Slide 1: 2020 Third Quarter Operations and Finance Update
2020 Third Quarter Operations and Finance Update November 12th 2020 Powered by the Sun Developing, building and operating solar power generation plants 1 www.etrion.com | TSX: ETX
Slide 2: Disclaimer
Disclaimer These materials and the information contained herein are being presented by Etrion Corporation (the “Company”). These materials do not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities, nor sh
Slide 3: Etrion Corporation
Etrion Corporation Company Overview Financial Summary • Solar development platform focused in Japan, among the Recent Share Price (TSX/OMX: ETX) (1) (2) C$0.325 / SEK 2.00 top 5 largest energy markets in the world • 11 solar plants operational and 1 under construction with Shares Outstanding (3) 334
Slide 4: Q3-20 Highlights
Q3-20 Highlights • Etrion completed sale of the Mie 60 MW investment rights, collecting an aggregate amount of $41.6 million • The company maintains its full year guidance for 2020 • The 45 MW Niigata solar project under construction: – is on schedule and budget; modules being delivered on site with
Slide 5: Operational Update
Operational Update 5
Slide 6: Our presence
Our presence Misawa – 9.5MW EPC: Hitachi High-Tech Shizukuishi – 24.7MW EPC: Hitachi High-Tech Niigata – 45 MW Under Construction Mito – 9.3 MW Komatsu – 13.2 MW EPC: Hitachi High-Tech EPC: Hitachi High-Tech Operational slides Under Construction 6 www.etrion.com | TSX: ETX
Slide 7: 12 months historical performance to Q3-2020
12 months historical performance to Q3-2020 MITO comparison (MWh) MISAWA comparison (MWh) 1500 1500 1000 1000 500 500 0 0 Expected Production Actual Production Expected Production Actual Production Shizukuishi comparison (MWh) Komatsu comparison (MWh) 4000 2000 3000 1500 2000 1000 1000 500 0 0 Expec
Slide 8: Niigata
Niigata
Slide 9: Niigata – 45 MW
Niigata – 45 MW Key project metrics Ownership 100% ETX Capacity 45 MW Region / Utility Tohoku PPA Price ¥36/kWh - FiT until March 2040 Irradiation 1,050 kWh/kWp Total Capex US$ 154.2M BBB Green Project Bond, US$ Finance Structure 146.5M (JPY 15.9 billion) Debt tenor Construction period plus 16.8 yea
Slide 10: Niigata Project Timeline
NIIGATA PROJECT TIMELINE (Planned = Actual; 59.3% WIP) 2019 2020 2021 MAR APR MAY JUN JUL AUG SEP --- --- --- JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Pre-Construction Land Development Mounting Structures & Modules Electric cable work Foundation for facilities and
Slide 11: WIP YTD is on time and budget 59.3%
WIP YTD is on time and budget 59.3% 2 1 2 3 3 1 www.etrion.com | TSX: ETX
Slide 12: Financial results
Financial results 12
Slide 13: Q3-20 highlights
Q3-20 highlights US$ millions otherwise indicated Q3-20 Q3-19 Q3-20 Q3-19 Q3-20 Highlights Three months Nine months ▪ Q3-20 financials are presented as per IFRS 5 assets held for sale and discontinued operations Production KWh millions 17.0 18.4 50.0 53.2 ▪ Q3-20 production (-7.2%), revenue (-5.4%)
Slide 14: Performance of Japanese assets
Performance of Japanese assets Revenue from electricity sales Project-level EBITDA 8.00 10.00 9.00 7.00 8.00 6.00 7.00 1.4 1.1 5.00 6.00 1.0 US$ millions US$ millions 1.1 1.2 0.9 5.00 4.00 4.00 0.7 0.7 7.1 3.00 5.9 6.3 0.7 0.5 3.00 6.0 5.1 5.1 5.2 0.4 0.4 4.8 2.00 4.2 4.3 2.00 4.3 3.3 3.5 3.1 2.9 1.
Slide 15: Financial results
Financial results Etrion consolidated results Q3-20 Segment information (3M) US$ millions Japan Corp TOTAL Net gain on sale of Revenues 6.0 - 6.0 Mie 60 MW solar project rights Operating expenses (1.1) - (1.1) G&A expenses (0.1) (1.3) (1.5) Gain on sale of solar project rights - 33.4 33.4 Other inco
Slide 16: Financial position
Financial position Consolidated Balance Sheet September 30, 2020 US$ millions Japan Corp TOTAL ▪ Etrion has a working capital at corporate Property, plant and equipment 224.4 0.0 224.4 level of $4.2 million and a consolidated unrestricted cash position of $5.5 million Intangible assets 12.0 1.1 13.1
Slide 17: Summary
Summary 17
Slide 18: Summary
Summary • Strong financial performance in all key operating metrics demonstrating excellent execution in all operational activities • Fully funded with no additional capital required to complete construction of the Niigata project • Management anticipates receiving one or more binding offers by end
Slide 19: Contact Information
Contact Information Christian Lacueva Marco A. Northland Martin Oravec Chief Financial Officer Chief Executive Officer Chief Investment Officer clacueva@etrion.com mnorthland@etrion.com moravec@etrion.com Etrion Corporation Rue du Commerce 4 1204 Geneva, Switzerland info@etrion.com www.etrion.com 19