Aton Green Storage S.p.a. · MIL:ATON
Aton Green Storage — H1 2021 Earnings Presentation
36 slides from Aton Green Storage's earnings presentation, Oct 8, 2021
Slide 1: 2021 First Half Results Presentation
2021First Half Results Presentation 8 October 2021
Slide 2: Agenda
Agenda Company at a Glance 2021 First Half Results & Outlook Market and Competitive Positioning Business Overview Strategy Financials Backup 2
Slide 3: Aton Green Storage at a glance: Leading Italian producer of RBESS
Aton Green Storage at a glance: Leading Italian producer of RBESS ATON is the Italian first mover in the design and production of Residential Battery Energy Storage Systems (RBESS) and a leading player with 11% share in Italy (based on total systems installed in Company 2015-19). Leveraging on a str
Slide 4: Excellent 2021 First Half Results driven by the booming Green Energy Market
Excellent 2021 First Half Results driven by the booming Green Energy Market NET SALES: € 7.9 M, +70% YoY (€ 7.2 M FY 2020) EBITDA: € 1.6 M vs. € 0.2 M 1H 2020 (€ 0.1 M FY 2020) EBIT: € 1.0 M PROFIT vs. € 0.4 M LOSS 1H 2020 (€ 1.1 M LOSS FY 2020) NET PROFIT: € 0.7 M vs. € 0.4 M LOSS 1H 2020 (
Slide 5: Sales revenue up 70% to € 7.9 m, EBITDA margin nearly 20%
Sales revenue up 70% to € 7.9 m, EBITDA margin nearly 20% Sales Revenue and EBITDA (€/000) • Sales Revenue jumped by 70% to € 7.9 million in 1H 2021, thanks to strong B2B demand • Storage accounted for 93% of Total Sales (vs. 9,000 7,944 90% in 1H 2020), while Industrial made up the 8,000 +70% remai
Slide 6: EBIT and Net Result turn to Profit
EBIT and Net Result turn to Profit EBIT and Net Result (€/000) 1,200 • The strong operational leverage allowed 959 ATON to turn to Profitability at both Operating 1,000 and Net level, respectively at € 1.0 million and 800 € 0.7 million 648 600 • Both EBIT and Net Profit were much above the 400 Compa
Slide 7: Sound Financial Position with Net Debt close to zero
Sound Financial Position with Net Debt close to zero Shareholders’ Equity and Net Debt (€/000) • Net Financial Debt lowered to € 0.2 million at 30 June 2021, down from € 6.4 million at 31 December 2020, mainly thanks to the € 10 million proceeds from IPO in June 12,000 • Shareholders’ Equity similar
Slide 8: 2021 Highlights & Outlook
2021 Highlights & Outlook B2C Business is taking off: it will contribute from 2H 2021 • The division, involved in general contracting on turn-key domestic energy efficiency projects, should leverage on the so called 110% tax benefit recently extended by the Italian Government to the end of 2023 •
Slide 9: Market and Competitive Positioning
Market and Competitive Positioning
Slide 10: Impressive growth story in a fast growing strategic market
Aton Green Storage: Impressive growth story in a fast growing strategic market Aton Revenues 2014A – 2020A (€/000) Aton Customer Base 2016A – 2020A New 7.197 customers +150 +54.3% 2018 - 2020 Revenues +90 CAGR 2018 – 2020 % 3.021 2.647 +30 4,990 0 Aton’s storage systems installed since 20141 2014 20
Slide 11: Aton outperform the Italian market
Aton outperform the Italian market Value of Production (€/000) 8.936 8.276 +55.8% 3.410 2018A 2019A 2020A # Annual Storage System Installed in the Italian Market 10.618 10.6081 7.460 +21.2% 2018A 2019A 2020A Sources: Management, Politecnico di Milano “Electricity Market Report, November 2020”, ANIE
Slide 12: A must have technology to achieve cost saving
A must have technology to achieve cost saving Photovoltaic systems make only sense combined with a storage system Photovoltaic system without storage Photovoltaic system with storage Sale of energy Self consumption of excess energy excess kWh kWh 00:00 03:00 06:00 09:00 12:00 15:00 18:00 21:00 00:00
Slide 13: Aton's positioning in the storage value chain
Aton’s positioning in the storage value chain Aton’s positioning in the residential storage systems value chain Product Industry Assembling & Supply Engineering & Sale to End-User Value Chain Installation Design Activities Supply of Supply of Full design of storage systems’ Components assembly and D
Slide 14: Main players in the arena
Main players in the arena Open Source Storage Systems Closed Source Storage Systems ALL-IN-ONE P P P O O O P P P O SCALABLE P P P P P P O P O P PARALLEL READY INVERTER P P P P P P O O O O ANTI-BLACKOUT P P P P P P P P P P ON-APP NOTIFICATIONS P P P P P P P P P P GPRS P O O P O O O O O O VIRTUAL UNIT
Slide 15: The EU will boost the market with extraordinary liquidity
The EU will boost the market with extraordinary liquidity “European Battery Innovation Plan” approved by the EU Commission in January 2021 will grant € 2.9bn in state aid funding to 42 European companies1 operating in the battery value chain in the next 7 years. € 2.9bn Companies 42 Involved Public
Slide 16: Business Overview
Business Overview TON
Slide 17: A distinctive product base
A distinctive product base Storage Solutions for New PV Systems Storage Solutions for Existing PV Systems € 3,359 K € 2,165 K 2020A products Revenues1 2020A products Revenues1 RA.Store-K RA.Store-3 Z.Store Zon.E 2.4 – 19.2 kWh Storage Capacity G.Store H.Store Charging Solutions for Electric Vehicles
Slide 18: Launch of a New Business from 2021 – Energy Efficiency Intervention
Launch of a New Business from 2021 – Energy Efficiency Intervention New Business Line Provide products and services to end-users enjoying the 110% tax relief on expenses for the house energy efficiency improvement1 Strategy Launch of a B2C business line Operations Aton will act as General Contractor
Slide 19: A business ready to skyrocket
A business ready to skyrocket January 2018 – April 2021 Monthly Revenue Trend1 Average Monthly Revenues (€’000) € 1,060 Business € 687 € 600 Speed-Up € 252 1,600 April 2021 2018 2019 2020 € 1,422 2021 1,400 COVID 1,200 € ~ 600k IMPACT Monthly Revenue Record # 69 from Jan – Mar 2021 1,000 number of 8
Slide 20: A premium customer portfolio
A premium customer portfolio 2020A Revenue breakdown by customer: relationships with top-tier players 100,0% 22,6% 3,6% 2,9% 2,3% 4,1% 10,0% 6,9% € 7.2 m 47,7% 72,2% 75,2% 77,4% 68,7% € 7.2 m 64,6% 57,7% 47,7% #1 #2 #3 #4 #5 #6 #7 Other +140 Total Storage Industrial business business customer custom
Slide 21: Strategy
Strategy
Slide 22: Strategic guidelines (1/2)
Strategic guidelines (1/2) New Products Development Follow a New Market Trend Leveraging on Our Expertise 1. Charger Stations Vehicle-to-Building and Vehicle-to-Grid Rationale Ride the Wave of New Energy Communities Leveraging on Know-How from Large Scale-Residential Applications Rationale Leverage
Slide 23: Strategic guidelines (2/2)
Strategic guidelines (2/2) Enhance Aton business model 1. Strategic Internalization 2. Launch of a B2C business Rationale Rationale Internalize one of the most Enter the New Promising strategic phase of business Business of Energy Efficiency value chain and Open a Direct Channel to End-Users Devel
Slide 24: Financials
Financials GREEN STORAGE |.
Slide 25: Improved cash generation in 2020
Improved cash generation in 2020 Free Cash Flow evolution (€/000) Capex evolution (€/000) (436) 326 97 93% 92% 96% 1.568 839 767 785 118 84 85 683 701 721 2018A 2019A 2020A (2.074) 2018A 2019A 2020A (3.141) R&D costs/Intangible Intangible Tangible FCF EBITDA Capex Net Financial Position evolution (€
Slide 26: Historical Financials
Historical Financials Income statement Balance sheet Cash flow statement €'000 2018A 2019A 2020A €'000 2018A 2019A 2020A €'000 2018A 2019A 2020A Rev enues from Sales 3,021 8,239 7,197 I ntangible Assets 1,907 1,864 1,740 EBITDA (436) 326 97 % growth 172.7% (12.6%) Tangible Assets 344 304 290 Change
Slide 27: First Half Results
First Half Results Income statement Balance sheet Cash flow statement €/000 1H2021 1H2020 €/000 1H2021 FY2020 €/000 1H2021 FY2020 Revenues from Sales 7,944 4,673 Intangible Assets 2,969 1,740 EBITDA 1.554 97 Tangible Assets 258 290 % Growth 70.0% Change in NWC (3.695) 1.994 Investments 3 29 Changes
Slide 28: Backup
GREEN STORAGE |.
Slide 29: Management Team
Management Team Aldo Balugani Vittorio Balugani Ettore Uguzzoni Claudio Turchi Shareholder & Director Shareholder & Director Chairman & CEO Director In Aton since 2014 In Aton since 2014 In Aton since 2014 Joined Aton in 20211 Industry experience: +5 yrs Industry experience: +5 yrs Industry experien
Slide 30: Shareholding Structure and Corporate Governance
Shareholding Structure and Corporate Governance Shareholding structure Board of Directors2 M. Nervosi C. Turchi D. Mantegazza Vice-Chairman Director Director A. Balugani V. Balugani 50.0%1 50.0%1 B. Leoni E. Uguzzoni Independent Chairman & CEO Director Vasco Energia S.r.l. 66.67% Aton Green A. Balug
Slide 31: Organizational Chart
Organizational Chart Board of Directors CEO Key role E. Uguzzoni HR 36 Internalized function Total COO CTO Employees1 Outsourced function E. Uguzzoni M. Nervosi Finance & IT Accounting Procurement R&D Software Hardware After Sales Control D. Masinelli P. Pelloni2 M. Leonelli E. Lelli M. Morselli A.
Slide 32: The new energy self consumption framework
The new energy self consumption framework A new system of community and national directives introduced in the Italian Energy regulatory framework the concept of collective self-consumption from end-users, giving great impulse in the installation of photovoltaic panels and storage systems CLEAN ENERG
Slide 33: Tax benefits highlights
Tax benefits highlights Superbonus 110% - Main features Tax relief amounting to the 110% of installation costs sustained for photovoltaic panels and storage systems within the period July 2020 – December 2023 When it is applicable? Who can benefit? When the installation is joint to: Natural person
Slide 34: Contacts
Contacts Investor Relations Davide Mantegazza ir@atonstorage.com +39 3387131308 www.atonstorage.com Investor Relations Advisor Paola Buratti paola.buratti@cdr-communication.it +39 335226561 Nomad ATON GREEN STORAGE S.p.A. Alantra Capital Market S.V. S.A.U. - Italian Branch Sede Legale: Via Nuova Cir
Slide 35: Disclaimer
Disclaimer This document has been prepared by and is the sole responsibility of Aton Green Storage S.p.A. (“Aton” or the “Company”) for the sole purpose described herein. The information contained herein does not contain or constitute an offer of securities for sale, or solicitation of an offer to p
Slide 36: ATON Green Storage S.p.A
ATON Green Storage S.p.A Via Guido Rossa, 5 Spilamberto (MO) +39 059 783939 www.atonstorage.com