Solaria Energia y Medio Ambiente, S.A. · BME:SLR
Solaria Energia y Medio Ambiente — Q1 2024 Earnings Presentation
19 slides from Solaria Energia y Medio Ambiente's earnings presentation, May 27, 2024
Slide 1: Q1 2024 Results presentation
Q1 2024 Results presentation MAY 27, 2024
Slide 2: Key Highlights – high growth and profitability in a low-price scenario
KEY HIGHLIGHTS – Solaria continues to deliver high growth and profitability in a low-price scenario Energy generation +22% Strong production and first- Sales €40mn +6% time asset rotation offset EBTIDA €41.8mn +4% sluggish spot price Full visibility on 4.3GW Focus on profitability Focus on profitabi
Slide 3: Key Highlights – Capex and PPA prices permit us to deliver profitability target
KEY HIGHLIGHTS – Capex and PPA prices permit us to deliver our profitability target CAPEX €375.000 PPA price range €38-40/MWh We secured 1GW of PV modules We will decrease 50% our merchant exposure at a record price = 25% of the Capex by year end December 2023 May 2024 Prices are recovering 500MW of
Slide 4: Q1 2024 Results – Strong production and first-time pipeline rotation
Q1 2024 RESULTS – Strong production and first-time pipeline rotation offset sluggish spot price Q1 2024 Q1 2023 % chg. Production record Production (GWh) 406.0 332.2 +22% Despite low solar radiation, energy production increased from 332.2 GWh to 406 Sales (€mn) 40.0 37.9 +6% GWh in the year in line
Slide 5: Q1 2024 Results – Resilient EBITDA in a low-price scenario
Q1 2024 RESULTS– Resilient EBITDA in a low-price scenario Total revenues Q1 2024 (€mn) Q1 2023 (€mn) % chg. Total revenues stood at €48.6mn thank to a Total revenues 48.6 44.7 +9% 25% increase in other income. EBITDA 41.8 40.1 +4% Resilient EBITDA Net profit 23.6 24.9 -5% EBITDA still robust at €41.
Slide 6: Q1 2024 Results – Full visibility on 4.3 GW + 13.7 GW pipeline
Q1 2024 RESULTS – Full visibility on 4.3 GW + 13.7 GW pipeline Additional 13.7 GW Solar PV Villaviciosa 613 and Wind portfolio Oliva 175 Mantia 155 Garoña 700 Carina 100 4.3GW 10.7 GW Portfolio Castile and Leon 190 Vitoria 100 Trillo-Peralveche 150 Catalonia 50 Basque Country 1,800MW Catalonia 150 C
Slide 7: Q1 2024 Results – CAPEX growing
Q1 2024 RESULTS – CAPEX growing OPERATING CF INVESTING CF FINANCING CF 8.216 (44.418) 10.487 FY Cash performance (€mn) €44mn Invesment SOLID €1024mn1 3.5% 5.1x 14y 90% 83.5% FINANCIAL €908mn exIRFS16 Average Average residual tenor of Project Fixed/Swapped POSITION Net financial debt cost of debt NDF
Slide 8: Focus on profitability – Pipeline rotations
Focus on profitability – Pipeline rotations Up to 500MW SALE OF We have already closed the NON-STRATEGIC 50-100% stake sale of 40% of this portfolio PORFOLIO SPAIN AND PORTUGAL €13mn Income Pipeline early stage Sale of a 25% stake in 100MW in Basque country SALE OF already closed. MINORITY STAKE We
Slide 9: Route-to-market – 400MW PPAs under negotiation
Route-to-market – 400MW PPAs under negotiation 1.5GW PPA portfolio Merchant exposure expected evolution fully operational Capacity Tenor Term (MW) (years) (year) New 10Y PPAs 300 10 2031 to be signed soon 2017 tender 255 25 2045 252 10 2030 400MWp merchant 150 10 2031 portfolio 37% European utility
Slide 10: Data centers – AI will boost energy demand
STRATEGY UPDATE Data centers – AI will boost energy demand READY TO GREEN PROJECT SERVICE GRID SIZEABLE ENERGY DEVELOPMENT ACCESS 1GW of demand capacity portfolio, 1.5GW PV assets under We can offer full 220 kV / 400 kV lines and 155MW of which has construction available permitting service till subs
Slide 11: Solaria at the heart of the digital and energy transition
STRATEGY UPDATE Solaria at the heart of the digital and energy transition 1 H “Solaria will be a key player in Europe’s digital and energy transition”. Enrique Díaz-Tejeiro, President of Solaria
Slide 12: Solaria Strategic Update
STRATEGY UPDATE Renewables energies at the heart of the digital and energy transition Solaria Strategic Update Renewables energies at the heart of the digital transition Sept 2024 12
Slide 13: Appendix
Solaria Appendix
Slide 14: Operating data
Operating data Q1-2024 Q1 2024 Q1 2023 % chg. Capacity (MWh) 1,658 1,526 +9% Spain 1,555 1,423 +9% Portugal and Greece 63.7 63.7 - Uruguay 22.7 22.7 - Italy 16.7 16.7 - Energy Sales (€mn) 23.9 29.3 -18% Spain 20.5 24.2 -15% Portugal and Greece 0.6 1.8 -66% Uruguay 1.0 1.0 -4% Italy 1.8 2.1 -16% Prod
Slide 15: Income Statement
Income Statement Q1-2024 €mn Q1-24 Q1-23 Relative change (%) Net sales 40.024 37.869 6 Other income and earnings 8.532 6.810 25 Total revenues 48.556 44.679 9 Personnel expenses (4.377) (3.064) 43 Operating expenses (2.390) (1.556) 54 EBITDA 41.789 40.059 4 Amortisation (9.307) (7.827) 19 EBIT 32.48
Slide 16: Balance Sheet – Assets
Balance Sheet Q1-2024 Assets €mn Q1-24 FY-23 Relative change (%) Non-current assets 1.553.500 1.510.585 3 Intangible assets 115.584 110.507 5 Tangible fixed assets 1.311.314 1.276.203 3 Deferred tax assets 72.655 71.752 1 Other non-currents financial assets (derivatives) 53.947 52.123 3 Current asse
Slide 17: Balance Sheet – Liabilities
Balance Sheet Q1-2024 Liabilities €mn Q1-24 FY-23 Relative change (%) Equity 550.218 524.118 5 Capital and share premium 310.926 310.926 - Other reserves 5.311 5.311 - Non-controlling interest 3.750 1.200 - Retained earnings 185.393 161.801 15 Value adjustments 44.838 44.880 0 Non-current liabilitie
Slide 18: 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 19: Thank you.
Thank you.
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