Grenergy Renovables S.A · BME:GRE
Grenergy Renovables — FY2020 Earnings Presentation
27 slides from Grenergy Renovables's earnings presentation, Feb 24, 2021
Slide 1: Results Presentation FY20
RESULTS PRESENTATION FY20 Jan - Dec Madrid, 24th Feb 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 FOCUS PERFORMANCE EXECUTION FY20 Net Profit of 15.1M€ 17 energy plants with a total Industry leader in ESG Risk (+32% YoY) capacity of 300MW (wind and Management solar PV) built during 2020 Ranked 5th out of 575 utilities companies assessed globally by FY20 EB
Slide 4: Index
INDEX 1 FINANCIAL RESULTS 2 PIPELINE & OPERATIONS 3 ESG COMMITMENTS 03
Slide 5: Financial Results
@ Grenersy FINANCIAL RESULTS
Slide 6: Revenue FY20
REVENUE FY20 Total Revenue 113.4M€ (+34% YoY). FY19 Revenue FY20 Revenue 1.9 113.4 FY20 vs FY19; €M 0.0 1.4 + 34% Revenue 111.5 0.0 increase in D&C* division 84.5 + 39% Revenue 83.2 increase in Services** division Energy division will add sales during 2021 D&C Energy Services Total D&C Energy Servic
Slide 7: EBITDA FY20
EBITDA FY20 Total EBITDA +23.7M€ (28% YoY). FY19 EBITDA FY20 EBITDA (4.6) 8.8 FY20 vs FY19; €M 0.0 0.2 18.5 +96% EBITDA 27.8 increase in D&C division 0.0 0.1 +71% EBITDA (4.3) 23.7 14.2 increase in Service division Energy division will add EBITDA during 2021 D&C Energy Services Badwill Corporate Tot
Slide 8: CAPEX FY20
CAPEX FY20 Grenergy invested 80M€ in Solar PV and Wind projects under construction. €M 3.7 43.0 80.3 20.3 6.6 6.8 Development Capex1 Wind Project: Wind Project: Quillagua Escuderos Total Capex Kosten Duna Huambos Accelerating investments to deliver solid growth 07 SOURCE: Company ı 1 Includes 0.5M€
Slide 9: Free Cash Flow at Group Level FY20
FREE CASH FLOW AT GROUP LEVEL FY20 €M 23.7 (26.1) 0.7 4.8 74.9 (5.9) 28.8 20.6 (80.3) Cash EBITDA Change in Taxes and Change in Growth Bank Other1 Cash FY19 operating Financial investing Capex borrowings FY20 WK Exp. Cash out WK 08 SOURCE: Company ı 1 Includes ST financial intruments and other debts
Slide 10: Change in Net Debt and Leverage
CHANGE IN NET DEBT AND LEVERAGE Overall leverage has increased to 5.4x Net Debt/EBITDA due to new developments Change in net debt Leverage1 2019 Full year 1Q20 1H20 9M20 2020 Full year (41.2) 0.7 5.4x 5.4x (8.3) 5.0x (128.4) 3.6x 2.0x (80.3) 5.5 (4.7) 2019 Funds from Investing Growth IFRS16 Debt Oth
Slide 11: Pipeline & Operations
@ Grenersy PIPELINE & OPERATIONS
Slide 12: Pipeline Update: Highly visible 6.0 GW pipeline
PIPELINE UPDATE Project portfolio Highly visible 6.0 GW pipeline Estimated COD2 Project Classification1 FY20 4.5GW FY19 2025 < 50% Early Stage 2,901MW Success Rate 2,547MW +354MW 2024 2023 > 50% Advanced Development 960MW Success Rate 2,839MW +1,879MW 2022 > 80% Backlog 463MW Success Rate 353MW -110M
Slide 13: Pipeline Update: Total pipeline increased by 1.5 GW
PIPELINE UPDATE Total pipeline increased by 1.5 GW YoY Increasing pipeline with strong conversion ratio from Early Stage to Backlog across core regions 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 Pr
Slide 14: Projects Under Construction & Backlog
PIPELINE UPDATE Projects Under Construction & Backlog Over 600MW to be commissioned in the next months with a strong contracted profile Resource Country Project Type MW B20 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
Slide 15: Projects in Advanced Development
PIPELINE UPDATE Projects in Advanced Development On track to deliver solid growth with 2.8 GW of projects in advanced development with a geographical and technological diversification Resource Country Project Type MW COD Offtaker Negotiation (Hours) Spain Belinchon Solar 150 2,150 3Q22 PPA 70-80% Ad
Slide 16: New Company Market – UK Overview
PIPELINE UPDATE New Company market – UK overview Tail winds – Growth potential 3% 2% 0.3% • Government commitment to net-zero 11% emissions. The UK's new plan aims for at least a 4% 68% reduction in greenhouse gas emissions by 10% 41% 2030 and 100% by 2050. 10% • High potential for solar growth. Net
Slide 17: Clara Campoamor flagship project
PIPELINE UPDATE Clara Campoamor 575 MWp flagship project in Central Spain CONNECTION TO THE GRID • Secured for 575 MWp / 458 MWn: “IVA” issued from the network system operator REE in 400 kV and 220 kV Substations LAND • 80% of land has been already signed with the remaining part in its final SE TRES
Slide 18: Renewables Revolution in Europe
RENEWABLES REVOLUTION IN EUROPE Presence in Europe Grenergy is present in some of the largest renewable markets in Europe... Solar1 & onshore wind installed capacity by country (GW) 33.0 Solar 26.6 23.2 Wind 25.2 10.2 12.9 7.8 16.4 10.3 UK New Market: UK Early stage …with attractive growth potential
Slide 19: ESG Commitments
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Slide 20: ESG Roadmap 2023
ESG ROADMAP 2023 Action Plan ESG 2021 Q1 Q2 Q3 Q4 CREATION OF THE SUSTAINABILITY COMMITTEE HARASSMENT GLOBAL POLICY GOVERNANCE PROCUREMENT POLICY HUMAN RIGHTS POLICY ESG GOALS SUSTAINABILITY REPORT 2020 PUBLISHED IN OUR SDG CONTRIBUTION DISCLOSED STRATEGY ESG RATING OBTAINED ESG RISKS ESG RISKS RE-E
Slide 21: ESG - Tackling Climate Change
ESG - TACKLING CLIMATE CHANGE SCOPE 3 SCOPE 1-2 SCOPE 3 Supply chain Construction O&M Corporate Sea freight Business Subcontractor Company Office trips machinery vehicles buildings Road freight Third party Waste vehicles Home-workers Solar panels production Waste Scope 1&2 total 401.87 tCO2e EMISSIO
Slide 22: ESG - External Recognition
ESG - EXTERNAL RECOGNITION OUR FIRST ESG RATING ACHIEVED ESG Risk Rating Ranking Strong Mangement of Peers ESG Risk Rating all ESG material issues: 13.6 1. Scatec 12.8 Low INDUSTRY GROUP Governance Low Risk Utilities 5 out of 575 Land Use and 2. Grenergy Renovables 13.6 Low Biodiversity Business Eth
Slide 23: Appendices
@ Grerersy APPENDICES
Slide 24: FY20 Results: Profit and Losses
FY20 RESULTS Profit and Losses Solid increase in Net Income Profit and losses (€k) FY20 FY19 Delta Revenue 113.432 84.530 34% Income from customer sales 73.386 72.290 2% Income from related from third party sales 40.046 12.240 n.m Procurement (79.271) (65.291) 21% Procurement from third parties (39.2
Slide 25: FY20 Results: Balance Sheet
FY20 RESULTS Balance Sheet Balance de situación (€k) 31/12/20 31/12/19 Var. Non-current assets 169.499 88.044 81.455 Intangible assets 9.143 9.446 (303) Fixed asset 144.768 70.347 74.421 Assets with right of use 5.284 4.564 720 Deferred tax assets 10.217 3.498 6.719 Other fix assets 87 189 (102) Cur
Slide 26: FY20 Results: Net Debt
FY20 RESULTS Net Debt In spite of important investment activity the company has still ample capacity for finance growth Net Debt (€k) FY20 FY19 Var. Long-term financial debt 35.026.283 26.097.393 8.928.890 Short-term financial debt 4.832.787 4.841.280 (8.493) Other long term debt 156.189 208.249 (52.
Slide 27: Developers and IPP of Solar PV & Wind projects
Developers and IPP of SOLAR PV & WIND projects Chile - Spain - Peru - Colombia - Italy - Mexico - Argentina - UK