Solaria Energia Y Medio Ambiente, S.a. · BME:SLR
Solaria Energia Y Medio Ambiente — Q1 2023 Earnings Presentation
25 slides from Solaria Energia Y Medio Ambiente's earnings presentation, May 4, 2023
Slide 1: Q1 2023 Earnings presentation
Q1 2023 Earnings presentation May 4, 2023 Q1 2023 Earnings presentation May 25, 2023
Slide 2: We are delivering strong growth
We are delivering strong growth 37.9 TOTAL PRODUCTION SALES 44.7 (GWh) 332.7 (€ million) 32.6 REVENUES (€ million) 36.5 221.7 +50% +16% +23% Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 CAPACITY IN EBITDA NET PROFIT (€ million) 40.1 (€ million) 25.0 OPERATION 1,526 (MW) 33.1 20.5 x20 1,000 700 +2
Slide 3: And we will still deliver strong growth
And we will still deliver strong growth EXPONENTIAL CAPACITY IN OPERATION EVOLUTION 6,200 GROWTH (MW) 4,500 CAGR TILL 2025 1 REVENUES +30% x4 3,083 2,048 We already have the environmental permits EBITDA +28% and the prior 1,526 administrative authorizations for this capacity NET PROFIT +17% Today Es
Slide 4: Strong set of results
Strong set of results
Slide 5: Strong production and infrastructure business offset lower prices
Strong production and infrastructure business offset lower prices Q1 2023 Q1 2022 % chg. Production Production (GWh) 332.7 221.7 +50% Energy production rose by over +50% to 332.7 GWh in the first quarter of the year, in Sales (€mn) 37.9 32.6 +16% line with the commissioning of new o.w Infrastructure
Slide 6: Double digits growth
Double digits growth 89% Ebitda margin on total revenues Q1 2023 (€mn) Q1 2022 (€mn) % chg. Total revenues 44.7 36.5 +23% EBITDA stands at €40.1mn, up 21% in line with total revenues growth. EBITDA 40.1 33.1 +21% Tax credits Net profit 25.0 20.5 +22% Net profit rose from €20.5mn to €25.0mn reflectin
Slide 7: Huge investment acceleration
Huge invesment acceleration Record of €115mn in the first quarter CAPEX Est. 460 (€ million) 331 345 Est. Q2 to Q4 2023 195 x 1.4 134 x 1.7 x 1.5 Q1 +76% 2023 115 vs. €71mn in Q1 2022 FY2020 FY2021 FY2022 Est. 2023 Investments acceleration reflects execution improvement
Slide 8: Cash flow generation reflecting investment acceleration
Cash flow generation reflecting investment acceleration Cash performance (€mn) OPERATING CF INVESTING CF FINANCING CF 11.229 (114.869) 57.815 Cash 2022 Cash Q1 2023
Slide 9: Healthy financing
Healthy financing HEALTHY DEBT STRUCTURE FINANCING VISIBILITY 96% = Non-recourse Debt ❑ 2GW already financed vs. today 1.5GW in operation Projects Capacity (MWp) 83% = Fixed-rate debt Garoña 595 Average cost debt = 3.1% Alcarrás 150 ❑ We expect to close the financing Titán 50 Mimas Yearly amortizati
Slide 10: 2,415MW prior administrative authorizations obtained
2,415MW prior administrative authorizations obtained On top of the 2,066MW estimated capacity in operation by year end Catalonia 150MW Castile and León Volans 1&2 100 1003MW We have obtained the prior administrative Juno 50 Garoña 595 Valentina 125 NEW authorizations for all our projects Circinius 5
Slide 11: 3,083MW in operation and construction
3,083MW in operation and construction We will double the capacity in only 18 months Today 1,526 Capacity additions (MW) Pegaso 82.5 132 Aries 50 End of Q3 2023 1,658 Trillo - Peralveche 150 Aquarii 100 390 Scorpius 85 Centaurus 55 FY2023 2,048 Garoña 595 1,035 Catalonia 150 Summer Castile and León 1
Slide 12: Slide 12
Slide 13: Resilient business model
Resilient business model
Slide 14: We maintain our contracted/merchant 70/30% policy
We maintain our contracted/merchant 70/30% policy Creditworthy counterparties Fixed price 1.6GW No exit windows Parent company guarantee and bank guarantee +150 100MW 10Y Note: Spain and Portugal auctions are country ratings We are an infrastructure player
Slide 15: New tax credits will improve significantly profitability
New tax credits will improve significantly profitability 100MW = Vitoria 1 & Vitoria 2 Status: may obtain the environmental permit soon Assets 1,400MW + 1,300MW = Basque country flagship already announced in FY22 results Status: Est. environmental permit in 2024 Scenario 1 Est. €630mn Recognized bas
Slide 16: We are reaching double digit return even in adverse scenarios
Resilient business model 82.0 Double digits returns 3 Solar price scenarios 55.4 15.5% 52.7 Project IRR 57.8 43.5 13.1% Project IRR 25.0 11.4% Project IRR 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052
Slide 17: We are developing six R&D innovative storage projects
We are developing six R&D innovative storage projects Case study 1 – Time Shifting Baldío PV plant 20MWp SOLARIA STORAGE SOLUTIONS Storage 16MWh REVENUES Simulation for two hours in 2022 Revenues +12% 6 R&D innovative storage projects OPTIMIZATION under development in Spain Case study 2 – Clipping A
Slide 18: More growth to come
More growth to come Solaria Strategic Update From Iberia to EU Sept 2023
Slide 19: Appendix
Appendix
Slide 20: Operating data
Operating data Q1-2023 Q1 2023 Q1 2022 % chg. Capacity (MWh) 1,526 987 +54.6% Spain 1,423 947.2 +50.2% Portugal 63.3 0 - Uruguay 22.7 22.7 - Italy and Greece 17.1 17.1 - Energy Sales (€mn) 29.3 29.2 +0.3% Spain 24.2 25.8 -6.2% Portugal 1.7 0 - Uruguay 1.1 0.8 +37.5% Italy and Greece 2.3 2.6 -11.5% P
Slide 21: Income Statement
Income Statement Q1-2023 €mn Q1-23 Q1-22 Relative change (%) Net sales 37.869 32.649 16 Other income and earnings 6.810 3.811 79 Total revenues 44.679 36.460 23 Personnel expenses (3.064) (2.270) 35 Operating expenses (1.556) (1.120) 39 EBITDA 40.059 33.070 21 Amortisation (7.827) (5.337) 47 EBIT 32
Slide 22: Balance Sheet - Assets
Balance Sheet Q1-2023 Assets €mn Q1-23 FY-22 Relative change (%) Non-current assets 1.336.699 1.226.277 9 Intangible assets 109.091 103.970 5 Tangible fixed assets 1.080.599 973.557 11 Deferred tax assets 72.775 80.106 -9 Other non-currents financial assets (derivatives) 74.234 68.643 8 Current asse
Slide 23: Balance Sheet - Liabilities
Balance Sheet Q1-2023 Liabilities €mn Q1-23 FY22 Relative change (%) Equity 398.537 344.728 16 Capital and share premium 310.926 310.926 - Other reserves 5.311 5.311 - Non-controlling interest 1.440 1.440 - Retained earnings 79.159 54.209 46 Value adjustments 1.702 (27.157) -106 Non-current liabilit
Slide 24: 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 25: Thank you.
Thank you.
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