Altea Green Power S.p.a. · MIL:AGP
Altea Green Power — H1 2022 Earnings Presentation
39 slides from Altea Green Power's earnings presentation, Oct 7, 2022
Slide 1: 1H2022 Results Presentation
1H2022 Results Presentation Integrae SIM, 7 October 2022
Slide 2: Index
INDEX • AT A GLANCE • MARKET • UPDATES 2022 • FINANCIALS 1H2022 • GROWTH STRATEGY • CONTACTS • APPENDIX Altea Green Power S.p.A. HEAD OFFICE: Via Chivasso, 15/A - 10098 Rivoli (TO) – Italy | REGISTERED OFFICE: Corso Re Umberto, 8 - 10121 Torino - Italy TURIN CHAMBER OF COMMERCE: 117565/2000 – ECONOM
Slide 3: Speakers
SPEAKERS Giovanni Di Pascale Salvatore Guarino C.E.O. General Manager Altea Green Power S.p.A. HEAD OFFICE: Via Chivasso, 15/A - 10098 Rivoli (TO) – Italy | REGISTERED OFFICE: Corso Re Umberto, 8 - 10121 Torino - Italy TURIN CHAMBER OF COMMERCE: 117565/2000 – ECONOMIC AND ADMINISTRATIVE INDEX NO: 93
Slide 4: At a Glance
AT A GLANCE
Slide 5: History, Business, Customers
HISTORY BUSINESS CUSTOMERS 10+ years on the renewables Co-development services Partnerships with companies like market EPC Statkraft, Iberdrola, Enlight, Aer Headquarter - Rivoli (TO) Energy efficiency Soléir Over 1GW pipeline (photovoltaics and wind energy) and 510MW (storage) Altea Green Power S.p
Slide 6: Shareholders and Corporate Governance
SHAREHOLDERS AND CORPORATE GOVERNANCE Board of Directors • Giovanni Di Pascale Dxor S.r.l. (*) Cecilia Martucci • Cecilia Martucci • Luca De Zen • Marco Di Miceli (independent) 67.57% 6.68% • Laura Guazzoni (independent) Board of Auditors Mercato • Fabrizio Morra President 25.75% • Franco Cattaneo A
Slide 7: Market
MARKET
Slide 8: Value Chain
VALUE CHAIN 35,0 30,0 The Italian renewable energy market (wind and solar) has been developing significantly in the last decade... 25,0 20,0 19,8 • The Italian renewable energy market has experienced a significant growth in recent periods, having GW 15,0 developed from 2007-2010. 10,0 3,5 • In the c
Slide 9: The Italian Market: Solar and Wind Power
THE ITALIAN MARKET: SOLAR AND WIND POWER 60 51 GW SOLAR 50 +152% 40 Since 2009, 20 GW of solars have been installed. In the next 10 years these investments 19,8 GW are expected to more than double (+152%) reaching a total cumulative power of 51 GW. GW 30 +19 GW 20 With the development contracts curr
Slide 10: Some Domestic Competitors
SOME DOMESTIC COMPETITORS PREVAILING ACTIVITY DEVELOPMENT ACTIVITY EPC ENERGY EFFICENTY Sector 250,00 41,9% 50,0% Average 20,3% 37,6% 200,00 40,0% Milioni euro 150,00 30,0% 23,1% 100,00 15,6% 20,0% 10,0% 9,3% 50,00 5,8% 10,0% (*) economic-financial data obtained from official company presentations 9
Slide 11: Updates 2022
UPDATES 2022
Slide 12: Updates 2022
UPDATES 2022 Signed an important co-development agreement for Storage electricity storage systems functional to the needs of the national Signed a co-development agreement with A2A, an Italian group electricity grid between Altea Green Power and the Irish company among the leading players in the ene
Slide 13: Financials 1H2022
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Slide 14: Financials
FINANCIALS +181% VoP € 7.5M vs € 2.7M in 1H2021 +100% EBITDA € 1.8M vs € 0.9M in 1H2021 EBIT FINANCIALS +91% € 1.7M vs € 0.9M in 1H2021 1H 2022 +94% NET PROFIT € 1.2M vs € 0.6M in 1H2021 NFP € -0.8 M (debt) vs € -1.0 M (debt) in FY2021 Altea Green Power S.p.A. HEAD OFFICE: Via Chivasso, 15/A - 10098
Slide 15: Bridge EBITDA
BRIDGE EBITDA +181% VoP +100% EBITDA € 7.5M vs € 2.7M in 1H2021 € 1.8M vs € 0.9M in 1H2021 €/000 Altea Green Power S.p.A. HEAD OFFICE: Via Chivasso, 15/A - 10098 Rivoli (TO) – Italy | REGISTERED OFFICE: Corso Re Umberto, 8 - 10121 Torino - Italy TURIN CHAMBER OF COMMERCE: 117565/2000 – ECONOMIC AND
Slide 16: Income Statement
INCOME STATEMENT INCOME STATEMENT 1H 2022 1H 2021 % Revenues 586 1,055 -44% Change in inventories of work in progress 0 (3,658) -100% Changes in contract work in progress 6,749 4,963 36% ➢ Value of production: +181% thanks to Other Revenues 165 305 -46% the contribution of the start of Co- Value of
Slide 17: Balance Sheet
BALANCE SHEET BALANCE SHEET 30-giu-22 31-dic-21 % Fixed Assets 995 59 1583% Inventories 13,615 6,903 97% Trade Receivables 540 490 10% Trade Payables (2,827) (1,826) 55% Other current assets 1,395 2,305 -39% Other current liabilities (4,581) (4,890) -6% Net Working Capital 8,143 2,983 173% Accrued e
Slide 18: Growth Strategy
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Slide 19: Growth Strategy
GROWTH STRATEGY INCREASE THE BUILD A SPV TO EXPAND THE VOLUMES OF THE COLLECTION OF € FINANCE THE VOLUME OF EPC AND 5 MILLION IN THE REALIZATION OF BUSINESS ABROAD, EFFICIENCY LINES IPO PHASE ENERGY SYSTEMS ESPECIALLY IN AND CONSOLIDATE (SOLAR, WIND, NORTH AMERICA THE CO- STORAGE SYSTEMS) DEVELOPMEN
Slide 20: Investment Highlights
INVESTMENT HIGHLIGHTS Partnership for more than 1GW (photovoltaics and wind Experience in identifying energy) and 510MW (storage) Very high EBTIDA areas of development and over the 2020-2024 period (≈40%) reliability in the execution of providing high revenue work coverage Distinctive skills in In-d
Slide 21: Contacts
CONTACTS
Slide 22: Contacts
CONTACTS INVESTOR RELATIONS MANAGER Salvatore Guarino salvatore.guarino@alteagreenpower.com INVESTOR RELATIONS ADVISOR CDR Communication silvia.dirosa@cdr-communication.it marika.martinciglio@cdr-communication.it Altea Green Power S.p.A. HEAD OFFICE: Via Chivasso, 15/A - 10098 Rivoli (TO) – Italy |
Slide 23: Appendix
APPENDIX
Slide 24: Income Statement
INCOME STATEMENT INCOME STATEMENT 30.06.2022 % 30.06.2021 % Var. Var.% (Euro/000) Cons. (*) Cons. (*) Sales Revenues 585.9 8% 1.055.246 40% -469.346 -44% Change in inventories of work in progress 0 0% -3.657.709 -137% 3.657.709 -100% Changes in contract work in progress 6.749.345 90% 4.963.430 186%
Slide 25: Balance Sheet
BALANCE SHEET BALANCE SHEET 30.06.2022 31.12.2021 Var. % (Euro/000) Cons. Cons. Intangible fixed assets 686.731 46.664 1372% Tangible fixed assets 308.492 12.483 2371% Financial fixed assets 0 0 0% Net fixed assets 995.223 59.148 1583% Inventories 13.615.367 6.903.430 97% Trade receivables 540.45 49
Slide 26: Business
BUSINESS
Slide 27: Service Lines
SERVICE LINES • Represents about 76% of the value of production • Scouting for suitable sites and obtaining administrative permits CO- • 2 employees and 5 external partners DEVELOPMENT • Represents about 2% of the value of production • Technical study and authorizations for the realization of the pl
Slide 28: Service Lines
SERVICE LINES Solar rooftop Turin Circello Wind Farm Energy Efficency • Rooftop solar system installed in • Co-developed wind farm in • Installed systems: more than 200 Turin Circello (province of Benevento, between solar, cogeneration, • Power: 200 kWp Campania) energy diagnosis and, more • Complet
Slide 29: Value Chain
VALUE CHAIN Network of external Flexible between internal Flexible between internal Centralized Centralized collaborators to identify sites and external staff an external staff Development & Co-development Identification of Contract Acquisition rights Permitting opportunities & feasibility study wit
Slide 30: Research and Development
RESEARCH AND DEVELOPMENT • Most of the technologies used in renewable source plants are well established. • An exception is the experience that Altea is conducting in storage systems, in which it is implementing the first large-scale plant in Italy. • This project is one of those in which the compan
Slide 31: Value Drivers of Market Growth
VALUE DRIVERS OF MARKET GROWTH COST REDUCTION $/MW 2010 2019 ∆ Offshore Wind 162 115 -29% Onshore Wind 86 53 -38% Fotovoltaico 378 68 -82% Carbone 111 109 -2% Nucleare 96 155 +38% Source: World Energy Outlook, Roser January 2020 Compared to 2010, the cost per MW has fallen sharply in relation to ren
Slide 32: The Italian Solar Market
THE ITALIAN SOLAR MARKET ALTEA PLANT DIMENSIONS 120% €1.550/kWV 4% 1% 100% 7% Small size 16% 11% €1.200/kW 80% 39% 34% 37% 36% Medium size 33% 39% €700/kW 60% 30% Big size 40% 59% 60% 57% 51% 50% 20% 36% Plant Dimensions 0% Large Reference Altea Small Medium 2014 2015 2016 2017 2018 2019 (<20kW) (20
Slide 33: The Italian Market at 2030
THE ITALIAN MARKET AT 2030 The PNRR* allocates 23.78 billion euros to Solar Current Objectives Main 1 Regulatory renewable energies and with Reform 1.1 Scenario PNEIC* 2030 Factors provides for: Homogenization of authorization Eolic procedures throughout the country 19.8 GW +31.2 GW Simplification o
Slide 34: Energy Market Efficiency in Value
ENERGY MARKET EFFICIENCY IN VALUE • Historically, the energy efficiency market had promising growth rates thanks to new incentives introduced at the central level, 3.300 such as the Decree 1 of 2019, that offers fixed tariffs for the sale of energy produced and not self-consumed (all-inclusive tarif
Slide 35: The Italian Regulatory Market
THE ITALIAN REGULATORY MARKET The energy efficiency sector has been the subject to important regulatory interventions that have fostered its development. Those of interest to Altea are listed below: In addition, there is a strong focus of the NRP to accelerate the energy transition. Namely: 59.5 bil
Slide 36: Brief History of the Company
BRIEF HISTORY OF THE COMPANY Efficiency EPC Co-development 2008 2012 2014 2017 2018 2020 Today With the aim of diversifying The business related to energy trading is The company starts offering Altea establishes Altea Power, a considered as non-strategic and therefore turnkey EPC services for the co
Slide 37: Key People and Track
KEY PEOPLE AND TRACK Giovanni Di Pascale Salvatore Guarino CEO General Manager • Graduated in Accounting • Thirty years of experience in the Administration, Finance and Control area in • From 2000 to 2009 he developed activities in the tourist- leading multinational companies in the energy sector wh
Slide 38: Organisation Structure
ORGANISATION STRUCTURE CEO Giovanni di Pascale Quality & Safety Manager DG, CFO & Investor relations Information Technologies General Counsel & Privacy Manager Head of Business Head of Technical Head of Administration Procurement Executive Controller HR Manager Development Department 5 specialized e
Slide 39: Altea Green Power S.p.A.
Altea Green Power S.p.A. HEAD OFFICE: Via Chivasso, 15/A - 10098 Rivoli (TO) – Italy | REGISTERED OFFICE: Corso Re Umberto, 8 - 10121 Torino - Italy TURIN CHAMBER OF COMMERCE: 117565/2000 – ECONOMIC AND ADMINISTRATIVE INDEX NO: 93: 9243 | VAT NUMBER: 08013190015 SHARE CAPITAL: 808.050,00 € www.altea