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MarketScreener Homepage  >  Equities  >  Bolsas y Mercados Espanoles  >  Acciona S.A.    ANA   ES0125220311

ACCIONA S.A.

(ANA)
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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).

2

| 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

3

| 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)

5

| 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

| A C C I O N A 9 M 2 0 2 0 R E S U L T S

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)

| A C C I O N A 9 M 2 0 2 0 R E S U L T S

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

8

| 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

9

| 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

10

| 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 of 4.4-4.6xat 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

17

2. Renewable Generation excluding Non-LT Contracted + Infrastructure Concessions + Infrastructure Services

| A C C I O N A 9 M 2 0 2 0 R E S U L T S

D E B T M A T U R I T Y & B R E A K D O W N

Gross debt maturity schedule (€m)

1,577

531

714

912

447

1,153

(1)

1,492

2020

2021

2022

2023

2024

2025

>2025

Other Corporate Debt

Project Debt

ECP

Debt breakdown by nature

Gross financial debt - Level

Gross financial debt - Currency

Gross financial debt - Interest rate

Corporate - Bank debt

15%

13%

7%

33%

44%

56%

Euro

67% Bank Debt

Corporate

US Dollar

Fixed

85%

80%

Project

Others

Variable

Non-Bank Debt

18

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

  1. For construction concessions EBITDA and invested capital include -€9m and €12m from holdings respectively. Lives are weighted by BV excluding holdings
  2. Invested capital: Capital contributed by banks shareholders and others finance providers
  3. 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)

| 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

Disclaimer

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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Sales 2020 6 549 M 7 963 M 7 963 M
Net income 2020 223 M 271 M 271 M
Net Debt 2020 5 560 M 6 760 M 6 760 M
P/E ratio 2020 33,9x
Yield 2020 2,16%
Capitalization 7 019 M 8 492 M 8 535 M
EV / Sales 2020 1,92x
EV / Sales 2021 1,71x
Nbr of Employees 36 296
Free-Float 44,1%
Chart ACCIONA S.A.
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Technical analysis trends ACCIONA S.A.
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 15
Average target price 114,67 €
Last Close Price 128,70 €
Spread / Highest target 13,7%
Spread / Average Target -10,9%
Spread / Lowest Target -29,8%
EPS Revisions
Managers and Directors
NameTitle
José Manuel Entrecanales Domecq Chairman & Chief Executive Officer
José Ángel Tejero Santos Group Chief Financial Officer
Arantza Ezpeleta Puras Chief Technology & Innovation Officer
Daniel Entrecanales Domecq Director
Juan Ignacio Entrecanales Franco Vice Chairman & Executive Vice President
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