Solaria Energia Y Medio Ambiente, S.a. · BME:SLR
Solaria Energia Y Medio Ambiente — FY2022 Earnings Presentation
27 slides from Solaria Energia Y Medio Ambiente's earnings presentation, Feb 28, 2023
Slide 1: Solar PV leader in Iberia with 2.8 GW in operation and construction
EU Solar PV golden age SOLAR PV LEADER IN IBERIA WITH 2.8 GW IN OPERATION AND CONSTRUCTION FY 2022 Earnings presentation February 28, 2023
Slide 2: Solaria is the leader in Iberia
Solaria is the leader in Iberia Full visibility on 6.2 GW 2025 target 1,500MW vs. 807MW Capacity installed x2 7,746MW 6,200MW +2,500MW New EIS (DIAs) obtained +3,240 4,506MW 4,500MW Environmentally fully permited +1,720 22,786MW 7,700MW Connection points secured vs.6.2GW 2025 target +1,260 211,526MW
Slide 3: We continue to grow and outperform the sector
We continue to grow and outperform the sector EBITDA NET PROFIT 90.0 ROE 26.1% (€ million) (€ million) 147.1 19.4% 93.4 48.0 13.7% 30.4 49.1 FY2020 FY 2021 FY 2022 FY 2020 FY 2021 FY 2022 FY 2020 FY 2021 FY 2022 +73% +72% +38% Compound Compound Compound annual growth annual growth annual growth Outp
Slide 4: New 1.3 GW flagship project
New 1.3 GW flagship project A unique 3.3GW large-scale projects portfolio 4 PROJECTS 3,300MW 595MW Garoña Vizcaya Guipúzcoa 626 MW Cifuentes-Trillo Álava 782MW Villaviciosa 1,300MW Basque Country Very efficient in Capex and Opex + Tax incentives = 30% Tax credit on Capex 3.3GW in 4 large-scale proje
Slide 5: €1.7bn financing for the construction of 5.6GW
€1.7bn financing for the construction of 5.6GW Indicative agreement with the European Investment Bank €1.7bn Indicative agreement with European Investment Bank subject to project evaluation and approval To finance the construction of 5,600MW in the EU 4,845MW in Spain 382MW in Italy 375MW in Portuga
Slide 6: Outperforming the sector
Outperforming the sector
Slide 7: Outstanding operational performance
Outstanding operational performance Production Energy production rose by over +63% to 1.40 FY 2022 FY 2021 % chg. TWh over the year, in line with the commissioning of new installations. Production (TWh) 1.40 0.86 +63% Sales Sales (€mn) 139.3 95.07 +47% Sales increased by 47%, in line with production
Slide 8: Strong profitability
Strong profitability Strict control of operating costs FY 2022 (€mn) FY 2021 (€mn) % chg. Total revenues 167.3 110.5 +51% EBITDA stands at €147.1mn, up 58% and outperforming growth of total revenues, EBITDA 147.1 93.4 +58% owing to strict control of operating expenses. Net profit 90.0 48.0 +87% High
Slide 9: Sound operating cash flow generation
Sound operating cash flow generation Cash performance (€mn) OPERATING CF INVESTING CF FINANCING CF 114.493 (331.469) 214.782 Major investment €331.5mn Actualizar cuadro Cash position €150.7mn
Slide 10: and we are still decreasing leverage
and we are still decreasing leverage NFD to Ebitda DEBT STRUCTURE decreasing FY2021 FY2022 96% = Non-recourse Debt FINANCIAL DEBT2 €667.0mn €881.5mn 5.6x 5.5x 83% = Fixed-rate debt NET FINANCIAL DEBT €514.2mn €730.8mn NFD to EBITDA 5.5x 5.0x 5x Average cost debt = 3.1% Yearly amortization Performanc
Slide 11: Efficient funding model
Efficient funding model €789mn inCapex invested last five years +€57.6mn Cash position change in last five years CAPEX CASH POSITION (€ million) (€ million) 332 153 151 118 195 93 81 134 100 28 FY2018 FY2019 FY2020 FY 2021 FY 2022 FY2018 FY2019 FY2020 FY 2021 FY 2022 No additional capital required i
Slide 12: Capex decreasing
Capex decreasing In-house development €460,000 €421,000 EPC management -8% Economies of scale Direct purchase of all the components Competitive construction costs 2022 Today Best-in-class in Capex = >12% project IRR
Slide 13: ESG performance
ESG performance Increasing engagement with local communities Positive impact on local communities Cultural heritage conservation and restoration Collaboration with foundations, schools and universities ESG targets Reforestation programs Traditional agriculture and pastoral farming in our solar plant
Slide 14: 6.2GW 2025 target secured
6.2GW 2025 target secured
Slide 15: Solaria is leader in Iberia
Solaria is leader in Iberia 1.5GW installed and 1.3GW under construction Capacity installed Construction acceleration x2 +745MW Garoña 595 New Initial construction phase Cataluña 150 New Initial construction phase Trillo - San Andrés* 138 New Trillo - Peralveche 150 Under construction Trillo – Budia
Slide 16: Of our 6.2GW target is environmentally fully permitted
Permitting acceleration +2.5GW Environmental impact statements Navarre 50MW Castile and León 1,003MW Serena 2 50 73% Garoña 595* Catalonia Valentina 125 150MW Circinius 50 Volans 1&2 100* Mensa 50 Juno 50* Violeta Tucana 50 40 of our 6.2GW target Europa Perseo 30 22 Castilla-La Mancha 1,262MW is env
Slide 17: Of our 6.2GW target is at least connection secured
+3.2 GW of connection points secured Basque Country 1,400MW Navarre Castile and León 255MW 123% 430MW Catalonia of our 6.2GW 510MW target is at least Portugal 395MW connection Castilla-La Mancha secured 250MW
Slide 18: Massive growth in EU
Massive growth in EU
Slide 19: EU solar PV golden age
EU solar PV golden age 50GW will be installed per year till 2030 4 EUROPE IRA + = Unprecedented support to facilitate the deployment of renewables and in particular of Solar PV REPower EU EU Solar PV MAIN PILLARS 600 capacity evolution Permitting improvement (GW) x3 Funding improvement Incentives to
Slide 20: Solaria has a unique positioning in the EU
Solaria has a unique positioning in the EU 60% of the capacity will be installed in our core countries Why Solaria? Targets by country Strong expertise in Solar PV in Solar PV5 20 years of experience in Solar PV 100% SOLAR PV focus Local approach +223GW BY 2030 Best place = 100% EU focus 28GW/year 2
Slide 21: From Iberia to EU
Solaria Strategic Update From Iberia to EU June 2023
Slide 22: Appendix
Appendix
Slide 23: Income Statement
Income Statement FY-2022 €mn FY-22 FY-21 Relative change (%) Net sales 139.281 95.070 47 Other income and earnings 28.067 15.455 82 Total revenues 167.348 110.525 51 Personnel expenses (13.483) (10.501) 28 Operating expenses (6.778) (6.640) 2 EBITDA 147.087 93.384 58 Amortisation (24.989) (20.383) 2
Slide 24: Balance Sheet - Assets
Balance Sheet FY-2022 Assets €mn FY-22 FY-21 Relative change (%) Non-current assets 1.226.276 854.468 43 Intangible assets 103.970 112.221 (7) Tangible fixed assets 973.557 671.303 45 Deferred tax assets 80.106 69.466 15 Other non-currents financial assets (derivatives) 68.643 1.478 4544 Current ass
Slide 25: Balance Sheet - Liabilities
Balance Sheet FY-2022 Liabilities €mn FY-22 FY21 Relative change (%) Equity 344.728 247.355 39 Capital and share premium 310.926 310.926 - Other reserves 5.311 5.311 - Non-controlling interest 1.440 - - Retained earnings 54.208 (35.841) (251) Value adjustments (27.157) (33.041) (18) Non-current liab
Slide 26: 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 27: Thank you.
Thank you.
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