Grenergy Renovables S.a · BME:GRE
Grenergy Renovables — 9M 2020 Earnings Presentation
30 slides from Grenergy Renovables's earnings presentation, Nov 13, 2020
Slide 1: Results Presentation 9M20
RESULTS PRESENTATION 9M20 Jan - Sep Madrid, 13th Nov 2020
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: Key Figures
KEY FIGURES Key 5.1 GW 360 MW 322MW 2.2GW +1.4 GW operational Pipeline Under Backlog Advanced A.D Pipeline increase figures construction Development Last 12 months 100-200 MW/Yr B2S >40 plants Connected and transfered >400MW built 2021-2023 period Operational targets 163MW 660MW 1,5GW 2,5GW B2O 2020
Slide 4: Key Highlights: Financial Performance and Operational Execution
KEY HIGHLIGHTS FINANCIAL OPERATIONAL PERFORMANCE EXECUTION 9M20 Net Profit of 9.0M€ (+74% YoY) Escuderos 200MWs project under construction 132MW of Solar PV projects built 9M20 EBITDA of 18.0M€ (+94% YoY) during this year. Revenue of 82.7M€ (+26% YoY) Construction works in six countries Leverage1 of
Slide 5: Index
INDEX 1 FINANCIAL RESULTS 2 PIPELINE & OPERATIONS 3 STRATEGIC PLAN UPDATE 04
Slide 6: Financial Results
@ Grenergy FINANCIAL RESULTS
Slide 7: Revenue 9M20
REVENUE 9M20 Total Revenue +82.7M€ (+26% YoY). 9M19 Revenue 9M20 Revenue 1.4 82.7 9M20 Vs. 9M19; €M 0.0 65.9 + 26% Revenue 81.3 increase in D&C* division 1.0 + 39% Revenue increase in Services** division Energy division 0.0 will add sales in 4Q 2020 64.7 D&C Energy Services Total D&C Energy Services
Slide 8: EBITDA 9M20
EBITDA 9M20 Total EBITDA +18.0M€ (93.6% YoY). 9M19 EBITDA 9M20 EBITDA 0.0 0.2 9M20 Vs. 9M19; €M 0.0 0.2 11.6 20.8 +80% EBITDA increase in D&C division -2.4 +41% EBITDA -3.0 increase in Service division Energy division will add EBITDA in 4Q 2020 9.3 18.0 D&C Energy Services Corporate Total D&C Energy
Slide 9: Capex 3Q20
CAPEX 3Q20 Grenergy invested 8M€ in Solar PV and Wind projects under construction. €M 4.5 8.1 1.2 0.6 1.7 Development Capex Wind Project: Wind Project: Quillagua Total Capex Kosten Duna Huambos Capex expected to grow with Duna Huambos final disbursement and Escuderos start of construction 08 SOURCE:
Slide 10: Free Cash Flow at Group Level 3Q20
FREE CASH FLOW AT GROUP LEVEL 3Q20 €M 8.5 -17.3 0.0 -1.7 -0.2 -1.2 -8.1 8.2 0.3 32.3 20.8 End 2Q20 EBITDA Change in Taxes and Growth Change in Project ST financial Other Exchange End 3Q20 operating Financial Capex investing Debt investment ST debts Rate WK Exp. Cashout WK Differences 09 SOURCE: Comp
Slide 11: Change in Net Debt and Leverage
CHANGE IN NET DEBT AND LEVERAGE Overall leverage decrease slightly to 5,0x Net Debt/EBITDA Change in net debt Leverage1 2019 Full year 1Q20 -41.2 1H20 9M20 5,4x 5,0x -7.8 -120.5 3,6x -67.4 2,0x -1.0 -3.1 2019 Funds from Growth Investing Other 9M20 ND/EBITDA Net Debt Operations Capex WK Net Debt Fina
Slide 12: Pipeline & Operations
Quillagua project - September 2020 2 PIPELINE & OPERATIONS
Slide 13: Pipeline Update
PIPELINE UPDATE Total pipeline increased by 466MWs 5.1 GW Pipeline + 103MW in operation SOLAR PV WIND Under Advanced Early Under Advanced Early MW Const Backlog Dev Stage Total MW Const Backlog Dev Stage Total In Probability Operation Probability 100% 80% >50% <50% 100% 80% >50% <50% of execution of
Slide 14: Pipeline Update: Project Portfolio
PIPELINE UPDATE Project Portfolio 5.1 GW Pipeline Project Classification1 3Q20 2Q20 < 50% Early Stage 2,316MW Success Rate 2,209MW +200MW > 50% Advanced Development 1,650MW Success Rate 2,195MW +545MW > 80% Backlog 494MW Success Rate 322MW -172MW Ready to Build Under Construction > 100% 360MW +200MW
Slide 15: Pipeline Update: Projects Under Construction & Backlog
PIPELINE UPDATE Project Under Construction & Backlog Over 650MW to be connected in the next 12 months Resource Country Project Type MW B20 COD (Hours) Argentina Kosten Wind 24 Yes 5.033 4Q20 Peru Duna Wind 18 Yes 4.900 4Q20 Peru Huambos Wind 18 Yes 4.900 4Q20 España Escuderos Solar 200 Yes 2.128 2Q2
Slide 16: Pipeline Update: Projects in Advanced Development
PIPELINE UPDATE Projects in Advanced Development PPA negotiation in Spain and Colombia maturing fast, expected to be signed before the year ends. Advanced Development projects Resource Country Project Type MW COD Offtaker Negotiation (Hours) España Belinchon Solar 150 2.150 3Q22 PPA 70-80% Advanced
Slide 17: Strategic Plan Update
@ Grenergy STRATEGIC PLAN UPDATE
Slide 18: Built to Own: B2O
BUILT TO OWN: B20 Grenergy increases its IPP target to 2,5 GW in 2023 Grenergy plans to have a construction rate of more than 1GW from 2023 2023 Estimation MW 163 660 1,460 2,460 Chile 1,000 Chile Spain 800 +100 934 MW (38%) Spain Colombia 1.100 MW (45%) Peru +100 +100 Argentina Italy 500 +400 +500
Slide 19: New Company Market – Italy Overview
NEW COMPANY MARKET – ITALY OVERVIEW ITALIAN SOLAR RESOURCE MAP (Total Photovoltaic Electricity Output, in KWh/KWp) • Italy has an outstanding solar irradiation ratios with a total installed photovoltaic energy capacity of 20,9GW by 2019. • PNIEC expects an increase of more than 30 GW of photovoltaic
Slide 20: Focus: Structured Finance
FOCUS: STRUCTURED FINANCE Up to date US$ 320 M > US$ 500 M total secured financing under negociation 2020 2020 2020 2021 2021 2021/22 CIFI TO BE SIGNED IN NOV US$ 17,5 M US$ 96,3 M US$ 70 M US$ 65 M US$ 50 M US$ 308 M 2019 1 pv project 4 pv projects 120 MW 111 MW 90 MW 660 MW 35 MW 200 MW Chile Chil
Slide 21: Focus: Structured Finance
FOCUS: STRUCTURED FINANCE Built to Own: D&C margin covering a large part of the equity $100M $70M Example of a project finance structure Power plants financed with non-recourse debt & additional tranche of mezzanine debt D&C gross margin covers a large part of Grenergy’s equity contribution to each B
Slide 22: Appendixes
@ Grerersy APPENDIXES
Slide 23: Platform with Relevant Growth Potential
PLATFORM WITH RELEVANT GROWTH POTENTIAL Project Portfolio Project Classification1 Early Stage Projects with technical and financial feasibility: < 50% • Possibilities to secure land and grid; and/or Success Rate 2,209MW • Possibilities to sell it to third parties Projects with an advanced technical an
Slide 24: Project Overview: 360MW Under Construction
PROJECT OVERVIEW 360MW Under Construction 260MW Build to Own - 100MW Build to sell Country Project Site Type MW Control Interconnect. Environmental Build COD rights approvals & Own Peru Duna Wind 18 Obtained Obtained Obtained Yes 4Q20 Peru Huambos Wind 18 Obtained Obtained Obtained Yes 4Q20 Argentin
Slide 25: Project Overview: 322MW Backlog
PROJECT OVERVIEW 322MW Backlog 229MW Build to Own - 93MW Build to Sell Country Project Site Type MW Control Interconnect. Environmental Build COD rights approvals & Own Chile Quillagua2 Solar 111 Obtained Secured Obtained Yes 4Q21 Chile Condor Solar 10.8 Obtained Secured Obtained Yes 2Q21 Chile Mitc
Slide 26: Project Overview: 2,195MW Advanced Development
PROJECT OVERVIEW 2,195MW Advanced Development Proven track record and important conversion rate from Advanced Development to Backlog Country Project Site Type MW Control Interconnect. Environmental COD rights approvals Chile Algarrobal Solar 240 Submitted Secured In progress 4Q22 Chile Alto Norte PM
Slide 27: 9M20 Results: Profit and Losses
9M20 RESULTS Profit and Losses Solid increase in Net Income Profit and losses (€k) 9M20 9M19 Delta Revenue 82,682 65,648 26% Income from customer sales 46,116 65,391 (29%) Income from related from third party sales 36,566 257 n.m Procurement (55,762) (49,856) 12% Procurement from third parties (19,19
Slide 28: 9M20 Results: Balance Sheet
9M20 RESULTS Balance Sheet Balance Sheet (€k) 30/9/20 31/12/19 Var, Non-current assets 155,395 88,044 67,351 Intangible assets 9,298 9,446 (148) Fixed asset 137,792 70,347 67,445 Assets with right of use 4,133 4,564 (431) Deferred tax assets 3,946 3,498 448 Other fix assets 226 189 37 Current assets
Slide 29: 9M20 Results: Net Debt
9M20 RESULTS Net Debt In spite of important investment activity the company has still ample capacity for finance growth Net Debt (€k) 9M20 FY19 9M20-FY19 Long-term financial debt 35,741,127 26,097,393 9,643,734 Short-term financial debt 3,639,270 4,841,280 (1,202,010) Other long term debt 182,219 208
Slide 30: Developers and IPP of Solar PV & Wind Projects
Developers and IPP of SOLAR PV & WIND projects Chile - Spain - Peru - Colombia - Italy - Mexico - Argentina