Grenergy Renovables S.a · BME:GRE
Grenergy Renovables — FY2021 Earnings Presentation
29 slides from Grenergy Renovables's earnings presentation, Feb 28, 2022
Slide 1: Results Presentation FY21
The sky is the limit RESULTS PRESENTATION FY21 Jan-Dec - Madrid, 28th Feb 2022 Headquartes in Madrid - Spain
Slide 2: Disclaimer
DISCLAIMER By attending this presentation and/or by accepting this presentation you will be cial condition or results of operations by the Company and should not be relied upon taken to have represented, warranted and undertaken that you have read and when making an investment decision. Certain finan
Slide 3: Key Highlights
KEY HIGHLIGHTS FINANCIAL OPERATIONAL ESG PERFORMANCE EXECUTION EBITDA of 41.4M€ A strategic deal YoY +75% in the USA: Sofos-Harbert ESG Roadmap 2021-23 on track FY21 Net Profit of 16M€ 1.9 GW solar 0.6 GWh storage ESG Industry Top Rated by Revenue of 220M€ Sustainalytics YoY +94% Reinforcing our Eur
Slide 4: Key Figures 2021
KEY FIGURES 2021 Pipeline Financials 220M€ 237M€ 10 GW Revenues 41.4M€ Net Debt Solar and Wind 965 MW EBITDA In Operation Pipeline and U.C 138M€ 20M€ 5.7x B2O Revenue Energy Sales Leverage1 Financials & 714 MW 16M€ Backlog Net Income 1.6x Pipeline c. 5 GWh Corporate Leverage2 60M€ 3M€ Storage Pipeli
Slide 5: Results
1 RESULTS FINANCIAL Escuderos in Spain, 200 MW
Slide 6: Revenue FY21
REVENUE FY21 Total Revenue +220.0 M€ (+94% YoY) FY20 Revenue FY21 Revenue 2.8 20.0 FY21 vs FY20;€M + 20M€ Energy division sales in FY21 0.0 1.9 +77% YoY 220.0 Increase in revenues in D&C* 197.5 division (103 MW sold in 2021) +47% YoY 111.5 113.4 Increase in revenues in Services** division D&C Energy
Slide 7: EBITDA FY21
EBITDA FY21 Total EBITDA +41.4M€ (+ 75% YoY) FY20 EBITDA FY21 EBITDA 0.4 -5.3 FY21 vs FY20 13.3 +13.3 M€ Energy division EBITDA in FY 21 0.0 0.2 D&C Division EBITDA -4.3 increased by +19% YoY 41.4 33.1 27.8 Services division EBITDA increased by 23.7 +104% YoY D&C Energy Services Corporate Total D&C
Slide 8: Capex FY21
CAPEX FY21 Grenergy invested 198 M€ in Solar PV and Wind projects €M 50.6 198.2 112.4 1.8 11.2 7.2 15.0 Development Wind Project: Wind Project: Quillagua Escuderos Distribution Total Capex Capex Kosten Duna Huambos Projects1 Capex expected to grow in line with our announced investment plan. 08 1 Inc
Slide 9: Free Cash Flow at Group Level FY21
FREE CASH FLOW AT GROUP LEVEL FY21 €M -4.3 -22.8 41.4 -4.9 -0.3 68.7 96.3 20.6 41,7 -198.2 105.0 -2.5 -3.4 Cash EBITDA Change in Taxes and Exchange Growth Short Buy-back Share Bond and Financial Other Cash FY20 operating Financial rates Capex term-Liquid Shares Capital Commercial debt debts FY21 WK
Slide 10: Change in Net Debt and Leverage
CHANGE IN NET DEBT AND LEVERAGE Overall leverage 5.7X Change in net debt Leverage1 €M FY20 1Q21 1H21 -126.0 9M21 FY21 13.7 -237.0 7.6x 5.4x 5.7x 4.4x -198.2 -0.3 -3.4 -19.3 -8.6 3.1x 105 FY20 Funds Growth Share Exchange Buy-Back Derivatives Debt FY21 ND/EBITDA Net Debt from Capex Capital rates Share
Slide 11: Pipeline & Operations
2 PIPELINE & OPERATIONS Quillagua in Chile, 103 MW
Slide 12: A New Platform: USA & Sofos-Harbert
A NEW PLATFORM: USA & SOFOS-HARBERT US Gov expects an increase of Solar PV deployments from current 67GW to 1.000GW in 2035*. Total pipeline 1.8 GW Regional power grids Track PPA record of origination PJM > 560 MW SOFOS-HARBERT Connected AT A GLANCE MISO SOUTH or RTB (Midwest) Solid structure Storag
Slide 13: A New Market on the European Union: Poland
A NEW MARKET ON THE EUROPEAN UNION: POLAND A huge opportunity for renewables to decarbonize the energy mix 0.4% 3% Tail winds–Growth potential 1% 9% 0.... 5% 9% 164 TWh Renewable Source mix up to 30% in 2030. 72% Coal Fracking Hydro Solar Massive energy produced Gas Biomass & Biogas Wind Others by c
Slide 14: Company Platforms Overview
COMPANY PLATFORMS OVERVIEW Three platforms with outstanding growth potential Europe Consolidated Platforms USA Solar • USA: Huge growth potential, fully Solar 3.6 GW complementary to our current footprint. 1.9 GW • LATAM: Proven track record > 0.5 GW In Wind Operation and U.C. Storage 0.2 GW • Europ
Slide 15: Pipeline Update
PIPELINE UPDATE Project portfolio Highly visible 10 GW pipeline, 541 MW in operation 6.3GW Estimated COD2 Project Classification1 FY21 9M21 2025 20-40% Identified Opportunities Success Rate 3,576 50% Early Stage 2,582MW Success Rate 2,338MW -244MW 2024 70% Advanced Development 2,645MW Success Rate 2,9
Slide 16: Pipeline Update: Total Pipeline of 10.0 GW
PIPELINE UPDATE Total pipeline of 10.0 GWs (increased by 4.0 GW YoY) >1.7 GW of projects either in operation, construction or backlog SOLAR PV WIND Under Advanced Early Ident. Total Under Advanced Early Ident. Total MW Const Backlog Dev Stage Opp. Pipeline MW Const Backlog Dev Stage Opp. Pipeline In
Slide 17: Energy Storage: Company Pipeline
ENERGY STORAGE: COMPANY PIPELINE Total Storage pipeline 5.0 GWh E.C reinforcing the energy transition and tackle energy prices with renewable Energy Storage PIPELINE MW/MWh Next-GEN 750Bn€ Advanced Early stage Total Total development MW´s MW´s MWh´s MW´s Legislative impulse under discussion, Chile 5
Slide 18: Projects In Operation, Under Construction & Backlog
PIPELINE UPDATE Projects In Operation, Under Construction & Backlog 965MWs in operation and under construction. 714MWs in final development phase Resource Country Project Type MW B20 COD (Hours) Spain Los Escuderos Solar 200 Yes 2,128 4Q21 Chile Quillagua Solar 103 Yes 2,950 4Q20 Chile PMGDs (9 Proj
Slide 19: Projects in Advanced Development
PIPELINE UPDATE Projects in Advanced Development C.3 GW to feed our 2023-24 IPP targets Resource Country Project Type MW COD Offtaker Negotiation (Hours) Spain Clara Campoamor Solar 575 2,000 4Q23 PPA 60-70% Initial UK Pack 2 PYs middle size Solar 95 1,700 4Q23 PPA 60-70% In Progress Italy Pack 4 pr
Slide 20: ESG Commitments
3 ESG COMMITMENTS
Slide 21: ESG Roadmap - Phase I
ESG ROADMAP - PHASE I ESG Action Plan 2021 100% of ESG ACTION PLAN 2021 TARGETS ACHIEVED CREATION OF THE SUSTAINABILITY COMMITTEE GENDER EQUALITY ROADMAP HARASSMENT GLOBAL POLICY GOVERNANCE Actions identified and scheduled for 2022/2023, addressing key PROCUREMENT POLICY issues: HUMAN RIGHTS POLICY
Slide 22: ESG Roadmap - Phase II
ESG ROADMAP - PHASE II ESG Action Plan 2022 Q1 Q2 Q3 Q4 CORPORATE POLICIES IMPLEMENTATION CONTROL SYSTEM DEFINED GOVERNANCE ESG KPIS OVERSIGHT PROCEDURE ESTABLISHED ESG GOALS IN SUSTAINABILITY REPORT 2021 PUBLISHED AHEAD OF REGULATORY REQUIREMENTS OUR STRATEGY ESG RISKS ESG ASPECTS INTEGRATED IN PRO
Slide 23: Increased ESG Ratings Coverage
INCREASED ESG RATINGS COVERAGE TOP ESG PERFORMER OUT OF MORE THAN 4,000 COMPANIES Distinction awarded to strong outperformers in their industries. GRENERGY at “low risk of experiencing material financial impacts from ESG factors, due to its low exposure and strong 13.6 Low Risk management of materia
Slide 24: Appendices
APPENDICES
Slide 25: Platform with Relevant Growth Potential
PLATFORM WITH RELEVANT GROWTH POTENTIAL Project Portfolio Project Classification1 20-40% Identified Opportunity Identified opportunities (20-40%): Project with technical and financial feasibility, given that 1) there is the possibility of land, 2) access to the electricity Success Rate 3,576 MW grid is
Slide 26: FY21 Results: Profit and Losses
FY21 RESULTS Profit and Losses Solar and Wind projects producing EBITDA in the energy division Profit and losses (€k) FY2021 FY2020 Delta Revenue 220,154 113,432 94% Income from customer sales 82,506 73,386 12% Income from capitalize works 137,648 40,046 243% Procurement (159,805) (79,271) 102% Procu
Slide 27: FY21 Results: Balance Sheet
FY21 RESULTS Balance Sheet Balance Sheet (€k) 31/12/21 31/12/20 Var. Non-current assets 428,450 169,499 258,951 Intangible assets 81 9,143 (9,062) Fixed assets 388,783 144,768 244,015 Assets with right of use 13,072 5,284 7,788 Deferred tax assets 25,441 10,217 15,224 Other fix assets 1,073 87 986 C
Slide 28: FY21 Results: Net Debt
FY21 RESULTS Net Debt Total leverage1 5.7x Total corporate leverage2 1.6x Net Debt (€k) FY21 FY20 FY21-FY20 Long-term financial debt** 48,986 35,027 13,959 Short-term financial debt 36,196 4,834 31,362 Other long term debt - 156 (156) Other short term debt 156 3,054 (2,898) Other current financial a
Slide 29: Developers & IPP of Solar PV - Wind - Storage projects
Developers & IPP of SOLAR PV - WIND - STORAGE projects Europe - USA - LATAM Duna Huambos windfarm - Peru