Soltec Power Holdings SA · BME:SOL
Soltec Power Holdings SA — FY2022 Earnings Presentation
37 slides from Soltec Power Holdings SA's earnings presentation, Feb 28, 2023
Slide 1: FY 2022 Financial Results
FY 2022 FINANCIAL RESULTS February 28th, 2023
Slide 2: Agenda
01 FY 2022 Key Highlights 02 Operational Indicators 03 FY 2022 Financial Results 04 2023 Guidance 05 Closing Remarks 06 Appendix FY 2022 FINANCIAL RESULTS Agenda
Slide 3: FY 2022 Key Highlights
01 FY 2022 Key Highlights
Slide 4: FY 2022 Key Highlights
FY 2022 KEY HIGHLIGHTS RECORD REVENUES €568.2 Mn €32.6 Mn €13.1 Mn +64% +64% (2022-2021) +€40Mn +€14 Mn €346.5 Mn 4.7% SOLTEC INDUSTRIAL (€6.9 Mn) EBITDA MARGIN (€1.2 Mn) 2021 2022 2021 2022 2021 2022 372 MW ROTATED REVENUES ADJ. EBITDA NET PROFIT IN 2022 117 MW(1) 138 MW(2) NEW BUSINESS DIVISION IN
Slide 5: 2022 Guidance: Beating Expectations
2022 GUIDANCE BEATING EXPECTATIONS SOLTEC POWER SOLTEC PROJECT HOLDINGS INDUSTRIAL DEVELOPMENT €586.7 Mn €450-550 Mn €32.6 Mn 372 MW ASSETS ROTATED €15-20 Mn €7-11 Mn €6.2 Mn 4.7% 2-3% GUIDANCE 2022 GUIDANCE 2022 GUIDANCE 2022 GUIDANCE 2022 ADJ. EBITDA REVENUES EBITDA MARGIN ADJ. EBITDA 5
Slide 6: Operational Indicators
QO2 Operational Indicators
Slide 7: Track Record
TRACK RECORD +15.6 GW Track record in Soltec Industrial and 14.4 GW Pipeline in Soltec Development SOLTEC INDUSTRIAL SOLTEC DEVELOPMENT Trackers supplied globally Projects under development Under Operation (1) 15.6 GW Under Construction (2) Yearly GW supplied by Soltec Cumulative GW supplied by Solt
Slide 8: Soltec Industrial Operational Indicators
SOLTEC INDUSTRIAL OPERATIONAL INDICATORS Order Backlog(1) €252 Mn and Pipeline(2) €3,637 Mn Backlog includes tracker supply and other construction services GEOGRAPHIC DIVERSIFICATION NA (3) 26% Backlog: €38 Mn Pipeline: €1,247 Mn Backlog: €1 Mn BACKLOG Backlog: €65 Mn Pipeline: €1,113 Mn % €Mn Pipel
Slide 9: Soltec Industrial Operational Indicators
SOLTEC INDUSTRIAL OPERATIONAL INDICATORS BACKLOG(1)(2) BACKLOG BREAKDOWN BY ORIGIN 1% Soltec Development €Mn €13.3 Mn 1,726 €250 €252 (5.3% of total pipeline) MW Mn Mn 1,231 (29%) 11 MW MW MW (0.9% of total pipeline) 2021 2022 Utilities, EPC and other clients PIPELINE(1)(3) PIPELINE BREAKDOWN BY ORI
Slide 10: Soltec Industrial Operational Indicators
SOLTEC INDUSTRIAL OPERATIONAL INDICATORS PIPELINE BREAKDOWN BY PROBABILITY Probability of execution of potential projects. ▪ 100% Probability: €1,653 Mn >50% ▪ 60-70% Probability: €28 Mn Probability ▪ 50% Probability: €104 Mn €1,785 Mn ▪ <50% Probability: €1,852 Mn Status Probability Contract Signed
Slide 11: Recently signed contracts up to Dec-2022
SOLTEC INDUSTRIAL OPERATIONAL INDICATORS Recently signed contracts up to Dec-2022 AGREEMENT WITH ENEL AGREEMENT WITH CANADIAN SOLAR Agreement for the supply of solar Agreement with Endesa to develop a trackers in Brazil with a 738 MW of solar tracker factory in Teruel installed capacity - Location:
Slide 12: Soltec Development Operational Indicators
SOLTEC DEVELOPMENT OPERATIONAL INDICATORS 14.4 GW Pipeline of projects under development in 8 different countries BREAKDOWN BY DEVELOPMENT STATUS (1) Indentified Opp. 53% Backlog DENMARK: 691 MW 5% Early SPAIN: 2,350 MW Stage Advanced Stage 17% 24% ROMANIA: 298 MW USA: 100 MW BREAKDOWN BY COUNTRY (1
Slide 13: Soltec Development Operational Indicators
SOLTEC DEVELOPMENT OPERATIONAL INDICATORS BACKLOG MW/year 44% EUROPE - 56% AMERICAS 722 743 A BALANCED PIPELINE 117 230 138 +3% BACKLOG 493 488 ADV. EARLY TOTAL MW UNDER UNDER ID. OPP REST. STAGE STAGE PIPELINE… 2021 2022 OPERATION CONSTRUC. Under Operation Probability >80% 50-80% 30-50% <30% - Unde
Slide 14: Under Operation in Brazil: Pedranópolis
UNDER OPERATION IN BRAZIL COD 2022 PEDRANÓPOLIS(1) KEY PROJECT DATA Location Sao Paulo (Brazil) Capacity 112.5 MWp Net Energy Generated 2,100 kWh/kWp P50 – Year 1 KEY DEVELOPMENT PERMITS Site Control Interconnection Rights Environmental Approvals RTB COD Nov 2022 Est. selling energy date Nov 2022 (1
Slide 15: Under Construction in Brazil: Araxá
UNDER CONSTRUCTION IN BRAZIL COD 2023 ARAXÁ(1) KEY PROJECT DATA Location Minas Gerais (Brazil) Capacity 112.5 MWp Net Energy Generated 2,100 kWh/kWp P50 – Year 1 KEY DEVELOPMENT PERMITS Site Control Interconnection Rights Environmental Approvals RTB COD Feb 2023 Est. selling energy date Feb 2023 (1)
Slide 16: Under Operation in Spain: La Asomada
UNDER OPERATION IN SPAIN COD 2022 LA ASOMADA(1) KEY PROJECT DATA Location Murcia (Spain) Capacity 4.5 MWp Net Energy Generated 2,075 kWh/kWp P50 – Year 1 KEY DEVELOPMENT PERMITS Site Control Interconnection Rights Environmental Approvals RTB COD Feb-2022 Est. selling energy date Feb-2022 (1) Soltec
Slide 17: Under Construction in Spain: La Isla
UNDER CONSTRUCTION IN SPAIN COD 2023 LA ISLA(1) KEY PROJECT DATA Location Cartagena, Murcia (Spain) Capacity 4.5 MWp Net Energy Generated 2,075 kWh/kWp P50 – Year 1 KEY DEVELOPMENT PERMITS Site Control Interconnection Rights Environmental Approvals RTB COD 2023 (1) Soltec Assets has a 35% share in t
Slide 18: Under Construction in Spain: Los Valientes I y II
UNDER CONSTRUCTION IN SPAIN COD 2023 LOS VALIENTES I y II(1) KEY PROJECT DATA Location Molina de Segura, Murcia (Spain) Capacity 13.9 MWp Net Energy Generated 2,067 /2,075 kWh/kWp P50 – Year 1 KEY DEVELOPMENT PERMITS Site Control Interconnection Rights Environmental Approvals RTB COD 2023 Los Valien
Slide 19: Under Construction in Spain: Totana IV
UNDER CONSTRUCTION IN SPAIN COD 2024 TOTANA IV KEY PROJECT DATA Location Totana, Murcia (Spain) Capacity 5.5 MWp Net Energy Generated 2,065 kWh/kWp P50 – Year 1 KEY DEVELOPMENT PERMITS Site Control Interconnection Rights Environmental Approvals PPA Avg.(1) EUR 54 RTB Los Valientes Totana I &IV II pl
Slide 20: FY 2022 Financial Results
03 FY 2022 Financial Results
Slide 21: Soltec Power Holdings FY 2022 & Quarterly Evolution
SOLTEC POWER HOLDINGS(1) FY 2022 & QUARTERLY EVOLUTION FY 2022 VS. FY 2021 QUARTERLY EVOLUTION (2022) € Mn FY 22 FY 21 22 vs. 21 € Mn Q1 22 Q2 22 Q3 22 Q4 22 Revenues 568.2 346.5 +221.7 Revenues 97.9 146.7 158.8 164.8 Adj. EBITDA 32.6 (6.9) +39.5 Adj. EBITDA (13.0) 7.9 13.6 24.2 Net Profit 13.1 (1.2
Slide 22: Soltec Industrial FY 2022 & Quarterly Evolution
SOLTEC INDUSTRIAL FY 2022 & QUARTERLY EVOLUTION FY 2022 VS. FY 2021 QUARTERLY EVOLUTION (2022) € Mn FY 22 FY 21 22 vs. 21 € Mn Q1 22 Q2 22 Q3 22 Q4 22 Revenues 586.7 411.8 +174.9 Revenues 117.1 148.6 157.8 163.3 Adj. EBITDA 27.3 (13.6) +40.9 Adj. EBITDA (7.5) 9.5 4.6 20.7 EBITDA Margin 4.7% (3.3%) E
Slide 23: Soltec Industrial Ramp-up in Margins
SOLTEC INDUSTRIAL RAMP-UP IN MARGINS MARGIN RECOVERY COVID-19 & Supply Ramp up in a still challenging environment chain disruptions Measures implemented to face high inflation, the energy crisis and logistics 223 158 163 149 117 101 13% 6% 60 3% 3% (2%) 28 (6%) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2021 2021
Slide 24: Soltec Industrial FY 2022 Revenues
SOLTEC INDUSTRIAL FY 2022 REVENUES REVENUE BREAKDOWN BY ACTIVITY REVENUE BREAKDOWN BY GEOGRAPHY Brazil Construction North (1) 20% services America 26% 25% (2) APAC 2% Supply Rest of 74% South Others (3) America 5% 38% Spain 10% HIGHLIGHTS • Tracker supply: Manufacture and supply of solar PV trackers
Slide 25: Soltec Development FY 2022 & Quarterly Evolution
SOLTEC DEVELOPMENT FY 2022 & QUARTERLY EVOLUTION FY 2022 VS. FY 2021 QUARTERLY EVOLUTION (2022) € Mn FY 22 FY 21 22 vs. 21 € Mn Q1 22 Q2 22 Q3 22 Q4 22 Adj. EBITDA 6.2 9.9 (5.5) Adj. EBITDA (1.5) (1.5) 8.2 1.0 HIGHLIGHTS ASSET ROTATION IN 2022 • Soltec Development develops assets from greenfield to
Slide 26: Net Financial Debt
NET FINANCIAL DEBT AS OF DECEMBER 31ST, 2022 € Mn Debt allocated to Debt allocated to SOLTEC INDUSTRIAL Soltec Soltec REVOLVING CREDIT FACILITY Industrial Development • Bankable projects: €80 Mn 17.7 0.4 177.2 26.3 • Free disposal: €10 Mn 16.2 • Maturity: February 11, 2024 53.1 150.9 • Bank guarante
Slide 27: Guidance 2023
04 Guidance 2023
Slide 28: Guidance 2023
GUIDANCE 2023 SOLTEC POWER HOLDINGS INDUSTRIAL EBITDA REVENUES EBITDA MG. €45 Mn €60 Mn €600 €700 6% 7% Mn Mn DEVELOPMENT 2023 EBITDA • The demand of solar trackers will materialize in the second half of 2023 €25 Mn €35 Mn after the release of the IRA guidelines in the US, and the recently approved
Slide 29: Closing Remarks
05 Closing Remarks
Slide 30: Brand Integration
BRAND INTEGRATION ALL-IN-ONE INTEGRATED PLAYER 30
Slide 31: Closing Remarks
CLOSING REMARKS STRONG EBITDA BEATING DEMAND FOR MARGINS EXPECTATIONS IN TRACKERS 2022 VALUE PROPOSITION AND MARGIN PENETRATION INCREASING INCREASE GLOBALLY RECORD REVENUES FOR VERTICAL SOLTEC INDUSTRIAL, INTEGRATION GROWING 74%, IN A M&A CHALLENGING YEAR. DIFFERENT PROCESSES OPEN GUARANTEED IN THE
Slide 32: Appendix
06 Appendix
Slide 33: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT (€, 000) FY 2022 FY 2021 Revenue 568,196 346,514 Changes in inventories of finished goods and work in progress (4,552) 7,118 Other operating income 3,166 3,398 Works carried out by the Group for its assets 50,825 72,173 Supplies (375,075) (298,747) Personnel expenses (6
Slide 34: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET ASSETS (€, 000) 31.12.22 31.12.21 SHAREHOLDERS' EQUITY AND LIABILITIES 31.12.22 31.12.21 NON-CURRENT ASSETS SHAREHOLDERS' EQUITY Intangible assets 28,349 19,448 Capital and reserves Share capital 22,847 22,847 Property, plant and equipment 160,041 92,176 Reserves 133,690 1
Slide 35: Consolidated Statement of Cash Flows
CONSOLIDATED STATEMENT OF CASH FLOWS (€, 000) FY 2022 FY 2021 Profit/(loss) before tax 18,079 (5,506) Adjustments to the profit 14,289 (14,171) Change in net working capital (1,867) 39,140 Other operating cash flow (7,625) (2,339) Cash flows from operating activities 22,876 17,124 Cash flows from in
Slide 36: Disclaimer
DISCLAIMER This document has been prepared by Soltec Power Holdings, S.A. (“Soltec”) exclusively for use during the financial results presentation for the nine-month period ended on December 31st, 2022. Therefore, thereof, this document may not be disclosed or published, nor used by any other person
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