Holaluz Clidom SA · BME:HLZ
Holaluz Clidom SA — Holaluz — Investor Presentation (November 2022)
38 slides from Holaluz Clidom SA's investor presentation, November 2022
Slide 1: The Rooftop Revolution
The Rooftop Revolution Investor presentation November 2022
Slide 2: The energy crisis is a huge problem and existing solutions are costly
The energy crisis is a huge problem and existing solutions come at a high cost for the consumers Society is facing a challenge The energy transition is Attractive The cost of energy needed but renewable independence in current solutions are alternatives are Spain is estimated to still expensive for
Slide 3: An energy transition company to transform the World for the better
An energy transition company to transform the World for the better 100% green energy planet 3
Slide 4: Turning every m2 of rooftop into green electricity for everybody
An energy transition company turning every m2 of rooftop into green electricity for everybody 4
Slide 5: Holaluz is active in one of the most attractive markets for solar
Holaluz is active in one the most attractive markets Not leveraging 100% savings Market Size in local networks for solar while experiencing unprecedented tailwinds 5 years ago Leveraging 100% savings in local networks to generate profits for all Spain underpenetrated but catching-up Market Penetrati
Slide 6: Solar market in Spain is growing and should further accelerate
Solar market in Spain is growing and should further accelerate Expected Solar market evolution 10,000,000 (# Rooftops) 1,320,000 CAGR: +91% 960,000 620,000 370,000 100,000 Potential 2021 2022E 2023E 2024E 2025E rooftops in Spain Market size, €bn 1.0 3.3 6.9 11.1 16.0 70.0 Source: Spanish Government
Slide 7: Transforming rooftops into power plants to disrupt the energy system
Transforming rooftops into power plants to disrupt the energy system Consumption Production Typical solar installation VS Our solar installation From reducing energy consumption … …to becoming an energy producer in a P2P network EV chargers & Batteries Energy production capacity is Energy production
Slide 8: Delivering the most impactful energy community in Europe
Delivering the most impactful energy community in Europe The traditional model Our revolution: community of communities ✔ Business model with 14% margin ✔ Synergies between solar and retail business unlock ✔ Centralized control and single points of exponential opportunities for everybody production
Slide 9: An Energy Transition Company enabling our business through solar installations
An Energy Transition Company enabling our business through solar installations, customers, technology and financing services DistrPPA to TP CentPPA to TP TP to Retail Recurrent Gross margin streams Business enablers
Slide 10: 10 million rooftops: our Greentech approach
We have a solution to the energy crisis that works for everybody, not just for the privileged Our revolution will enable Our 27 million families 10 million to join the energy feasible Greentech transition rooftops approach Inclusive and sustainable growth 10
Slide 11: Key achievements
Key achievements 11
Slide 12: Holaluz in figures
Holaluz in figures 201%+ 600+ 38% Women H1 YoY Revenue Growth Employees 62% Men 9,000+ 370,000+ Prosumers Total contracts 34% 1.7M+ Solar Gross Margin tons of CO2 saved since 2010 12
Slide 13: Latest achievements
Latest achievements Boosted the acquisition run rate to +1,500 monthly sales by implementing 1 operational excellence in digital sales process driving readiness for scale 2 +850 EV chargers cross-sold with solar installations 3 Launched Wireless with “Bajo la Luz perfecta” 4 Sale-to-installation lea
Slide 14: Total sales growing 19% per month in 2022
1 Total sales have been growing at 19% per month in 2022, to an expected run-rate of 1,500 sales in October Monthly sales Cloud Solar 14
Slide 15: Building commercial capabilities to prepare for scale up
1Over the last months we have focused on building commercial capabilities to prepare for scale up In the last months we have focused on creating the right capabilities Next steps Commercial capabilities Increase door-to-door Sales per Solar Expert, salesforce x2 in areas Avg. sales per FTE per with
Slide 16: +850 EV chargers cross-sold with solar installations
2 +850 EV chargers cross-sold with solar installations Sales of solar installations with EV charger are increasing… …and there is a great cross-selling potential Cumulative sales since beginning of 2022 20% Of our clients are EV/hybrid owners 50% Are considering acquiring EV/hybrid Q1-2022 Q2-2022 Q
Slide 17: Bajo la Luz Perfecta
SINGLE Bajo la Luz Perfecta By Varry Brava, Solea Morente 2022 «1song, 3 min 34 sec GED ©) # TIE
Slide 18: The Wireless value proposition
Key advantages Description Client takes advantage of If the client’s roof has has enough space, The Wireless 3 all the m2 of their roof we can install more solar panels than without Wireless as we will not be limited value by the size of client’s power bill proposition Install the solar panels in Wi
Slide 19: Building installation capabilities to prepare for scale up
4 Over the last months we have focused on building installation capabilities to prepare for scale up In the last months we have focused on creating the right capabilities Next steps Installation capabilities Maintain customer satisfaction of 9/10 and improve lead time Productivity, below 45 days Ins
Slide 20: Improved gross margin thanks to ESG-compliant direct sourcing
5We have improved gross margin thanks to ESG-compliant direct sourcing Optimized direct material costs through a combination of different New ongoing initiatives strategies per category Introduced top-3 inverters supplier in our -25% Inverters portfolio unitary cost Evaluating reduction incorporatio
Slide 21: New recurrent gross margin stream from distributed generation
6 Created a new recurrent gross margin stream, turning into life our distributed generation business with 9.2k prosumers Prosumers (#) 21
Slide 22: The gas decommissioning brings Holaluz closer to its founding purpose
7The gas decommissioning brings Holaluz closer to its founding purpose, it puts the customer at the heart of its decisions Context Impact Due to the current market conditions, our current Improvement of our ESG impact, with a prices are 4 times higher than the government significant reduction of our
Slide 23: Our ESG recognitions
8 Our ESG recognitions Top rated 2022 within our industry First utility in the EU energy company to (Utilities) and region by Sustainalytics a obtain B Corp certification in 2018, the leading independent ESG research, ratings only certification that measures a and data firm. On september 2020 Holalu
Slide 24: Financial update
Financial update 24
Slide 25: Income Statement Mn €
Income Statement 1 Revenues: 562.6 Mn € (x3 vs 2021) Mn € ▪ Energy Management: 552.5 Mn € (x3.0 vs 2021) H1 2021 H1 2022 % change ○ Energy Retail: 284.4 Mn € (x2.5 vs 1 2021) Revenues 186.8 562.6 +201% COGS -168.6 -514.7 +205% ○ Route-to-market: 268.2 Mn € (x3.8 Gross margin 18.1 50.7 +180% 2 vs 202
Slide 26: Income Statement Mn €
Income Statement Mn € 3 Personnel expense: 9.4 Mn € ▪ 240 employees added in Solar H1 2021 H1 2022 % change business to expand salesforce and installation capabilities Revenues 186.8 562.6 +201% COGS -168.6 -514.7 +205% 4 Brand & marketing: 3.3 Mn € Gross margin 18.1 50.7 +180% Personnel expense1 -3
Slide 27: Balance Sheet Mn €
PPAs and bilateral contracts 1 Balance Sheet ▪ As explained at the investor day in April, in the period Mn € from 2019 to 2021, Holaluz signed several PPAs and 2021 2022Q1 2022H1 2021 2022Q1 2022H1 bilateral contracts that, NON-CURRENT ASSETS EQUITY added to our decision to 97.0 120.4 169.5 125.6 12
Slide 28: Balance Sheet Mn €
2 Rooftop loans ▪ Aside from the PPAs, LT financial investments Balance Sheet include 7.5 Mn € loans granted in 2021 for Mn € financing installations as a proof of concept for a 2021 2022Q1 2022H1 2021 2022Q1 2022H1 potential SPV. NON-CURRENT ASSETS 97.0 120.4 169.5 EQUITY 125.6 129.3 124.4 ▪ At thi
Slide 29: Balance Sheet Mn €
Balance Sheet Mn € 4 Working capital ▪ Working capital 2021 2022Q1 2022H1 2021 2022Q1 2022H1 requirements of the NON-CURRENT ASSETS 97.0 120.4 169.5 EQUITY 125.6 129.3 124.4 business have increased Intangible 15.5 17.3 19.1 Own funds 48.0 59.1 53.5 due to higher levels of Mark to Market inventories,
Slide 30: Net Debt Mn €
Net Debt Mn € Net Financial debt 2021 2022H1 ▪ 61.2 Mn € at 30 June, up from 47.0 Mn € at 31 December 2021. Long-term liabilities with financial entities 19.9 32.5 Increase primarily due to greater working capital levels. Short-term liabilities with financial entities 37.0 41.0 ▪ As of 30 September
Slide 31: Debt Maturities & Credit Limits
Debt Maturities & Credit Limits Mn €, 2022 H1 1 Revolving Credit Facilities Debt maturity has been modelled assuming that the full amount drawn on 30 June is only repaid at the term of the facility. FIXED VS DEBT MATURITY VARIABLE 2 Funded payments CREDIT AMOUNT 2022 2023 2024 SUBSEQUENT FIXED VARIA
Slide 32: Cash Flows Mn €
1 CF from operating activities: +3.3 Mn € Cash Flows ▪ Normalised EBITDA: +19.1 Mn € Mn € ▪ Change in working capital of -14.8 Mn € primarily driven by higher inventory and debtor 12.3 balances as discussed in 3.3 9.9 previous slide 2 CF from investing activities: (17.6) -17.6 Mn € 16.7 ▪ CAC: -6.7
Slide 33: Focus on profitable growth for 2022-2024
Focus on profitable growth for 2022-2024 By focusing on: ❑ Solar First: Capturing both new installations and existing ones. CAGR +124% ❑ Adding more assets and services in a solar installation Normalized EBITDA(1) (maintenance, EV chargers, (Mn €) batteries). d ❑ Deploying Distributed Generation Ene
Slide 34: +10 years of Holaluz as a GreenTech leader
+10 years of Holaluz as a GreenTech leader #1 in ESG ranking worldwide in 2020 #1in NPS with over 40% To ~1.500 new prosumers/month Aligned with SDG agenda 2030, Off boarding of Gas Contracts with focus in 9 +600 team members to deliver the most Signatory Member of UN Global impactful green energy C
Slide 35: Women-led startup with experienced team
Carlota Pi Ferran Nogué Philippe Protto Maria Ros Daniel Pérez Narcis Matabosch CoFounder and CEO CoFounder Chief Financial Officer Chief Sales Officer Chief Business Chief Product Officer Leads with conviction and Leads People and Makes best source and Makes sales skyrocket Development Officer Spee
Slide 36: Our Values
Our Values Finding the way is how we make a difference. There is ALWAYS a #EsPosible(1) way to get done whatever it takes to move a step further towards a planet run by the sun Things get hard, we know. So, it takes an aligned, focused and #KeepRowing strong team to keep up #Always We are people wor
Slide 37: We will win over competition because our value proposition is good
We will win over competition because our value proposition is good for Our planet The electric system Our customers Green Efficient Attractive & Convenient We have saved more than 1,5M Our approach ensures efficiency Holaluz is the only one that tons of CO2 since 2010 and price stability, while fost
Slide 38: The Rooftop Revolution
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