Solaria Energia Y Medio Ambiente, S.a. · BME:SLR
Solaria Energia Y Medio Ambiente — FY2021 Earnings Presentation
26 slides from Solaria Energia Y Medio Ambiente's earnings presentation, Feb 28, 2022
Slide 1: FY2021 Earnings Presentation
Presentación corporativa Presentación corporativa FY2021 EARNINGS PRESENTATION February 28, 2022
Slide 2: Solar PV expansion is not only a legal necessity
SOLAR PV EXPANSION IS NOT ONLY A LEGAL NECESSITY EU targets Power prices still very high Reduction of at least 55% in greenhouse gas emissions by 20301 due to increase in gas and CO2 prices Renewable electricity production to rise from 32% to 65% by 20301 Country Current power Price 2023 forward pow
Slide 3: Solaria is part of the solution
SOLARIA IS PART OF THE SOLUTION SUSTAINABLE 100% of business is green 20Y KNOW-HOW IN SOLAR PV 100% of business in line with Twenty years fully dedicated to solar PV best ESG practices throughout solar value chain UNIQUE AND PROFITABLE DIFFERENTIATED Project IRR>12% Top in class in Capex €0.4mn/MW S
Slide 4: Solaria continues to deliver high growth and profitability
SOLARIA CONTINUES TO DELIVER HIGH GROWTH AND PROFITABILITY +78% +90% +175% 85% Net Sales EBITDA Profit before tax EBITDA margin From €53m to €95m From €49m to €93m From €20m to €56m 2021 +83% 807MW 2,057MW 19% Capacity in operation Current capacity in operation Current capacity in operation ROE and
Slide 5: Financing secured to reach 2GW by year end
FINANCING SECURED TO REACH 2GW BY YEAR END Term sheet signed with ABN AMRO, COMMERZBANK AND EIB 736MW €375mn 210MW Project Finance 2021 Spanish tender + Non-recourse debt 380MW PPA Very competitive cost + <2% 146MW MERCHANT 16y
Slide 6: 30MW asset rotation in Basque Country
€30MW ASSET ROTATION IN BASQUE COUNTRY €30mn Vizcaya Guipúzcoa over next 24 months ASSET ROTATION 2 PROJECTS IN SPAIN Álava 2x50MW Agreement with institutional Investor 100MW Sale of 30% stake in two projects under development in Basque Country €1mn/MW COD Q4 2023-Q1 2024
Slide 7: €50mn additional fresh equity
€50MW ADDITIONAL FRESH EQUITY Est. €20mn Est. €30mn in next 12 months In next three years EXTRA REVENUES FROM ASSETS IN INFRASTRUCTURE BUSINESS IN SPAIN OPERATION IN PORTUGAL New Decree-Law 15/2022 Ownership of best-located of 14 January 2022 electric substations and grid will be critical for future
Slide 8: Strong financial performance
Strong financial performance
Slide 9: Outstanding operational performance
OUTSTANDING OPERATIONAL PERFORMANCE Production In line with commissioning of new installations, energy production increased FY 2021 FY 2020 % chg. from 506.7 GWh to 862.5 GWh over the year. Production (GWh) 862.5 506.7 +70% Net Sales Net sales (€mn) 95.0 53.3 +78% In line with production growth, net
Slide 10: Strong profitability
STRONG PROFITABILITY FY 2021 FY 2020 % chg. (€mn) (€mn) Total revenues 110.5 64.5 +71% Strict operating cost control EBITDA 93.4 49.1 +90% As a result of stringent control of operating costs (down 12% in year) and suspension Profit before tax 56.2 20.4 +175% of 7% generation tax, EBITDA surpassed re
Slide 11: Leverage decrease despite hefty investments
LEVERAGE DECREASE DESPITE HEFTY INVESTMENTS Decreasing leverage despite €500mn And cash position is still growing investment in last three years €195mn 2021 Capex Cash performance (€mn) Cash +90% Performance of NFD to Ebitda 6.5 5.9 4.3 2019 2020 2021 2021 NFD to EBITDA = 4.3x €152.8mn in cash €556.
Slide 12: Very solid debt structure
VERY SOLID DEBT STRUCTURE 90% debt = yearly amortization 13% No major debt repayment in coming years Fixed Floating 2023 €35mn 2024 €36.3mn 87% 2025 €35.5mn Well financed, even in scenario of rising interest rate 10% Corporate 2.5% 4.0% Project 3.8% average Cost 90% 2.9% 2.5% FY19 FY20 Today FY21
Slide 13: 100% of our business is sustainable
100% OF OUR BUSINESS IS SUSTAINABLE 100% Taxonomy-eligible Deeply committed to local communities Positive impact on local communities Sales Ebitda Capex Economy: construction and local taxes Direct and indirect jobs creation: 100% 100% 100% 500 new jobs associated to construction created in 2021 Dyn
Slide 14: Portfolio growth despite challenging environment
Porfolio growth despite challenging environment
Slide 15: Growing portfolio – fresh addition to capacity of 367MW
GROWING PORTFOLIO – fresh addition to capacity of 367MW Sigma Capricornius 30MW 25MW Castilla y León Castilla y León Castor 50MW Castilla-La Mancha Sirius 50MW Castilla y León Algiedi Ursa 25MW 50MW Castilla y León Castilla y León Calera 16.2MW Castilla-La Mancha Añover Herdade dos 50MW Canhoes Mont
Slide 16: Growing portfolio – 1,250MW under construction
GROWING PORTFOLIO – 1,250MW under construction Cifuentes-Trillo 626MW 150MW pending Environmental permit (expected in 2Q) + Toro 130MW + Seven Projects 494MW 2GW TO BE CONNECTED IN 2022
Slide 17: Top solar PV player with over 2GW in operation and under construction
TOP SOLAR PV PLAYER with over 2GW in operation and under construction 807MW in operation 1,250MW under construction Presence in five countries Capacity up 10x Portugal 51.1MW in last four years from 75 to 807MW 12.1MW Spain 716.4MW Italy 1,238MW 16.7MW Greece 0.4MW Uruguay 22.7MW 807.3MW Capacity in
Slide 18: Spain - Matching targets and reality
SPAIN - Matching targets and reality Company target Today 716,4MW in operation Cifuentes-Trillo COD end of 2022 1,238MW under construction 5.7GW 3,522.6MW public exposure 626MW by 2025 Garoña Construction to be launched in 4Q22 225MW pending public exposure 595MW COD end of 2023 = 5,702MW Connection
Slide 19: Portugal – Development in line with expectations
PORTUGAL – Development in line with expectations Company target Today 51MW in operation First player to connect assets of 0.5GW 12MW under construction 2019 Portuguese tender by 2025 Casal da Valeira: 200 MW Vale Pequeno: 200 MW CSF Vale da Pedra: 40 MW 440MW under development Chamusca, Santarém Cha
Slide 20: Italy - Construction launched two years ahead of schedule
ITALY - Construction launched two years ahead of schedule 3GW Focus on three areas Company target from 2025 to 2030 Lombardia-Veneto CONSTRUCTION LAUNCH Today 4Q22 16.7MW Basilicata-Lazio in operation Cerdeña-Sicilia Basilicata-Lazio 350MW Various projects of connection points secured up to 40MW 1,2
Slide 21: Appendix
Appendix
Slide 22: Income Statement
Income Statement FY-2021 €mn FY-21 FY-20 Relative change (%) Net sales 95.070 53.266 78 Other income and earnings 15.454 11.239 38 Total revenues 110.524 64.505 71 Personnel expenses (10.501) (7.923) 33 Operating expenses (6.640) (7.519) (12) EBITDA 93.383 49.063 90 Amortisation (20.383) (15.990) 27
Slide 23: Balance Sheet - Assets
Balance Sheet FY-2021 Assets €mn FY21 FY20 Relative change (%) Non-current assets 854.468 609.897 40 Intangible assets 112.221 45.584 146 Tangible fixed assets 671.303 496.431 35 Deferred tax assets 69.466 67.224 3 Other non-currents financial assets 1.478 658 125 Current assets 188.284 105.611 78 T
Slide 24: Balance Sheet - Liabilities
Balance Sheet FY-2021 Liabilities €mn FY21 FY20 Relative change (%) Equity 247.355 222.514 11 Capital and share premium 310.926 310.926 0 Other reserves 5.311 5.311 0 Retained earnings (35.841) (83.876) (57) Value adjustments (33.041) (9.847) 236 Non-current liabilities 621.752 406.546 53 Obligation
Slide 25: Disclaimer
Disclaimer This document has been prepared by SOLARIA ENERGÍA Y MEDIO AMBIENTE, S.A. (“Solaria”) for information purposes only and it is not a regulated information or information that has been subject to prior registration or review by the Spanish Securities Market Commission. By attending a meetin
Slide 26: Gracias.
Gracias.
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