Soltec Power Holdings Sa · BME:SOL
Soltec Power Holdings Sa — H1 2022 Earnings Presentation
29 slides from Soltec Power Holdings Sa's earnings presentation, Sep 15, 2022
Slide 1: H1 2022 Financial Results
H1 2022 FINANCIAL RESULTS September 15th, 2022
Slide 2: Disclaimer
DISCLAIMER This document has been prepared by Soltec Power Holdings, S.A. (“Soltec”) exclusively for use during the financial results presentation for the six- month period ended on June 30th, 2022. Therefore, thereof, this document may not be disclosed or published, nor used by any other person or
Slide 3: Agenda
01 H1 2022 Key Highlights 02 Operational Indicators 03 H1 2022 Financial Results 04 Closing Remarks 05 Appendix H1 2022 FINANCIAL RESULTS Agenda
Slide 4: H1 2022 Key Highlights
01 H1 2022 Key Highlights H1 2022 FINANCIAL RESULTS
Slide 5: Guidance 2022
GUIDANCE 2022 SOLTEC POWER HOLDINGS INDUSTRIAL EBITDA REVENUES EBITDA MARGIN Guidance Guidance Guidance FY 2022 FY 2022 FY 2022 H1 2022 €450 €550 2% 3% €20 Mn H1 2022 H1 2022 €15 Mn Mn Mn €266 1% (€5 Mn) €0 Mn(1) Mn PROJECT DEVELOPMENT EBITDA Guidance FY 2022 €7 Mn €11 Mn H1 2022 (€3 Mn) €2 Mn(1) (1
Slide 6: H1 2022 Key Highlights
H1 2022 KEY HIGHLIGHTS H1 2022 YoY Q2 2022 YoY ▪ Revenues: €244.5 Mn +€158 Mn ▪ Revenues: €146.7 Mn +€88 Mn FINANCIAL ▪ Adj. EBITDA: (€5.1 Mn) +€14 Mn ▪ Adj. EBITDA: €7.9 Mn +€20 Mn FIGURES ▪ Net Profit: (€10.0 Mn) +€10 Mn ▪ Net Profit: €5.5 Mn +€21 Mn ▪ Net Debt: €147.5 Mn INDUSTRIAL YoY PROJECT DE
Slide 7: Operational Indicators
02 Operational Indicators H1 2022 FINANCIAL RESULTS
Slide 8: Track Record & Diversification
TRACK RECORD & DIVERSIFICATION +13.5 GW Track record in Soltec Industrial (1.7 GW in H1 2022) and 12.9 GW pipeline in Project Development TRACK – RECORD SOLTEC INDUSTRIAL – PROJECT DEVELOPMENT PIPELINE SUPPLY OF TRACKERS Evolution of supplied GW Under operation (1) (2) Yearly GW installed Soltec 13.
Slide 9: H1 2022 Soltec Industrial
H1 2022 SOLTEC INDUSTRIAL Strong operational indicators: Order Backlog €353 Mn and Pipeline1 €2,924 Mn GEOGRAPHIC DIVERSIFICATION NA 25% Backlog: €42 Mn Pipeline: €505 Mn BACKLOG Backlog: €72 Mn Pipeline: €452 Mn % €Mn Europe Pipeline: €571 Mn Backlog: €7 Mn Latam Pipeline: €15 Mn 61% 14% Pipeline:
Slide 10: Backlog and Pipeline in Soltec Industrial
H1 2022 SOLTEC INDUSTRIAL Backlog and Pipeline in Soltec Industrial BACKLOG1 PROJECT DEVELOPMENT CONTRIBUTION TO Contracts signed pending execution. BACKLOG AND PIPELINE BACKLOG PIPELINE 3,711 MW €363 Mn €353 Mn (47%) €2 Mn €874 Mn MW (1% of (29.9% of total total backlog) pipeline) 1,984 MW 1,868 MW
Slide 11: H1 2022 Project Development
H1 2022 PROJECT DEVELOPMENT 12.9 GW Pipeline in 8 different countries SPAIN: 2,381 MW STATUS DISTRIBUTION(1) Under Operation: 5 MW Under Construction: 5 MW Identified Advanced Stage: 882 MW Oppty Early Stage: 708 MW DENMARK: 509 MW 48% Id. Opportunities: 782 MW Id. Opportunities: 509 MW Backlog USA:
Slide 12: H1 2022 Project Development: 12.9 GW Pipeline
H1 2022 PROJECT DEVELOPMENT 12.9 GW Pipeline BACKLOG1 MW/Year 48% EUROPE - 52% AMERICAS A BALANCED PIPELINE 722 722 BACKLOG ADV. EARLY TOTAL MW UNDER UNDER ID. OPP REST. STAGE STAGE PIPELINE… H1 2021 H1 2022 OPERATION CONSTRUC. Probability of >80% 50-80% 30-50% <30% - ADVANCED STAGE1 MW/Year complet
Slide 13: Ongoing Construction & Operation
ONGOING CONSTRUCTION & OPERATION 100% 94% COMPLETED COMPLETED LA ASOMADA. FIRST PROJECT(1) PEDRANÓPOLIS. PROJECT UNDER ARAXÁ. PROJECT UNDER GENERATING POWER IN SPAIN CONSTRUCTION IN BRAZIL. CONSTRUCTION IN BRAZIL. Location Murcia, Spain Location Sao Paulo, Brazil Location Minas Gerais, Brazil Capaci
Slide 14: H1 2022 Financial Results
03 H1 2022 Financial Results
Slide 15: Soltec Power Holdings H1 2022 & Q2 2022 Results
SOLTEC POWER HOLDINGS1 H1 2022 & Q2 2022 RESULTS H1 2022 RESULTS QUARTERLY EVOLUTION (2022) € Mn H1 22 H1 21 YoY € Mn Q1 22 Q2 22 YoY Revenues 244.5 87.1 +157.5 181% Revenues 97.9 146.7 +88.0 150% Adj. EBITDA (5.1) (19.1) +14.0 Adj. EBITDA (13.0) 7.9 +19.9 Net Profit (10.0) (19.9) +9.9 Net Profit (1
Slide 16: Soltec Industrial H1 2022 & Q2 2022 Results
SOLTEC INDUSTRIAL H1 2022 & Q2 2022 RESULTS H1 2022 RESULTS QUARTERLY EVOLUTION (2022) € Mn H1 22 H1 21 YoY € Mn Q1 22 Q2 22 YoY Revenues 265.7 87.9 +177.7 202% Revenues 117.1 148.6 +89.0 149% Adj. EBITDA 2.0 (17.9) +19.8 Adj. EBITDA (7.5) 9.5 +18.7 EBITDA Margin 0.7% (20.3%) EBITDA Margin (6.4%) 6.
Slide 17: Soltec Industrial Revenue & EBITDA Margins
SOLTEC INDUSTRIAL REVENUE & EBITDA MARGINS FY 2018 FY 2019 FY 2020 FY 2021 H1 2022 REVENUES: €166.0 MN REVENUES: €356.7 MN REVENUES: €236.2 MN REVENUES: €411.8 MN REVENUES: €266 MN EBITDA MARGIN: 3% EBITDA MARGIN: 6% EBITDA MARGIN: (7%) EBITDA MARGIN: (3%) EBITDA MARGIN: 1% GUIDANCE 223 450- 550 146
Slide 18: Soltec Industrial Revenues Breakdown (H1 2022)
SOLTEC INDUSTRIAL REVENUES BREAKDOWN (H1 2022) REVENUE BREAKDOWN REVENUE BREAKDOWN BY ACTIVITY BY GEOGRAPHY Construction Brazil North services 36% America (1) 22% 24% (2) APAC 4% Supply 78% (3) Others Rest of 3% South America Spain 27% 6% HIGHLIGHTS Supply: Manufacturing and supply of solar PV track
Slide 19: Project Development H1 2022 & Q2 2022 Results
PROJECT DEVELOPMENT H1 2022 & Q2 2022 RESULTS H1 2022 RESULTS QUARTERLY EVOLUTION (2022) € Mn H1 22 H1 21 YoY € Mn Q1 22 Q2 22 YoY Adj. EBITDA (3.0) 0.4 (3.3) Adj. EBITDA (1.5) (1.5) +0.2 HIGHLIGHTS No assets rotated during the first six months of the year. Q3 2022: NEW AGREEMENT IN ITALY • Country:
Slide 20: Cash Flow as of June 30th, 2022
CASH FLOW AS OF JUNE 30TH, 2022 € Mn Jan 1st Jun 30th 2022 2022 59.6 (74.3) 36.2 (6.1) 6.1 21.5 CASH CASH FLOWS CASH FLOWS CASH FLOWS EFFECT OF CASH & CASH FROM FROM FROM EXCHANGE & CASH EQUIVALENTS OPERATING FINANCING INVESTMENT 1 RATE EQUIVALENTS AT THE START ACTIVITIES ACTIVITIES ACTIVITIES VARIA
Slide 21: Net Financial Debt Profile as of June 30th, 2022
NET FINANCIAL DEBT PROFILE AS OF JUNE 30TH, 2022 € Mn Industrial Project Division development Division INDUSTRIAL DIVISION 3.2 175.4 27.9 REVOLVING CREDIT FACILITY 17.7 17.0 • Bankable projects: €80 Mn 49.3 147.5 • Free disposal: €10 Mn • Maturity: February 11, 2024 • Bank guarantees: €110 Mn 88.4 •
Slide 22: Closing Remarks
04 Closing Remarks H1 2022 FINANCIAL RESULTS
Slide 23: Closing Remarks
CLOSING REMARKS SOLID MARGINS IN THE STRONG OPERATIONAL ENTERING TWO NEW INDUSTRIAL DIVISION INDICATORS REGIONS IN THE 6.4% Adj. EBITDA margins in Q2 2022 in industrial and project PROJECT development divisions DEVELOPMENT STRONG REVENUE STREAM DIVISION 1.7 GW of trackers supplied in the first Mexic
Slide 24: Appendix
05 Appendix H1 2022 FINANCIAL RESULTS
Slide 25: Soltec Power Holdings P&L
SOLTEC POWER HOLDINGS P&L (€, 000) H1 2022 H1 2021 Revenue 244,533 87,054 Changes in inventories of finished goods and work in progress 262 2,149 Other operating income 832 1,553 Works carried out by the Group for its assets 31,396 3,163 Supplies (178,150) (69,282) Personnel expenses (32,958) (22,01
Slide 26: Balance Sheet
BALANCE SHEET ASSETS (€, 000) 30.06.22 31.12.21 SHAREHOLDERS' EQUITY AND LIABILITIES 30.06.22 31.12.21 NON-CURRENT ASSETS SHAREHOLDERS' EQUITY Intangible assets 27,650 19,448 Capital and reserves Share capital 22,847 22,847 Property, plant and equipment 150,223 92,176 Share premium + reserves 136,99
Slide 27: Cash Flow
CASH FLOW CASH FLOW (€, 000) H1 2022 FY 2021 Profit/(loss) before tax (9,519) (5,506) Adjustments to the profit (583) (14,171) Change in net working capital (975) 39,140 Other operating cash flow 4,987 (2,339) Cash flows from operating activities (6,090) 17,124 Cash flows from investment activities
Slide 28: Order Pipeline Categorization Criteria
SOLTEC INDUSTRIAL Order Pipeline Categorization Criteria Status Probability Contract Signed 100% MoU (Existing Customer) 100% MoU (New Customer) 90% LOI (Existing Customer) 80% Contract under Negotiation (Existing Customer) 70% LOI (New customer) 70% Contract under Negotiation (New Customer) 60% Sho
Slide 29: Thank You
THANK YOU
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