Elecnor - Development and Investment Presentation Feb 2012

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DEVELOPMENT&

INVESTMENT

February 2012

Contents:

1.Elecnor: half a century of experience and growth

2. Elecnor: key figures3. Elecnor in the world4. Business areas

4.1 Infrastructures4.2 Industry and technology4.3 Investments

DEVELOPMENT AND INVESTMENT 2

5. Investments5.1 Transmission Lines5.2 Gas transportation5.3 Renewable energy

- Solar thermal energy- Photovoltaic energy- Wind energy- Hydroelectric energy

5.4 Environment: solid and water treatment plants

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1. Elecnor: half of a century of experience and growth

Elecnor is one of the main Spanishgroups devoted to engineering, buildingand developing infrastructure projects,renewable energies and technologies. It istraded on the "Continuous Trading"market of the Spanish Stock Exchange,and since the start of its businessactivities in 1958, it has graduallyembarked on a diversification processwhich currently covers a total of 12sectors within four large business areas:

• Infrastructures• Renewable Energy• New Technologies• Concessions

A strategically-based company, itsinternational expansion has given it astable presence in more than 20 countries,through overseas corporate investmentsand its subsidiaries, along with projectsgenerated directly from Spain.

Close to 9,000 professionalscommitted to its business philosophyshowcase the Elecnor's innovation, qualityand sustainability corporate values in all ofits actions.

Mission, Vision and Corporate ValuesMission

The mission of Elecnor is to contribute tothe economic, technological and socialprogress

230 kV Double Circuit Villena-Jaurú line. 345 km (Brazil).

of the human team, allow it to offer acomprehensive, professional servicebased on total quality.

Vision

Its vision is to be a leading company,highly competitive, in constantgrowth, with an internationalpresence, standing out for its quality,innovation and respect for theenvironment in its various fields ofactivities. Thereby providing itsshareholders with sustained returns,expanding the opportunities forprofessional and personaldevelopment of its employees andmaking a positive contribution tosociety.

Corporate Values

•Customer focus•Results focus•Workplace Hazard Prevention•Corporate Responsibility•Quality and Environment•Commitment to the organization•Leadership•Team Work•Training and development•Innovation


2. Elecnor: key figuresElecnor has traditionally achieved positive results over the course of its corporate history.

•In 2010, for example, Elecnorachieved net profits of 126.6 million Euros.

•Turnover, meanwhile, stood at 1,762billion Euros, 41% of which was generated in overseas markets.

Hydroelectric power plant in Masparro (Venezuela)

2007 2008 2009 2010 2011 (est.)

Sales 1,650,234 1,911,347 1,677,886 1,762,120 1,803,917

Net profit 73,554 93,593 97,126 126,637 122,165

Employees 7,356 8,400 8,500 8,944 9,467

Thousands of Euros

2007 2008 2009 2010 2011

1,650

1,911

1,6771,762 1,803 (*)

Sales

Million of Euros

2007 2008 2009 2010 2011

7393 97

126 122 (*)Net profit


(*) Estimated

2. Elecnor: key figures


Sustainable growth:

- Focused on preserving Elecnor Group’s credit worthiness.- Investments financed on a non-recourse basis.- Financial debt ratios kept at conservative levels- Stable and recurrent cash flow generation- Diversify opportunities and risks through entering into new markets

and sectors

Ownership Structure:

CANTILES XXI S.L. formed by 10 family groups which have controlled ELECNOR S.A. since it was funded in 1958, acting together as a single decision-making body.

Listed on the stock market in Spain.

CantilesXXI

52.72

Others 47.28*

(*) All with ownership of less than 5%.



Thousands of EUR

RESULT FIGURES 2006 2007 2008 2009 2010

SALES 1,095,554 1,650,234 1,911,347 1,677,886 1,762,498

OPERATION PROFIT 78,196 118,865 151,188 137,104 134,856

EBIDTA 111,232 189,287 228,345 178,698 203,764

PRE TAX PROFIT 72,491 102,304 137,997 130,375 136,022

CASH FLOW 54,853 73,554 93,593 97,126 126,637

ASSETS 2006 2007 2008 2009 2010

SHARE CAPITAL AND RESERVES 215,039 292,556 299,070 429,767 549,749

OTHER FIGURES 2006 2007 2008 2009 2010

EMPLOYEES 7,031 7,356 8,400 8,486 8,944

Nota: El ratio excluye el EBITDA de los proyectos financiados con deuda sin recurso.

2%18%

2%

34%

-2%

9%

-20%0%

20%40%60%80%

100%

2005 2006 2007 2008 2009 2010

Net Debt with recoursebelow 0%

9%

98%

54%72%

-4%

32%

-20%0%

20%40%60%80%

100%

2005 2006 2007 2008 2009 2010

Net Debt withrecourse below 0%

debt/equity ratio (net debt with recourse/EBITDA + project dividends)

Debt-to-EBIT ratio (net debt with recourse/EBIT)



38%

24%13%

7%

5%

4% 4% 3% 2%Breakdown of revenue

(2010)

Electricity Renewable energy & industryConstruction and water Industrial/Commercial InstallationsRailways GasTelecom. Infrastructure Telecom. SystemsMaintenance

3. Elecnor in the world


International Activity represents around 40% of Total Annual Sales

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4. Elecnor: business areasINFRASTRUCTURES

ElectricityGasTelecommunicationsRailwaysMaintenance and EfficiencyConstructionWaterEnvironmentFacilities


CONCESSIONS

Transmission LinesGas pipelinesRenewable Energy

Wind powerSolar powerHydroelectric power

Environment: waste & watertreatment plants

INDUSTRY & TECHNOLOGY

Energy and EnvironmentAerospaceAeronautics and DefenseTransportationSecurityBuildingIndustryTelecommunications

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4.1 Infrastructures

Elecnor has developed more than 615 km. catenary (25 kVAC) for high speed railways and 2 Substations for thepower supply and traction power system using entirelySpanish design and technology, allowing trains to travel at350 km/h.Flexible and rigid catenary installed in Metro, Tramways & suburban railways.

Over more than 50 years, Elecnor is the leader in thissector, both domestically and abroad, in its traditionalactivity of distribution networks, power transport linesand transformation substations.• Up to 800 kV interconnection lines• Substations of up to 500 kV

Elecnor has become a leading developer and "turnkey"contractor in the renewable energies sector, undertakingprojects in the fields of wind energy, photovoltaic andthermoelectric solar energy and hydroelectric powerstations.

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4.1 Infrastructures

Environmental development and protection policies, alongwith the treatment and reuse of waste and sewerage andwater purification, are areas in which Elecnor operatesthrough its parent company and through its specialisedsubsidiary, Hidroambiente. This subsidiary provides turnkeysolutions through its own waste treatment engineeringdevelopments.

Elecnor has evolved into one of the leading suppliers of gasrelated services, covering everything from gas pipelinetransportation to domestic distribution.Regasification plants Compression stationsGas transport Gas distributionRegulation and measurement stations

Elecnor references’ and proven experience represent aguarantee for customers who are increasingly interested inturnkey solutions for their facilities. Its capacities areapplied to buildings, cultural and recreational centres,airport and railway terminals, hotels and hospitals, industrialplants and cogeneration and trigeneration plants.

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4.1 Infrastructures

Elecnor has over 40 years of experience in developingtelecommunications infrastructure, systems and services,covering the entire life cycle, from specifications and design tooperations and maintenance.Recently, Elecnor has acquired 65% of the company Teytel,dedicated to the design, development, installation andmaintenance of telecommunications solutions andequipment.

Elecnor offers customized solutions for the provision oftechnical, commercial and maintenance services in thefield of hospitals, business complexes, shopping centres,office buildings, city halls, airports, thermal power stations,nuclear power stations, wind farms, solar plants, factoriesand universities.

Elecnor has gained expertise in multidisciplinary projects,including both hydrological planning and water transportand distribution networks. It also has proven experiencewith large-scale hydraulic electromechanical facilities, aswell as automation and control systems, developing its ownremote data acquisition systems and hierarchicalcommunications through SCADA.

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4.2 Industry and technologyATERSASubsidiary of the Elecnor Group, provides highly specialized engineering and supplies thebest integral solutions for solar systems, offering a technology that takes advantage ofrenewable and clean energy that the Sun puts at our disposal every day.With over 30 years of experience and 300 qualified proffesionals, is the pionner company inSpain with the photovoltaic solar power sector with a productive capacity of 344 MW.

DEIMOSElecnor Deimos is the technology branch of Elecnor Group, it meets together the operationof the all the technologic companies of Elecnor. The company operates in the Aerospace,Automation and Remote Control, Information Systems, Telecommunications Network,Security and Technology Infrastructure development. Building on staff strength of 500engineers offers solutions in the following markets:

Energy and EnvironmentAerospaceAeronautics and DefenceTransportationSecurityBuildingIndustryTelecommunications

ADHORNA

ADHORNA is one of the indisputable leaders in the design and manufacture ofPrecast Concrete Items and Lighting Columns in Glass-Reinforced Polyester(GRP).

Deimos-1 Satellite SIA-BAR Graphic User Interface of the automatic information system of Barcelona

Automation of Iberdrola'ssolar thermal energy station in Puertollano (Spain)

4.3 Investments


Elecnor’s experience in building andoperating infrastructures, in addition toits rising financial capacity, promptedthe company a few years back to enterthe concessions markets related to itsareas of business.

Transmission LinesGas transportationRenewable energy

-Solar thermal energy-Photovoltaic energy- Wind energy-Hydroelectric energy

Environment: solid/water treatmentplants

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5.1 Transmission Lines

Over the last 10 years, ELECNOR has become a major player in the construction,investment and operation of high voltage power transmission systems in countries likeBRAZIL and CHILE. In Brazil, ELECNOR has participated in the construction of more than6,000 km. of high voltage transmission lines with 17 concessions (BOO), 13 of them inconsortium, representing an investment of over U.S. $ 3,000 million.

ELECNOR in association with a North American Group is developing the “Project WindSpirit” – transport and storage of Electric Power - in the Western USA.

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BRASILNº of Projects executed: 19 (15 in operation)

Nº of Projects under execution: 4

Nº of Projects owned by ELECNOR and

participation (%):

6 Concessions 100% ownership

3 Concessions (50%)

1 Concession (33%)

Length (lines): 7,982 Km of whom:

500kV 6,090 km.

220 and 345 kV 1,892 km.

Nº Substations: 44 (13,100 MVA)

Scope of Services: full permitting, turnkey EPC and O&M for 30 years


Substation 230 kV Jaurú

ELECNOR has restructured its electrical transmission concession subsidiaries in Brazil with the acquisition and the sale of its shares in some concession companies.

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1

2

4

6

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

7

3

5

8

9

1011

12

13

14

15

ANNEL - LOT ERecently awarded

ANNEL - LOT IRecently awarded

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Among other projects…

Nova Ponte – Emborcação (500 kV)Nova Ponte – Itumbiara (500 kV)Nova Ponte – Estreito (500 kV)Nova Ponte – São Gotardo 2 (500 kV)São Gotardo 2 – Bom Despacho 3 (500 kV)

• Length: 708 km of Lines

• UF: : MG

• Substations:- S/S 500 kV Emborcação- S/S 500 kV Nova Ponte- S/S 500 kV Itumbiara- S/S 500 kV São Gotardo 2- S/S 500 kV Bom Despacho 3- S/S 500/345 kV Estreito (nova)

• In Operation: Feb. 2009

• Transformation: 2.530 MVA

Substation 500/345 kV Estreito

BRASIL

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TL Chapadao – Imbirusu – Sidrolandia – Anastasio 230 KvS/S Sidrolandia; S/S Rio Brilhante; S/S Ivinhema 230 Kv

Length: 444 km; UF: Mato Groso do SulIncluding collector substation facilities for 9 generators of 138kV: TL Rio Brilhante – SANTA LUZIA II, CS 138 kVS/S SIDROLÂNDIA; S/S RIO BRILHANTES/S IVINHEMA ; S/S SANTA LUZIA IITL Santa Luzia II – UTE SANTA LUZIA ITL SANTA LUZIA II – UTE ELDORADO TL IVINHEMA – UTE IVINHEMATL IVINHEMA – UTE CERONATL IVINHEMA – UTE TERRA VERDE• In Operation Sept 2010

Among other projects…

BRASIL

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5.1 Transmission Lines BRASILLast December 2011 Elecnor has been awarded with two transmission concessions in Brazil in a consortium with Companhia Paranaense de Energia (Copel). Elecnor hold a participation of 51% and will be 100% responsible for the construction of both projects. Client: Brazilian Electrical Regulatory Agency (ANEEL) State: Maranhao

500 kV transmission line365 kilometres

Investment: 163 million USD

State: ParanáScope: 230 kV transmission line

136 km two S\S 400 & 300 MVA

Investment: 91 million USD

Substation 500 kV Riberao Preto

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5.1 Transmission Lines CHILE

Project: LT Ancoa – Alto Jahuel

Scope: 255 km. 2x500 kV and SubstationClient: Centro Económico de Despacho del Sistema Interconectado CentralConstructor: Elecnor S.A. (50%)Investments: 180 M $EPC: 140 M $Development: Awarded in November 2009. Currently underconstructionStatus: Under construction. Operational in July 2013.

5.2 Gas transportation


EPC contracts more than 1.430 Km executed:Ø>12” More than 900 KmØ>24” More than 500 Km

Recentely: Elecnor awarded Gas pipeline.State of Tlaxcala to Morelos, Mexico. Scope: 160 kilometres.Concession: 25 years. Investment: 270 million dollars.In construction: start-up in two stages, October 2012 and June 2013

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5.3 Renewable energy - solar thermal energy

• Elenor Group started his activity in Solar Thermal Energy in 2008. Elecnor has anagreement with Ener-t to develop worldwide Solar Thermal proyects. Ener-t’s teamincludes much of the team that developed Luz’s original parabolic trough technology andled the manufacturing and construction of the solar fields for the nine 354MW SEGS plantsin California.

• In 2009, Elecnor awarded a pre-allocation for 150 solar solar megawatts (3x50 MW). Thefacilities have been entered in the preallocation register for renewable energy in Spain.Status: under construction.

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510.000 m2

Parabolic cylindertechnology + SAT

Valhondo (Badajoz)

50 MWe

156 Loops (Fase-SAT)

ASTEXOL

250 M$

Collector Area

Power

Technology

Location

Nº Loops

EPC

Investment

Constructor

Concession Company

ELECNOR

DIOXIPE (ELECNOR 55%)

300 M$

ELECNOR: PROMOTER– PROPERTY– EPC – O&M

Valhondo


Start of operation 2012

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ASTE 1A - ASTE 1B

Alcázar de San Juan

Alcazar de San Juan (Ciudad Real)

2 x 510.000 m2


2 x 50 MWe

2 x 156 Loops (Fase-SAT)

2 x 300 M$

ASTE SOLAR (Elecnor55%)

ELECNOR

2 x 300 M$

Collector Area

Power

Technology

Location

Nº Loops

EPC

Investment

Constructor

Concession Company



Start of operation 2012


ASCIA

Manzanares(Ciudad Real)

510.000 m2


50 MWe

156 Loops (Fase-SAT)

300 M$

ASCIA RENOVABLES (Elecnor 70%)

ELECNOR

2 x 300 M$

Collector Area

Power

Technology

Location

Nº Loops

EPC

Investment

Constructor

Concession Company


Start of operation Planned


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5.3 Renewable energy- photovoltaic solar energy• Elecnor is one of the largest Spanish companies in the development and construction of

photovoltaic power generation, having completed more than 180 MW in different plants.

• Elecnor owns a 10 MW solar project and two 1 MW solar roof projects under construction.

• Besides Spain, Elecnor promotes projects in other European countries like Italy, France andGreece where they have set feed-in tariff for Renewable Energies.

• Elecnor is promoting various projects in USA basically in the "sun-belt": California, Arizona,Nevada, New Mexico and Texas, and on the East Coast States like New Jersey. State's RenewablePortfolio Standards (RPS) and ARRA's incentives and subsidies makes USA one of the mostpromising markets.

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PV Power Plant SIBERIA 1 Rooftop Solar PV ALGINET

Valdecaballeros (Badajoz)Photovoltaic solar–1axis

10 MWe

49 M$ (35 M€)

SIBERIA (Elecnor100%)

ELECNOR

42 M $ (30 M€)

Power

Technology

Location

EPC

Investment

Constructor

Concession Company

Power

Location

EPC

Investment

Constructor

Concession Company

Valencia

2 MWe

9.8 M$ (7 M €)

TBD

ELECNOR

8.4 M$ (6 M €)

5.3 Renewable energy- photovoltaic solar energy

Currently, we are installing an additional MWe and 3.5 Mwe are planned

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5.3 Renewable Energy Wind energy

Research Development ConstructionOperation TOTAL MW

Spain 150 371 632 1,153Brazil 328 422 750

Canada 100 100USA 450 450

South America

300 300

TOTAL 450 1,243 1,060 2,723

Elecnor completed turnkey projects for a number of wind farms across Spain for several differentdevelopers, it also acts as a developer and operator through its subsidiary ENERFIN.

Enerfín has proven experience in developing all the stages of a wind farm project, fromdevelopment and construction to operations. At present, it is one of the industry’s benchmarkcompanies, both in Spain and on the American continent, with a power capacity of 1,153 MW.

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Location: Osorio (RS), Porto Alegre (Brasil)

Promoter: Vientos do Sul EnergiaNumber of wind turbines: 75 ENERCON E-70 E4Rated power: 2 MWTotal power: 180 MWEstimated energy: 417GWh/yearInvestment: 652 MR$Situation: OperationStart of operation: December-06

Sangradouro W.F.: 50 MW Osorio W.F.: 50 MW Dos Indios W.F.: 50 MWPalmares do Sul: 8+22 MW

5.3 Renewable Energy - Wind energy

BRASIL

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Name: Osório 2 and 3, Sangradouro 2 and 3, Dos Indios 2, Fazenda Rosario 2 wind farmsLocation: Rio Grande do Sul (Osório and Palmares)Power: 148 MWInvestment: 400 M$Technology: Enercon E-82 (2 MW)Start operation: 2012 - 2014

BRASIL


Recently awarded five new wind farms. Total capacity 96 MW

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Name: De l’Érable ProjectLocation: QuebecNº Turbines: 50Power: 100 MWTechnology: ENERCON E-82 2MWBuje height: 85mStart of construction: December 2011

CANADA5.3 Renewable Energy - Wind energy

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Location: Coyote Wind Farm – Springdale, MontanaN. wind turbines: 41 V90 1,8MW + 3 V80 2MWTotal Power: 79,8 MWInvestment: 200 M$

UNITED STATES

Name: Gilliam Wind FarmLocation: Gilliam County, OregonPower: 262 MW

Name: Goldendale Wind FarmLocation: Klickitat County, WashingtonPower: 56 MW


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5.3 Renewable energy- hydroelectric energyElecnor has promoted and developed with Iberdrola two 126 MW hydroelectric power plantand has operated them from 2000 to 2009.

CHILE: Rio Duqueco

126 MW (2x37,5 + 2x25,5)

2000

203 M$ (145 M €)

IBENER

ELECNOR

102 M$ (73 M €)

Construction

Power

Location

EPC

Investment

Constructor

Concession Company

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5.4 Environment: Solid and Water treatment plants

The Group’s environmental activities are focused on the development, constructionand operation of solid urban waste treatment plants and on integrated water cyclemanagement.

SPAIN

Public Private Partnerships (PPP)Facility type: 19 Waste Water TreatmentPlantPopulation equivalent: 190.000 e. p.Capacity flow :12.000.000 m3/yearConcession period: 20 yearsInvestment: 58.000.000 €Operative Income: 170.400.000 €Solid WasteTreatment PlantAwarded Plant of RSU in Curitiba

BRAZIL

Solid WasteTreatment PlantAwarded Plant of RSU in Curitiba

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5.4 Environment: water treatment plants

CONSTRUCTION OF 10 WWTP AND 20 YEARSOPERATION IN ARAGON (SPAIN)

Client: Instituto Aragonés del AguaYear of ending: 2009Contract amount: EPC 34,443,745 €O&M 1,916,447 € ( yearly by operation)Total capacity: 24,840 m3/d and 114,000population equivalent.

CONSTRUCTION OF 9 WWTP AND 20 YEARSOPERATION IN ARAGON

Client: Instituto Aragonés del AguaYear of ending: 2009Contract amount:EPC 26,615,496 €O&M 1,962,632 € ( yearly by operation).Total capacity: 10,030 m3/d and 40,000population equivalent


TRANSMITTING ENERGY, GENERATING DREAMSwww.elecnor.com

José Castellanos [email protected]

4th Orense st. - 28020 MadridTel: +34 915 553 307

Elecnor - Development and Investment Presentation Feb 2012

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Transcript of Elecnor - Development and Investment Presentation Feb 2012