Citicore Renewable Energy Corp. · PSE:CREC
Citicore Renewable Energy — 9M 2024 Earnings Presentation
33 slides from Citicore Renewable Energy's earnings presentation, Nov 14, 2024
Slide 1: Company Presentation: 9M 2024 Analyst Briefing
Company Presentation 9M 2024 Analyst Briefing 14 November 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 01 9M 2024 Performance Highlights 02 9M 2024 Financial Highlights 03 Asset Portfolio 04 Project Pipeline Updates 05 Highlights and Key Takeaways 06 Q&A
Slide 4: 9M 2024 Performance Highlights
9M 2024 Performance Highlights
Slide 5: 9M 2024 Performance Highlights
9M 2024 Performance Highlights 29% Revenue growth driven by 36% increase in Sale of Electricity Revenue at Php 3.386Bn (+29%), EBITDA at Php 1.222Bn (+8%), Net Income at Php 756Mn (+6%) Solid financial position Total Assets Increased by 75% and Total Equity increased by 111% Citicore has a verticall
Slide 6: 9M 2024 Financial Highlights
9M 2024 Financial Highlights
Slide 7: 9M 2023 vs 9M 2024 Results
9M 2023 vs 9M 2024 Results Amounts in Mn Php 29% 3,386 2,621 8% 1,222 1,133 6% 713 756 Revenue EBITDA Net Income 9M 2023 9M 2024
Slide 8: Income Statement
Income Statement Amounts in Mn Php 30 September 2024 30 September 2023 Change % Electricity Sales 2,850 2,098 36% Lease income 488 487 - Service Fees 48 36 32% Revenue/ Total Income 3,386 2,621 29% Direct Costs (2,250) (1,728) 30% Gross Profit 1,136 893 34% Operating Expenses (86) (106) (19%) Share
Slide 9: 9M 2023 vs 9M 2024 Results
9M 2023 vs 9M 2024 Results Revenue Performance Electricity Sales Mix Amounts in Mn Php 3,386 32% 48 2,621 488 82% 36 487 79% 36% 9M 2024 9M 2023 13% 2,850 19% 5% 2,098 2% Customers FIT WESM Customers FIT WESM 9M 2023 9M 2024 Sale of Electricity Lease Income Service Fees
Slide 10: Profitability Indicators
Profitability Indicators 43% 36% 34% 34% 27% 22% Gross Profit Margin EBITDA Margin Net Profit Margin 9M 2023 9M 2024
Slide 11: Balance Sheet
Balance Sheet Amounts in Mn Php 30 September 2024 31 December 2023 Change Cash and cash equivalents 4,707 2,403 96% Other Current Assets 2,172 5,327 (59%) Total Current Assets 6,878 7,730 (11%) Property, Plant & Equipment 26,948 9,308 190% Investment in Subsidiaries and Joint Venture 1,195 1,162 3%
Slide 12: Gearing Ratios
Gearing Ratios Current Ratio Interest Coverage Ratio 7.03 3.78 3.54 3.60 9M 2023 9M 2024 9M 2023 9M 2024 Debt to Equity Net Debt to Equity 1.10 1.03 0.87 0.77 9M 2023 9M 2024 9M 2023 9M 2024
Slide 13: Market Ratios
Market Ratios Earnings per share Book value per share 0.08 1.90 0.06 0.96 9M 2023 9M 2024 9M 2023 9M 2024 Price to book P/E Ratio 38.54 2.81 28.16 1.61 at IPO Price 9M 2024 at IPO Price 9M 2024
Slide 14: Asset Portfolio
* CITICORE RENEWABLE ENERGY Asset Portfolio Zw
Slide 15: Portfolio Overview
Portfolio Overview Portfolio geographical overview Portfolio breakdown by development stages and technology Development stage Number of assets (#) Total capacity4 (MW) Solar Onshore wind Hydro Operating 2 10 285 1 26 Under Construction / Ready-to-Build 8 1,583 - - 4 544 Advanced Development 8 883 3
Slide 16: CREC's Operating Assets
CREC’s Operating Arayat (1&2) Bulacan Assets 115.7 MW 15 MW 10 Operating Solar Assets Cebu Tarlac 1 60 MW 8.8 MW 285 MWdc Combined Gross Installed Capacity 227 MWac Equivalent Negros Occidental Tarlac 2 390 GWh Estimated Annual Net Generation 25 MW 7.5 MW 710,562 Clark Bataan 2 Households powered 22
Slide 17: Asset portfolio – Ready-to-Build / Under Construction
Asset portfolio – 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 capacity of c.1,609MW Solar Hydro Isabela Run-of-River Project Batangas 1 Batangas 2 Pangasinan 1 Pangasinan 2 Pampanga 3
Slide 18: Vertically integrated platform with capabilities for end-to-end solutions
Vertically integrated platform with capabilities for end-to-end solutions • 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 asset management • CRE
Slide 19: Solar Project Pipeline Construction Updates
Solar Project Pipeline Construction Updates
Slide 20: Construction Updates
Construction Updates As of November 2024 Batangas 1 | 280 MW Batangas 2 | 250 MW Lumbangan, Tuy, Batangas Luntal, Tuy, Batangas Bolbok 1&2, Tuy, Batangas Q4 2024 Q4 2024 Q4 2024 target completion date target completion date target completion date
Slide 21: Construction Updates
Construction Updates As of November 2024 Pangasinan 1 | 240 MW Pangasinan 2 | 270 MW Pampanga 3 | 60 MW Sta. Barbara, Pangasinan San Manuel, Pangasinan Arayat, Pampanga Q4 2024 Q4 2024 Q4 2024 target completion date target completion date target completion date
Slide 22: Construction Updates
Construction Updates As of November 2024 Quezon 1 | 293 MW Negros Occidental 2 | 100 MW Pagbilao, Quezon Silay, Negros Occidental Q4 2024 Q4 2024 target completion date target completion date
Slide 23: Onshore Wind Projects
Onshore Wind Projects
Slide 24: Citicore Onshore Wind Projects (562.5MW)
Citicore Onshore Wind Projects (562.5MW) Levanta Renewables - Vietnam PRP Corp. Description Project : Pangasinan CW 2 150MW Description Name Wind Power Project Pangasinan Project : Bataan-Zambales CW Capacity : 150.000 MW Wind Project 125MW Name Wind Power Project Off-Taker : GEAP (80.000 MW) Bataan
Slide 25: Met Mast installation
Met Mast installation 237.5MW 50MW Iloilo Wind Project Camarines Sur Wind Project
Slide 26: Run-of-River Hydro Project
* CITICORE RENEWABLE ENERGY Run-of-River Hydro Project
Slide 27: Construction Updates
Construction Updates As of November 2024 Geotechnical Investigation Isabela Run-of-River Hydro Project | 25.7 MW Echague, Isabela Q2 2026 target completion date
Slide 28: Highlights & Key Takeaways
* CITICORE RENEWABLE ENERGY Highlights & Key Takeaways
Slide 29: CREC's GEAP-2 projects presented with CEPNS from the DOE
CREC’s GEAP-2 projects presented with CEPNS from the DOE Solar Wind Solar & Wind
Slide 30: Recent awards won by Citicore Renewables
Recent awards won by Citicore Renewables September 10, 2024 October 08, 2024
Slide 31: 9M 2024 Performance Highlights
9M 2024 Performance Highlights 29% Revenue growth driven by 36% increase in Sale of Electricity Revenue at Php 3.386Bn (+29%), EBITDA at Php 1.222Bn (+8%), Net Income at Php 756Mn (+6%) Solid financial position Total Assets Increased by 75% and Total Equity increased by 111% Citicore has a verticall
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Slide 33: Thank you!
Thank you! For questions, please contact: CREC Investor Relations crec.com.ph @CiticorePH CiticoreIR@crec.com.ph
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