Alerion Clean Power S.p.a. · MIL:ARN
Alerion Clean Power — Debt Investor Presentation (September 2019)
32 slides from Alerion Clean Power's debt investor presentation, September 2019
Slide 1: Investor Presentation September 2019
0 INVESTOR PRESENTATION SEPTEMBER, 2019
Slide 2: Table of Contents
1 TABLE OF CONTENTS 01 – Introduction to Alerion Clean Power 02 – Regulatory Overview 03 – Key Credit Highlights 04 – Financial Overview A – Appendix
Slide 3: Introduction to Alerion Clean Power
01 Introduction to Alerion Clean Power
Slide 4: Alerion At-A-Glance
4 ALERION AT-A-GLANCE LEADING RENEWABLE ENERGY DEVELOPER, OWNER AND OPERATOR IN ITALY COMPANY OVERVIEW KEY FIGURES • Established in 2003, Alerion Clean Power S.p.A. (“Alerion”) is one of the main independent developers, owners and operators active on onshore wind in Italy and other European markets
Slide 5: Fri-El Group Overview
4 FRI-EL GROUP OVERVIEW LEADING ITALIAN OPERATOR SPECIALIZED IN THE PRODUCTION OF RENEWABLE ENERGIES Consolidated Gross Installed Capacity: 1,023 MW (1,2) RENEWABLES TECHNOLOGIES Gross Installed Capacity and Number of Plants BIOGAS AND WIND HYDRO O&M BIOMASS Wind Biogas Hydro Onshore Liquid ENERGY T
Slide 6: More Than 15 Years of Success in the Renewable Industry
5 MORE THAN 15 YEARS OF SUCCESS IN THE RENEWABLE INDUSTRY STRENGTHENED FOCUS ON WIND POWER AND INCREASED SUPPORT FROM REFERENCE SHAREHOLDER 1994 2001 2002 2008 The brothers Gostner The Group forms a joint Ener.CO S.r.l. becomes Fri-El Green Power signs found Ener.CO S.r.l., venture with EDF Fri-El G
Slide 7: Wind Farm Portfolio Overview
6 WIND FARM PORTFOLIO OVERVIEW HIGH-QUALITY ASSET PORTFOLIO WITH MORE THAN 10 YEARS REMAINING UNDER LONG-TERM INCENTIVES ITALIAN AND FOREIGN WIND FARMS (1) GEOGRAPHICAL OVERVIEW (1) Gross End of Capacity Net Start of Incentive ITALY SPAIN Plant Location Technology (MW) Ownership Capacity (MW) Operat
Slide 8: Regulatory Overview
02 Regulatory Overview
Slide 9: Overview of On-Shore Wind Incentive Framework in Italy
8 OVERVIEW OF ON-SHORE WIND INCENTIVE FRAMEWORK IN ITALY Qualification Key Features Alerion Portfolio • Feed in Premium = (180 – PUN(1)) x 0.78 • Revenues = Electricity Sale Price + FIP Feed in Premium - Avg. market sale price in 2018 was 58.7 €/MWh (51.5 €/MWh in 1H • 314 MW of net installed capaci
Slide 10: Key Credit Highlights
03 Key Credit Highlights
Slide 11: Key Credit Highlights
10 KEY CREDIT HIGHLIGHTS 1 Strong growth outlook for renewables in Europe and Italy Leading renewable energy group in the Italian market with a strong 2 track record 3 Solid reference shareholders and experienced industrial partner Stable and predictable long-term revenues and costs with limited exp
Slide 12: Strong Growth Outlook for Renewables in Europe and Italy
1 STRONG GROWTH OUTLOOK FOR RENEWABLES IN EUROPE AND ITALY 11 SECULAR GROWTH IN THE RENEWABLES MARKET LED BY POLICYMAKERS GROSS INSTALLED CAPACITY IN ITALY – GW Wind power representing a • The EU's original Renewable great opportunity for future energy directive (2009/28/EC) sets a 300 Italian energ
Slide 13: Leading Renewable Energy Group in the Italian Market
2 LEADING RENEWABLE ENERGY GROUP IN THE ITALIAN MARKET WITH A STRONG TRACK RECORD 12 ✓ In 2017 Italy produced 17.7 TWh of wind energy, satisfying the needs of 17 million people with many natural environment benefits (reducing CO2 emissions and petrol consumption)(1) ✓ In the Italian market Alerion,
Slide 14: Solid Reference Shareholders and Experienced Industrial Partner
3 SOLID REFERENCE SHAREHOLDERS AND EXPERIENCED INDUSTRIAL PARTNER 13 FRI-EL GROUP OPERATIONAL KPIs O&M EXPERTISE ✓ Provides WTG’s, BOP Electrical and BOP 5 Renewable Technologies Civil services Wind Liquid Biomass 1,023 MW Gross Installed Capacity(1,2) ✓ Longstanding relationship with major turbine
Slide 15: Stable and Predictable Long-Term Revenues and Costs
4 STABLE AND PREDICTABLE LONG-TERM REVENUES AND COSTS WITH LIMITED EXPOSURE TO MARKET AND OPERATIONAL RISKS 14 ITALIAN CAPACITY BREAKDOWN BY REVENUE STREAM (1) – % COST STRUCTURE – 1H 2019 Grid Parity 2% Personnel 17% 14% Incentives through Feed in Premium Auctions 74% SG&A 24% 25.1% 6% O&M 26% As %
Slide 16: Attractive Value Creating Growth Story
5 ATTRACTIVE VALUE CREATING GROWTH STORY 15 Long Term Growth Path Target Presence 1 Organic growth Future projects are expected both in Italy and in other European countries (e.g. Spain) to expand the actual installed capacity 2 O&M efficiency 3 M&A growth Key Growth Pillars 1 Prudent and value crea
Slide 17: Strong Cash Flow Generation
6 STRONG CASH FLOW GENERATION 16 CASH FLOW – € MM 2017-1H2019 NET DEBT BRIDGE – € MM 2017 2018 1H 2019 21 EBITDA 42.0) 45.4) 25.2 Net deleverage of €45 MM 161 Change in NWC (7.3) (6.6) (4.9) 326 Taxes Paid (1.3) (2.4) - 6 (113) 40 Other OpCF (2.2) (1.7) (1.7) 189 Items (6) 27 143 Operating Cash 31.2
Slide 18: Experienced and Professional Management Team
7 EXPERIENCED AND PROFESSIONAL MANAGEMENT TEAM 17 JOSEF GOSTNER GEORG VAJA PATRICK PIRCHER STEFANO FRANCAVILLA • Chairman and CEO of • Deputy Chairman and • CEO of Alerion and • CFO of Alerion Alerion and CEO and CEO of Alerion and Head of Finance of • In Alerion since 2007 Vice-Chairman of CFO of F
Slide 19: Financial Overview
04 Financial Overview
Slide 20: Operating and Financials Highlights
19 OPERATING AND FINANCIALS HIGHLIGHTS € MM (1) ELECTRICITY PRODUCTION – GWH (2) TOTAL REVENUES EBITDA 607 86 76.5% 76.9% 75.7% 81.5% 80.6% 434 413 65 414 55 59 46 42 45 291 37 31 25 '17 '18 '18 PF '1H19 '1H19 PF '17 '18 '18 PF '1H19 '1H19 PF '17 '18 '18 PF '1H19 '1H19 PF EBITDA Margin % NET RESULT
Slide 21: Gross Debt Composition
20 GROSS DEBT COMPOSITION AS OF 30TH JUNE 2019 GROSS FINANCIAL DEBT BREAKDOWN – REPORTED (%) GROSS FINANCIAL DEBT – REPORTED (€ MM) Bank Debt Other Debt Leases 3% 1% 4% 294,4 Gross Debt: Bonds €348.0 MM Project Financing 42% 53,6 50% Current Non-Current GROSS FINANCIAL DEBT BREAKDOWN – PRO-FORMA (%)
Slide 22: Appendix
A Appendix
Slide 23: Income Statement
22 INCOME STATEMENT HISTORICAL EVOLUTION (€ '000) 2017 2018 2018 PF (1) 1H 2019 1H 2019 PF (1) Electricity sales 19,241 22,557 37,894 13,610 21,876 Revenues from incentive tariff 32,944 33,297 44,227 16,525 22,909 Operating Revenue 52,185 55,854 82,121 30,135 44,785 Other sundry revenues and income
Slide 24: Balance Sheet (Assets)
23 BALANCE SHEET (ASSETS) HISTORICAL EVOLUTION ASSETS (€ '000) 2017 2018 2018 PF (1) 1H 2019 1H 2019 PF (1) Total intangible assets 62,703 83,176 156,022 108,976 148,166 Property, plant and equipment 191,363 276,584 357,386 326,157 379,942 Equity investments in joint ventures measured using the equi
Slide 25: Balance Sheet (Liabilities & Shareholder's Equity)
24 BALANCE SHEET (LIABILITIES & SHAREHOLDER'S EQUITY) HISTORICAL EVOLUTION LIABILITIES & SHAREHOLDER'S EQUITY (€ '000) 2017 2018 2018 PF (1) 1H 2019 1H 2019 PF (1) Non-current financial liabilities 157,938 221,394 330,012 294,402 376,387 Non-current payables for derivatives 7,645 6,336 8,262 9,635 1
Slide 26: Cash Flow Statement
25 CASH FLOW STATEMENT 2017-2018 2017 2018 1H 2019 Net profit (loss) for the period attributable to owners of the parent 4,952 3,451 6,116 Net profit (loss) for the period attributable to non-controlling interests (84) (86) 170 Depreciation, amortisation and write-downs 20,594 20,302 11,583 Financia
Slide 27: Group Structure
26 GROUP STRUCTURE 100% 100% Alerion Energie Rinnovabili S.p.A. 100% 100% Alerion Servizi Tecnici e Sviluppo S.r.l. Callari S.r.l. Eolica PM S.r.l. 100% 100% Minerva S.r.l. Fri-EI Albareto S.r.l. 75% 100% 100% Energes Biccari S.r.l Ordona Energia S.r.l. Green Energy Sardegna S.r.l. 100% 100% 100% En
Slide 28: Regalbuto Wind Farm (Financial Highlights)
27 REGALBUTO WIND FARM (FINANCIAL HIGHLIGHTS) The following are the selected historic financial information of Anemos (company owning Regalbuto wind farm) available from public financial statements. prepared in accordance with Italian GAAP, that are significantly different from IFRS. For the avoidan
Slide 29: Disclaimer
29 DISCLAIMER The Pro-forma results at 30 June 2019 The acquisitions of 36MW Spanish wind farm Comiolica (June 2019) and 70MW Italian wind farm Campidano (August 2019) are shown in the Pro-forma results as if they happened on 30 June 2019 for balance sheet and as if they happened on 1 January 2019 f
Slide 30: Disclaimer
29 DISCLAIMER This disclaimer applies to this document and any oral comments of any person presenting it. This document, taken together with any such oral comments, is referred to herein as the “Presentation”. This document has been prepared by Alerion Clean Power S.p.A. (“Alerion” and, together wit
Slide 31: Disclaimer
30 DISCLAIMER Use of different methods for preparing, calculating or presenting information may lead to different results and such differences may be material. No liability whatsoever is accepted by Alerion or any of its affiliates or any of their directors, officers, advisers, agents or employees,
Slide 32: Thank You
ALERIONCLEANPOWER a i 3 THANK YOU
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