Revenues
1,268
1,497
-229
-15.3%
Generation Spain
270
302
-32
-10.8%
Generation International
342
325
17
5.3%
Other & Adjustments
-30
-22
-7
-33.0%
EBITDA
583
605
-23
-3.7%
Generation Margin (%)
62.6%
59.0%
Consolidated capacity variation (MW)
8,007
1
142
107
126
64
1
8,443
(2)
(3)
+436 MW
9M 2019
Wind
Hydro
PV Spain
Wind
Wind
Wind
PV
PV
9M 2020
Spain
Spain
Mexico
USA
Chile
Chile
Ukraine
EBITDA evolution (€m)
Output
+10
-3.7%
Output
-21
Price
+14
Price
-97
Other
+54
Other
-5
Consolidated production variation (GWh)
13,276
700
5
849
13,974
(544)
(313)
+5.3%
9M 2019
LF
LF Hydro
Rest of
LF
New
9M 2020
Wind
Spain
Spain
International
projects
Spain
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| A C C I O N A 9 M 2 0 2 0 R E S U L T S
E N E R G Y B U S I N E S S P L A N - H I G H V I S I B I L I T Y
Major increase in scheduled capacity additions
›
5,000MW
›
Potential additional capacity
Minimum committed target
MW already
installed YTD
392MW
› Additional targeted capacity increases to be fed from 14.8 GW of total pipeline, of which 2.7 GW are high probability development projects in a mature stage
M O R E T H A N 1 0 0 % O F 5 G W T A R G E T C O V E R E D B Y S C H E D U L E D C A P A C I T Y A N D H I G H P R O B A B I L I T Y M A T U R E P R O J E C T S
11
| A C C I O N A 9 M 2 0 2 0 R E S U L T S
I N F R A S T R U C T U R E B U S I N E S S
Key figures 9M 2020
(Million Euro)
Jan-Sep 20
Jan-Sep 19
Chg.
Chg. (%)
Construction
Revenues
1,950
2,556
-606
-23.7%
EBITDA
22
232
-209
-90.4%
Margin (%)
1.1%
9.1%
Concessions
Revenues
59
58
1
1.7%
EBITDA
36
40
-4
-9.6%
Margin (%)
60.6%
68.2%
Water
Revenues
701
514
188
36.5%
EBITDA
65
52
13
25.7%
Margin (%)
9.3%
10.1%
Services
Revenues
535
605
-70
-11.5%
EBITDA
5
28
-23
-81.2%
Margin (%)
1.0%
4.6%
Consolidation Adjustments
-62
-33
-29
-88.9%
Total Infrastructure
Revenues
3,184
3,700
-516
-13.9%
EBITDA
128
351
-223
-63.4%
EBITDA evolution (€m)
351
-63.4%
13
128
(209)
(4)
(23)
9M 2019
Construction
Concessions
Water
Services
9M 2020
EBITDA
& Industrial
EBITDA
Total Backlog (€m)
15,966
11,391
(1)
(2)
1. Spain not included
12
2. Mexico included in Latam
| A C C I O N A 9 M 2 0 2 0 R E S U L T S
I N F R A B A C K L O G - A D V A N C I N G D E S P I T E C O V I D - 1 9
Infrastructure activity - gradual stabilisation after Q2 disruption
Activity resuming normality - no suspended projects due to COVID, much improved logistics & procurement, and resuming International mobility
Reaching agreements with a number of clients with respect to sharing COVID impacts in existing projects, new contracts contain COVID-specific clauses
Successful delivery of projects: Dubai Metro inauguration, Sidney Light Rail opened to the public, and Quito Metro in final construction phase
Backlog at historical highs - closing of acquisition of LendLease Engineering projects, confirmation of Linha 6 metro project in São Paulo, together with other major awards (Millennium Line Broadway metro project in Canada, Malolos Railway in Philippines, etc.)
New project additions (€m)
Infrastructure projects backlog (€m)
7,490
› LLE
›
>€1bn of potential
12,705
projects as
1,288
preferred bidder in
6,202
projects
8,695
8,047
October
7,305
4,620
7,126
3,741
3,993
3,452
2016
2017
2018
2019
9M 2020
2016
2017
2018
2019
9M 2020
13
| A C C I O N A 9 M 2 0 2 0 R E S U L T S
O T H E R A C T I V I T I E S
Property Development - Key figures 9M 2020
Bestinver - Key figures 9M 2020
(Million Euro)
Jan-Sep 20
Jan-Sep 19
Chg.
Chg. (%)
(Million Euro)
Jan-Sep 20
Jan-Sep 19
Chg.
Chg. (%)
Revenues
107
71
36
50.8%
Revenues
76
72
4
4.9%
EBITDA
8
-4
12
n.a
EBITDA
42
46
-4
-9.4%
Margin (%)
7.7%
-5.9%
Margin (%)
55.7%
64.5%
Estimated GAV breakdown and units delivered
Assets Under
Average Assets Under
Management (€m)
Management (€m)
21%
92
393
6%
171
€1,077m
6,790
5,979
5,682
73%
130
5,471
Develp. Int.
Commercial Properties
Q1 2020 Q2 2020 Q3 2020
9M 2020
FY 2019
9M 2020
9M 2019
9M 2020
Develp. Spain
Units delivered
14
| A C C I O N A 9 M 2 0 2 0 R E S U L T S
C O N C L U D I N G R E M A R K S
E N C O U R A G I N G O P E R A T I N G T R E N D S - G R A D U A L N O R M A L I S A T I O N O F L E V E L S O F A C T I V I T Y / P R O F I T A B I L I T Y …
…despite COVID uncertainties in Q4
A C C I O N A ' S B U S I N E S S M O D E L R E M A I N S I N T A C T A N D V E R Y R E L E V A N T I N A P O S T - C O V I D W O R L D
COVID impact is manageable and of a temporary nature - does not challenge our business plan
Demand for sustainable energy & infrastructure remains strong and poised to benefit from recovery plans
Q 4 2 0 2 0 - I N T E N S E F O C U S O N O P E R A T I O N A L D E L I V E R Y A N D E X E C U T I O N O F P L A N N E D D I S P O S A L S›containing temporary increase in Net Debt/EBITDA ratio within a range of4.4-4.6xat year end
15
0 2
A P P E N D I X
| A C C I O N A 9 M 2 0 2 0 R E S U L T S
A C C I O N A : E B I T D A B Y T Y P E O F A C T I V I T Y
(Million Euro)
Jan-Sep 2020
Jan-Sep 2019
Renewable Generation
612
627
Infrastructure Concessions - Trans., Social & Water
53
65
Long-term Asset Business
665
692
Infrastructure Services
31
57
Financial Services
42
46
Services Business
73
104
Greenfield Infrastructure - EPC
49
235
Renewable Energy Development
-10
2
Property Development
8
-4
Greenfield Development Business
48
233
Corporate & other
-25
-32
Total ACCIONA
760
997
LT asset business as % of total EBITDA(1)
85%
67%
(1)(2)
71%
63%
LT contracted assets & infra.mngt.contracts as % of total EBITDA
LT CONTRACTED
71%
ASSETS & INFRA
63%
MANAGEMENT
CONTRACTS (2)
6%
9%
23%
Non - LT
Contracted (15%)
Generation
10%
(10%)
85%
67%
9M 2020
EBITDA (€m)
9M 2019
L O N G - T E R M A S S E T B U S I N E S S
S E R V I C E S B U S I N E S S
Renewable Generation
Infrastructure Services
Infrastructure Concessions - Trans., Social & Water
Financial Services
G R E E N F I E L D D E V E L O P M E N T B U S I N E S S
Greenfield Infrastructure - Infra projects
Renewable Energy Development
Property Development
RISK
1.
Percentages are calculated on EBITDA before consolidation adjustments, corporate costs & others
1. Extension of €1.3bn syndicated term loan from 2024 to 2025 signed in April
| A C C I O N A 9 M 2 0 2 0 R E S U L T S
I N C O M E F R O M A S S O C I A T E S - 2 0 1 9 & 2 0 2 0 B R E A K D O W N
Q1 2020
H1 2020
9M 2020
Q1 2019
H1 2019
9M 2019
FY 2019
Energy
28
37
51
17
30
39
46
Generation Spain
25
26
32
11
15
19
26
Generation International
4
10
13
17
17
17
5
Other
0
1
2
2
3
2
1
Infrastructure
7
1
16
25
35
12
17
Construction
-1
-15
-13
9
-3
-5
-5
Water
4
10
11
18
23
15
5
Services
0
0
0
0
0
0
0
Concessions
3
6
7
12
17
10
3
Other Activities
0
0
0
0
0
0
0
Operating income from associated companies
35
38
63
34
46
64
81
Non-operating income from associated companies (Nordex)
-22
-72
-56
-10
-33
-34
-20
Income from associated companies (1)
12
-34
7
24
12
30
61
19
1. The 2019 figures has been restated with contribution from associates with negative BV included in "other gains or losses"
| A C C I O N A 9 M 2 0 2 0 R E S U L T S
E N E R G Y B U S I N E S S - S C H E D U L E D C A P A C I T Y A D D I T I O N S
MW
Scheduled Capacity Additions per year (MW)
Technology
Country
Asset name
% ANA stake
Total
Added
Under const.
Start const
2020
2021
2022
2023
Details
YTD
Sep 2020
2021
PV
Chile
Usya
100%
64
64
64
Private PPA
Wind
Chile
Tolpán
100%
78
78
78
PPA with Discoms + Private PPA
Wind
Mexico
Santa Cruz
100%
138
138
138
Private PPA
Wind
Mexico
San Carlos
100%
198
3
195
69
129
Private PPA
Wind
Australia
Mortlake
100%
158
158
41
117
PPA with State of Victoria
Wind
USA
Chalupa
100%
198
107
91
198
Financial hedge + PTC + Merchant
PV
Chile
Malgarida
100%
238
238
90
148
Private PPA
PV
Spain
Sierra Brava
100%
1
1
1
Innovative demostration project: grid-connected floating photovoltaic solar plant
Wind
Spain
Celada III
100%
48
48
48
Private PPA
PV
Spain
Extremadura
100%
125
125
125
Private PPA
PV
Spain
Ayora
100%
86
86
86
Private PPA
Wind
Australia
MacIntyre Complex
90%
1,026
1,026
536
490
Private PPA with CleanCo for 40% of the production. ACCIONA will own 923 MW and build 103 MW for
CleanCo. In advanced negotiations with offtaker-investment partners and working on additional PPAs
PV
USA
Tenaska Portfolio
100%
890
890
125
360
405
Private PPA + Financial hedge + ITC
PV
USA
Fort Bend
100%
316
316
260
56
Financial helge + ITC
Total
3,565
392
682
2,491
680
827
1,163
895
Scheduled capacity additions of 3.6 GW cover 72% of 5 GW target for the period 2020-24
These projects represent capacity added so far this year (+392 MW) plus capacity under construction (+682 MW) or starting construction in 2021 (+2,491MW)
Additionally, ACCIONA has 2.7 GW of high probability projects in a mature stage - out of a total pipeline of 14.8 GW
Scheduled capacity additions together with the high probability mature stage pipeline cover more than 100% of the 5 GW target by 2024
20
| A C C I O N A 9 M 2 0 2 0 R E S U L T S
E N E R G Y B U S I N E S S - I N S T A L L E D C A P A C I T Y
Installed MW (30 September 2020)
Total
Consolidated
Eq accounted
Net
Spain
5,677
4,452
593
5,014
Wind
4,738
3,514
593
4,078
Hydro
873
873
0
873
Solar PV
4
4
0
4
Biomass
61
61
0
59
International
4,829
3,991
358
3,438
Wind
3,563
3,360
48
2,599
CSP
64
64
0
43
Solar PV
1,203
566
310
796
Total
10,506
8,443
952
8,452
21
| A C C I O N A 9 M 2 0 2 0 R E S U L T S
E N E R G Y B U S I N E S S - E Q U I T Y - A C C O U N T E D C A P A C I T Y
Proportional figures (30 September 2020)
MW
GWh
EBITDA (€m)
NFD (€m)
Average COD(1)
Wind Spain
593
861
27
28
2005
Wind International
48
74
2
0
2005
Australia
32
49
1
0
2005
Hungary
12
16
0
0
2006
USA
4
9
0
0
2003
Solar PV
310
566
22
0
2017
Total equity accounted
952
1,500
51
28
22
1. Average COD weighted per MW
| A C C I O N A 9 M 2 0 2 0 R E S U L T S
E N E R G Y - W I N D D R I V E R S B Y C O U N T R Y
Wind prices (€/MWh)(1)and Load factors (%)
9M 2020
9M 2019
Chg. (%)
Av. price (€/MWh)
LF (%)
Av. price (€/MWh)
LF (%)
Av. price (€/MWh)
Average
66.3
21.4%
75.6
24.0%
-12.3%
Spain
Regulated
81.8
88.5
Not regulated
38.6
51.2
Canada
55.8
29.8%
57.7
28.2%
-3.2%
USA (2)
24.9
29.3%
30.9
33.2%
-19.5%
India
50.5
27.3%
53.8
31.5%
-6.1%
Mexico
62.8
34.1%
63.4
36.0%
-0.9%
Costa Rica
89.5
54.3%
84.0
62.6%
6.6%
Australia
58.6
32.4%
67.3
32.1%
-13.0%
Poland
86.1
25.6%
87.9
26.4%
-2.0%
Croatia
108.3
25.6%
109.1
29.4%
-0.7%
Portugal
99.4
27.0%
109.0
27.1%
-8.8%
Italy
118.7
16.3%
130.6
17.7%
-9.1%
Chile
57.1
31.1%
105.5
26.1%
-45.9%
South Africa
72.0
26.0%
79.7
26.8%
-9.7%
1. Prices for consolidated MWs
23
2. 238MW located in the US additionally receive a "normalized" PTC of $25/MWh
| A C C I O N A 9 M 2 0 2 0 R E S U L T S
E N E R G Y - O T H E R T E C H N O L O G I E S D R I V E R S B Y C O U N T R Y
Other technologies (€/MWh) and Load factors (%)
9M 2020
9M 2019
Chg. (%)
Av. price (€/MWh)
LF (%)
Av. price (€/MWh)
LF (%)
Av. price (€/MWh)
Hydro
Spain
41.6
33.2%
59.0
21.1%
-29.6%
Biomass
Spain
127.1
82.8%
146.8
81.5%
-13.4%
Solar Thermoelectric
USA
178.9
22.6%
177.7
23.3%
0.7%
Solar PV
South Africa
144.5
22.6%
159.3
23.8%
-9.3%
Chile
21.9%
20.0%
70.9
73.3
-3.3%
Ukraine
15.9%
19.7%
138.9
156.2
-11.1%
24
| A C C I O N A 9 M 2 0 2 0 R E S U L T S
I N F R A S T R U C T U R E B U S I N E S S - C O N C E S S I O N S
(1)
Road
Rail
Canal
Port
Hospital
Water
Total
# of concessions
6
3
1
1
5
53
69
Proportional EBITDA 9M 2020 (€m)
33
4
3
0
24
39
94
Consolidated EBITDA 9M 2020 (€m)
29
0
0
0
15
32
26
Average life (yrs)
30
35
20
30
28
26
29
Average consumed life (yrs)
13
11
14
15
10
13
12
Invested capital (2) (€m)
318
373
75
17
327
267
1,390
By region
By status
Equity
Net debt
1%
Infrastruc.
468
655 (3)
29%
Water
134
133 (4)
31%
Total
602
788
57%
Spain
Operating
Latam
Under
1%
construction
Asia
71%
7%
Australia
Africa
For construction concessions EBITDA and invested capital include -€9m and €12m from holdings respectively. Lives are weighted by BV excluding holdings
Invested capital: Capital contributed by banks shareholders and others finance providers
Debt figure includes (i) net debt from concessions accounted by the equity method (€160m), (ii) net debt from the Spanish concessions portfolio held for sale accounted by the equity method (€308m) and (iii) net debt from the Spanish concessions portfolio held for sale fully
consolidated (€115m)
25
4. Debt figure includes net debt from water concessions accounted by the equity method (€94m)
Acciona SA published this content on 05 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 November 2020 20:16:04 UTC
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