Energia, Innovacion Y Desarrollo Fotovoltaico Sa · BME:EIDF
Energia, Innovacion Y Desarrollo Fotovoltaico Sa — Investor Presentation (June 2022)
21 slides from Energia, Innovacion Y Desarrollo Fotovoltaico Sa's investor presentation, June 2022
Slide 1: Strategic update
ENERGÍA, INNOVACIÓN Y DESARROLLO FOTOVOLTAICO S.A. JUNE 2022 Strategic update www.eidfsolar.es
Slide 2: Presenting team and agenda
Presenting team and agenda Fernando Romero Mercedes Rey Founder & CEO CFO 01 EiDF at a glance • +14 years of experience in renewables • +20 years of experience in financial roles • Previous experience private banking • Former CFO of Cabomar Congelados 02 Juan Pablo Tusquets Bruno Díaz EiDF’s Key Inv
Slide 3: Index
1. EiDF at a glance Index 2. EiDF’s investment thesis 3. Update on Business Plan 2022-2025
Slide 4: 1. EiDF at a glance
]. EIDF at a glance # EIDF
Slide 5: EiDF at a glance
EiDF at a glance What is EiDF? Overview key financial figures • Founded in 2008 by Mr. Fernando Romero, EiDF is a vertically integrated solar PV platform Revenues (€m) EBITDA (€m) Net Debt (€m) operating in Spain • EiDF is the #1 player in the self consumption market for industrial and corporate cli
Slide 6: EiDF's Key milestones
EiDF’s Key milestones Despite regulatory headwinds (Sun tax), EiDF installed 500 KW JV with Sinia Renovables & IKAV EiDF is founded as a Acquisition of Nagini self-consumption 32 MW installed after 2022-2025 strategic servicer in Spain Sun tax is removed update 2011 2018 2021 2008 2015 2021 2022 201
Slide 7: EiDF's integrated business model
EiDF’s integrated business model Business model evolution Phase I – Self Consumption Industrial players Phase II –Generate energy to my clients Phase III – Sell all the energy to my clients • I know the energy needs of my clients • I can sell all energy consumed to my clients and sell • Installing s
Slide 8: EiDF as a listed entity
EiDF as a listed entity Since becoming a listed entity, EiDF has multiplied its market cap for 15x with a stellar performance on the back of amazing operation and financial results. Annual EBITDA has changed from €2m in 2020 to an estimated €30m in 2022 and c.€70m in 2023 80 Acquisition of Nagini IP
Slide 9: 2. EiDF's investment thesis
2. EIDF’s investment thesis # EIDF
Slide 10: EiDF's investment thesis
EiDF’s investment thesis 1 Unique growth dynamics in the renewables industry… 2 …recently fuelled by the geopolitical conflict in Ukraine 3 Self-Consumption market is the main growth pillar… 4 …and the entrance door for an integrated business model with generation and supply 5 Strong industrial base
Slide 11: 1. Unique dynamics in the renewables industry…
1. Unique dynamics in the renewables industry… Solar PV LCOE Evolutions ($/MWh) Spanish new production capacity estimates by technology Utility-Scale Solar 10-Year Percentage Decrease: (85%) GW Utility-Scale Solar 10-Year CAGR: (17%) 4 1 2 $394 Utility-Scale Solar 5-Year CAGR: (11%) 53 400 56 53 35
Slide 12: 2. …fuelled by the Geopolitical conflict in Ukraine
2. …fuelled by the Geopolitical conflict in Ukraine ▪ 42% of final energy consumption must come from PNIEC1 renewable sources by 2030 ▪ 74% of the electricity produced must come from renewable sources by 2030 ▪ 90% of energy produced must come from renewable Decarbonization Net Zero 2050 sources by
Slide 13: 3. Self-consumption is the main growth pilar…
3. Self-consumption is the main growth pilar… EiDF’s strategy EiDF’s track record & current trading 2022 ❑ EiDF business model has 3 distinct Extensive track record executing self-consumption installations for Tier I industrial clients in Spain differentiating features: ➢ A wide sales network with s
Slide 14: 3. Self-consumption is the main growth pilar (cont.)…
3. Self-consumption is the main growth pilar (cont.)… Extensive track record executing self-consumption installations for Tier I industrial clients in Spain Selected clients “We decided to install self-consumption due to “In Iberconsa we are firmly committed with the corporate responsibility, for th
Slide 15: 4. …and the entrance for an integrated business model
4. …and the entrance for an integrated business model with integration and supply 1 • EiDF’s self-consumption clients make the perfect targets for the supply division as 1 self-consumption installations cannot cover all their energy needs Self-consumption • Small project size allow for close install
Slide 16: 5. Strong industrial based business with teams on the ground
5. Strong industrial based business with teams on the ground Strong on the ground work force… …complementing EiDF’s industrial capabilities EiDF’s sales delegations EiDF`s own staff Outsourced Total Self-consumption 37 130 167 O&M 8 - 8 Generation 10 50 60 TOTAL 55 180 235 26% 3% 71% Self-consumptio
Slide 17: 6. Unique financial performance
6. Unique financial performance Solid financial performance backed by a sound business model… …strengthen by new business lines and geopolitical tailwinds Revenues (€m) EBITDA (€m) Pro forma Q1 Revenues1 (€m) 12% 22% Self-consumption EPC Generation Supply 11% 41,6 9,0 54,9 63% 124% 29,7 19,1 15,6 2,
Slide 18: 7. Seasoned management team with skin in the game
7. Seasoned management team with skin in the game Highly experienced management with a proven tracked record in the sector… …and sizeable skin in the game Fernando Romero Mercedes Rey Pedro Millanes Founder & CEO CFO COO 15% 8% • +14 years of experience in • +20 years of experience in • +17 years of
Slide 19: 3. Updated Business Plan 2022-2025
3. Updated Business Plan 2022-2025
Slide 20: Updated business plan
Updated business plan Revenues (€m) 2022E-2025E EBITDA (€m) 2022E-2025E 509 106 492 90 446 63 299 30 2022E 2023E 2024E 2025E 2022E 2023E 2024E 2025E Revenue breakdown by business line (2022E vs 2025E) EBITDA breakdown by business line (2022E vs 2025E) 17% 11% 15% 15% 4% 30% 40% 21% 35% 52% 41% 43% 6
Slide 21: What has changed versus November 2021?
What has changed versus November 2021? Business plan 2022-2025 (November 2021) What has changed? In €m 2022 2023 2024 2025 Several factors have acted as catalysts of EiDF’s business plan, creating the need Revenue 224 305 436 485 for an strategic update: EBITDA 26 40 66 77 2022 2025 1 Ongoing energy
Energía, Innovación y Desarrollo Fotovoltaico S.A. (EiDF) — Investor Presentation (June 2022) on 6ix