Post on 24-Sep-2020
ABENGOA YIELD
ABENGOA YIELD
Fiscal Year 2014 Earnings Presentation February 23, 2015
ABENGOA YIELD
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Forward-looking Statement
This presentation contains forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this prospectus, including, without limitation, those regarding our future financial position and results of operations, our strategy, plans, objectives, goals and targets, future developments in the markets in which we operate or are seeking to operate or anticipated regulatory changes in the markets in which we operate or intend to operate. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “is likely to,” “may,” “plan,” “potential,” “predict,” “projected,” “should” or “will” or the negative of such terms or other similar expressions or terminology. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Our actual results of operations, financial condition and the development of events may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements.
Factors that could cause actual results to differ materially from those contemplated above include, among others, general economic conditions, changes in government expenditure budgets, challenges in making acquisitions, changes in public support of renewable energy, weather conditions, legal challenges to regulations, changes to subsidies and incentives that support renewable energy sources, government regulations, the volatility of energy and fuel prices, counterparty credit risk, failure of customers to perform under contracts, our ability to enter into new contracts as existing contracts expire, reliance on third-party contractors and suppliers, failure of newly constructed assets to perform as expected, failure to receive dividends from assets, changes in our tax position, unanticipated outages at our generation facilities, the condition of capital markets generally, our ability to access capital markets, adverse results in current and future litigation and our ability to maintain and grow our quarterly dividends. Furthermore, any dividends are subject to available capital, market conditions, and compliance with associated laws and regulations. These factors should be considered in connection with information regarding risks and uncertainties that may affect Abengoa Yield’s future results included in Abengoa Yield’s filings with the U.S. Securities and Exchange Commission at www.sec.gov.w.sec.gov.
Abengoa Yield undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or developments or otherwise.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or targeted.
This presentation includes financial measures which have not been subject to a financial audit for any period.
The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to verification, completion and change without notice.
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Fiscal Year 2014 Results 1
Acquisitions plan 2
Agenda
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Fiscal Year 2014 Results 1
Acquisitions plan and new dividend guidance 2
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Agenda
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Solid performance and cash available for distribution for the period
3 months Dec. 14 M$
FY 14 M$ FY13 M$ Variation FY vs FY
Revenue 93.4 362.7 210.9 72%
Further Adj. EBITDA(1) 81.6 308.0 158.5 94%
CAFD 28.4 56.5 - n/a
DPS (2) 0.259 0.555(3) -
n/a
(1) Further Adjusted Ebitda includes dividend from preferred equity investment in Brazil. (2) Dividend per share amounts are in U.S.$ per share. (3) Includes $0.2592 dividend per share declared by our Board of Directors on February 23, 2015 and
payable on or about March 16, 2015.
Highlights
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All Segments Performing in Line with Expectations
North America South America Europe
FY 14 FY 13 ∆ FY 14 FY 13 ∆ FY 14 FY 13 ∆
Revenues 195.5 114.0 72% 83.6 25.4 229% 83.6 71.5 17%
Further Adjusted EBITDA
175.4 96.7 82% 77.2 19.0 307% 55.4 42.8 29%
EBITDA margin 89.7% 84.8% 92.3% 74.7% 66.3% 60.0%
Renewables Conventional Transmission
FY 14 FY 13 ∆ FY 14 FY 13 ∆ FY 14 FY 13 ∆
Revenues 170.7 82.7 106% 118.8 102.8 16% 73.2 25.4 188%
Further Adjusted EBITDA
137.8 55.8 147% 101.9 83.3 22% 68.3 19.4 251%
EBITDA margin 80.8% 67.5% 85.8% 81.0% 93.2% 76.6%
$ Million
$ Million
Segment information
ABENGOA YIELD
Operational Performance in line with expectations
FY 14 FY 13
902 280
2,474 1,849
101.9% 97.0%
99.1% 99.6%
Renewable
Conventional
Transmission
GWh Produced
Electric Availability
Availability
GWh Produced
Key Operational Metrics
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Conservative Leverage at Holding Level
(1) Based on CAFD guidance for 2015 before the acquisition of Rofo 2, pre corporate interest. (2) Pro Forma of ROFO 2: Based on Net Corporate Debt and 2015 CAFD guidance after the acquisition of ROFO 2, pre corporate interest.
As of Dec. 14
Net Corporate Debt at Holding level 223.1
Net project finance debt of operating subsidiaries
3,624.3
Net Corporate Debt / CAFD (1) 1.5
Pro Forma Net Corporate Debt / CAFD (2) 2.2
Net Corporate Debt / CAFD Target < 3x
Financing
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(1) Operating Cash Flow before Interest paid
Financing
$ Million
Acquisitions Sep ‘14 Dec ‘14
Corporate Debt
ROFO 1
312
Operations
Operations(1)
114
Net Debt Bridge
Others
Other Dividend
paid
24 15 3,847
Interest paid
68
Mojave
530
Mojave consol.
ROFO 1 Project Debt
2,222
820
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Strong operating cash generation since IPO
Further Adjusted Ebitda 170.8
Interest paid (83.3)
Variations in working capital and other adj. 25.6
Operating Cash Flow 113.1
Investing Cash Flow (265.6)
Financing Cash Flow 289.3
Net change in Cash 136.8
H2 2014 M$
Cash Flow
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Third Quarter Results 1
Acquisitions plan and Potential ROFO update 2
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Agenda
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Solacor 1/2 (74%) 100 MW Solar
PS 10/20 (100%) 31 MW Solar
Cadonal (100%) 50 MW Wind
$312 M purchase price.
All acquisitions closed by December 2014.
3 Acquisitions
Completion of our First Asset Acquisition ahead of time in 2014
First Dropdown
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Honaine (26%) Skikda (34%)
10.5 Mft3/day Water
Shams (20%) Helioenergy 1/2 (30%)
200 MW Solar
ATN2 (40%) 81-mile Transmission line
5 Acquisitions
Agreement closed with Abengoa for Second Asset Acquisition
$14 M incremental CAFD before finance expenses.
$142 M purchase price.
Pending authorizations.
Impact already included in updated guidance.
Second Dropdown
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ABENGOA YIELD Future ROFO acquisitions
Very Favorable framework for future acquisitions
Third party Acquisitions
• Already under negotiation with Abengoa
• Will include 12% call option over $100M of equity value
Reinforced ROFO Agreement
ROFO 3
3
1
2
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• Binding for all existing and future subsidiaries and investment vehicles. We expect that APW-1 will sign the ROFO agreement in the same terms as Abengoa
• “Negotiation option”: ABY can request to negotiate any Abengoa contracted asset that reaches 18 months of operation
• Increase in Abengoa “lock-up period” to sell contracted assets after an agreement is not reached with ABY from 18 to 30 months
ABENGOA YIELD
Abengoa’s Portfolio gets progressively “refilled” feeding ABY’s growth
+ 410 MW Solar • Atacama 1 (+100 MW PV) • Atacama 2 (+210 MW) • Xina (+100 MW)
Chile Chile
South Africa
+ 1,544 MW Conventional • Norte 3 (+924 MW) • A4T (+620 MW)
Mexico
+ 270 Miles Transmission Lines • ATEs (+270 Miles) Brazil
+ 2.1 Mft3/day Water • Nungua (+2.1 Mft3/ day) Ghana
ROFO Update
New ROFO assets in Abengoa Portfolio since IPO
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Delivering accretive growth
DPS guidance USD per share
IPO guidancefor 2015
Last guidancefor 2015
Last guidancefor 2016
1.36 1.60 1.92 – 2.00
(1) Including ROFO 2.
ABY since IPO
710
1,091
Renewable (MW)
300 300
Conventional (MW)
1,018 1,099
Transmission (Miles)
0
10.5
Water (Mft3/day)
IPO
Today (1)
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Appendix
ABENGOA YIELD
(1) On September 30, 2013, Liberty Interactive Corporation agreed to invest $300M in Class A membership interests in exchange for a share of the dividends and the taxable loss generated by Solana.
(2) Reflects the counterparty’s issuer credit ratings issued by Standard & Poor’s Ratings Services, or S&P, Moody’s Investors Service Inc., or Moody’s, and Fitch Ratings Ltd, or Fitch, respectively.
(3) USD denominated but payable in local currency.
Asset Type Gross Capacity Offtaker Rating(2)
Renewable Energy
Years Contract
Left
Solana
Mojave
Solaben 2/3
APS A-/A3/BBB+
ATN
PG&E BBB/A3/BBB+
Peru BBB+/A3/BBB+
Spain BBB/Baa2/BBB+
Palmucho
Quadra 1&2 Sierra Gorda Not rated
Endesa Chile BBB+/Baa2/BBB+
Peru BBB+/A3/BBB+
Palmatir UTE BBB-/Baa2/BBB-
Status
Operation
Operation
Operation
Operation
Operation
Operation
Operation Electric
Transmission
Conventional Power
ATS
Economic Stake
100%(1)
100%
100%
70%
100%
100%
100%
100%
Location
USA (Arizona)
USA (California)
Peru
Spain
Chile
Chile
Peru
Uruguay
Currency
USD
USD
USD
Euro
USD
USD
USD
USD
ACT Pemex BBB+/A3/BBB+ Operation 100% Mexico USD (3)
Preferred Instrument ACBH
N/A; cash account & dividend
subordination Brazil USD
Exchangeable Preferred Equity
Operation
(3)
(3)
280 MW
280 MW
362 miles
2x50 MW
81 miles
6 miles
569 miles
50 MW
300 MW
$18.4M p.a.
29
25
26
23
20
22
29
19
18
Perpetuity
Cadonal 50 MW UTE BBB-/Baa2/BBB- 20 Uruguay USD Operation 100%
Solacor 1/2 BBB/Baa2/BBB+ 74% Spain Euro
PS10/20 Euro Spain BBB/Baa2/BBB+ 100%
100 MW
31 MW
22
19
Operation
Operation
Spain
Spain
Diversified asset portfolio comprising 891 MW of renewable energy, 300 MW of conventional power generation, 1,018 miles of electric transmission lines and 10.5 Mft3/day of desalination capacity
Water Skikda Sonatrach & ADE N/A Operation 34.17% Algeria USD (3) 3.5 Mft3/day 20
Honaine Sonatrach & ADE N/A Operation 25.5% Algeria USD (3) 7 Mft3/day 23
(3)
(3)
Sizeable and diversified Asset Portfolio
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