Grenergy Renovables S.A · BME:GRE
Grenergy Renovables — 9M23 Earnings Presentation
20 slides from Grenergy Renovables's earnings presentation, Nov 16, 2023
Slide 1: Results Presentation 9M23 Results
The sky is the limit RESULTS PRESENTATION 9M23 RESULTS Madrid, 16th November 2023 Escuderos Solar PV - Spain
Slide 2: Disclaimer
DISCLAIMER By attending this presentation and/or by accepting this presentation you will be cial condition or results of operations by the Company and should not be relied upon taken to have represented, warranted and undertaken that you have read and when making an investment decision. Certain finan
Slide 3: Highlights
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW ESG OPERATIONAL FINANCIAL ESG EXECUTION PERFORMANCE Revenues €351m (+105% yoy) Pipeline update at the CMD Q3 objectives of EBITDA €102m (+276% yoy) 2023 ESG Roadmap accomplished Net income €74m (x6 yoy) $157m corporate financing facility1 Total capex €260m
Slide 4: PPAs - 968MW signed in 9M23, up to 1.5GW
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW ESG PPAs - 968MW SIGNED IN 9M23 UP TO 1.5GW ✓ 1.5GW PPAs signed in Spain, Chile & Colombia MW ✓ 968MW in Spain, Chile and Peru in 9M23 1,500 ✓ Another 1.5GW of PPAs under negotiation ✓ 76% of total output with PPAs from 2026 259 US CORPORATE ✓ €2.0bn of re
Slide 5: Valkyria Project
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW ESG VALKYRIA PROJECT BELINCHÓN ✓ Sale of 100% of the Belinchón solar PV project (150MW) for an EV of €174m (€1.16m/MW) 150MW ✓ Implicit multiple of 1.7x EV/IC, implying €0.5m/MW of value creation FIRST IN OPERATION MILESTONE ESCUDEROS ✓ 100% of the 200MW E
Slide 6: Key Operating & Financial Data
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW ESG KEY OPERATING & FINANCIAL DATA ✓ +26% in total output on new capacity and better load factors ✓ Results driven by Energy and asset rotation (€69m in Q3) ✓ 62% of total output from contracted volumes (+32%) ✓ Capex mainly devoted to Belinchón and Gran T
Slide 7: Revenue & EBITDA Breakdown
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW ESG REVENUE & EBITDA BREAKDOWN ✓ D&C division includes €80m m from the disposal of Belinchón (150MW) and two PMGD projects (21.6MW) ✓ Energy division driven by higher output (+26%) and captured prices (+12%, +45% in Q3 due to the recovery in merchant price
Slide 8: Capex
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW ESG CAPEX ✓ Tangible fixed assets reached €719m in 9M23 ✓ Capex per MW at all-time lows ✓ Total capex of €260m in 9M23 ✓ Deflation in modules continues ✓ Project capex concentrated in Belinchón, Gran Teno and Tamango ✓ IRRs stable at double digits 9M23 TOT
Slide 9: Cash Flow
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW ESG CASH FLOW ✓ Working capital outflow related to capex acceleration ✓ Proceeds from the sale of 100% of Belinchón amounted to €95m ✓ Project Financing for the Gran Teno & Tamango ($148m) solar PV plants signed in 1H23 ✓ Initial drawdown from the financia
Slide 10: Leverage & Liquidity
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW ESG LEVERAGE & LIQUIDITY Net debt & Leverage (ex IFRS16) Total ✓ Substantial leverage reduction post Belinchón deal Non-recourse Corporate 483 ✓ Asset rotation ongoing with the third milestone of the Valkyria project €m ✓ Self-funded growth strategy 313 32
Slide 11: ESG Roadmap 2021-2023
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW ESG REVIEW ESG ROADMAP 2021-2023 ESG Action Plan – III Phase ACHIEVEMENT OF 100% OF THE Q3 OBJECTIVES OF THE PLAN 2023 Q1 Q2 Q3 Q4 APPROVAL OF THE INFORMATION SECURITY POLICY GOVERNANCE PREPARATION OF THE SUSTAINABILITY REPORT 2022 WITH ESG ASSESSMENT OF A
Slide 12: Expansion and Improve Positioning in ESG Ratings
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW ESG REVIEW EXPANSION AND IMPROVE POSITIONING IN ESG RATINGS Confirmation of leadership in ESG ratings ESG score Recognition by CDP of the level of 1. Scatec A 81/100 ambition of Grenergy's climate 2. Grenergy Renovables A- Expansion of index coverage, Gren
Slide 13: Appendices
APPENDICES
Slide 14: 9M23 Revenues & EBITDA
9M23 REVENUES & EBITDA Divisional Breakdown Revenues (€m) 3Q23 3Q22 Var. 9M23 9M22 Var. Development & Construction 95.2 46.9 103% 280.5 126.5 122% Income from customer sales 65.9 8.3 693% 83.3 29.0 187% Income from capitalize works 29.3 36.6 (24%) 197.3 97.5 102% Energy 25.1 13.9 81% 52.0 36.8 41% R
Slide 15: Profit and Losses
9M23 RESULTS Profit and Losses Profit and losses (€m) 3Q23 3Q22 Var. 9M23 9M22 Var. Revenue 125.4 64.3 95% 351.2 171.7 105% Income from customer sales 96.1 25.7 274% 154.0 74.2 108% Income from capitalize works 29.3 38.6 (24%) 197.3 97.5 102% Procurement (30.9) (49.3) (37%) (212.7) (122.8) 73% Procur
Slide 16: Balance Sheet
9M23 RESULTS Balance Sheet Balance Sheet (€m) 9M23 FY22 Var. (€m) 9M23 FY22 Var. Equity 385.7 244.8 140.9 Non-current assets 858.8 681.8 177.0 Non-current liabilities 582.0 420.9 161.1 Intangible assets 5.8 0.2 5.5 Deferred tax liabilities 33.7 20.4 13.3 Tangible asset 719.3 582.1 137.2 Provisions 1
Slide 17: Cash Flow
9M23 RESULTS Cash Flow Cash Flow (€m) 3Q23 3Q22 Var. 9M23 9M22 Var. EBITDA 80.6 7.1 n.m. 102.2 27.2 276% + Change in operating WK (51.7) 15.2 n.m. (75.6) (34.1) 122% + Financial costs & Taxes paid (10.0) (6.3) 59% (23.9) (14.7) 62% Funds from operations 18.9 16.0 18.2% 2.8 (21.7) n.m. + ST Investmen
Slide 18: Net Debt
9M23 RESULTS Net Debt Total leverage1 3.9x Total corporate leverage2 1.5x Net Debt (€m) 9M23 FY22 Var. Long-term financial debt 148.3 92.4 55.9 Short-term financial debt 123.8 41.7 82.1 Long-term Lease debt (IFRS16) 26.9 25.2 1.7 Short-term Lease debt (IFRS16) 1.4 1.2 0.2 Other short term debt 1.2 0
Slide 19: Net Debt/EBITDA Reconciliation
9M23 RESULTS Net Debt/EBITDA Reconciliation Net Debt/EBITDA Reconciliation 9M23 FY22 (€m) Total Corporate Non-Recourse Total Corporate Non-Recourse Net Debt 511.1 182.0 329.1 339.7 111.5 228.2 Impact IFRS16 28.2 28.2 - 26.4 26.4 - Net Debt ex IFRS16 482.9 153.8 329.1 313.3 85.1 228.2 EBITDA LTM 125.
Slide 20: Solar PV + Storage
Independent Power Producer SOLAR PV + STORAGE EUROPE - USA - LATAM