Alerion Clean Power S.p.a. · MIL:ARN

Alerion Clean Power — Investor Presentation (September 2016)

27 slides from Alerion Clean Power's investor presentation, September 2016

  1. Slide 1: Group Presentation

    Group Presentation September 2016

  2. Slide 2: Agenda

    Agenda 1. The New Alerion 2. Portfolio of operating assets 3. 1H 2016 Consolidated Results Appendix: Wind farms 2

  3. Slide 3: Brief History and recent events

    Overview Brief History and recent events  2003 : Alerion listed on the Milan Stock Exchange as holding co. with equity interests in various businesses  2004-2007: Increasing focus on renewable energy  2008: F2i enters Alerion shareholding through capital increase (initially 10%)  2008-2014: Tota

  4. Slide 4: Alerion at a glance

    Overview Alerion at a glance Overview Operating Plants - Italy Independent Italian renewable energy company, specialized in the production of electricity from wind Currently manages and operates a portfolio of: 10 wind farms in Italy (total gross installed capacity of 295 MW) and 1 wind farm in Bulg

  5. Slide 5: Shareholders Structure

    Overview Shareholders Structure F2i is the main shareholder of the Company with a stake of 16.0% of the share capital and, since April 2015, is part of a Shareholders’ Agreement, which holds 26.2% of the share capital and will expire in October 2016. Main Shareholders (more than 5% of the Company) S

  6. Slide 6: Strategic priorities

    Strategic priorities 1 Cost reduction and operational streamlining 2 Financial discipline 3 Pursuit of economies of scale, also through M&A 6

  7. Slide 7: Strategic priorities: Cost reduction and operational streamlining

    Strategic priorities Cost reduction and operational streamlining Actions implemented: Operating costs (m€) Line-by-line cost cutting (corporate and operating) 30,0 FTE reduced by 30% (2016 vs 2014) - 35% O&M renegotiations 25,0 24.0 23.7 21.1 Extraordinary maintenance on Agrigento plant 20,0 New HQ

  8. Slide 8: Strategic priorities: Financial discipline

    Strategic priorities Financial discipline  Solid and predictable cash flow generation: • Incentive scheme, reducing exposure to wholesale Operating cash flow (m€) electricity prices • Low working capital requirements 26.4 • Negligible ordinary capex  Bond: • €130 million; 6% pa • Listed on MOT; bu

  9. Slide 9: Strategic priorities: Pursuit of economies of scale, also through M&A

    Strategic priorities Pursuit of economies of scale, also through M&A  Italian market is still very fragmented  Opportunities of growth through business combinations Main Wind Energy Players in Italy (2014) - (Gross Installed Capacity, MW) Source: Company Data 1200 900 600 300 0 Daunia E2i Wind ene

  10. Slide 10: Agenda

    Agenda 1. The New Alerion 2. Portfolio of operating assets 3. 1H 2016 Consolidated Results Appendix: Wind Farms 10

  11. Slide 11: Market and regulatory framework: Physical and Revenue Flows

    Market and regulatory framework Physical and Revenue Flows 2 Electricity supply Liberalized Electricity Market Consumers contribute to the incentives payments via 1 Electricity to the grid 3 electricity bills. Not a market Final Customers Dispatching priority mechanism but a tariff RES producers GSE

  12. Slide 12: Market and regulatory framework: Supportive regulatory framework

    Market and regulatory framework Supportive regulatory framework  The new "Energy Strategy" for Italy confirms developments of renewable energies among its priorities, with the objective to meet the EU targets by 2020  All existing plants completed prior to 2013 benefit from Green Certificates ("GC

  13. Slide 13: Portfolio of operating plants

    Portfolio of operating plants  Portfolio of 11 fully built and operating plants: 307 MW of gross installed capacity directly managed Distribution of operating hours of wind plants in Italy  Assets with a proven historical production track record, higher than Italian wind sector median, and with an

  14. Slide 14: Portfolio of operating plants

    Portfolio of operating plants Plant Location Company Installed Ownwership End of incentive Capacity period Albanella Eolo S.r.l 8.5 100% Feb. 2016 Ciorlano Dotto S.r.l. 20.0 100% March 2023 Agrigento WPS S.r.l. 34.0 100% Jan. 2019 Lacedonia Ecoenergia Campania S.r.l. 15.0 50% Sept. 2023 Callari Call

  15. Slide 15: Agenda

    Agenda 1. The New Alerion 2. Portfolio of operating assets 3. 1H 2016 Consolidated Results Appendix: Wind Farms 15

  16. Slide 16: 1H 2016 Consolidated results: Profit and Loss

    1H 2016 Consolidated results Profit and Loss Profit & Loss 1H 2015 1H 2016 Change (m€) +1.4% Consolidated Production (GWh) 242.3 245.6 3.3 Total Revenues 29.8 28.8 (1.0) Operating Costs (9.9) (7.6) 2.2 Results from Joint Ventures 1.2 0.8 (0.3) Provisions for risks (0.8) (0.0) 0.7 EBITDA increase ref

  17. Slide 17: 1H 2016 Results: Balance Sheet

    1H 2016 Results Balance Sheet Balance Sheet NFP FY 2015 1H 2016 Change FY 2015 1H 2016 Change (m€) (m€) Fixed asset 306.8 297.6 (9.2) Cash and Cash Equivalents 28.2 17.2 (11.0) Other non current assets 6.8 19.2 12.4 Other Financial Receivables 5.7 5.1 (0.6) of which receivables for electricity and i

  18. Slide 18: 1H 2016 Results: NFP Bridge Analysis

    1H 2016 Results NFP Bridge Analysis 1.9 0.8 0.9 0.3 0.7 205.4 7.0 206.7 206.7 22.0 12.7* 0.8 m€ NFP 31.12.2015 Ebitda 1H2016 Results from JV Change in Net Interests Taxes Dividends Shares buy-back Change in Other NFP 30.06.2016 Working Capital Derivatives * Of which 11.5 m€ receivables for electrici

  19. Slide 19: Financial Structure: Bond Issue

    Financial Structure Bond Issue  On the 11th February 2015, Alerion issued a 130 million euro bond, listed on the MTO market  Proceeds were used to refinance most of the project financing in place and making available cash to take over 50% stake of Agrigento wind farm (currently fully owned)  Afte

  20. Slide 20: Appendix: Wind Farms

    ALERION CLEANPOWER Appendix Wind Farms

  21. Slide 21: Wind farms: Ordona and San Marco in Lamis

    Portfolio of operating plants Wind farms Ordona (34 MW) San Marco in Lamis (44,2 MW) S. Marco in Lamis Ordona Installed Capacity 34.0 MW Installed Capacity 44.2 MW Location Ordona (Foggia province) Location San Marco in Lamis (Foggia province) Project Company Ordona Energia S.r.l. Project Company Re

  22. Slide 22: Wind farms: Agrigento and Callari

    Portfolio of operating plants Wind farms Agrigento (34 MW) Callari (36 MW) Agrigento Callari Installed Capacity 34.0 MW Installed Capacity 36.0 MW Location Agrigento (Agrigento province) Location Vizzini (Catania province) Project Company Wind Power Sud S.r.l. Project Company Callari S.r.l. Ownershi

  23. Slide 23: Wind farms: Castel di Lucio and Licodia

    Portfolio of operating plants Wind farms Castel di Lucio (23 MW) Licodia (22,1 MW) Castel di Lucio Licodia Installed Capacity 23.0 MW Installed Capacity 22.1 MW Location Castel di Lucio (Messina province) Location Licodia (Catania province) Project Company Minerva S.r.l. Project Company Parco Eolico

  24. Slide 24: Wind farms: Ciorlano and Albanella

    Portfolio of operating plants Wind farms Ciorlano (20 MW) Albanella (8,5 MW) Ciorlano Albanella Installed Capacity 20.0 MW Installed Capacity 8.5 MW Location Ciorlano (Caserta province) Location Albanella (Salerno province) Project Company Dotto s.r.l. Project Company Eolo s.r.l. Ownership 100% Owne

  25. Slide 25: Wind farms: San Martino and Lacedonia

    Portfolio of operating plants Wind farms San Martino (29 MW) Lacedonia (7,5 MW) S. Martino in Pensilis Lacedonia Installed Capacity 58.0 MW Installed Capacity 15.0 MW Location San Martino in Pensilis (Campobasso) Location Lacedonia (Avellino province) Project Company New Green Molise S.r.l. Project

  26. Slide 26: Wind farms: Krupen

    Portfolio of operating plants Wind farms Krupen (12 MW) Bulgaria Krupen Installed Capacity 12.0 MW Location Krupen (Bulgaria) Project Company Wind Energy / Power2 / Stream / Systems EOOD Ownership 51% Pro-quota installed capacity 12 MW Commercial Operation Date October 2010 No of Turbines 4 Incentiv

  27. Slide 27: Group Presentation Disclaimer

    Group Presentation Disclaimer • This document has been prepared solely for the use at investors and analysts meetings • This document does not constitute an offer or an invitation to purchase or subscribe any shares and neither it nor any part of it shall form the basis of or be relied upon in conne

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