Citicore Renewable Energy Corp. · PSE:CREC
Citicore Renewable Energy — H1 2024 Earnings Presentation
36 slides from Citicore Renewable Energy's earnings presentation, Aug 15, 2024
Slide 1: First Half of 2024 Analyst Briefing: Operating & Financial Results
First Half of 2024 Analyst Briefing Operating & Financial Results 15 August 2024
Slide 2: Disclaimer
Disclaimer This presentation was prepared solely and exclusively for discussion purposes. This presentation and/or any part thereof may not be reproduced, disclosed or used without the prior written consent of Citicore Renewable Energy Corporation “the Company”). This presentation, as well as discus
Slide 3: Contents
Contents Contents 01 1H 2024 Performance Highlights 01 1H 2024 Performance Highlights 02 Financial Highlights 02 Asset Portfolio 03 Asset Portfolio 03 Construction Updates 04 Construction Updates 04 Highlights and Key Takeaways 05 Highlights and Key Takeways 05 Q&A
Slide 4: 1H 2024 Performance Highlights
1H 2024 Performance Highlights
Slide 5: 1H 2024 Performance Highlights
1H 2024 Performance Highlights 13% Revenue growth driven by increase in Electricity Sales Revenue at Php 2,087Mn (+13%), EBITDA at Php 765Mn (+6%), Net Income at Php 456Mn (+0.2%) Solid financial position Successful equity raise with CREC IPO and at sell down CREIT level Citicore has a vertically in
Slide 6: CREC IPO Listing PhP5.3Bn
CREC IPO Listing PhP5.3Bn (L-R) UK FCDO Climate and Economic Counsellor Lloyd Cameron, CREC Chief IR Officer Joan Cosico, CREC Director Louie Ferrer, CREC President and CEO Oliver Tan, CREC Chairman Edgar Saavedra, Securities and Exchange Commission Chairman Emilio Aquino, PSE President Ramon Monzon
Slide 7: 1H 2024 Financial Highlights
1H 2024 Financial Highlights
Slide 8: 1H 2023 vs 1H 2024 Results
1H 2023 vs 1H 2024 Results Amounts in Mn Php 13% 2,087 1,853 6% 723 765 0.2% 455 456 Revenue EBITDA Net Income 1H 2023 1H 2024
Slide 9: Income Statement
Income Statement Amounts in Mn Php 30 June 2024 30 June 2023 Change % Electricity Sales 1,732 1,504 15% Lease income 325 325 0% Service Fees 29 24 20% Revenue/ Total Income 2,087 1,853 13% Direct Costs (1,402) (1,276) 10% Gross Profit 685 577 19% Operating Expenses (45) (87) (48%) Share in Net Incom
Slide 10: 1H 2023 vs 1H 2024 Results
1H 2023 vs 1H 2024 Results Revenue Performance Electricity Sales Mix Amounts in Mn Php 2,087 20% 1,853 29 24 325 325 19% 20% 2% 4% 1H 2023 1H 2024 15% 1,732 78% 1,504 77% FIT WESM Customers FIT WESM Customers 1H 2023 1H 2024 Sale of Electricity Lease Income Service Fees
Slide 11: Profitability Ratios
Profitability Ratios 39% 37% 33% 31% 25% 22% Gross Profit Margin EBITDA Margin Net Profit Margin 1H 2023 1H 2024
Slide 12: Balance Sheet
Balance Sheet Amounts in Mn Php 30 June 2024 31 December 2023 Change Cash and cash equivalents 12,926 2,403 438% Other Current Assets 3,659 5,327 31% Total Current Assets 16,585 7,730 115% Property, Plant & Equipment 14,525 9,308 56% Investment in Subsidiaries and Joint Venture 1,195 1,162 3% Other
Slide 13: Gearing Ratios
Gearing Ratios Current Ratio Interest Coverage Ratio 8.78 3.84 3.41 5.86 1H 2023 1H 2024 1H 2023 1H 2024 Debt to Equity Net Debt to Equity 1.14 0.86 1.02 0.31 1H 2023 1H 2024 1H 2023 1H 2024
Slide 14: Market Ratios
Market Ratios Earnings per share Book value per share 0.05 1.89 0.04 1.00 1H 2023 1H 2024 1H 2023 1H 2024 Price to book P/E Ratio 32.18 32.06 1.43 1.42 at IPO Price 1H 2024 at IPO Price 1H 2024
Slide 15: Asset Portfolio
Asset Portfolio +33. < Sse> CITICORE 3 RENEWABLE fore, ENERGY
Slide 16: Portfolio Overview
Portfolio Overview Source: Company information 1. As of 31 December 2023, unless specified otherwise. Capacities 3. 3.1GW of offshore wind pipeline project. Not included in any of the 5 defined project development stages (operating, ready-to-build 2. Gross installed capacity of 285.1MW includes 7 CR
Slide 17: CREC's Operating Assets
CREC’S Operating Assets 10 Operating Solar Assets TARLAC 1 – 8.8 MW ARAYAT (1& 2) – 115.7MW CLARK – 22 MW 285 MWdc Combined Gr oss Installe d Capa city TARLAC 2 – 7.5 MW 227 MWac Equivalent 390 GWh CEBU – 60MW BULACAN – 15 MW Estima ted An nual Ne t Gen eration BATAAN 2 – 6.5 MW 277k MT Estimated An
Slide 18: Asset portfolio (280MW) Operating
Asset portfolio1–(280MW) Batangas Operating Citicore / CREC operating assets include 10 solar projects2 with combined gross capacity of c.285MW 2. CREC-owned operating assets include the following solar projects Solar Project Arayat 1 Arayat 2 Clark Bulacan III Armenia Dalayap Centrala Location Pamp
Slide 19: Asset portfolio (280MW) Operating (cont'd)
Asset portfolio1–(280MW) Batangas Operating (cont’d) Citicore / CREC operating assets include 10 solar projects2 with combined gross capacity of c.285MW 2. CREC-owned operating assets include the following solar projects Solar Project Arayat 1 Arayat 2 Clark Bulacan III Armenia Dalayap Centrala Offt
Slide 20: Asset portfolio Ready-to-Build / Under Construction
Asset portfolio1–(280MW) Batangas Ready-to-Build / Under Construction CREC’s portfolio of ready-to-build / under construction assets consists of 8 solar and 1 hydro projects, with combined gross cap acity of c.1,609MW Solar Hydro Isabela Run-of-River Project Batangas 1 Batangas 2 Pangasinan 1 Pangas
Slide 21: Vertically integrated platform with end-to-end capabilities
Vertically integrated Batangas platform with capabilities for end-to-end solutions 1 (280MW) • Backed by the Megawide Group, a prominent Philippine infrastructure conglomerate, CREC is a fully integrated platform with capabilities across the entire value chain, from pre-development, EPC, O&M and ass
Slide 22: Construction Updates
Construction Updates o%: = a+ ieS" CITICORE = RENEWABLE Rage ENERGY
Slide 23: Batangas 1 (280MW)
Batangas 1 (280MW) Batangas 1 as of July 26, 2024
Slide 24: Batangas 2 (250MW)
Batangas 2 (250MW) Batangas 2 as of July 26, 2024
Slide 25: Pangasinan 1 (240MW)
Pangasinan 1 (240MW) Pangasinan 1 as of July 26, 2024
Slide 26: Pangasinan 2 (270MW)
Pangasinan 2 (270MW) Pangasinan 2 as of July 26, 2024
Slide 27: Pampanga 3 (60MW)
Pampanga 3 (60MW) Pampanga 3 as of July 26, 2024
Slide 28: Quezon 1 (293MW)
Quezon 1 (293MW) Quezon 1 as of July 26, 2024
Slide 29: Negros 2 (100MW)
Negros 2 (100MW) Negros 2 as of July 26, 2024
Slide 30: Citicore Onshore Wind Projects (562.5MW)
Citicore Onshore Wind Projects (562.5MW) Description Project : Bataan-Zambales CW Wind Name Power Project 150MW Pangasinan Wind Project Capacity : 125.000 MW Off-Taker : GEAP (100.000 MW) 125MW Description Bataan-Zambales Wind Project Project : Pangasinan CW 2 Wind Name Power Project 50MW Capacity :
Slide 31: Isabela Run-of River Hydro Project (25.7MW)
Isabela Run-of River Hydro Project (25.7MW) Geotechnical Investigation
Slide 32: Highlights and Key Takeaways
Highlights and Key Takeaways
Slide 33: Key Takeaways
Key Takeaways 13% Revenue growth driven by increase in Electricity Sales Revenue at Php 2,087Mn (+13%), EBITDA at Php 765Mn (+6%), Net Income at Php 456Mn (+0.2%) Solid financial position Successful equity raise with CREC IPO and at sell down CREIT level Citicore has a vertically integrated platform
Slide 34: CREC wins Best Renewable Energy Company in Asia
CREC wins Best Renewable Energy Company in Asia
Slide 35: Q&A
Q&A RENEWABLE “ ENERGY
Slide 36: Thank you!
Thank you! For questions, please contact: CREC Investor Relations CiticoreIR@crec.com.ph crec.com.ph Citicore Renewable Energy Corporation @CiticorePH
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