Investor Presentation • Jul 29, 2021
Investor Presentation
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Madrid, 29 de julio de 2021
Muy Sres. nuestros:
Dear Sirs,
ACCIONA adjunta presentación en inglés que se seguirá en la multiconferencia de mañana día 30 de julio, a las 10:00h (CET). La presentación podrá ser seguida vía webcast a través de la Web de ACCIONA (www.acciona.com)
ACCIONA attaches the presentation to follow the conference call to be held tomorrow 30th July at 10:00am (CET). The presentation can be followed via webcast through Acciona's website (www.acciona.com)
Atentamente/Yours faithfully,
Jorge Vega-Penichet López Secretario del Consejo Company Secretary
3 0 t h H 1 2 0 2 1 – J a n u a r y - J u n e J u l y 2021
This document has been prepared by ACCIONA. S.A. ("ACCIONA" or the "Company" and, together with its subsidiaries, the "ACCIONA Group") exclusively for use during the presentation of financial results. Therefore it cannot be disclosed or made public by any person or entity for any other purposes without the prior written consent of the Company. The Company does not assume any liability for the content of this document if used for any purposes different from the one outlined above.
The information and any opinions or statements made in this document do not purport to be comprehensive and have not been verified by independent third parties nor audited, and in some cases are based on management information and estimates and are subject to change; 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. Certain financial and statistical information contained in this presentation may be subject to rounding adjustments.
Neither the Company, its subsidiaries or any entity within the 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, may not and should not be used to predict the future performance of securities issued by ACCIONA.
Neither this document nor any part thereof constitutes and may not be relied on in any manner as, legal, tax, investment, accounting, regulatory or any other type of advice on, about or in relation to the Company nor may it be used or relied upon in connection with, form the basis of, or for incorporation into or construction of, any contract or agreement or investment decision.
This document does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of Regulation (EU) 2017/1129 of the European Parliament and of the Council of June 14, 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC.
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 solicitation 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.
Neither this presentation nor any part or copy of it may be taken or transmitted into the United States or published, released, disclosed or distributed, directly or indirectly, in the United States, as that term is defined in the United States Securities Act of 1933, as amended (the "Securities Act"). Neither this presentation nor any part or copy of it may be published, released, distributed or disclosed in Australia, Canada, South Africa or Japan. Any failure to comply with this restriction may constitute a violation of U.S., Australian, Canadian, South African or Japanese securities laws.
This presentation and the information contained herein are not a solicitation of an offer to buy securities or an offer for the sale of securities in the United States (within the meaning of Regulation S under the Securities Act). The ordinary shares of ACCIONA have not been, and will not be, registered under the Securities Act and may not be offered or sold in the United States absent registration under the Securities Act except pursuant to an exemption from, or in the case of a transaction not subject to, the registration requirements of the Securities Act and in compliance with the relevant state securities laws. There will be no public offering of the ordinary shares in the United States.
This document contains forward-looking information and statements about ACCIONA and the ACCIONA Group, 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", "pipeline" 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 in the documents filed by ACCIONA with the CNMV, 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 or the ACCIONA Group. 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, the ACCIONA Group or any of its respective 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.
The Results Report contains certain non-IFRS financial measures of the Company derived from (or based on) its accounting records, and which it regards as alternative performance measures (APMs) for the purposes of Commission Delegated Regulation (EU) 2019/979 of March 14, 2019 and as defined in the European Securities and Market Authority Guidelines on Alternative Performance Measures dated October 5, 2015. The Results Report includes the list and definition of the Alternative Performance Measures (APMs) used both in this presentation and the Results Report. Other companies may calculate such financial information differently or may use such measures for different purposes than the Company does, limiting the usefulness of such measures as comparative measures. These measures should not be considered as an alternative to measures derived in accordance with IFRS, have limited use as analytical tools, should not be considered in isolation and, may not be indicative of the Company's results of operations. Recipients should not place undue reliance on this information. The financial information included herein has not been reviewed for accuracy or completeness and, as such, should not be relied upon.
The definition and classification of the pipeline of the Energy division of the ACCIONA Group, headed by Corporación Acciona Energías Renovables, S.A. ("ACCIONA Energía"), which comprises both secured and under construction projects, highly visible projects and advanced development projects, as well as other additional opportunities, may not necessarily be the same as that used by other companies engaged in similar businesses. As a result, the expected capacity of ACCIONA Energía's pipeline may not be comparable to the expected capacity of the pipeline reported by such other companies. In addition, given the dynamic nature of the pipeline, ACCIONA Energía's pipeline is subject to change without notice and certain projects classified under a certain pipeline category as identified above could be reclassified under another pipeline category or could cease to be pursued in the event that unexpected events, which may be beyond the ACCIONA Energía's control, occur.
Successful execution of ACCIONA ENERGÍA IPO, solid financial position & positive FY 2021 outlook reiterated
S U C C E S F U L L I P O O F A C C I O N A E N E R G Í A …
17.25% stake sold @€8.8bn equity valuation €1.5bn gross cash proceeds for ACCIONA
› Pro-forma net debt to fall to €4.3bn post ACCIONA Energía IPO
› Total infrastructure backlog reaches a new record high of €17.4bn; the stock of pre-sales of housing unit amounts to 935, to be delivered in the next 24 months
I N N O V A T I V E E S G F I N A N C I N G " D O U B L E I M P A C T " F I N A N C I N G F R A M E W O R K Sustainability-linked Financing Framework
GHG Reductions + Local capabilities development + Access to energy
› 8 2 % T O T A L E B I T D A
| H1 2021 (€m) |
Chg % 2020 H1 vs |
H1 2021 (€m) |
H1 2020 (€m) |
||
|---|---|---|---|---|---|
| Revenues | 3 555 , |
17% | Net Investment |
1 122 , |
504 |
| EBITDA | 643 | 29% | |||
| EBT | 228 | 448% | |||
| of which Nordex contribution |
-18 | H1 2021 (€m) |
H1 2020 (€m) |
||
| Attributable profit net |
148 | 566% | Financial Debt Net |
5 792 , |
5 719 , |
Strong growth across the Profit & Loss account with stable net debt before ACCIONA Energía IPO proceeds Group pro-forma net financial debt post-ACCIONA Energía net IPO proceeds would fall to €4.3bn
Key ESG indicators ESG highlights
| People | 30-Jun-21 | 30-Jun-20 | % Var |
|---|---|---|---|
| Workforce (nº) |
38,967 | 35,741 | 9.0% |
| manager women (%) Executive and |
21.6% | 20.9% | +0.7pp |
| Workforce with disabilities (%) in Spain |
3.5% | n.m | n.m |
| Accident frequency index - employees and contractors |
2.2 | 1.9 | 15.8% |
| Accident index - employees and severity contractors |
60.1 | 68.9 | -12.8% |
| (no ) Social projects Impact Management |
114 | 114 | 0.0% |
| Planet | 30-Jun-21 | 30-Jun-20 | % Var |
| aligned with the low-carbon (%) CAPEX taxonomy |
84% | 85% | -1.0pp |
| Renewable (GWh) production |
12,557 | 12,104 | 3.7% |
| (CO₂ ton) Avoided emissions million |
6.8 | 6.9 | -1.4% |
| Generated (CO₂ million ton) scope 1+2 emissions |
0.088 | 0.063 | 39.7% |
| Renewable and recycled resources (%) |
18% | 9% | +9.0pp |
| landfill (million ton) Waste to |
0.89 | 0.55 | 61.8% |
| Recovered (%) waste |
74% | 70% | +4.0pp |
| (hm³) Water consumed |
2.7 | 2.2 | 22.7% |
| (hm³) Treated water |
504 | 466 | 8.2% |
| Net Investment breakdown | Key highlights | ||
|---|---|---|---|
| (Million Euro) | Jan-Jun 21 | Jan-Jun 20 | |
| (1) Energy |
661 | 413 | |
| Infrastructure | 143 | 49 | |
| Construction | 102 | 23 | |
| Concessions | 0 | 9 | |
| Water | 31 | 8 | |
| Other Infrastructure Activities | 10 | 8 | |
| Other Activities | 277 | 22 | |
| Net Ordinary Capex | 1,081 | 484 | |
| Property Development | 113 | 20 | |
| Divestments | -72 | 0 | |
| Net Investment | 1,122 | 504 |
Net ordinary capex amounted to €1,081m, most of it concentrated in Q1 2021
The Energy business represents 61% of the net ordinary capex of the group, including the new capacity installations and the acquisition of an 8.33% stake in ACCIONA Energía Internacional from KKR agreed in 2020
Infrastructure investments include the payment of the second instalment of Lendlease Engineering acquisition for €70m
Other activities include a loan granted to Nordex, which has been capitalized as equity in Q3 2021, for approximately €200m, as well as the acquisition of Silence, a motorcycle manufacturer, for €34m(2)
Investments in property development include the acquisition of €51m of land in prime locations in Madrid and Barcelona
Divestments include the collection of €72m from the sale of a portfolio of Spanish concessions agreed in Q4 2020
Energy investment includes €404m of net ordinary capex and €258m of deferral capex
Gross investment
Net debt reconciliation H1 2021 (€m)
IPO proceeds - in July 2021, ACCIONA completed the sale of a 17.25% stake of ACCIONA Energía for a total amount of €1,518m
Net of transaction costs, the estimated net cash proceeds for ACCIONA correspond to €1,465m
As a result, the estimated proforma net debt position as of 30 June post-IPO would amount to €4,326m
| (Million Euro) |
Jan-Jun 21 |
Jan-Jun 20 |
Chg. (€m) |
Chg. (%) |
|---|---|---|---|---|
| Generation Spain |
321 | 308 | 13 | 4.3% |
| International Generation |
377 | 296 | 82 | 27.6% |
| ., Supply Other Intragroup adjust & |
343 | 241 | 101 | 42.0% |
| Revenues | 1,041 | 845 | 196 | 23.2% |
| Generation Spain |
196 | 185 | 10 | 5.6% |
| International Generation |
305 | 236 | 69 | 29.2% |
| adjust ., Supply Other Intragroup & |
0 | 1 | - 2 | -117.9% |
| EBITDA | 501 | 423 | 78 | 18.3% |
| (%) Generation Margin |
71.7% | 69.9% |
| Key figures H1 2021 | EBITDA evolution |
(€m) | ||||
|---|---|---|---|---|---|---|
| (Million Euro) |
Jan-Jun 21 |
Jan-Jun 20 |
Chg. | Chg. (%) |
||
| Construction | ||||||
| Revenues | 1,598 | 1,283 | 315 | 24.6% | ||
| EBITDA | 57 | 2 | 54 | n.m | ||
| (%) Margin |
3.5% | 0.2% | ||||
| Concessions | ||||||
| Revenues | 20 | 37 | -17 | -44.9% | ||
| EBITDA | 18 | 22 | -3 | -16.0% | ||
| (%) Margin |
89.0% | 58.4% | ||||
| Water | ||||||
| Revenues | 516 | 487 | 29 | 5.9% | ||
| EBITDA | 44 | 41 | 3 | 6.4% | Backlog (€m) |
|
| (%) Margin |
8.5% | 8.4% | ||||
| Infrastructure Other Activities |
||||||
| Revenues | 78 | 77 | 2 | 2.3% | (3) | |
| EBITDA | 7 | 7 | 1 | 12.9% | ||
| (%) Margin |
9.4% | 8.6% | ||||
| Consolidation Adj Revenues |
-17 | -35 | 18 | 50.4% | ||
| Total Infrastructure |
||||||
| Revenues | 2,196 | 1,849 | 347 | 18.7% | ||
| EBITDA | 126 | 71 | 54 | 76.3% | ||
Spain not included
Mexico included in Lata
2020 figure restated excluding Services' backlog reclassified to Other Activities
€2.4bn of new project awards in H1 2021
Land bank to deliver > 5,000 housing units in 5 years
| (Million Euro) |
Jan-Jun 21 |
Jan-Jun 20 |
Chg | Chg (%) |
|---|---|---|---|---|
| Revenues | 39 | 85 | -46 | -53 8% |
| EBITDA | -8 | 10 | -18 | n.a |
| (%) Margin |
4% -21 |
6% 11 |
Leading independent provider of comprehensive financial services
| (Million Euro) |
Jan-Jun 21 |
Jan-Jun 20 |
Chg | (%) Chg |
|---|---|---|---|---|
| Revenues | 62 | 48 | 14 | 28 8% |
| EBITDA | 34 | 26 | 8 | 29 5% |
| (%) Margin |
54 5% |
54 2% |
› S I G N I F I C A N T I M P R O V E M E N T I N A C C I O N A G R O U P ' S C O S T O F C A P I T A L , B U S I N E S S & C R E D I T P R O F I L E
N O N - E N E R G Y B U S I N E S S E S – E X C E L L E N T P O S I T I O N T O C O N T I N U E M A X I M I Z I N G O U R C O N T R I B U T I O N T O T H E S U S T A I N A B L E T R A N S I T I O N
› R E S U L T I N G I N A S T R O N G E R B A L A N C E S H E E T T O C A P T U R E T H E N E T Z E R O G R O W T H O P P O R T U N I T Y
G R O U P E B I T D A 2 0 2 1 - O U T L O O K R E I T E R A T E D ( > 1 5 % Y O Y )
2 0 2 1 N E T D E B T / E B I T D A R A T I O T O S T A Y C O M F O R T A B L Y B E L O W 4 X
Percentages are calculated on EBITDA before consolidation adjustments, corporate costs & others
Renewable Generation excluding Non-LT Contracted + Infrastructure Concessions + Infrastructure Services
Capital Employed does not include the stake in Nordex
| SCHEDULED CAPACITY ADDITIONS | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| M W |
Scheduled Capacity Additions per | year (MW) | (1) | ||||||||||
| Technology | Country | Asset name |
% ANA stake |
Total | Added YTD |
Under const. Jun 2021 |
Start const. 2021 |
Start const. 2022 |
2021 | 2022 | 2023 | 2024 | Details |
| Wind | Mexico | San Carlos | 100% | 198 | 145 | 145 | Private PPA | ||||||
| Wind | Australia | Mortlake | 100% | 158 | 140 | 140 | PPA with State of Victoria | ||||||
| Wind | Spain | Celada Fusión | 100% | 48 | 48 | 48 | Private PPA | ||||||
| Wind | Spain | Pedregales | 100% | 18 | 18 | 18 | PPA Portfolio | ||||||
| Wind | Australia | McIntyre Complex | 70% | 923 | 923 | 125 | 713 | 85 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 | Chile | Malgarida | 100% | 238 | 209 | 209 | Private PPA | ||||||
| PV | Mexico | DG Guanajuato | 100% | 19 | 19 | 19 | Private PPA | ||||||
| PV | Spain | Petra | 45% | 7 | 7 | 7 | Green hydrogen project - Mallorca | ||||||
| PV | Spain | Lloseta | 45% | 9 | 9 | 9 | Green hydrogen project - Mallorca | ||||||
| PV | Spain | Extremadura | 100% | 125 | 125 | 125 | Private PPA | ||||||
| PV | Spain | Ayora | 100% | 86 | 86 | 86 | Private PPA | ||||||
| PV | Spain | Bolarque I | 100% | 50 | 50 | 50 | Spanish renewable auction | ||||||
| PV | Spain | Escepar y Peralejo Hibridación | 100% | 57 | 57 | 57 | Spanish renewable auction | ||||||
| PV | Spain | Tarifa | 100% | 21 | 21 | 21 | Spanish renewable auction | ||||||
| PV | USA | High Point | 100% | 125 | 125 | 125 | Private PPA + ITC | ||||||
| PV | USA | Fort Bend | 100% | 315 | 315 | 49 | 266 | Prospected PPA + ITC | |||||
| PV | USA | (2) Tenaska Portfolio |
100% | 765 | 125 | 640 | 210 | 555 | Private PPA + ITC |
| Total | Consolidated | accounted Eq |
Net | |
|---|---|---|---|---|
| Spain | 677 5 , |
452 4 , |
593 | 014 5 , |
| 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 | 5 511 , |
4 672 , |
358 | 4 314 , |
| Wind | 4 006 , |
3 804 , |
48 | 3 217 , |
| CSP | 64 | 64 | 0 | 48 |
| Solar PV |
1 441 , |
804 | 310 | 049 1 , |
| Total | 11 188 , |
9 125 , |
952 | 9 329 , |
| 2021 H1 |
H1 | 2020 | (%) Chg. |
||
|---|---|---|---|---|---|
| (€/MWh) Av. price |
(%) LF |
(€/MWh) Av. price |
(%) LF |
(€/MWh) Av. price |
|
| Spain Average |
59.7 | 26.0% | 64.5 | 22.5% | -7.5% |
| Spain - Regulated |
70.7 | 79.3 | |||
| Spain regulated - Not |
39.1 | 37.6 | |||
| Canada | 56.5 | 30.9% | 55.7 | 33.2% | 1.3% |
| (2) USA |
94.3 | 21.6% | 23.5 | 32.5% | 301.9% |
| India | 47.4 | 23.0% | 51.5 | 21.9% | -8.0% |
| Mexico | 54.4 | 35.9% | 65.5 | 36.0% | -16.9% |
| Costa Rica |
98.4 | 65.8% | 105.4 | 62.7% | -6.7% |
| Australia | 60.1 | 30.1% | 59.1 | 31.4% | 1.7% |
| Poland | 90.1 | 23.6% | 72.3 | 31.1% | 24.6% |
| Croatia | 108.1 | 34.0% | 108.3 | 29.9% | -0.2% |
| Portugal | 87.6 | 27.1% | 102.8 | 24.1% | -14.8% |
| Italy | 154.8 | 20.3% | 116.3 | 18.6% | 33.1% |
| Chile | 69.8 | 29.3% | 59.0 | 33.7% | 18.2% |
| South Africa |
78.6 | 27.3% | 73.6 | 28.7% | 6.8% |
Prices for consolidated MWs
238MW located in the US additionally receive a "normalized" PTC of \$25/MWh
| H1 2021 |
H1 2020 |
(%) Chg |
|||
|---|---|---|---|---|---|
| (€/MWh) . price Av |
(%) LF |
(€/MWh) . price Av |
(%) LF |
(€/MWh) . price Av |
|
| Hydro | |||||
| Spain | 53 3 |
29 0% |
39 5 |
38 3% |
34 9% |
| Biomass | |||||
| Spain | 132 5 |
9% 77 |
122 7 |
9% 86 |
0% 8 |
| Solar Thermoelectric |
|||||
| USA | 169 0 |
4% 20 |
182 4 |
6% 19 |
4% -7 |
| Solar PV |
|||||
| South Africa |
157 4 |
22 8% |
147 6 |
22 9% |
6 7% |
| Chile | 42 8 |
26 1% |
72 2 |
21 5% |
-40 7% |
| Ukraine | 127 3 |
9 9% |
145 8 |
13 9% |
-12 7% |
| Name | Description | Period | Country | ACCIONA | Status | Accounting method | Asset type | |
|---|---|---|---|---|---|---|---|---|
| A2 - Section 2 | Remodeling, restoration, operation and maintenance of a 76.5km strech of an existing road between km 62 (A-2) and km 139 (border of province of Soria-Guadalajara). Shadow toll |
2007 - 2026 | Spain | 100% | Operational | Global integration | Intangible asset | |
| Road | Windsor Essex Parkway | Design, construction and operation of 11km highway connecting Windsor (Ontario - Canada) and U.S. Border (Detroit - Michigan) |
2010 - 2044 | Canada | 33% | Operational | Equity method | Financial asset |
| Toowoomba Second Range Crossing (Nexus) Design, construction and operation of 41km of the north ring road in Toowoomba (Queensland), from Helidon Spa to Athol, through Charlton. Availability payment (25 year operation from construction end) |
2015 - 2043 Australia | 20% | Operational | Equity method | Financial asset | |||
| Puhoi to Warkworth | Finance, design, construct and maintain the new Pūhoi to Warkworth motorway. The Pūhoi to Warkworth project will extend the four-lane Northern Motorway (SH1) 18.5km from the Johnstone's Hill tunnels to just north of Warkworth. |
2016 - 2046 | New Zealand |
10% | Construction | Equity method | Financial asset | |
| Consorcio Traza (Tranvía Zaragoza) | Construction & operation of the streetcar that crosses the city (12.8km) | 2009 - 2044 | Spain | 17% | Operational | Equity method | Both methods | |
| Rail | Concessionaria Linha Universidade | Construction of civil works and systems, provision of rolling stock, operation, conservation, maintenance and expansion of public transport services of Linea 6 - Laranja of Metro de Sao Paulo. |
2020 - 2044 | Brasil | 88% | Construction | Equity method | Financial asset |
| Sydney Light Rail | Design, construction and O&M of 12km rail line from Circular Quay via George Street to Central Station crossing Surry Hills to Moore Park, Kensington, Kingsford and Randwick. It includes operation of Inner West line |
2014 - 2034 Australia | 5% | Operational | Equity method | Financial asset | ||
| Port | Nova Darsena Esportiva de Bara | Construction & operation of the Roda de Bara marina. Revenues from moorings, shops & parkings (191,771m2) | 2005 - 2035 | Spain | 50% | Operational | Equity method | n.m |
| ospital H |
Hospital de Leon Bajio | Design, construction, equipment and O&M of the hospital (184 beds) | 2005 - 2030 | Mexico | 100% | Operational | Global integration | Financial asset |
| East Rockingham | Design, construction, operation and maintenance of a new transformation and waste to energy plant | 2019 - 2052 | Australia | 0.10 Construction | Equity method | n.m |
| Name | Description | Period | Country | ACCIONA | Status | method Accounting |
Asset type |
|---|---|---|---|---|---|---|---|
| EDAR 8B | Construction, operation and maintenance of the wastewater treatment plant "08B Zone" of Aragon | 2008 - 2031 | Spain | 100% | Operational | Global integration | Intangible asset |
| EDAR 7B | Construction, operation and maintenance of the wastewater treatment plant "07B Zone" of Aragon | 2011 - 2031 | Spain | 100% | Operational | Global integration | Intangible asset |
| IDAM Javea | Construction, operation and maintenance of the sea water desalination plant in Javea | 2001 - 2023 | Spain | 100% | Operational | Global integration | Financial asset |
| IDAM Fouka | Construction, operation and maintenance of the sea water desalination plant in Tipaza | 2008 - 2036 | Argelia | 26% | Operational | Equity method | Financial asset |
| IDAM Ibiza -Portmany | Reconstruction, works operation and maintenance of the sea water desalination plant in San Antonio Portmany and Ibiza |
2009 - 2024 | Spain | 50% | Operational | Equity method | Financial asset |
| PTAR Atotonilco | Construction, operation and maintenance of the wastewater treatment plant in Atotonilco | 2010 - 2035 | Mexico | 24% | Operational | Equity method | Financial asset |
| WWTP Mundaring | Construction, operation and maintenance of the wastewater treatment plants in Mundaring | 2011 - 2048 Australia | 25% | Operational | Equity method | Financial asset | |
| PTAR La Chira | Construction, operation and maintenance of the wastewater treatment plants in La Chira | 2011 - 2037 | Peru | 50% | Operational | Equity method | Financial asset |
| IDAM Arucas Moya | Extension, operation and maintenance of the sea water desalination plant in Arucas / Moya |
2008 - 2024 | Spain | 100% | Operational | Global integration | Intangible asset |
| Red de saneamiento en Andratx Construction, operation and maintenance of the wastewater treatment plants in Andratx | 2009 - 2044 | Spain | 100% | Operational | Global integration | Intangible asset | |
| Port City Water | Design, construction, financing, operation and maintenance of a water treatment plant and storage reservoirs in Saint John |
2016 - 2048 | Canada | 40% | Operational | Equity method | Financial asset |
| Sercomosa | Public-private company whose principal activity is the water supply to Molina de Segura | 1998 - 2040 | Spain | 49% | Operational | Equity method | Intangible asset |
| Somajasa | Public-private company to manage integrated water cycle of public services in some relevant Municipalities of Province of Jaen |
2007 - 2032 | Spain | 60% | Operational | Equity method | Intangible asset |
| Gesba | Water supply service in Andratx and Deiá (Mallorca) | 1994 - 2044 | Spain | 100% | Operational | Global integration | Intangible asset |
| Costa Tropical | Integrated water cycle service in Costa Tropical (Granada) | 1995 - 2045 | Spain | 49% | Operational | Proportional integration | Intangible asset |
| Boca del Rio | Integrated water cycle of public services in Boca del Rio ( Veracruz ) | 2018 - 2047 | Mexico | 70% | Operational | Global integration | Intangible asset |
| Shuqaiq 3 | Development, design, financing, construction, commissioning, operation and maitenance of SWRO plant | 2019 - 2046 Saudi Arabia | 10% | Construction | Equity method | Financial asset | |
| Veracruz | Integrated water cycle of public services and wastewater treatment in Veracruz and Medellin | 2016 - 2046 | Mexico | 100% | Operational | Global integration | Intangible asset |
| Los Cabos | Contract for Engineering, executive project, procurement, construction, start-up and operation of the Desalination Plant of Agua de Mar de Cabos San Lucas, municipality of Los Cabos |
2021 - 2046 | Mexico | 50% | Construction | Equity method | Financial asset |
3 0 t h H 1 2 0 2 1 – J a n u a r y - J u n e J u l y 2021
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