ACWA Power · TADAWUL:2082
ACWA Power — H1 2022 Earnings Presentation
20 slides from ACWA Power's earnings presentation, Aug 11, 2022
Slide 1: ACWA Power Earnings Call Presentation August 2022
ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com ACWA Power Company Earnings Call Presentation August 2022 For the three- and six-months period ending 30 June 2022 11 August 2022
Slide 2: Disclaimer
Disclaimer This document and the information contained therein (the "Information") has been prepared by ACWA POWER Company (the "Company“ or “ACWA Power”) for background purposes only and does not purport to be full, accurate or complete. No reliance may be placed for any purpose on the Information
Slide 3: Agenda
ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Agenda • Highlights • Closing remarks • Financial review
Slide 4: Agenda: Highlights
ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Agenda • Highlights • Closing remarks • Financial review
Slide 5: Strong progress in Project Development
Strong progress in Project Development • Signed the PPAs for the Egypt 1,100MW Wind IPP and 91MW Layla PV IPP (KSA) and the WPA for the Shuaibah 3 IWP (KSA) • Preferred bidder for two PV projects in Indonesia ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com • New competitive bids
Slide 6: Projects coming online: Sources of new operating income
Projects coming online: Sources of new operating income • 3 projects started operations or brought additional new capacity into operation in the Current Quarter1 ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com • Taweelah IWP (Water, 1st Phase at 50% of total capacity) • Al Dur 2
Slide 7: Major projects in development or brought online
Major projects in development or brought online Total project cost—appr. Project Description SAR Billions • 1,100MW Wind IPP, PPA signed • The largest single contracted wind farm in the Middle East and one of the largest Egypt Wind onshore wind farms in the world 5.6 • Once completed, it will mitiga
Slide 8: Navigating our way through challenges: Internally
Navigating our way through challenges Internally … Plant outages: an unwelcome reality hurting our plant availability and P&L ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com • Increasingly due to failure of equipment supplied by world-renowned OEMs • 6M22 power and water availab
Slide 9: Navigating our way through challenges: Externally
Navigating our way through challenges Externally … War and global high cost/tight supply stress ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com • Affecting under construction or in advanced development assets particularly those in the war area • Active engagement by all stakehol
Slide 10: Agenda: Financial review
ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Agenda • Highlights • Closing remarks • Financial review
Slide 11: Key financial metrics
Key financial metrics Regular Reporting Reporting Metric Description Frequency Platforms Operating income Consolidated Operating income before impairment loss and other before impairment loss expenses which also includes share in net results of equity accounted and other expenses investees. Quarterl
Slide 12: Factors affecting comparability of results in 6M2022
Factors that did not result in adjustment in 6M2022 but affected the comparability of results • Full/partial quarter impact by projects with partial or no contribution in 6M2021 (see below table) • Restructuring of Shuaibah Water and Electricity Company’s PWPA (SWEC) • The project company will conti
Slide 13: Operating income (before impairment loss and other expenses)
Operating income (before impairment loss and other expenses) • At SAR1,153M, 8.6% yoy increase versus 6M2021 • Contribution from new operations and other operating income partially offset mainly by the impact of forced outages • Extended outages in Morocco Noor III CSP (molten salt tank leak) ACWA P
Slide 14: Reported and Adjusted Net Profit
Reported and Adjusted Net Profit (attributable to equity holders of the parent) • Reported Net Profit1 at SAR542M, 21.2% • Adjusted Net Profit2 at SAR516M, increase versus 6M2021 fractionally lower by (0.8)% versus 6M2021 Impairment Reported Net Profit & other 6M, SAR in millions 2022 2021 % Chg. AC
Slide 15: Adjusted Net Profit by Building Block
Adjusted Net Profit by Building Block 6M 6M SAR Millions (M) 2022 2021 Change Major drivers • Mainly driven by project development fees (financial closes) and Development and construction management fees A construction 295 296 (1) • No major variance – lower development fees offset by higher managem
Slide 16: Parent Operating Cash Flow and Sources and Uses of Cash
Parent Operating Cash Flow2 and Sources and Uses of Cash SAR in millions Parent Operating Cash Flow ("POCF") 2022 2021 % change • POCF at SAR2,119M vs. SAR216M in Distributions 545 302 80.2% 6M2021, mainly due to Development and construction management services 260 225 15.7% • Higher distribution an
Slide 17: Consolidated and Parent Net Debt
Consolidated1 and Parent Net Debt2 Long–term financing and funding facilities Parent-Level Net Leverage As at 30 June 2022, SAR million (M) SAR million (M) Non-recourse debt Recourse debt EBLs, Equity LCs and guarantees, other equity commitments; symmetrical call and put options entered in by the Co
Slide 18: Closing remarks
Closing remarks • Strong progress in project development including PIF pipeline • Projects becoming operational … and creating additional stable and visible income and cash stream ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com • We don’t like plant outages, but they happen … ac
Slide 19: Agenda
ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com Agenda • Highlights • Closing remarks • Financial review
Slide 20: Q&A
ACWA POWER INVESTOR RELATIONS | www.acwapower.com | ir@acwapower.com 20 21 Q&A