Aton Green Storage S.p.a. · MIL:ATON
Aton Green Storage — FY2021 Earnings Presentation
33 slides from Aton Green Storage's earnings presentation, Mar 25, 2022
Slide 1: 2021 Results Presentation
2021 Results Presentation 25 March 2022
Slide 2: Agenda
Agenda Aton Green Storage at a Glance 2021 Results & Outlook Market and Competitive Positioning Business Overview Strategy Financials Backup 2
Slide 3: Aton Green Storage at a glance: Leading Italian producer of RBESS
Aton Green Storage at a glance: Leading Italian producer of RBESS ATON is the Italian first mover in the design and production of Residential Battery Energy Storage Company Systems (RBESS). Since 2014, Aton’s storage systems installed amount to 10,000, of which 4,868 in 2021. ATON developed a full r
Slide 4: Buoyant 2021 Results driven by the booming Green Energy Market in Italy
Buoyant 2021 Results driven by the booming Green Energy Market in Italy NET SALES: € 22.8 M, >3x YoY (€ 7.2 M FY 2020) EBITDA: € 4.7 M vs. € 0.1 FY 2020, WITH A MARGIN OF 20.6% EBIT: € 3.4 M PROFIT vs. € 1.0 M LOSS FY 2020 NET PROFIT: € 2.5 M vs. € 1.0 M LOSS FY 2020 NET FINANCIAL DEBT: €
Slide 5: Sales Revenue more than tripled to € 22.8 m, solid EBITDA margin at 20.6%
Sales Revenue more than tripled to € 22.8 m, solid EBITDA margin at 20.6% Sales Revenue and EBITDA (€/000) • Sales Revenue jumped to € 22.8 million in 2021, more than 3x those of 2020, mainly thanks to strong B2B demand 25.000 22.784 • Storage accounted for 92% of Total Sales (vs. >3x 87% in 2020),
Slide 6: EBIT and Net Result turn to Profit, driven by revenue and profitability growth
EBIT and Net Result turn to Profit, driven by revenue and profitability growth EBIT and Net Result (€/000) 4.000 • The strong operational leverage allowed 3.369 ATON to turn to Profitability at both Operating 3.500 3.000 and Net level, respectively at € 3.4 million and 2.478 € 2.5 million 2.500 2.00
Slide 7: Very Solid Financial Position with a comfortable Debt-to-Equity ratio at 22%
Very Solid Financial Position with a comfortable Debt-to-Equity ratio at 22% Shareholders’ Equity and Net Debt (€/000) • Net Financial Debt lowered to € 3.3 million at end-2021, down from € 6.5 million at end-2020, mainly thanks to the € 10 million proceeds from 16.000 IPO in June 14.307 14.000 • Sh
Slide 8: 2022 Outlook
2022 Outlook B2C Business has taken off: it will strongly contribute in 2022 • The division, involved in general contracting on turn-key domestic energy efficiency projects, should leverage on rising energy costs and tax benefit (110% recently extended by the Italian Government to the end of 2023)
Slide 9: Market and Competitive Positioning
Market and Competitive Positioning
Slide 10: Aton Green Storage: Impressive growth in a brand new strategic market
Aton Green Storage: Impressive growth in a brand new strategic market Aton Revenues 2014 – 2021 (€/000) Aton Customer Base 2016 – 2020 22.784 New +150 10,000 customers 2018 - 2020 Aton’s storage systems installed since 20141 +90 Of which: 7.197 +30 4,868 0 2.647 3.021 in 2021 2014 2016 2018 2020 202
Slide 11: A must have Technology for Cost Savings: very critical in current scenario
A must have Technology for Cost Savings: very critical in current scenario Photovoltaic systems make only sense combined with a storage system Photovoltaic system without storage Photovoltaic system with storage Sale of energy Self consumption of excess energy excess kWh kWh 00:00 03:00 06:00 09:00
Slide 12: Aton's positioning in the storage value chain
Aton’s positioning in the storage value chain Aton’s positioning in the residential storage systems value chain Product Industry Assembling & Supply Engineering & Sale to End-User Value Chain Installation Design Activities Supply of Supply of Full design of storage systems’ Components assembly and D
Slide 13: Main players in the arena
Main players in the arena Open Source Storage Systems Closed Source Storage Systems ALL-IN-ONE P P P O O O P P P O SCALABLE P P P P P P O P O P PARALLEL READY INVERTER P P P P P P O O O O ANTI-BLACKOUT P P P P P P P P P P ON-APP NOTIFICATIONS P P P P P P P P P P GPRS P O O P O O O O O O VIRTUAL UNIT
Slide 14: The EU will boost the market with extraordinary liquidity
The EU will boost the market with extraordinary liquidity “European Battery Innovation Plan” approved by the EU Commission in January 2021 will grant € 2.9bn in state aid funding to 42 European companies1 operating in the battery value chain in the next 7 years. € 2.9bn Companies 42 Involved Public
Slide 15: Business Overview
Business Overview GREEN STORAGE . CON
Slide 16: A distinctive product base
A distinctive product base Storage Solutions for New PV Systems Storage Solutions for Existing PV Systems € 3,359 K € 2,165 K 2020A products Revenues1 2020A products Revenues1 RA.Store-K RA.Store-3 Z.Store Zon.E 2.4 – 19.2 kWh Storage Capacity G.Store H.Store Charging Solutions for Electric Vehicles
Slide 17: Launch of a New Business in 2021 – Energy Efficiency Intervention
Launch of a New Business in 2021 – Energy Efficiency Intervention New Business Line Provide products and services to end-users enjoying the 110% tax relief on expenses for the house energy efficiency improvement1 Strategy Launch of a B2C business line Operations Aton will act as General Contractor a
Slide 18: Strategy
Strategy
Slide 19: Strategic guidelines (1/2)
Strategic guidelines (1/2) New Products Development Follow a New Market Trend Leveraging on Our Expertise 1. Charger Stations Vehicle-to-Building and Vehicle-to-Grid Rationale Ride the Wave of New Energy Communities Leveraging on Know-How from Large Scale-Residential Applications Rationale Leverage
Slide 20: Strategic guidelines (2/2)
Strategic guidelines (2/2) Enhance Aton business model 1. Strategic Internalization 2. Launch of a B2C business Rationale Rationale Internalize one of the most Enter the New Promising strategic phase of business Business of Energy Efficiency value chain and Open a Direct Channel to End-Users Devel
Slide 21: Financials
Financials ATON 4
Slide 22: Financials – Income statement (1/3)
Financials – Income statement (1/3) €'000 2018A 2019A 2020A 2021A Revenues from Sales 3.021 8.239 7.197 22.784 % growth 172,7% (12,6%) 216,6% Other proceeds 383 303 142 284 Changes in assets for internal works 537 542 629 700 Changes in inventories of WIP and finished goods (531) (148) 308 311 Value
Slide 23: Financials – Balance sheet (2/3)
Financials – Balance sheet (2/3) €'000 2018A 2019A 2020A 2021A Intangible Assets 1.907 1.864 1.740 2.867 Tangible Assets 344 304 290 308 Investments 1 29 29 3 Fixed Assets 2.252 2.197 2.059 3.178 Inventory 3.059 2.926 3.932 5.535 Trade receivables 1.173 3.517 1.708 6.613 Trade payables (789) (811) (
Slide 24: Financials – Cash Flow statement (3/3)
Financials – Cash Flow statement (3/3) €'000 2018A 2019A 2020A 2021A EBITDA (436) 326 97 4.684 Change in NWC (898) (2.710) 2.258 (9.027) Change in funds 28 55 52 60 Taxes (paid) 0 0 0 0 Capex (767) (785) (840) (2.390) (Inv.)/Sale of financial assets (1) (28) 0 28 Free Cash Flow (2.074) (3.142) 1.567
Slide 25: Backup
GREEN STORAGE .
Slide 26: Management Team
Management Team Aldo Balugani Vittorio Balugani Ettore Uguzzoni Claudio Turchi Shareholder & Director Shareholder & Director Chairman & CEO Director In Aton since 2014 In Aton since 2014 In Aton since 2014 Joined Aton in 20211 Industry experience: +5 yrs Industry experience: +5 yrs Industry experien
Slide 27: Shareholding Structure and Corporate Governance
Shareholding Structure and Corporate Governance Shareholding Structure Board of Directors2 M. Nervosi C. Turchi D. Mantegazza Vice-Chairman Director Director A. Balugani V. Balugani 50.0%1 50.0%1 B. Leoni E. Uguzzoni Independent Chairman & CEO Director Vasco Energia S.r.l. 66.67% Aton Green A. Balug
Slide 28: Organizational Chart
Organizational Chart Board of Directors CEO Key role E. Uguzzoni HR 42 Internalized function Total COO CTO Employees1 Outsourced function E. Uguzzoni M. Nervosi Accounting Finance & IT Procurement R&D Software Hardware After Sales S. De Control D. Masinelli M. Leonelli E. Lelli M. Morselli A. Ferrer
Slide 29: The new energy self consumption framework
The new energy self consumption framework A new system of community and national directives introduced in the Italian Energy regulatory framework the concept of collective self-consumption from end-users, giving great impulse in the installation of photovoltaic panels and storage systems CLEAN ENERG
Slide 30: Tax benefits highlights
Tax benefits highlights Superbonus 110% - Main features Tax relief amounting to the 110% of installation costs sustained for photovoltaic panels and storage systems within the period July 2020 – December 2023 When it is applicable? Who can benefit? When the installation is joint to: Natural person
Slide 31: Contacts
Contacts Investor Relations Davide Mantegazza ir@atonstorage.com +39 3387131308 www.atonstorage.com Investor Relations Advisor Paola Buratti paola.buratti@cdr-communication.it +39 335226561 Nomad ATON GREEN STORAGE S.p.A. Alantra Capital Market S.V. S.A.U. - Italian Branch Sede Legale: Via Nuova Cir
Slide 32: Disclaimer
Disclaimer This document has been prepared by and is the sole responsibility of Aton Green Storage S.p.A. (“Aton” or the “Company”) for the sole purpose described herein. The information contained herein does not contain or constitute an offer of securities for sale, or solicitation of an offer to p
Slide 33: ATON Green Storage S.p.A
ATON Green Storage S.p.A Via Guido Rossa, 5 Spilamberto (MO) +39 059 783939 www.atonstorage.com