Vertically integrated utility with innovative solutions around
water and energy
We are world leaders in the development and management of water resources.
A leading figure in energy generation and transmission.
Key Financial information
Revenues - FY 2023
c.€0m
EBITDA - FY 2023
c.€0m
EBITDA Margin - FY 2023
c0%
Net Debt / EVITDA FY 20213
0x
Adj. Net Debt / Adj. EBITDA FY 2023
(0x)
Key
Investment
Highlights
Experienced
Water Operator
Transmission & International Renewables Player
Premium
Engineering
Capabilities
Synergistic
Set Up
Benefiting from
Financial Profile
Positioned to
Capture Growth
Highly Experienced
Team
Our strategic focus
1. Strategy
Vertically integrated utility across renewable technologies in fast growing markets
Focus on build-to-own strategy across water and energy
2. EBITDA
3. Capital Structure
Financial Profile Positioned to Capture Growth
2023 Key Financial Highlights
Cash Flow
Conversion (€m)
Capital Structure
Corporate presentation
& quarterly results
Corporate presentation
H1 2024 Trading update
Fact sheet
Note: Abengoa S.A.’s productive units have only been consolidated within the Company’s results since the date on which the acquisition took effect pursuant to the terms of the Share Purchase Agreement (April 18, 2023). Therefore, the Group’s consolidated statement of income and the Group’s consolidated statement of cash flows for the year ended December 31, 2023 include (i) twelve months of operations of the Company and (ii) approximately nine month of operations of the Abengoa productive units. 1) EBITDA is an APM calculated as the sum of Operating profit and Amortization and charges due to impairments, provisions and amortizations. EBITDA excluding corporate costs (-€11m). 2) Adjusted operating cash flow is an APM calculated as EBITDA less changes in working capital, capital expenditures and taxes. 3) Debt with recourse sitting at corporate level, composed of debt with credit institutions and lease liabilities. 4) Debt without recourse sitting on the 2 water concessions and SPP1 energy Project. 5) Net Debt/EBITDA is an APM calculated as Net Debt defined as the sum of the Group’s Debt with credit institutions and others and Project finance debt minus Cash and cash equivalents) divided by EBITDA. 6) Adj. Net Debt/ Adj. EBITDA is an APM calculated as Adjusted Net Debt (comprised of debts with credit institutions, plus lease liabilities and other financial liabilities, less cash and cash equivalents) divided by Adjusted EBITDA (comprised of EBITDA excluding concessions). 7) €103m reported EBITDA includes corporate and other costs (-€11m). EBITDA split by business unit is calculated over EBITDA excluding corporate costs (€114m). 8) Calculated as EBITDA contribution of Agadir’s two water concessions and Brazil bioenergy project, all divided by Group EBITDA excluding corporate costs. 9) Normalized Cash Flow Conversion is an APM calculated as Adjusted Operating Cash Flow minus one-off working capital expenses pertaining to the Centro Morelos, Dewa, Agadir, Salalah, Rabigh and Taweelah projects. These one-off working capital expenses pertain to expenses incurred prior to the acquisition of Abengoa S.A.’s productive units.
Experienced water operator
Growth potential underpinned by critical population needs and narrow competitive landscape
Top-3 player in desalination
Three long-term cash flow generative concessions with attractive project terms
>55 years of track record
Global reference in the construction of water infrastructure and treatment plants with over 253 project certificates
>20 sector awards
Renewable energy player
Extensive track record developing energy projects (generation and transmission)
3.6 GW renewables pipeline across fast growing markets
Build-to-own strategy (6 generation projects and 2 awarded concessions in transmission) paired with asset rotation in more mature markets
Premium industrial engineering brand recognized by clients with international certifications in a variety of technologies
Focus on value added engineering provides the company with access to projects with higher EBITDA margins
Sizeable addressable market for company projects and for third parties across technologies and geographies
Synergistic set up
Cox is a vertically and horizontally utility of water and energy concessions
In addition to the water and energy businesses, Cox also provides services including engineering, procurement and O&M, which allow the Company’s business model to encompass the entire water and energy value chains
Cox’s activities in the water and energy divisions are synergetic
Securing water concessions unlocks multiple value creation opportunities in the energy division
This model (Energy Follows Water, is a key pillar of the company’s strategy)
Financial profile positioned to capture growth
Strong profitability and free cash flow generation with €103m EBITDA and €37m adjusted operating cash flow in 2023
In H1 2024, the company released revenues of € 306 m (+€196m vs H12023); €81m EBITDA (+€24m vs H12023) and delivered a strong increase services contract backlog reaching €1.6bn with a EBITDA margin of 11.7%
Cox es un referente mundial en el desarrollo, gestión y mantenimiento de infraestructuras de agua y plantas de tratamiento de agua con más de 253 certificaciones
Un operador de agua con más de 55 años de experiencia y posición de liderazgo
Top 3 a nivel global en desalación según la Global Water Intelligence (GWI)
Más de 20 galardones de distintas organizaciones de la industria