Grenergy Renovables S.A · BME:GRE
Grenergy Renovables — Q1 2021 Earnings Presentation
28 slides from Grenergy Renovables's earnings presentation, May 14, 2021
Slide 1: Results Presentation 1Q21
RESULTS PRESENTATION 1Q21 Jan - Mar Madrid, 14th May 2021
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 Highlights
KEY HIGHLIGHTS FINANCIAL OPERATIONAL ESG PERFORMANCE EXECUTION € 105M capital increase to secure our capital needs Total pipeline of 6.1GW ESG action plan 2021 on track Leverage reduced to 3.1x 1 198MWs in Operation 1Q21 Net Profit of 0.4M€ 417MWs Under Construction Just published our EBITDA of 1.8M€
Slide 4: Index
INDEX 1 FINANCIAL RESULTS 2 PIPELINE & OPERATIONS 3 ESG 03
Slide 5: Financial Results
Grenergy renovables Lig T Ss 1 ie ay es i ta a a 1 FINANCIAL BEN ls...
Slide 6: Revenue 1Q21
REVENUE 1Q21 Total Revenue +18.7M€ 1Q20 Revenue 1Q21 Revenue 0.4 1Q21 vs 1Q20; €M 0.0 33.3 32.9 +3.1M€ Energy division sales in 1Q 21 0.5 + 27% Revenue increase in 3.1 18.7 Services* division D&C** revenue impacted by seasonality. 15.1 Reiterated B2S range of 100-200MW for next periods D&C Energy Se
Slide 7: EBITDA 1Q21
EBITDA 1Q21 Total EBITDA +1.8M€ 1Q20 EBITDA 1Q21 EBITDA 1Q21 vs 1Q20; €M 0.0 0.0 +2.7M€ 6.5 Energy division EBITDA in 1Q 21 -0.9 D&C* EBITDA impacted by 0.1 5.6 seasonality -1.3 Reiterated B2S range of 100-200MW for next periods 2.7 1.8 0.2 D&C Energy Services Corporate Total D&C Energy Services Cor
Slide 8: Capex 1Q21
CAPEX 1Q21 Grenergy invested 33M€ in Solar PV and Wind projects under construction €M 11.2 3.6 33.5 10.5 3.7 4.4 Development Capex Wind Project: Wind Project: Quillagua Escuderos Total Capex Kosten Duna Huambos Capex expected to grow with Escuderos ongoing construction 07 SOURCE: Company
Slide 9: Free Cash Flow at Group Level 1Q21
FREE CASH FLOW AT GROUP LEVEL 1Q21 €M 1.2 13.7 109.7 105.0 0.8 -1.3 1.8 20.6 -33.5 1.5 Cash EBITDA Change in Taxes and Growth Change in Share Capital Financial Other Cash 1Q21 FY20 operating Financial Capex investing Increase debt debts WK Exp. Cash out WK 08 SOURCE: Company
Slide 10: Change in Net Debt and Leverage
CHANGE IN NET DEBT AND LEVERAGE Overall leverage decrease to 3,1x Net Debt/EBITDA Change in net debt Leverage1 €M 2019 Full year 1H20 FY20 -61.2 1Q21 -128.4 -5.2 -1.6 5,4x 5,4x 105.0 3,1x 1.2 2,0x -33.7 1.5 2020 Funds from Growth Investing Share Capital IFRS16 Other 1Q21 ND/EBITDA Net Debt Operation
Slide 11: Share Capital Increase: Use of Proceeds
SHARE CAPITAL INCREASE: USE OF PROCEEDS Grenergy has successfully secured its capital needs with an ABB in 1Q21 • Size of the deal: 105M€ • Admission to trading 22nd March 21 • Total Shares: 27,926,911 • 40% free float after the deal ABB Key figures: 350-400M€ • The book had c.50 lines with strong i
Slide 12: Pipeline & Operations
2 PIPELINE & OPERATIONS
Slide 13: Pipeline Update
PIPELINE UPDATE Project portfolio Highly visible 6.1 GW pipeline Estimated COD2 Project Classification1 1Q21 6.0GW FY20 2025 < 50% Early Stage 2,547MW Success Rate 2,344MW -203MW 2024 > 50% Advanced Development 2,839MW Success Rate 2,869MW +30MW 2023 > 80% Backlog 353MW Success Rate 448MW +95MW 2022
Slide 14: Pipeline Update
PIPELINE UPDATE Total pipeline increased by 1.6 GW YoY >1 GW of projects either in operation, construction or backlog SOLAR PV WIND Under Advanced Early Total Under Advanced Early Total MW Const Backlog Dev Stage pipeline MW Const Backlog Dev Stage pipeline In In Probability Operation Probability Op
Slide 15: Projects Under Construction & Backlog
PIPELINE UPDATE Projects Under Construction & Backlog 865MW to be commissioned in the next months with a strong contracted profile Country Project Type MW B20 Resource COD (Hours) Chile Quillagua Solar 103 Yes 2,950 4Q20 Mexico San Miguel de Allende Solar 35 Yes 2,300 1Q21 Peru Duna Wind 18 Yes 4,90
Slide 16: Projects in Advanced Development
PIPELINE UPDATE Projects in Advanced Development On track to deliver solid growth with 2.9 GW of projects in advanced development with a geographical and technological diversification Resource Country Project Type MW COD Offtaker Negotiation (Hours) España Ayora Solar 172 2,212 4Q22 PPA 70-80% Advan
Slide 17: Strategy and Operational Targets - B20
STRATEGY AND OPERATIONAL TARGETS - B20 2021 IPP Projects on track - 500MW 200MW - ESCUDEROS Sola 72MW - 6 distribution proj r PV ects project under constructio Under Construction n 15 years PPA signed with Ce 12 yerar PPA signed with GA lsia Backlog 200MW - Belincho LP Ongoing PPA negotiations n and
Slide 18: Focus - Solar PV Capex
FOCUS - SOLAR PV CAPEX Solar PV CAPEX evolution and 2022 estimates 2020 Post Covid 2021 2022 Post CNY1 Tiers 1 Module capacities (GW) EUR Price W Cost per MW Price W Cost per MW Price W Cost per MW Modules 0,193 193.000 0,20 200.000 0,180 180.000 2020 2021 2022 Trackers 0,086 86.000 0,100 100.000 0,
Slide 19: ESG Commitments
3 ESG COMMITMENTS
Slide 20: ESG Action Plan 2021
ESG ACTION PLAN 2021 Q1 Progress Report • Comprised by Directors of IIRR, Legal, Services and Sustainability • Governed by Internal Rules • Reports to the Remunerations and Appointments Commission CREATION OF THE SUSTAINABILITY COMMITTE • Approved by the Board of Directors HARASSMENT GLOBAL POLICY G
Slide 21: Carbon Footprint 2020
CARBON FOOTPRINT 2020 Emissions reduction targets CARBON FOOTPRINT INDEPENDENT EMISSIONS REDUCTION CALCULATION VERIFICATION TARGETS SET New sources of scope 3 Identification of sources and Reduce scope 1&2 Reach scope 1&2 emissions included to calculations were emissions emissions independently veri
Slide 22: Sustainability Report 2020
SUSTAINABILITY REPORT 2020 ranking directors women #5 out of 595 companies 33% 100% with variable compensation ESG Rating Sustainalytics in Board of Directors linked to ESG targets employees training workers people 192 1.600hours 1.300 for the construction 150 with electrification we grow 36% for em
Slide 23: Appendices
APPENDICES
Slide 24: 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 2,344MW • Possibilities to sell it to third parties Projects with an advanced technical an
Slide 25: 1Q21 Results: Profit and Losses
1Q21 RESULTS Profit and Losses Solar and Wind projects producing EBITDA in the energy division Profit and losses (€k) Q1 21 Q1 20 Delta Revenue 18,701 33,278 (44%) Income from customer sales 9,856 22,838 (57%) Income from related from third party sales 8,845 10,440 (15%) Procurement (13,808) (24,108)
Slide 26: 1Q21 Results: Balance Sheet
1Q21 RESULTS Balance Sheet Balance Sheet (€k) 31/03/21 31/12/20 Var. Non-current assets 209,762 169,499 40,263 Intangible assets 9,298 9,143 155 Fixed asset 178,769 144,768 34,001 Assets with right of use 11,371 5,284 6,087 Deferred tax assets 10,091 10,217 (126) Other fix assets 233 87 146 Current
Slide 27: 1Q21 Results: Net Debt
1Q21 RESULTS Net Debt Leverage reduced to 3.1x Net Debt (€k) 1Q21 FY20 1Q21-FY20 Long-term financial debt 39,668,228 35,026,283 4,641,945 Short-term financial debt 13,621,726 4,832,787 8,788,939 Other long term debt 130,159 156,189 (26,030) Other short term debt 1,172,573 3,054,370 (1,881,797) Other
Slide 28: Developers and IPP of Solar PV & Wind Projects
Developers and IPP of SOLAR PV & WIND projects Chile - Spain - Peru - Colombia - Italy - Mexico - Argentina - UK