Voltalia Sa · EURONEXT:VLTSA
Voltalia Sa — H1 2022 Earnings Presentation
39 slides from Voltalia Sa's earnings presentation, Sep 28, 2022
Slide 1: 2022 H1 Results Presentation
2022 H1 RESULTS PRESENTATION SEPTEMBER 28, 2022 SSM 1-2
Slide 2: Forward-Looking Statements
This presentation contains certain forward-looking operates and the competitiveness of renewable statements relating to the business of Voltalia, which energies or any other risk and uncertainties that may shall not be considered per se as historical facts, affect Voltalia’s production sites’ capaci
Slide 3: Agenda
São Miguel do Gostoso, 108 MW AGENDA P. 4 INTRODUCTION BUSINESS HIGHLIGHTS P. 1 3 FINANCIALS P. 2 2 OUTLOOK P. 2 9 APPENDIX P. 3 4
Slide 4: Renewable Energy Fast Growing Market
A STRONG MESSAGE FOR MORE THAN 10 YEARS RENEWABLE ENERGY FAST GROWING MARKET Worldwide commitment to Competitiveness of 89% renewables in 2050* CO 2 reduce global warming renewable energies Strong and unprecedented political • Increased competitiveness on support the back of high natural gas 100% •
Slide 5: Voltalia Is Positioned to Benefit from the Market Opportunities
VOLTALIA IS POSITIONED TO BENEFIT FROM THE MARKET OPPORTUNITIES 38% 15% 47% EUROPE LATIN AMERICA AFRICA Solar PV and Wind generation Solar PV and Wind generation Solar PV and Wind generation 4,676 1,365 1,796 693 100 27 2020 2050 2020 2050 2020 2050 Key market features ● With the war in Ukraine, a b
Slide 6: ESG Is in Our DNA
ESG IS IN OUR DNA WE IMPROVE GLOBAL ENVIRONMENT WHILE FOSTERING LOCAL DEVELOPMENT Recognised 1.3 TWh 431 kt +42% ESG commitments Installed capacity of clean, competitive energy CO2 eq and under produced during avoided construction H1 2022 during H1 2022 vs. H1 2021 Equivalent to the annual Equivalen
Slide 7: Voltalia at a Glance: A Renewables Energy Pure Player
1.4 GW 0.9 GW in operation in construction VOLTALIA AT A GLANCE: A RENEWABLES ENERGY PURE PLAYER 4.4 GW 13.6 GW of assets under in pipeline management POWER SERVICE Synergy H1 2022 REVENUES BREAKDOWN PRODUCER PROVIDER Total revenues Total IPP revenues Independent renewable Service provider Africa po
Slide 8: Own Plants Backed by Long-Term, Inflation-Indexed PPAs
Key strategic pillar #1 OWN PLANTS BACKED BY LONG-TERM, INFLATION-INDEXED PPAs 2021 ACHIEVEMENTS 97% 17.7 years €6.6 billion 88% power volume remaining PPA life future revenues of the portfolio under PPA (weighted average) under contracted is non-subsidised Lower risk thanks to long-term and portfol
Slide 9: Integrated Player Developing, Building and Maintaining Plants
Cotovio, 49 MW Key strategic pillar #2 INTEGRATED PLAYER DEVELOPING, BUILDING AND MAINTAINING PLANTS FOR ITSELF AND FOR THIRD PARTIES H1 2022 ACHIEVEMENTS Capturing margins otherwise paid to development, construction and +74% x2 maintenance providers total Services revenues revenues from Services to
Slide 10: A Project Pipeline to Fuel the Growth
Cotovio, 108 MW Key strategic pillar #3 13.6 GW PIPELINE A PROJECT PIPELINE TO FUEL THE GROWTH H1 2022 ACHIEVEMENTS 13.6 GW +27% development pipeline compared to H12021 Diversified pipeline across 4% 15% technologies and geographies Solar now dominating pipeline 30% 47% Africa becoming a stronger 66
Slide 11: Covering the Full Spectrum of Corporate Market Thanks to Helexia
Key strategic feature #4 COVERING THE FULL SPECTRUM OF CORPORATE MARKET THANKS TO HELEXIA ACHIEVEMENTS Coordinated platform for corporate PPAs (Voltalia) and self-production / energy-efficiency (Helexia) 953MW 427MW corporate PPAs won since mid 2019 portfolio of self-production PPAs Market leader in
Slide 12: Voltalia Strategically Prepared for a World with Inflation
VOLTALIA STRATEGICALLY PREPARED FOR A WORLD WITH INFLATION Inflation on costs: Inflation on revenues: well hedged well positioned Solar grade polysilicon Voltalia’s awarded PPAs with PPA revenues price evolution (USD/kg) non-contracted equipment (MW) indexed on inflation 40 700 17% 30 400 300 100% 2
Slide 13: Business Highlights
BUSINESS HIGHLIGHTS Mubuga, 8.7 MW
Slide 14: Capacity and Under Construction at 2.4 GW
CAPACITY AND UNDER CONSTRUCTION AT 2.4 GW +28% In MW 2,368 1,851 924 1,709* 578 1,280 580 265 1445 1273 1129 1016 31 DECEMBER 2020 23 SEPTEMBER 2021 31 DECEMBER 2021 28 SEPTEMBER 2022 Under construction In operation 14 *During Q4 2021 Voltalia sold 100% of its VSM 2 and VSM 4 wind farms to Brazilian
Slide 15: Ongoing Diversification as of Today
ON GOING DIVERSIFICATION AS OF TODAY PPAs won since Capacity in operation All contracted capacity* beginning 2022 Africa Africa Latin 6% 6% America 2% Europe 25% Europe 45% Latin America Latin 49% America 69% 464 MW Europe 98% new PPA signed Hydro, Biomass, Storage… Hydro, Biomass, Storage… + 117 MW
Slide 16: Total Under Construction as of Today: 920 MW
TOTAL UNDER CONSTRUCTION AS OF TODAY : 920 MW BRAZIL PORTUGAL UK SSM 1-2 SSM 3-6 Canudos Garrido South Farm 49.9 MW / 75 MW 260 MW 99.4 MW 50.6 MW Stockbridge 45 MW / Clifton 45 MW BRAZIL EUROPE & BRAZIL FRANCE ALBANIA 40% Sable Blanc Cafesoca Sud Vannier Karavasta 7.5 MW Montclar 23.6 MW 140 MW 16
Slide 17: Services for Third Parties Are Growing
SERVICES FOR THIRD PARTIES ARE GROWING DEVELOPMENT CONSTRUCTION MAINTENANCE X Arinos cluster 360 MW sold 200 MW under construction 367 MW new O&M contract Pipeline Track record for 2.9 GW 13.6 GW complex Operated for +27% third parties Vs H1 2021 projects 17 17
Slide 18: Helexia Growth Trajectory
GROWTH TRAJECTORY SUCCESSFUL INTEGRATION GROWTH PLATFORM – 2022 ACHIEVEMENTS SINCE ACQUISITION IN SEPTEMBER 2019 ENERGY PRODUCTION Installed capacity* x2.9 at 148 MW 124.5 MW letter of intent signed in March 2022 Contracted portfolio** x8.2 at 427 MW Headcount x4.4 at 354 employees ENERGY EFFICIENCY
Slide 19: Helexia Accelerates in Rural Areas
HELEXIA ACCELERATES IN RURAL AREAS CAP SUD acquisition by Helexia in March 2022 Voltalia’s track record of acquisitions • Specialist in solar rooftops on agricultural buildings in France 2016 • Currently owns 344 operating rooftops o Leading global player in Development, Construction and Maintenance
Slide 20: Latest New Business Highlights Since July
LATEST NEW BUSINESS HIGHLIGHTS SINCE JULY 23.6 50.6 MW MW LAUNCH OF CONSTRUCTION IN FRANCE LAUNCH OF CONSTRUCTION IN PORTUGAL Key features Key features o Sud Vannier wind farm with a capacity of 23.6 MW o Five solar small production units for a total electricity production of 50.6 megawatts in Garri
Slide 21: Latest New Business Highlights Since September
LATEST NEW BUSINESS HIGHLIGHTS SINCE SEPTEMBER 90 30 MW MW LAUNCH OF CONSTRUCTION IN THE UK CORPORATE PPA WITH LEROY MERLIN IN FRANCE Key features Key features o Two solar projects totaling 90 MW o Leroy Merlin and Voltalia have signed a corporate PPA backed by a future dedicated 30 MW solar plant M
Slide 22: Financials
FINANCIALS Cacao, 5.1 MW
Slide 23: H1 2022: A Solid Half Year
H1 2022:A SOLID HALF YEAR INSTALLED CAPACITY AND UNDER PRODUCTION REVENUES NORMALISED EBITDA CONSTRUCTION EBITDA*** In MW In GWh In €m In €m In €m 1,622.5 2,143 * 214.3 51.0 47.4 1,308.5 1,512 150.7 36.3 34.1 +42% -19% +42%** +40% +39%** H1 2021 H1 2022 H1 2021 H1 2022 H1 2021 H1 2022 H1 2021 H1 202
Slide 24: H1 2022 Energy Sales: Revenues +7%, EBITDA +8%
H1 2022 ENERGY SALES: REVENUES +7%, EBITDA +8% H1 2022 REVENUES FROM ENERGY SALES AT €96.1 MILLION: +7% (-2% CC) H1 2022 revenues from Energy Sales reach €96.1 million, up +7% at current exchange rates compared to H1 2021, despite lower electricity production. H1 2022 production is 1.3 TWh, compared
Slide 25: H1 2022 Services: Revenues +74%
H1 2022 SERVICES: REVENUES +74% H1 2022 REVENUES FROM SERVICES AT €166.9 MILLION: +74% (+71% CC) H1 2022 revenues from Services (internal and external) reach €166.9 million, up +74% (+71% at constant exchange rates), benefiting from the strong growth in revenues from the Development, Construction an
Slide 26: EBITDA Growth Driven by Portfolio Expansion and Services
EBITDA GROWTH DRIVEN BY PORTFOLIO EXPANSION AND SERVICES +39%* 7.1 -3.5 51.0 4.4 47.4 8.8 -2.5 9.0 -6.4 In €m 34.1 EBITDA H1 2021 NEW PLANTS PLANTS SOLD PERFORMANCE SERVICES & FX IMPACT EBITDA H1 2022 P50 FX NORMALISED YEAR ON YEAR CORPORATE EBITDA H1 2022 *At current exchange rates **Normalised EBI
Slide 27: Seasonal Loss of -€4.6 Million Divided by Almost 5
SEASONAL LOSS OF -€4.6 MILLION DIVIDED BY ALMOST 5 In million euros Var. H1 2022 H1 2021 Var. Eliminations are up, reflecting the growth in internal activity. Corporate @CC** IFRS items are also up, but at a much lower rate than overall activity D&A Depreciation, amortisation and provisions amount t
Slide 28: Sound Financial Situation
SOUND FINANCIAL SITUATION The increase in the Group's assets is mainly due to the growth of the In million euros portfolio of power plants in operation and under construction, with fixed 30 JUNE 2022 31 DECEMBER 2021 Var. IFRS assets up by +22% to €1,846 Cash position is at €331 million, up +14% Goo
Slide 29: Outlook
OUTLOOK VSM 2, 128 MW
Slide 30: 2023 Capacity Target to Be Reached One Year Ahead of Guidance
2023 CAPACITY TARGET TO BE REACHED ONE YEAR AHEAD OF GUIDANCE 2.6 GW IN OPERATION AND UNDER CONSTRUCTION BY END OF 2022 In GW +41% +8% +68% 2.6 2.4 1.7 1.0 6 June 2019 31 December 2021 28 September 2022 31 December 2022 (actual upon target announcement) (actual) (actual) (new target) 30
Slide 31: Confirmation of 2023 EBITDA Ambitions
CONFIRMATION OF 2023 EBITDA AMBITIONS 275-300 +76-92% 2020, 2021 and 2023 normalised EBITDA 156.5 Normalised: assuming +55% long-term average 101.1 wind/solar/hydro +56% resource and average annual EUR/BRL exchange 65 rate of 6.3 In €m 2019 2020 2021 2022 2023 31
Slide 32: Key Takeaways
KEY TAKEAWAYS A growing and resilient business model strategically positioned in an inflationary environment Strong H1 from top line (revenues +42%) to bottom line (seasonal loss divided by 5), including EBITDA (+39%) 2.4 GW in operation or under construction as of today 2023 capacity target of 2.6
Slide 33: Capital Markets Day Ambitions Post 2023
Capital Markets Day Ambitions post 2023 To be announced after 2022 Q3 Revenues Release Moratalla, 6.8 MW 33
Slide 34: Appendix
WOSEEIREME APPENDIX
Slide 35: Ratings and Shareholder Structure
RATINGS AND SHAREHOLDER STRUCTURE Transmission Line, 500 KV 19,2 ESG risk rating* A SOLID SHAREHOLDING BASE 15,2 14,1 ForESG risk category year, 3rd consecutive Free float 26% Voltalia 19.2ranked Top Ten of Renewable power producers top8th5out of 76* percentile in the Utilities Industry 2019 2020 20
Slide 36: H1 2022 Key Figures
H1 2022 KEY FIGURES H1 2022 CHANGE VS CHANGE VS H1 H1 2022 (€M) H1 2021 2021 Revenues 214.3 +42% Total capacity (MW) 1,226 -3% EBITDA 47.4 +39% Total production (GWh) 1,309 -19% Normalised EBITDA 51.0 +40% Wind load factor in Brazil (%) 30% -12pts EBIT 15.6 N/A Wind load factor in France (%) 22% -3p
Slide 37: Installed Capacity
INSTALLED CAPACITY INSTALLED MW AT 30 JUNE VARIATION 30/06/2021 30/06/2022 % MW Latin America 936.3 821.0 -12.3% -115.3 Wind 920.3 732.3 -20.4% -188.0 Solar 0.0 76.7 N/A +76.7 Hydro, Biomass, Storage 16.0 12.0 -25.0% -4.0 Europe 239.3 316.1 +32.1% +76.8 Wind 64.2 64.2 0.0% 0.0 Solar 158.0 235,2 +48.
Slide 38: Revenue Growth Driven by Services
REVENUE GROWTH DRIVEN BY SERVICES +42% In €m 57.4 214.3 6.3 150.7 -6.8 1.1 3.0 0.3 2.3 Wind Solar 38
Slide 39: Q&A
Q&A