Slide 1: Phoenix Solar – On Our Way to Growth
Phoenix Solar May 2017 ON OUR WAY TO GROWTH 1
Slide 2: Phoenix Business Model
Phoenix Business Model The Phoenix Solar Group is a „global one-stop-shop“ for the engineering, procurement and construction (EPC) of commercial rooftop and ground-mounted solar photovoltaic power plants. In other words: Phoenix Solar designs, procures the components and manages the construction of
Slide 3: Solar: A Global Growth Story
Solar: A Global Growth Story 3
Slide 4: Solar disappeared from German radar screens
The Market for Photovoltaic in Germany has shrunk ... Capacity Additions of Solar PV Systems in Germany broke down due to the 2012 EEG amendment. Large utilities needed to transfer their problems with nuclear waste to the tax payers first 9.000 Solar disappeared from German radar screens 6.000
Slide 5: Global Solar PV Market Expected to Continue Rapid Growth
… but the Global Solar PV Market is Expected to Continue its Rapid Growth Projected annual global solar PV market [GWp] • The global solar PV market has recently been driven by 2016 Total PV- 2020E Total PV- investment≈$116B investment≈$120B-150B unprecedented growth in China CAGR ’17–’22 (>30 GW
Slide 6: Solar PV Market: Cost Base Down 82% from 2009 through 2016
The Solar PV Market: Cost Base Down 82% from 2009 through 2016 LCoE = Levelized Cost of Energy (Total Generating Cost, Unsubsidized) Solar is competitive now, has overtaken cost of wind C&I Rooftop Utility Scale Source: Lazard, Levelized Cost of Energy Analysis, 12/2016 6
Slide 7: Lazard LCoE Study – 10th Iteration, Dec. 2016
Lazard LCoE Study – 10th Iteration, Dec. 2016 Levelized Cost of Energy: all-in production cost/ in $US per MWh 160 143 140 136 120 117 110 100 97 79 77 78 $US / 80 MWh 61 62 60 60 56 49 46 48 40 32 20 0 Solar PV - CSi Solar PV - thin film Geothermal Wind Biomass Nat. Gas - Coal Nuclear Combined Cycl
Slide 8: PV Market Segmentation – Focus of Phoenix Solar Group
PV Market Segmentation – Focus of Phoenix Solar Group Phoenix Solar focuses on the Utility-Scale and C&I Segments, i.e. 80–90% of the PV Market Phoenix Solar’s focus segments Utility scale Commercial & industrial (C&I) Residential Utility-scale solar power plants for Systems to generate electricity
Slide 9: Phoenix Solar Group – a global company
Phoenix Solar Group – a global company Phoenix Solar AG, Germany (Since Nov. 1999) Phoenix Solar SAS, France (Since Sept. 2009) Phoenix Solar Inc., USA Phoenix Solar S.L., (Since Sept. 2010) Spain (Since Apr. 2006) Phoenix Solar Revenue split 2016 M.E.P.E., Greece Phoenix Solar (Since Jun
Slide 10: Large Potential Volume in Target Countries and Segments
In our Target Countries and Segments, Phoenix Solar has a large Potential Volume to address Total addressable market volume forecast in target regions [GW] 21.1 = range between high and low case 1,78 Europe 19.6 3,00 Middle East 1,51 12.6 16.9 2,60 4,04 Asia/Pacific 0,35 11.5 1,48 0,72 11.0 2,12 3,5
Slide 11: Strong Brand Name and Specialist in PV Solutions
Strong Brand Name and Specialist in PV Solutions German Over 20 years experience and exclusive focus on the Solar Power EPC business Phoenix Solar Group has a strong reputation as a German based engineering company Engineering Phoenix Solar is highly process oriented in their customer approach
Slide 12: Phoenix Solar's Full Service: EPC and Beyond
Phoenix Solar’s Full Service: EPC and Beyond Due Project Design & Construction Operation & Discovery Proposal Diligence Finance Engineering Commissioning Maintenance We are helping Our proposals are Phoenix Solar maintains an our clients to transparent and extensive network among the Steady cash flo
Slide 13: Some Reference Projects
phoenix 4 SOLAR Some Reference Projects 13
Slide 14: US Project – Luning, NV
US Project – Luning, NV 65 MWp DC Substantial Completion: 02/2017 • 1500 Volt system architecture • IPP owner (Invenergy) will be selling the power via a PPA to Liberty Utilities PSUS services: • Site due diligence and design • Engineering and construction • Balance of system procurement • 203,896 J
Slide 15: Site Logistics – Example: Luning, NV, USA
Site Logistics – Example: Luning, NV, USA Our Luning Project made it into the latest Google Maps Update – phenomenal to the see the actual dimension of this project and we are looking forward to the next Google Ca. 0,8 km Ca. 160 ha (224 Fußballfelder) Ca. 2 km 15
Slide 16: Middle East Project – Elaziğ, Turkey
Middle East Project – Elaziğ, Turkey Project: First Licensed Utility-Scale PV Power Plant in Turkey Elaziğ, Turkey Customer: Akfen Renewable Energy System size: 9.1 MWp 16
Slide 17: Asia/Pacific Project – Singapore
Asia/Pacific Project – Singapore Project: Car Park and Rooftop for Rolls Royce Singapore Customer: Rolls Royce System size: 3 MWp 17
Slide 18: Our Clients, Site Hosts, and Partner Companies
Our Clients, Site Hosts, and Partner Companies Off Takers & Site Hosts System Owners Interconnection Hosts Financiers/Bonding 18
Slide 19: Building the Future – Status and Investment Case
Building the Future – Status and Investment Case 19
Slide 20: Continuous growth in Phoenix Solar's pipeline
Continuous growth in Phoenix Solar’s pipeline MWp per milestone – weighted At the end of March highest amount of MWp under construction in the history of Phoenix Solar 349 330 320 286 262 108 236 221 139 260 114 245 70 173 110 44 91 178 74 95 65 1 1 20 107 84 88 63 61 72 53 34 Jun 15 Sep 15 Dec 15 M
Slide 21: Revenue Growth and Earnings Improvement Continue
Revenue Growth and Earnings Improvement Continue Full year development 2014–2016 Revenues (k€) EBITDA (k€) EBIT (k€) 190,000 160,000 139,239 3,000 119,407 1,579 1,000 611 -237 -1,579 -3,047 33,783 -4,616 FY 2014 FY 2015 FY 2016 FY 2017 e FY 2014 FY 2015 FY 2016 FY 2014 FY 2015 FY 2016 FY 2017 e 2016
Slide 22: Q1 2017: Revenue Growth / EBIT below expectations
Q1 2017: Revenue Growth / EBIT below expectations Q1 development 2015–2017 Revenues (k€) Gross margin (%) EBIT (k€) 13.849 9.927 18,0 4.947 13,2 10,2 -2.471 -2.595 -3.977 Q1 2015 Q1 2016 Q1 2017 Q1 2015 Q1 2016 Q1 2017 Q1 2015 Q1 2016 Q1 2017 Q1 2017 revenue growth Long term average achievable gross
Slide 23: Growth in 2017 and Beyond
Growth in 2017 and Beyond Phoenix strategic goal is to expand into higher margin business segments 2016-17 2017-18 2018-19 Current EPC EPC + Proj. Dev. New Approaches Hire top sales people Pipeline focus + CRM EPC Secure further growth in 2017 Sales/Growth New Markets (Australia etc.) Ne
Slide 24: Phoenix Solar's strategy summary
Phoenix Solar’s strategy summary Three core Base EPC business + geographies + selective expansion along value Improve overall expansion chain competitiveness Strengthen footprint in three Continue to strengthen core Increase attractiveness, core regional clusters - US, EPC business: estimating
Slide 25: Thank you for your interest in Phoenix Solar!
Thank you for your interest in Phoenix Solar! “Partnering with Phoenix Solar was the right strategic decision for us. The global construction experience the team brought to the table fit perfectly with our Demand Design PLUS™ offering and was key in building the level of comfort a sophisticated util
Slide 26: Phoenix Solar History
Phoenix Solar History Founding of the Phönix solar initiative 1994 1998 Sale of the first photovoltaic plant 1999 Founding of Phönix SonnenStrom AG 2004 Listing of the Phönix SonnenStrom share 2005 on the stock exchange Completion of first 5 MW plus Ground Mounted System 2006 Founding of subsidiarie
Slide 27: Phoenix Solar's Management: Seasoned Industry and Functional Experts
Phoenix Solar’s Management: Seasoned Industry and Functional Experts Tim P. Ryan Manfred CEO since 01/2015 Hochleitner CFO since 01/2015 Broad experience in growth - oriented With extensive experience in financial business development, general affairs, Manfred Hochleitner takes the management and le
Slide 28: Key Figures 2014 - 2016
Key Figures 2014 - 2016 y-on-y y-on-y 2014 change 2015 change 2016 Shipments (MWp) 28.9 241.5% 98.7 55.7% 153.7 Revenues (€M) 33.8 253.3% 119.4 16.6% 139.2 Gross Margin (%) 17.0 -50.6% 8.4 50.0% 12.6 Personnel Expense (€M) 9.6 -20.4% 7.6 48.8% 11.3 Other Operating Expense (€M) 10.9 -27.6% 7.9 15.4%
Slide 29: The Phoenix Solar Share: Key Data
The Phoenix Solar Share: Key Data PS4 share price development (1 yr) Capital market data* 6,00 500 Share price (in €) 3,04 400 52-w-high / -low 4.20/ 2.20 4,00 300 30-day avg. share price absolute / volume weighted 3.003/ 3.064 200 90-day avg. share price absolute / volume weighted 2.961/ 2.983 2,00
Slide 30: Share Price Development (Nov 18, 2016 – May 15, 2017)
Share Price Development (Nov 18, 2016 – May 15, 2017) 13,6*14,88 30 Appendix
Slide 31: Disclaimer
Disclaimer The content of this presentation is solely for information purposes and is not intended to constitute a recommendation for investment or a solicitation to subscribe or an offer to buy or sell securities of the company. Phoenix Solar AG shall undertake no liability whatsoever for any loss
Slide 32: Contact Details Phoenix Solar AG
Contact Details Phoenix Solar AG Dr. Joachim Fleïng Hirschbergstraße 4 D-85254 Sulzemoos Germany Phone +49 8135 938-315 Fax +49 8135 938-429 www.phoenixsolar-group.com aktie@phoenixsolar.de 32 Appendix