Nov 22, 2014
Contents
Operating Results
Financial Results
Keys for consolidation
3
2010 Operating Results
Installed capacity reaches 12,532 MW (+16.5%)
United States
4,634 MW
Latin America
155 MWSpain
5,697 MW
United Kingdom
932 MWRest of Europe
1,115 MW
1,780 new MW and additional 1,226 MW under construction
4
Breakdown by Geographical Area
2010 Operating Results
… with significant growth in the US (+32%) and Rest of World (+22%)
Production stands at 25,405 GWh, up 18% from 2009 …
Spain US UK Other
2010 Production
2010
+18%
25,405
+18%
5
Spain US UK Other
Investments
Other Tech. Gas
Almost USD 1 billion in grants in the US during 2009 and 2010
Gross investments total EUR 2,935 million
2010 Operating Results
6
Entorno económico, energético y regulatorio
2010 Operating Results
Over 1,000 MW installed in the US in 2010
Buffalo Ridge II Wind Farm, 210 MW
(South Dakota, United States)
7
Entorno económico, energético y regulatorio
Work begun on the largest wind farm in Europe
Expansion of the Whitelee Wind Farm, 593 MW(Scotland, United Kingdom)
2010 Operating Results
8
Csoma I Wind Farm(Hungary) Scott Wind Farm (Hungary)
Doubling of installed capacity in Hungary
2010 Operating Results
9
400 MW installed in Spain in 2010
2010 Operating Results
Cañoneras I and II Wind Farm(Cantabria, Spain)
El Andévalo Wind Farm Complex(Huelva, Spain)
Contents
Keys for Consolidation
Financial Results
Operating Results
11
Gross Margin grows 12% to EUR 2,025 million …
2010 Financial Results
… with the Renewable Business contributingEUR 1,976 million (+20%)
2010 Breakdown by Geographical Area
Spain US UK Other Gas
2009 2010
4745
Cost per average operating MW (kEur/MW)
- 3.8%
Efficiency improves by 3.8%
12
2010 Financial Results
1313
2010 Financial Results
2009 2010
1,214
1,449
Renewable EBITDA (EUR million)
… and consolidated EBITDA increases 9.8% to EUR 1,456 million
+ 19.4%
Renewable EBITDA grows by 19.4%...
14
2010 Financial Results
2009 2010
1,008
1,123
… with Net Profit at EUR 360 million
+ 11.5%
*FFO= Net Profit + Amortization/Depreciation – Investments included by Equity Method – Non-Recurring Profits
Cash flow generation* increases by 11.5%...
Funds From Operations (EUR million)
Assets Liabilities
11%28%
89%
22%3%
46%
15
… with low financial leverage of 28.4%
Total assets of EUR 25,849 million …
2010 Financial Results
Balance Sheet
Current Assets
Shareholder’s equity
Other
Gross Debt
Fixed Assets Other capital instruments
Contents
Operating Results
Keys for Consolidation
Financial Results
17
Strengthen focus on consolidation of the business …
Keys for Consolidation
Efficiency in operationsSelection of investment
projects
Optimization of results
… in an environment of greater short-term uncertainty in some traditional markets
18
Entorno económico, energético y regulatorio
Keys for Consolidation
Capacity x2 in Mexico +250 MW awarded in Brazil
Bee Nee Stipa Wind Farm (Mexico)
Flexible pipeline for the selection of investment projects …
19
… developing new renewable technologies …
Keys for Consolidation
20 MW Copper Crossing solar photovoltaic plant, under construction (Arizona, United States)
50 MW of solar photovoltaic under construction in the US
… with a clear commitment to offshore wind energy
20
East Anglia Array
Design stage launched
West of Duddon Sands
Investment award in 2011
Keys for Consolidation
West of DuddonSands
East Anglia Array
Argyll Array
21
Entorno económico, energético y regulatorio
Keys for Consolidation
Commencement of first offshore wind project
22
Participation in key projects for the development of offshore wind energy …
Goal
Show the viability of
floating structures
Goal
Reduce generation
cost
Keys for Consolidation
… through consortia with the main industry players
Offshore Wind Accelerator Floating Structures
23
Investments
EUR 20 million invested in R&D in 2010
Keys for Consolidation
Marine
Energy
New
Technologies
Energy Resource
Efficiency
Network
Integration
Strong advancement of marine (wave and tidal) projects
24
Pelamis Wave Energy Converter, North coast of Scotland
(United Kingdom)
Orcadian Project
Deployment of a second-generationPelamis unit off the Orkney Islands
(United Kingdom)
Hammerfest Strom
Turbines to convert energy from tidalcurrents
Keys for Consolidation
25
Specific efficiency-improvement projects
Keys for Consolidation
Detection and corrective actionsAvailability
Proprietary system of analysisPower curve
Standardization and best practicesOperation and Maintenance
26
Keys for Consolidation
Expansion of management tools
METEOFLOWWind Prediction System
CORE Operation Centers
CORE in Portland (Oregon, United States)
27
Keys for Consolidation
International and multi-cultural workforce …
Geogaphical distribution
Spain USA UK Other
… consisting of more than 2,100 people
70,000
80,000
28
Training Hours
+ 15%
Keys for Consolidation
80,000 hours in training activities
2009 2010
29
Entorno económico, energético y regulatorio
A strong, value-generating business …
Keys for Consolidation
Maranchón Wind Farm Complex(Castilla-La Mancha, Spain)
… ready to profit from opportunities in the new energy environment