Solaria Energia y Medio Ambiente, S.A. · BME:SLR
Solaria Energia y Medio Ambiente — Q1 2020 Earnings Presentation
23 slides from Solaria Energia y Medio Ambiente's earnings presentation, May 18, 2020
Slide 1: First quarter 2020 earnings
First quarter 2020 earnings 18 May 2020 Santiz PV power plant, Spain Tordesillas 1 PV power plant, Spain
Slide 2: Disclaimer
Disclaimer This document has been prepared by SOLARIA ENERGÍA Y MEDIO AMBIENTE, S.A. (“Solaria”) for information purposes only and it is not a regulated information or information that has been subject to prior registration or review by the Spanish Securities Market Commission. By attending a meetin
Slide 3: Index
Index 01 02 Key highlights Strong earnings 03 04 Growth potencial intact Excellent project IRR 3
Slide 4: Key Highlights
Solaria 01 KEY HIGHLIGHTS
Slide 5: 1Q20 highlights
1Q20 highlights Growth potential intact Strong earnings • Production (+200%), revenues (+27%), EBITDA (+20%), and net profit (+39%) registered strong growth, owing to operation of new plants and recording of tax credits. • Strong financial situation > Cash position = €94 m. Working capital €52.8 mn
Slide 6: Strong Earnings
Solaria 02 STRONG EARNINGS
Slide 7: 1Q20 Earnings
1Q20 Earnings C Huge increase in energy production Energy production (GWh) 78.7 Energy production up by over 200%, with the incorporation of 285MW in +200% new plants coming onstream in second half of year. 26.4 1Q19 1Q20 Revenues generated by energy sales (€mn) 10.8 Revenues generated by energy sal
Slide 8: 1Q20 Earnings
1Q20 Earnings Solid operating earnings Pool price performance 61.3 Low pool prices in 1Q due to abundant hydro and wind 55.2 generation and significant decline in electricity demand 39.5 34.9 (-4.6%) in March due to Covid-19. -35% -37% Spain 1Q19 1Q20 Italy Total revenues (€mn) 12.0 9.5 +27% Total r
Slide 9: 1Q20 earnings
1Q20 earnings Outstanding profit EBITDA (€mn) 9.3 7.8 +20% EBITDA reached €9.3mn, up +20%. This slightly underperforms growth of revenues due to higher personnel expenses (+41%) and power-generation tax affecting operating expenses anew (+79%). 1Q19 1Q20 Net profit (€mn) 7.2 Net profit up (+39%), fr
Slide 10: 1Q20 Earnings
1Q20 Earnings Solid financial situation Cash is king Cash (€mn) Solid balance sheet Long term rating upgrade (1) 89 94 Working capital €52.8mn BBB- BBB 1Q19 1Q20 Financing Alpiq PPA 105MW In principle agreement signed with BayernLB Due Diligence in progress Duration >15 years Project finance ≈ €57mn
Slide 11: Growth Potential Intact
Solaria 03 GROWTH POTENTIAL INTACT
Slide 12: Pace of construction
Pace of construction 50MW installed despite COVID-19 “BELINCHON” 24 MWp (Cuenca) Installed capacity 23.94 MWp Modules 63,000 Energy production est. 47,8 GWh/Y “RENEDO” 26MWp (Valladolid) Installed capacity . 26.03 MWp Modules 66,976 Energy production est. 52 GWh/Y 12
Slide 13: Pace of construction
Pace of construction Growth, growth, growth… Strong support from local, regional and national authorities to help and promote the development of green and job-creating projects Implication of lockdown in Spain New capacity Capacity installed Supply chain = Catch up in No significant delays coming qu
Slide 14: Growth potential intact
Growth potential intact 782.5 MW Villaviciosa Complex Single node host Villaviciosa (400kV node) substation 782.5MW with connection rights (IVA) already secured 1,600 hectares of land Distance: 30-40km Installation expected in 2022 120% of our 650 MW target for 2022 23% of our 3,325 GW target for 20
Slide 15: Growth potential intact
Growth potential intact 180 MW Lleida Complex Single node host (220kV node) 180MW Mangraners with connection rights (IVA) already secured & Lleida 400 hectares of land already secured Albatarrec Distance: 7 km Lleida - Cataluña Installation expected in 2022 First development in Catalonia 27% of our
Slide 16: Growth potential intact
Growth potential intact IVAs > 1300MW in 1Q20 Pipeline New IVAs > 1300MW End 2019 obtained in 1Q20 Villaviciosa 782.5MW Carina Solar Carina Solar 250MW Madrid Mangraners & Albatarrec 180MW LLeida 60MW Distribution grid Casatejada 2 20MW Expansion of Casateja 1 - minimum cost of connection Santiz 2 6
Slide 17: Excellent Project IRR
Solaria 0 A EXCELLENT PROJECT IRR
Slide 18: Project IRR Improvement
Excellent Project IRR Decrease in PPA offset by downturn in installation costs PPA average price €38-42 We anticipate recovery in pool price €33-37 MWh MWh in last quarter of the year 2019 Actual new projects Capex Project IRR Improvement €0.49mn -13.3% €0.425mn Est. €0.40mn - 5% Capex to be trimmed
Slide 19: Thank You!
Update of business plan in September * Thank You! * Subject to Covid-19 situation. Tordesillas 1 PV power plant, Spain
Slide 20: Appendix
V Solaria APPENDIX
Slide 21: 1Q20 Absolute change
Absolute Relative 1Q20 1Q19 THOUSAND OF EUROS change change Net sales 10,788 8,344 2,444 29% Other income and earnings 1,241 1,148 93 8% Total revenues 12,029 9,492 2,537 27% Personnel expenses (1,346) (951) (395) 41% Operating expenses (1,385) (774) (611) 79% EBITDA 9,299 7,767 1,532 20% EBITDA / N
Slide 22: Balance Sheet: Assets
Balance Sheet: Assets Absolute Relative Thousands of euros 03/31/2020 12/31/2019 change change Non-current assets 481,234 462,386 18,848 4% Intangible assets 26,348 24,255 2,093 9% Tangible fixed assets 397,241 384,678 12,563 3% Deferred tax assets 56,879 52,809 4,070 8% Other non-currents financial
Slide 23: Balance Sheet: Liabilities
Balance Sheet: Liabilities Absolute Thousands of euros 03/31/2020 12/31/2019 change Relative change Equity 200,957 193,258 7,699 4% Capital and share premium 310,926 310,926 - 0% Other reserves 5,311 5,311 - 0% Retained earnings (107,103) (114,290) 7,187 -6% Value adjustments (8,177) (8,689) 512 -6%
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