Solaria Energia y Medio Ambiente, S.A. · BME:SLR
Solaria Energia y Medio Ambiente — FY2023 Earnings Presentation
23 slides from Solaria Energia y Medio Ambiente's earnings presentation, Feb 28, 2024
Slide 1: FY 2023 Earnings presentation
FY 2023 Earnings presentation February 28, 2024
Slide 2: 2023 – A record year establishing the pillars of our 18GW target by 2030
2023 – A record year establishing the pillars of our 18GW target by 2030 Energy generation +62%; Revenues €230mn; Record year EBITDA +36%; Net profit €107.5mn +66% capacity in operation to 1,658MW + 1,530MW under construction Start of civil works of our second flagship Garoña Our 2nd flagship Capaci
Slide 3: Garoña – Start of civil works
GAROÑA – Start of civil works SET Barcina-Garoña REE 400kV Capacity increase +105MW from 595MW to 700MW 2nd flagship ALPHA BETA Final Administrative Authorisation (AAC) obtained at the end of January 2024 February 24 = Start of civil works Est. 12 months for construction and connection GAMMA DELTA 3
Slide 4: Our second flagship Garoña-700MW is on track
Our second flagship GAROÑA-700MW is on track
Slide 5: A 18GW sustainable, diversified and profitable energy major by 2030
A 18GW sustainable, diversified and profitable energy major by 2030 SUSTAINABLE DIVERSIFIED PROFITABLE Portfolio by geography and technology High ESG standards 12% project IRR Best-in-class Capex and opex 30% 16% 100% organic growth 0 acquisition of pipeline/company over last 5 years 84% 53% Self-fu
Slide 6: 2023 Earnings – Outstanding operational performance
2023 EARNINGS – Outstanding operational performance FY 2023 FY 2022 % chg. Production record Production (TWh) 2.27 1.40 +62% In line with the commissioning of new installations (+62% y/y), energy production Sales (€mn) 191.3 139.3 +37% increased from 1.40 TWh to record 2.27TWh in the year. Sales Sal
Slide 7: 2023 Earnings – EBITDA target achieved
2023 EARNINGS – EBITDA target achieved Strict control of operating costs FY 2023 (€mn) FY 2022 (€mn) % chg. EBITDA stands at €200mn, in line with the Total revenues 230.0 167.3 +37% company target. EBITDA 199.9 147.1 +36% Net profit increased 19% to €107.5mn. Net profit 107.5 90.0 +19% 7
Slide 8: 2023 Earnings – €329mn record investment
2023 EARNINGS – €329mn record investment FY Cash performance (€mn) OPERATING CF INVESTING CF FINANCING CF 98.082 (328.608) 157.163 Net finance Payments Issue of bonds Payment of Net Issue of Cash Working EBITDA income/(expen for & project bonds & project promissary Cash 2023 2022 capital se) investm
Slide 9: 2023 Earnings – Solid financial position
2023 EARNINGS – Solid financial position €982.8mn1 3.5% 83.5% Net financial debt Average cost of debt Fixed/Swapped rate debt 4.9x 90.0% 14.4y NDF EBITDA Average residual tenor Project debt vs. 5x in 2022 of project finance debt 1. Ex derivative financial instruments 9
Slide 10: Profitable growth secured for 2024: new EBITDA targets
PROFITABLE GROWTH SECURED FOR 2024 New EBITDA targets discounting the new generation tax in Spain Spanish Royal Decree-law 8/2023, of December 27 NEW - Cancellation of the Iberian exception - Cancellation of the clawback SPANISH - Social bond reduction (discount rate) LAW + Reintroduction of the 7%
Slide 11: Best-in-class CAPEX makes us profitable even in low price scenario
PROFITABLE GROWTH SECURED FOR 2024 Best-in class CAPEX makes us profitable even in low price scenario All-time low We are reaching our 12% double digit return CAPEX target even in a low scenario €0.375mn/MW 80,0 500MW of PV modules secured 18.4% project IRR 70,0 €53.9/MWh average price €0.093mn/MW 1
Slide 12: Sale of a minority stake in 500MW of solar assets in Spain
PROFITABLE GROWTH SECURED FOR 2024 Sale of a minority stake in 500MW of solar assets in Spain Asset rotation New asset rotation announced in 2022 under negotiation 100 500 MW Sale of 25% stake 2 MW Sale of 25% stake Basque Country Basque Country 2 plants of 50MW 10 plants of 50MW RTB expected in jun
Slide 13: We are successfully diversifying our portfolio
18GW BY 2030 – DIVERSIFYING IN GEOGRAPHY AND TECHNOLOGY We are successfully diversifying our portfolio Portfolio by geography Portfolio by technology GW GW 16% 30% 5% Feb 2024 Feb 2024 Feb 2021 53% Feb 2021 18.9GW portfolio 18.9GW portfolio 10GW portfolio 10GW portfolio 14% 3% 84% 95% 100% Spain Por
Slide 14: Flagship-oriented – Our flagship projects represent one third of our 18GW target
18GW BY 2030 – DIVERSIFYING IN GEOGRAPHY AND TECHNOLOGY Flagship-oriented – Our flagship projects represent one third of our 18GW target Flagship project Solar PV and wind capacity (MW) Status Basque Country 1,800 270 Connection secured. Est. RTB 2025. Wind under study Garoña 700 186 PV under constr
Slide 15: Portfolio increasing
18GW BY 2030 – DIVERSIFYING IN GEOGRAPHY AND TECHNOLOGY Portfolio increasing +0.3GW 2.8GW 5GW vs. 310 We are accelerating our Secured target MW development in the North +307MW New flagship project La Spina 615MW 2,490 We have reached our 2.5GW MW target in the South 15
Slide 16: Storage solutions and Infrastructure division
18GW BY 2030 – DIVERSIFYING IN GEOGRAPHY AND TECHNOLOGY Storage solutions and Infrastructure division Batteries time is coming Our infra division will be a driver of growth and diversification 97 substations 894km of power lines 31 in operation 160km in operation 18,000 hectares of land 19 under con
Slide 17: Appendix
Solaria Appendix
Slide 18: Operating data
Operating data FY-2023 FY 2023 FY 2022 % chg. Capacity (MWh) 1,658 1,000 +66% Spain 1,555 896.6 +73% Portugal and Greece 63.7 63.7 - Uruguay 22.7 22.7 - Italy 16.7 16.7 - Energy Sales (€mn) 167.2 130.7 +28% Spain 145.3 116.1 +25% Portugal and Greece 7.5 1.9 +295% Uruguay 3.4 3.2 +6% Italy 11.0 9.5 +
Slide 19: Income Statement
Income Statement FY-2023 €mn FY-23 FY-22 Relative change (%) Net sales 191.322 139.281 37 Other income and earnings 38.681 28.067 38 Total revenues 230.003 167.348 37 Personnel expenses (19.548) (13.483) 45 Operating expenses (10.578) (6.778) 56 EBITDA 199.877 147.087 36 Amortisation (31.476) (24.98
Slide 20: Balance Sheet – Assets
Balance Sheet FY-2023 Assets €mn FY-23 FY-22 Relative change (%) Non-current assets 1.510.585 1.226.276 23 Intangible assets 110.507 103.970 6 Tangible fixed assets 1.276.203 976.317 31 Deferred tax assets 52.123 80.106 -35 Other non-currents financial assets (derivatives) 71.752 65.883 9 Current as
Slide 21: Balance Sheet – Liabilities
Balance Sheet FY-2023 Liabilities €mn FY-23 FY-22 Relative change (%) Equity 524.118 344.728 52 Capital and share premium 310.926 310.926 - Other reserves 5.311 5.311 - Non-controlling interest 1.200 1.440 -17 Retained earnings 161.801 54.209 198 Value adjustments 44.880 (27.157) -265 Non-current li
Slide 22: 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 23: Thank you.
Solaria Jt - Solana
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