Grenergy Renovables S.a · BME:GRE
Grenergy Renovables — FY2023 Earnings Presentation
27 slides from Grenergy Renovables's earnings presentation, Feb 28, 2024
Slide 1: Results Presentation 2023 Results
The sky is the limit RESULTS PRESENTATION 2023 RESULTS Madrid, 28th February 2024 Escuderos Solar PV - Spain
Slide 2: Disclaimer
DISCLAIMER By attending this presentation and/or by accepting this presentation you will be cial condition or results of operations by the Company and should not be relied upon taken to have represented, warranted and undertaken that you have read and when making an investment decision. Certain finan
Slide 3: Highlights
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW ESG OPERATIONAL FINANCIAL ESG EXECUTION PERFORMANCE 15.3GW Solar PV pipeline Revenues €400m (+37% yoy) Q4 objectives of 11.3GWh BESS pipeline EBITDA €105m (+108% yoy) 2023 ESG Roadmap accomplished 1.7GW & 1.0GWh in Operation & U/C Net income €51m (x5 yoy)
Slide 4: Platform Overview – Solar PV & BESS
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW ESG PLATFORM OVERVIEW – SOLAR PV & BESS 2023 15.4GW1 & 11.3GWh USA Pipeline 4.7GW 2028 Identified Opportunities 5.1GW & 1.5GWh Pipeline 3.0GWh Early Stage 2027 6.1GW & 4.8GWh Advanced Development 2026 1.8GW & 1.7GWh EUROPE Backlog In Operation & U.C. 0.7GW1
Slide 5: Solar PV & BESS Pipeline Update
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW ESG SOLAR PV & BESS PIPELINE UPDATE ✓ US platform added c100MW of solar capacity ✓ Europe is our largest solar platform (5.0GW) ✓ Chile is our 2nd-largest solar platform (2.9GW) ✓ BESS pipeline in the US stands at 3.0GWh ✓ BESS pipeline in Europe reaches 3
Slide 6: Highly Visible & Defensive Business Model
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW ESG HIGHLY VISIBLE & DEFENSIVE BUSINESS MODEL (80% revenues contracted over 15 years) ✓ 2.2GW/3.5TWh per year PPAs signed ✓ 75% of total output with PPAs from 2026 ✓ Merchant output 25% of total (<5% in Spain)... MW GWh ✓ ...c20% in solar and c5% in non-so
Slide 7: Largest BESS Project in LatAm with 4.1GWh
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW ESG LARGEST BESS PROJECT IN LATAM WITH 4.1GWh ✓ Hybrid PPA for the Phase 4 of Oasis Atacama signed... TOTAL CAPEX PROJECT IRR ✓ ...720GWh contracted (75% of the output of solar & non-solar hours) c$1.4bn 11-14% ✓ 75% of Phases 1-4 (1.3TWh/y) already contra
Slide 8: 643MW Asset Rotated for Equity Proceeds of c€340m
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW ESG 643MW ASSET ROTATED FOR EQUITY PROCEEDS OF c€340m IN 2023-24YTD ✓ Sale of 447MW of solar PV capacity in Spain for €445m (EV), implying €1.00m/MW or 1.5x EV/IC ✓ Sale of 174MW of solar PV (97MW) and wind (77MW) assets in Peru for $150m, implying 1.3x EV
Slide 9: Key Operating & Financial Data
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW ESG KEY OPERATING & FINANCIAL DATA ✓ +24% in total output on new capacity and better load factors ✓ Results driven by Energy and asset rotation ✓ 64% of total output from contracted volumes (+34%) ✓ Capex acceleration reflects higher execution ✓ +13% in ca
Slide 10: Revenue & EBITDA Breakdown
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW ESG REVENUE & EBITDA BREAKDOWN ✓ D&C division includes €80m from the disposal of Belinchón (150MW) and two PMGD projects (21.6MW) ✓ Energy division driven by higher output (+24%) and captured prices (+13%, driven by contracted volumes) ✓ Retail supply busi
Slide 11: Capex
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW ESG CAPEX PV CAPEX BREAKDOWN PER MW €m ✓ Tangible fixed assets reached €730m in 2023 0.60 0.54 0.52 ✓ Total capex of €366m in 2023 (€79m from assets rotated) 0.50 ✓ Project capex concentrated in Spain, Chile and Peru 0.43 0.40 0.40 0.30 0.20 2023 TOTAL CAP
Slide 12: Cash Flow
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW ESG CASH FLOW ✓ Working capital outflow related to capex acceleration ✓ Proceeds from the sale of 100% of Belinchón amounted to €96m ✓ Treasury shares take into account the stock options plan (€11m) and share buy-back program (€14m) ✓ Financing deals inclu
Slide 13: Leverage & Liquidity
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW ESG LEVERAGE & LIQUIDITY Net debt & Leverage (ex IFRS16) ✓ Substantial reduction in pro-forma leverage post divestments in Peru Total Non-recourse 579 ✓ Asset rotation ongoing with the next milestone of the Valkyria project Corporate ✓ €175m non-recourse f
Slide 14: ESG Roadmap 2021-2023
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW ESG REVIEW ESG ROADMAP 2021-2023 ESG Action Plan – III Phase Q1 Q2 Q3 Q4 APPROVAL OF THE INFORMATION SECURITY POLICY PREPARATION OF THE SUSTAINABILITY REPORT 2022 WITH CLIMATE CHANGE RISKS AND GOVERNANCE OPPORTUNITIES REPORT EXTERNAL VERIFICATION DEFINITIO
Slide 15: Net Zero by 2040
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW ESG REVIEW ESG ROADMAP 2021-2023 Net Zero by 2040 by 2030 by 2040 -60% GHG direct and indirect Net GHG direct and indirect own own emissions scopes 1 & 2 by 2030 Zero and our value chain emissions scope 1, 2 & 3 -50% GHG indirect emissions from our value c
Slide 16: Recognition in ESG Ratings
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW ESG REVIEW RECOGNITION IN ESG RATINGS Confirmation of leadership in ESG ratings RATED BY NEW COVERAGE 2023 2021 2023 2021 Negligible Strong Management of 1. Acciona Energías 13.6 Low Risk 9.7 Risk all ESG material issues: 75/100 80/100 Renovables SA 2. Gre
Slide 17: Appendices
APPENDICES
Slide 18: Platform Update: Projects in Operation, Under Construction & Backlog
PLATFORM UPDATE Projects In Operation, Under Construction & Backlog 1.7GW Solar PV & 1.0GWh BESS in operation & under construction Country Project Type Solar PV BESS1 B20 Resource COD2 Offtaker MW MWh (Hours) Spain Los Escuderos Solar PV 200 0 Yes 2,035 4Q21 PPA PV Profile 85% Chile PMGDs (15 project
Slide 19: Platform Update: Projects in Advanced Development
PLATFORM UPDATE Projects in Advanced Development 1.8GW to feed our 2026 IPP targets Country Project Type Solar PV BESS1 Resource COD2 Offtaker Negotiation3 MW MWh (Hours) Italy Le Isole Projects Solar PV 282 254 1,864 4Q25-4Q26 PPA 60-70% Initial Poland Jesionowo Solar PV 74 0 1,100 4Q26 PPA 60-70%
Slide 20: Platform with Relevant Growth Potential
PLATFORM WITH RELEVANT GROWTH POTENTIAL Project Portfolio Total Platfom1,2 Includes projects in operation and total pipeline 20-40% Identified Opportunities Project with technical and financial feasibility, given that 1) there is the possibility of land, 2) access to the electricity grid is operationa
Slide 21: FY23 Revenues & EBITDA
FY23 REVENUES & EBITDA Divisional Breakdown Revenues (€m) 4Q23 4Q22 Var. FY23 FY22 Var. Development & Construction 29.8 106.1 (72%) 310.4 232.6 33% Income from customer sales 6.0 21.2 (72%) 89.3 50.2 78% Income from capitalize works 23.8 84.9 (72%) 221.1 182.4 21% Energy 13.3 9.7 37% 65.2 46.5 40% R
Slide 22: Profit and Losses
FY23 RESULTS Profit and Losses Profit and losses (€m) 4Q23 4Q22 Var. FY23 FY22 Var. Revenue 49.0 121.3 (60%) 400.2 293.0 37% Income from customer sales 25.2 36.4 (31%) 179.1 110.6 62% Income from capitalize works 23.8 84.9 (72%) 221.1 182.4 21% Procurement (30.6) (90.0) (66%) (243.3) (212.8) 14% Proc
Slide 23: Balance Sheet
FY23 RESULTS Balance Sheet Balance Sheet (€m) FY23 FY22 Var. (€m) FY23 FY22 Var. Equity 343.7 244.8 98.9 Non-current assets 877.9 681.8 196.1 Non-current liabilities 584.6 420.9 163.7 Intangible assets 5.8 0.2 5.5 Deferred tax liabilities 33.7 20.4 13.3 Tangible asset 730.0 582.1 147.8 Provisions 14
Slide 24: Cash Flow
FY23 RESULTS Cash Flow Cash Flow (€m) 4Q23 4Q22 Var. FY23 FY22 Var. EBITDA 2.3 23.0 (90%) 104.5 50.2 108% + Change in operating WK 48.6 54.3 (10%) (27.0) 20.2 n.m. + Financial costs & Taxes paid (26.7) (17.2) 55% (44.3) (31.9) 39% Funds from operations 24.2 60.1 (60%) 33.2 38.4 (13%) + ST Investment
Slide 25: Net Debt
FY23 RESULTS Net Debt Total leverage1 5.6x (3.7x proforma2) Total corporate leverage3 2.8x (1.1x proforma2) Net Debt (€m) FY23 FY22 Var. Long-term financial debt 154.5 92.4 62.1 Short-term financial debt 160.6 41.7 118.9 Long-term Lease debt (IFRS16) 50.1 25.2 24.9 Short-term Lease debt (IFRS16) 2.7
Slide 26: Net Debt/EBITDA Reconciliation
FY23 RESULTS Net Debt/EBITDA Reconciliation Net Debt/EBITDA Reconciliation FY23 FY22 (€m) Total Corporate Non-Recourse Total Corporate Non-Recourse Net Debt 631.7 288.7 343.0 339.7 111.5 228.2 Impact IFRS16 52.7 52.7 - 26.4 26.4 - Net Debt ex IFRS16 578.9 236.0 343.0 313.3 85.1 228.2 Proforma1 Net D
Slide 27: Solar PV + Storage
SOLAR PV + STORAGE EUROPE - USA - LATAM