Cloudberry Clean Energy Asa · OSL:CLOUD
Cloudberry Clean Energy Asa — Q3 2024 Earnings Presentation
21 slides from Cloudberry Clean Energy Asa's earnings presentation, Nov 8, 2024
Slide 1: Cloudberry Clean Energy Third Quarter Report 2024
Q Cloudberry Cloudberry Clean Energy Third Quarter Report 2024 08 November 2024 Q Cloudberry
Slide 2: Disclaimer
This company presentation (the "Presentation") has been prepared by Cloudberry Clean Energy ASA (the "Company") and its subsidiaries (together the "Group") and is made solely for information purposes. This Presentation does not constitute any recommendation to buy, sell or otherwise transact with an
Slide 3: Highlights & strategy, Key Financials, Market & summary
Highlights & strategy Key Financials Market & summary 3
Slide 4: Portfolio Updates
Consolidated: NOK 84m (74m) Consolidated: NOK 13m (2m) Power production (GWh)1 Revenue Proportionate: NOK 88m (86m) EBITDA Proportionate: NOK 14m (14m) 155 145 Last 12 months proportionate: NOK 662m Last 12 months proportionate : NOK 323m 70 Proportionate cash position: NOK 804m Realized power price
Slide 5: The Cloudberry business model
The Cloudberry business model Type Capacity1) Annual Production) In production 296 MW 909 GWh Under construction 0 MW 0 GWh Construction permit 200 MW 333 GWh Develop Value creation & Own Backlog 1,033 MW Sweden ESG Norway Pipeline >2,500 MW Operate Assets in production and under HQ Oslo Karlstad Of
Slide 6: Annual production
Annual production Legend Norway Sweden Denmark Totals 21% 32% 29% 909 6% 520 GWh 34% 268 GWh GWh 2% 32% 68% 29% 117 21 GWh 18% GWh 37% 63% 94% 35% 2020 2021 2022 2023 Run-rate producing assets1) 6 1) Annal run-rate production for assets and projects under construction based on normalized production
Slide 7: Project map and status updates
Legend Producing Construction Permit Munkhyttan (SE-3). Per reporting date, all turbines have been commissioned and test production is currently underway. The project Totals remains within budget and has been delivered ahead of the initial time schedule. MW1) Øvre-Kvemma (NO-5). Share purchase agree
Slide 8: Actions: Profitable, Funded, Capable
Profitable Funded Capable Profitability Fully financed industrial platform Executing on our projects over growth Where to play Proven and uncorrelated technologies Purpose driven team with successful Regions Hydro Wind Solar Storage track record Accretive capital recycling as the backbone for growth
Slide 9: Kraftanmelding transaction with Elmera and Småkraft
• Elmera Group and Småkraft to join Cloudberry as co-owners of Kraftanmelding AS, a subsidiary of Captiva • As part of the transaction, Cloudberry will transfer its digital businesses within Captiva to Kraftanmelding • Over NOK 20m equity investment made by primarily Elmera Group and Småkraft to fin
Slide 10: ESG highlights Q3 2024
• No health and safety incidents or environmental damages recorded in Q3 2024 • Lower operational HSE risk due to no ongoing construction projects • No whistle-blowing incidents or breeches of compliance was detected in Q3 2024 • Avoided emissions of 33,974 t CO2e during Q3 2024 (34,410 t CO2e in Q3
Slide 11: Key Financials
Key Financials Mn Han
Slide 12: Capital discipline as a foundation for continuous growth
NOK million Capital discipline as a foundation for 7,903 continuous growth 7,363 5,870 4,789 4,617 3,815 3,794 2,466 2,636 2,098 1,653 826 926 1,055 499 2020 2021 2022 2023 Q3 2024 Proportionate Assets Proportionate interest bearing debt Consolidated equity 12
Slide 13: Strong balance sheet and low debt
NOK million 6933 6693 • Strong balance sheet and low debt • Equity ratio of 69% • Main reason for drop in total equity compared to the same quarter last 4889 year is due to previously explained impairments in Q4 2023 4789 • Consolidated cash position of NOK 706m • Completed the acquisition of Øvre K
Slide 14: Debt facility and funding of projects
NOK million Total facility NOK 2 200m. ~NOK 500 To be drawn under existing million undrawn debt facility in Q4 2024 Possibility to increase Munkhyttan (EUR 16m) and with NOK 300m through Kvemma (~NOK 60m) accordion not included in number Sundby (~EUR 1), Munkhyttan (~EUR 3.5m) 14 EUR/NOK FX of 11.76
Slide 15: Growth in production, development and capital recycling has increased profitability
NOK million 401 381 A combination of growth in production volumes, 323 in-house development and successful recycling of capital has significantly increased the groups profitability 263 211 151 -27 -30 -25 -32 2020 2021 2022 2023 Q3 2024 LTM Proportionate EBITDA Consolidated EBITDA 15
Slide 16: Revenue and EBITDA Q3 2024
NOK million NOK million Comments • The increase in consolidated revenues and EBITDA compared to 88 84 86 the same quarter last year is mainly due to the gain from the divestments related to Kraftanmelding of NOK 8.3m recognized 74 in the third quarter • Financials still affected by production stops
Slide 17: Segment results
NOK million Q3 2024 Q3 2023 YTD 2024 FY 2023 Projects segment • Sundby: All turbines undergoing test production with the financials recorded under the Projects Revenues and other income 88 86 515 711 segment. Internal handover to the Commercial segment is expected to commence in Q4 2024 • Cloudberry
Slide 18: Commercial segment: production, revenue and EBITDA
NOK million NOK million • Power production increased to 145 GWh (155 GWh in Q3’23) • Wind power production totaled 85 GWh (100 GWh in Q3’23) 77 659 • Hydro power production totaled 60 GWh (55 GWh in Q3’23) • Cloudberry realized an average net power price of NOK 0.47 per kWh (NOK 0.50 per kWh 66 572
Slide 19: Market & summary
Market & summary Sundby
Slide 20: Key market drivers and updates
Key market drivers and updates 160 EU driving the energy transition through EU Fitfor55, RePowerEU and Net Zero Industry Act 140 120 Strong demand for new renewable energy, driven by electrification of industry and transport. Recent stop of 100 Swedish offshore wind increases importance on on-shore
Slide 21: Summary: Strategy, Value, Market
A flexible local renewable platform to push the energy transition in the Nordics Strategy Focusing on the proven and uncorrelated technologies where we see the most value Delivering on our development and construction projects while increasing our project portfolio. A strong balance sheet gives flex
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