INVESTOR PRESENTATION June 2020 DISCLAIMER By attending this - - PowerPoint PPT Presentation
INVESTOR PRESENTATION June 2020 DISCLAIMER By attending this - - PowerPoint PPT Presentation
INVESTOR PRESENTATION June 2020 DISCLAIMER By attending this presentation and/or by accepting this presentation you will be taken to have represented, warranted and undertaken that you have read and agree to comply with the contents of this
DISCLAIMER
By attending this presentation and/or by accepting this presentation you will be taken to have represented, warranted and undertaken that you have read and agree to comply with the contents of this disclaimer. The information contained in this presentation (“Presentation”) has been prepared by Grenergy Renovables S.A. (the “Company”) and has not been independently verified and will not be updated. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein and nothing in this Presentation is, or shall be relied upon as, a promise or representation. Neither the the Company nor any of its employees, officers, directors, advisers, representatives, agents or affiliates shall have any liability whatsoever (in negligence or otherwise, whether direct or indirect, under contract, tort or otherwise) for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation. This Presentation is for information purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, the Company’s publicly available information and, if applicable, the
- ral briefing provided by the Company. The information and opinions in this presentation are provided as at the date hereof and subject to change without notice. It is not the intention to provide, and you
may not rely on these materials as providing, a complete or comprehensive analysis of the Company’s financial or trading position or prospects. This Presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice and does not take into account your investment objectives or legal, accounting, regulatory, taxation
- r financial situation or particular needs. You are solely responsible for forming your own opinions and conclusions on such matters and for making your own independent assessment of the Company. You
are solely responsible for seeking independent professional advice in relation to the Company. No responsibility or liability is accepted by any person for any of the information or for any action taken by you or any of your officers, employees, agents or associates on the basis of such information. This Presentation contains financial information regarding the businesses and assets of the Company. Such financial information may not have been audited, reviewed or verified by any independent accounting firm. The inclusion of such financial information in this Presentation or any related presentation should not be regarded as a representation or warranty by the Company, its affiliates, advisors or representatives or any other person as to the accuracy or completeness of such information’s portrayal of the financial condition or results of operations by the Company and should not be relied upon when making an investment decision. Certain financial and statistical information in this document has been subject to rounding off adjustments. Accordingly, the sum of certain data may not conform to the expressed total. Certain statements in this Presentation may be forward-looking. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions which could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These include, among other factors, changing economic, business or other market conditions, changing political conditions and the prospects for growth anticipated by the Company’s management. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. Any forward-looking statements contained in this Presentation and based upon past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The market and industry data and forecasts that may be included in this Presentation were obtained from internal surveys, estimates, experts and studies, where appropriate as well as external market research, publicly available information and industry publications. The Company, it affiliates, directors, officers, advisors and employees have not independently verified the accuracy of any such market and industry data and forecasts and make no representations or warranties in relation thereto. Such data and forecasts are included herein for information purposes only. Accordingly, undue reliance should not be placed on any of the industry or market data contained in this Presentation. The distribution of this Presentation in other jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. NEITHER THIS PRESENTATION NOR ANY OF THE INFORMATION CONTAINED HEREIN CONSTITUTES AN OFFER OF PURCHASE, SALE OR EXCHANGE, NOR A REQUEST FOR AN OFFER OF PURCHASE, SALE OR EXCHANGE OF SECURITIES, OR ANY ADVICE OR RECOMMENDATION WITH RESPECT TO SUCH SECURITIES. The securities of the Company may not be offered or sold in the United States of America except pursuant to an effective registration statement under the Securities Act of 1933 or pursuant to a valid exemption from registration
02
03
GRENERGY IN A NUTSHELL
INTEGRATED BUSINESS MODEL, present in the entire value chain of our projects From a purely Solar PV player to a MULTI-ENERGY company (Solar PV, Wind, Storage) Tangible PIPELINE >4GW and high project CONVERSION ratios aiming to secure future growth MULTI-COUNTRY player, with strong focus in Spain and LatAm FINANCIAL GROWTH & consistent TARGET OUTPERFORMANCE translated into outstanding market cap evolution DUAL strategic approach: B2O (build to own) + B2S (build to sale)
4.5 GW
Pipeline
04
KEY FIGURES
>250 MW
Built
6
Countries
€33M
1Q20 Revenues
€5.6M
1Q20 EBITDA
+ 150
Employees
215 MW
Under Construction
466 MW
Backlog
+700 MW
A.D. Pipeline Increase last 3 months
€3.4M
1Q20 Net Income
3.6x
Net Deht/EBITDA1
March 31th 2020
>50%
Of employees abroad
1: Annualizel EBITDA (1Q20x4 or 22M€)
05
KEY INVESTMENT HIGHLIGHTS
Attractive equity story
RENEWABLES REVOLUTION & COVID IMPACTS
1 2 3 4 5 6
PROVEN TRACK RECORD OUTPACING TARGETS PLATFORM WITH OUTSTANDING GROWTH POTENTIAL INTEGRATED BUSINESS MODEL AND ASSET ROTATION STRATEGY SOLID FINANCIAL PERFORMANCE STRONG GOVERNANCE STRUCTURE WITH FOCUS ON ESG
06
1-RENEWABLES REVOLUTION
Wind & Solar to represent 30% of installed global capacity by 2040
Electrification to increase global demand of electricity Global installed power capacity is projected to rise from c. 6.7TW in 2016 to 12.0TW in 2040, with c. 30% of installed capacity being renewable (c. 17% Solar PV and c. 14% Wind)
17% 4% 4% 14% 15%
Global Installed Capacity (GW)1 S
- l
a r P V 7 . 6 x
- W
i n d 3 . 6 x
- O
t h e r 1 . 4 x
6,677 8,647 9,725 11,961
2025E 2030E 2040E 2016E 2016(2) 2040E
Solar & Wind Other technologies
Global Installed Capacity – By Technology (%)
Fossil Fuels Hydro Wind Solar PV Nuclear Other Renewables
LCOE3 Evolution – Solar PV and Wind ($/MWh) LCOE3 – By Technology ($/MWh)
Gas Combined Cycled Coal Nuclear Onshore Wind Solar PV (Utility Scale)
Wind
Note: (1) Global Average Annual Capacity Additions under the New Policies Scenario, 2017-2040 (IEA); (2) Latest actual figure for WEO is 2015; (3) Levelized Cost of Energy Slide Source: OECD/IEA 2017 World Energy Outlook, IEA Publishing, Perspectivas 2018-2022 Iberdrola, Lazard’s Levelized Cost of Energy Analysis 2019
Solar PV 44 68 66 152 118 192 28 54 36 44
62% 4% 2% 7% 46% 19% 6%
400 350 300 250 200 150 100 50
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1-RENEWABLES REVOLUTION
Spain: Key Renewable Energy Market 07
Spain is currently one of the top countries in the world for the development of renewable energy, specially Solar PV
Source: REE / BNEF 2018
✓ Top irradiation geography in Europe ✓ Closing of coal and nuclear plants ✓ Market no longer based on subsidies or feed-in tariffs ✓ +30 GW of PV projects will be commissioned in the country either under pure merchant, public auctions or PPA by 2030 Spain: The Best Conditions European Irradiation Level Power Production Evolution by Technology
Fossil Fuels Hydro Wind Solar PV Nuclear Other Renewables
16% 5% 15%
2018 2040E
36% 27% 45% 2% 2% 12% 1% 25% 10%
>1750 kwh/m2 1600-1750 1400-1600 1200-1400 1050-1200 <1050
1-RENEWABLES REVOLUTION
Renewables’ Revolution: A Sector in Motion… 08
Abdul Latif hires advisors to sell Fotowatio Renewable Deal Size: 0.9 GW Solar
- c. €1,500M
Ongoing
Riberas´family prepare the sale of Elawan in the coming months Deal Size: 1.3 GW Wind
- c. €2,000M
Ongoing
Brookfield has agreed to acquire a 50% stake in X-ELIO Energy Deal Size: 1.7 GW Solar PV $443M
July 2019
Ardian has agreed to acquire 420 MW portfolio from Renovalia Deal Size: 0.4 GW Wind €550M
May 2019
AIMCo agreed to acquire Eolia from Oaktree Capital and RES Neco Deal Size: 0.7 GW Wind €1,400M
November 2019
…with relevant M&A activty GALP agreed to adquire Zero.E from ACS Deal Size: 1,5 GW €1,000M
January 2020
Surged as a pure Solar PV player, but started the transition towards a multi-technology player back in 2015 Wind projects Under Construction in LatAm 600MW Hybrid Projects in Chile Battery Pilot Project in Chile Traditional pure Solar-PV players currently entering the wind sector, and vice versa
Source: Mergermarket 2019
1-COVID-19 IMPACTS IN OUR SECTOR
09
Reduction in electricity prices due to a significant fall in the demand for power
1
- Renewable generators that rely on fixed power price agreements with credit-worthy offtake counterparts are not materially
affected by the reduction in power prices.
- PPA strategy is reinforced as assuming pool price risk has become challenging in an uncertain price and electricity demand evolution.
Projects under construction facing short term challenges
2
- Covid-19 is affecting countries differently both in the impact of the virus and the political measures taken.
- Chile is not stopping building activity within the renewable sector. Argentina and Peru are evolving positively and quarantine
measures may be relaxed in the next few weeks.
The development pipeline might be affected with longer maturing process
3
- Permitting bottleneck and longer financing study processes may cause some quarters delays.
- Renewable sector is facing this new worldwide crisis with a much more mature and cost competitive technology, so short term
impact is not affecting low carbon investment and the mid term renewable and storage capacity outlook.
Solar PV installation cost dropping much faster than expected
4
- Solar PV supply chain is mainly located in China, where the industrial production activity is back to normal levels.
- Less global Solar PV installations with the same level of production is creating competition and deflation pressure on most of
installation components.
KEY INVESTMENT HIGHLIGHTS
Attractive equity story 10
RENEWABLES REVOLUTION & COVID IMPACTS
1 2 3 4 5 6
PROVEN TRACK RECORD OUTPACING TARGETS PLATFORM WITH OUTSTANDING GROWTH POTENTIAL INTEGRATED BUSINESS MODEL AND ASSET ROTATION STRATEGY SOLID FINANCIAL PERFORMANCE STRONG GOVERNANCE STRUCTURE WITH FOCUS ON ESG
11
2-PROVEN TRACK RECORD
Evolving into a Multitech & Multicountry IPP
2007 2015 2020 20221
INCEPTION MAB IPO TODAY TOMORROW
Technology
300 MW Pipeline 50 MW built
Geographical Presence Capacity
>7,000 MW Pipeline Target + new markets 2 GW built Target 1.5 GW IPP Target 4,500 MW Pipeline >250 MW built
1: Company target
KEY INVESTMENT HIGHLIGHTS
Attractive equity story 12
RENEWABLES REVOLUTION & COVID IMPACTS
1 2 3 4 5 6
PROVEN TRACK RECORD OUTPACING TARGETS PLATFORM WITH OUTSTANDING GROWTH POTENTIAL INTEGRATED BUSINESS MODEL AND ASSET ROTATION STRATEGY SOLID FINANCIAL PERFORMANCE STRONG GOVERNANCE STRUCTURE WITH FOCUS ON ESG
3-PLATFORM WITH RELEVANT GROWTH POTENTIAL
Increasing Pipeline with strong conversion ratio from Early Stage to Backlog
29MW conected and delivered during this year. Portfolio of 3,9GW with important advances in Chile. Quillagua project (103MW) moving ahead with unchanged COD. Portfolio of 602 MW, of which 60MW under construction. Kosten project (24MW) postponing COD to Q3 20 Duna & Huambos (36MW) postponing COD to Q4 20
SOLAR PV WIND Chile Spain Colombia Mexico Peru Total #Projects Under Const Backlog MW
Advanced Dev Early Stage Total 100% 80% Probability
- f execution
>50% <50% 155
- 155
6 219 200 12 35
- 466
14 660 660 46
- 230
1.596 37 1.040 120 478
- 1.638
16 2.074 980 536 35 230 3.855 73 Argentina Peru Chile Total #Projects Under Const Backlog MW
Advanced Dev Early Stage Total 100% 80% Probability
- f execution
>50% <50% 24 36
- 60
3
- 70
- 70
1
- 54
418 472 7 24 160 418 602 11
* Solar PV and Wind Project portfolio as of may 21th, 2020. SOURCE: Company
4.5 GW Pipeline 13
1: This classification of the pipeline phases has been made by the company itself on the basis of its previous experience in projects carried out, using its own internal criteria and procedures. 2: Commercial Operation Date
14 Project Classification1
< 50%
Success Rate
> 50%
Success Rate
> 80%
Success Rate
> 100%
Success Rate
4.5 GW Pipeline
Early Stage 2,110MW Advanced Development 1,666MW Backlog 466MW Ready to Build Construction 215MW Operation
COD Estimation
2022 1,510MW 2020 195MW 2021 644MW
3-PLATFORM WITH RELEVANT GROWTH POTENTIAL
Project Portfolio
15
COD: Commercial Operation Date SOURCE: Company
Grenergy is expected to bring almost 700MW to COD during the next months
Type Country Project MW B20 Resource (Hours) COD Argentina Peru Peru Chile Chile
Total UC
Spain Colombia Chile Chile Mexico
Total Backlog
Kosten Duna Huambos Quilagua PMGD Los Escuderos Bayunca PMGD Quillagua2 San Miguel de Allende Wind Wind Wind Solar Solar Solar Solar Solar Solar Solar 24 18 18 103 52
215
200 12 108 111 35
466
Yes Yes Yes Yes No Yes Yes Yes Yes No 5.033 4.900 4.900 2.950 1924-2442 2.128 1.957 2000-2734 2.950 2.300 3Q20 4Q20 4Q20 3Q20 3Q20-1Q21 2Q21 2Q21 1Q21-4Q21 3Q21 1Q21
3-PLATFORM WITH RELEVANT GROWTH POTENTIAL
Projects Under Construction & Backlog
3-PLATFORM WITH RELEVANT GROWTH POTENTIAL
Projects in Advanced Development 16
COD: Commercial Operation Date SOURCE: Company
Importants advances in Chilean and Colombian projects, increasing A.D pipeline to 1,7GW (+700 MW)
Advanced Development projects
Type Country Project MW Resource (Hours) COD Offtaker Negotiation Spain Spain Spain Spain Chile Chile Chile Chile Colombia Peru Peru Peru
Total
Belinchon Ayora Tabernas Jose Cabrera PMGD x11 PMGD 4,0 Nord x13 Teno Gabriela Distribution x4 Emma_Bayovar Matarani Lupi Solar Solar Solar Solar Solar Solar Solar Solar Solar Wind Solar Solar 150 160 300 50 110 130 200 220 46 70 80 150
1.666
2.150 2.212 2.358 2.156 2000-2700 2000-2700 2186 2800 1915 4.000 2.750 2.900 3Q22 4Q22 4Q22 4Q22 4Q21 2Q22 2Q22 3Q22 4Q21 2Q22 2Q22 2Q22 PPA 70-80% PPA 70-80% PPA 70-80% PPA 70-80% PMGD Regime PMGD Regime PPA 60% PPA 60% PPA 100% PPA 100% PPA 100% PPA 100% Advanced Advanced Advanced Advanced Completed Completed Initial Initial Advanced Pending Pending Pending
KEY INVESTMENT HIGHLIGHTS
Attractive equity story 17
RENEWABLES REVOLUTION & COVID IMPACTS
1 2 3 4 5 6
PROVEN TRACK RECORD OUTPACING TARGETS PLATFORM WITH OUTSTANDING GROWTH POTENTIAL INTEGRATED BUSINESS MODEL AND ASSET ROTATION STRATEGY SOLID FINANCIAL PERFORMANCE STRONG GOVERNANCE STRUCTURE WITH FOCUS ON ESG
18
4-INTEGRATED BUSINESS MODEL
Multi-Technology Player Across the Entire Value Chain
Integrated Player
Grenergy has the expertise to build and operate large-scale renewable energy plants
Multi-Technology Player
Grenergy
Development Construction Financing Solar Storage Wind Operation & Maintenance Asset Management Power Generation
4-INTEGRATED BUSINESS MODEL - B20
Grenergy increases its IPP target to 1,5GW in 2022.
Build to Own (B2O)
19
Full visibility of 2021-22 Backlog and A.D. projects
Chile Spain Colombia Peru Argentina
800
1,460 660 163
20201 20211 20221
+36 +24 +103 +200 +66 +231 +400 +100
Rest2 226 MW (16%) Chile 634 MW (43%) Spain 600 MW (41%)
+300
1: Estimate. 2: Rest means Colombia (166 MW), Peru (36 MW) and Argentina (24 MW).
MW
2022 Estimation
163 500
4-INTEGRATED BUSINESS MODEL - B20
2020 IPP Projects on track
K O S T E N W i n d P r
- j
e c t
24MW COD 3Q20
C
- m
m i s s i
- n
i n g p h a s e
20
COD: Commercial Operation Date SOURCE: Company
Q U I L L A G U A S
- l
a r P V P r
- j
e c t
103MW COD 3Q20
Building phase
E S C U D E R O S S
- l
a r P V P r
- j
e c t
200MW COD 2Q21
Closing financing in 3Q20 PPA signed and bank mandated
D U N A H U A M B O S W i n d P r
- j
e c t
36MW COD 4Q20
B u i l d i n g p h a s e
4-INTEGRATED BUSINESS MODEL - B20
21 Built to Own: D&C margin covering a large part of the equity
Example of a project finance structure Power plants financed with non-recourse debt & additional tranche of mezzanine debt D&C gross margin covers a large part of Grenergy’s equity contribution to each B&O project
$100M $70M $10M $20M $12M $8M
100% 70% 10% 20%
Project Capex Senior Debt Mezzanine Debt Equity D&C Margin Grenergy Equity
Grenergy has secured income and cash for the next two years
4-INTEGRATED BUSINESS MODEL - B2S
23
COD: Commercial Operation Date SOURCE: Company 1- Exchange rate 1,12 $
Build to Sell (B2S)
Strategy enabling strong FCF generation
4
4 17
10 6 13 23 8
44
21 13 2 1 8
44
18 20 13 22
74
22 1
23
2019 1Q201 2015 2016 2017 2018 +4x +3x +0% +72%
Carbon free Sonnedix JP Morgan Daelim AD Capital Interenergy Eurus
€M
FOCUS PMGD: a success story
4-INTEGRATED BUSINESS MODEL - B2S
2018 2016
El Olivo 3MW
2017
Panquehue 7MW Doñihue 7MW
2019
Placilla 9MW
2020
Sol de Septiembre 10MW
2021-22-23
>350MW
coming soon
250MW
connected or under construction
✓ More than 350MW of PMGD projects in our pipeline. ✓ Bank already mandated for a 120MW PMGD B2O project finance.
20 MW/4 Projects
Our beginnings
45 MW/10 Projects
Speeding up
50 MW/5 Projects
Consolidation
57 MW/5 Projects
Growing project size
70 MW/8 Projects
More to come
What is a PMGD and its pros?
- Distribution Projects in Chile with a cap of 9MW nominal.
- Connected directly to the grid without substation cost.
- Stabilized Price of energy sale regime, reducing price volatility
- Self-dispatched, without curtailment risk.
- Shorter development phase.
- High interest in financing by banks-Liquid assets with high market unvalue.
24
KEY INVESTMENT HIGHLIGHTS
Attractive equity story 25
RENEWABLES REVOLUTION & COVID IMPACTS
1 2 3 4 5 6
PROVEN TRACK RECORD OUTPACING TARGETS PLATFORM WITH OUTSTANDING GROWTH POTENTIAL INTEGRATED BUSINESS MODEL AND ASSET ROTATION STRATEGY SOLID FINANCIAL PERFORMANCE STRONG GOVERNANCE STRUCTURE WITH FOCUS ON ESG
26
5-SOLID FINANCIAL PERFORMANCE
Track Record of Profitable Growth, fuelled by a strong pipeline of projects
Revenues (€M) EBITDA (€M) Net Income (€M) Market Cap (€M) Pipeline (MW) Headcount (#)
30 34 40 142 351
2016 2017 2018 YTD1 2015
300 626 1,038 2,487 4,457
2016 2017 2018 YTD 2015
24 43 63 108 150
2016 2017 2018 YTD 2015
4
- 2
7 18 18
2016 2017 2018 FY19 2015
3
- 3
4 10 11
2016 2017 2018 FY19 2015
10 17 48 46 85
2016 2017 2018 FY19 2015
x8 x12 x4 x4 x4 x15
1: Calculated on 24.3 Million Shares. Market data as of 12/06/2020
27 Key Financials by Business Lines
5-SOLID FINANCIAL PERFORMANCE
Reported in 3 separate Business Lines
D&C ENERGY SERVICES
✓ Developing Greenfield projects financially & technically feasible ✓ Development & Construction ✓ In-house EPC/Construction ✓ Asset Management - AM ✓ Operation & Mantenance - O&M ✓ Provided to our B2O and B2S projects ✓ Sale of energy ✓ Private & Public PPAs ✓ Merchant
Overview EBITDA Margin1
25-30% 75-85% 15-20%
- 1. Company estimate EBITDA margin run rate guidance.
KEY INVESTMENT HIGHLIGHTS
Attractive equity story 28
RENEWABLES REVOLUTION & COVID IMPACTS
1 2 3 4 5 6
PROVEN TRACK RECORD OUTPACING TARGETS PLATFORM WITH OUTSTANDING GROWTH POTENTIAL INTEGRATED BUSINESS MODEL AND ASSET ROTATION STRATEGY SOLID FINANCIAL PERFORMANCE STRONG GOVERNANCE STRUCTURE WITH FOCUS ON ESG
29
Top Management fully aligned with shareholders through stock options programmes
6-STRONG GOVERNANCE WITH FOCUS ON ESG
Committed management team with sound track record in the sector
Executive – 1/2 Independent members – 1/3 Female members BoD in line with Stock Exchange Best Practices
NON-INDEPENDENT MEMBERS
David Ruiz de Andrés Chairman (Propietary, Exec.) Antonio Jiménez Alarcón Director (CFO, Exec.) Florentino Vivancos Gasset Director (Proprietary) Nicolás Bergareche Mendoza Director Ana Peralta Moreno Director Rocío Hortigüela Esturillo Director
INDEPENDENT MEMBERS
Management Committee
David Ruiz de Andrés CEO Antonio Jiménez Alarcón CFO Mercedes Español M&A Daniel Lozano IR+Communication Alvaro Ruiz Legal Emi Takehara Structured Finance Gonzalo de Rojas Development Alfredo Casas EPC Daniel Barman Energy Sales Luis Collazo Services (O&M + AM)
Business Units Directors Highly experienced management team
New Corporate Offices in Madrid (Spain) New LATAM Regional Office in Santiago (Chile) New Corporate Website 24/7 Control Center
30
6-STRONG GOVERNANCE WITH FOCUS ON ESG
Strengthening Corporate Structure to become a GLOBAL ORGANIZATION
6-STRONG GOVERNANCE WITH FOCUS ON ESG
Commitment with a deep esg strategy 31
Working with EY to deliver a full roadmap and ESG report in 1H20 ENVIRONMENTAL
- Establish efficient waste
management systems in all production processes.
- Establish procedures for the
protection of biodiversity.
- Articulate and quantify how the
company works on climate change mitigation measures.
SOCIAL
- Establish and coordinate the
impact on communities (social action programs).
- Define comprehensive and
homogeneous health and safety management systems for all geographies.
- Define development and
training frameworks in line with the company's objectives.
GOVERNANCE
- Define the ESG authorities
within the governing bodies.
- Establish non-financial risk
control (ESG) systems.
- Establish a global relationship
management framework with all stakeholders, their channels and main messages.
32
6-STRONG GOVERNANCE WITH FOCUS ON ESG
Translating into solid value creation for its shareholders
General Information
Share Information
- Currency: EUR
- Market: Spanish Stock Exchange
- ISIN: ES0105079000
- Ticker code: GRE
- Market Cap. (as of June 12th, 2020): €351.2M
(Share price: EUR 14.45)
- Number of shares (as of June 12th, 2020):
24,306,221
Share Information
- Admision to trading in to the main market last
16th December 2019.
Share Information
- inversores@grenergy.eu
Shareholders (As of June 12th 2020)1 LTM Share Price Evolution (€/p.s.)
David Ruiz de Andrés 68% Free Float 32%
Note (s): David Ruiz de Andrés through Daruan Group Holding 20.00 17.50 15.00 12.50 10.0 7.50 5.0 2.50 2 1 9 A p r / 1 9 J u l / 1 9 O c t / 1 9 2 2 A p r / 1 9
Appendixes
PLATFORM WITH RELEVANT GROWTH POTENTIAL
Project Portfolio
> 50%
Success Rate
> 100%
Success Rate
Early Stage 2,110MW
Projects with technical and financial feasibility:
- Possibilities to secure land and grid; and/or
- Possibilities to sell it to third parties
Projects in a final phase before construction:
- Secured land and grid access; and/or
- +90% Probability to obtain environmental permits
- Off-take agreements, PPA, or bankable scheme of stabilized
prices secured / ready to be signed Ready to Build: Financing close, PPA in place or negotiation of EPC Under Construction: EPC provider has been mandated to start construction works In Operation: Project responsibility transferred from the EPC provider to the project operator Projects with an advanced technical and financial stage:
- +50% Probability to secure land; and/or
- +90% Probability to get grid access; and/or
- Environmental permits requested
Advanced Development 1,666MW Backlog 466MW Ready to Build Construction 215MW Operation
Project Classification1
< 50%
Success Rate
> 80%
Success Rate
34
1: This classification of the pipeline phases has been made by the company itself on the basis of its previous experience in projects carried out, using its own infernal criteria and procedures.
PROJECT OVERVIEW
215 MW Under Construction 35
163 MW Build to Own – 52MW Build to Sell
Country Project Type Site Control Type MW Interconnect. rights Environmental approvals
Kosten Duna Huambos Quillagua San Vicente Teno - PMGD El Romeral Nahuen Molina Wind Wind Wind Solar Solar Solar Solar Solar Solar 24 18 18 103 9,6 11 9,6 10,8 10,8 215 Obtained Obtained Obtained Obtained Obtained Obtained Obtained Obtained Obtained
Build & Own
Yes Yes Yes Yes No No No No No
COD
3Q20 4Q20 4Q20 3Q20 1Q21 1Q21 3Q20 3Q20 3Q20 Obtained Obtained Obtained Obtained Obtained Obtained Obtained Obtained Obtained Obtained Obtained Obtained Obtained Obtained Obtained Obtained Obtained Obtained U.C U.C U.C U.C U.C U.C U.C U.C U.C Argentina Peru Peru Chile Chile Chile Chile Chile Chile TOTAL
PROJECT OVERVIEW
466 MW Backlog 36
431 MW Build to Own –35MW Build to Sale
Country Project Type Site Control Type MW Interconnect. rights Environmental approvals
Mitchi Bellavista Pintados Condor Ckilir Lockma Arica2 Dolores Quillagua2 Bayunca Los Escuderos Ckontor Astillas
- S. Miguel de Allende
Solar Solar Solar Solar Solar Solar Solar Solar Solar Solar Solar Solar Solar Solar 11 10,8 10,8 11 11 11 11 10,8 111 12 200 10,8 10,8 35 466 Secured Secured Secured Obtained Submitted Submitted Submitted Secured Obtained Obtained Obtained Submitted Obtained Obtained
Build & Own
Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No
COD
1Q21 2Q21 2Q21 2Q21 2Q21 2Q21 3Q21 4Q21 2Q21 2Q21 2Q21 3Q21 1Q21 1Q21 Secured Secured Obtained Submitted Obtained Obtained Secured Submitted Submitted Obtained Obtained Submitted Obtained Submitted Obtained Obtained Obtained Secured Obtained Obtained Submitted Obtained Obtained Obtained Obtained Submitted Obtained Obtained Backlog Backlog Backlog Backlog Backlog Backlog Backlog Backlog Backlog Backlog Backlog Backlog Backlog Backlog Chile Chile Chile Chile Chile Chile Chile Chile Chile Colombia España Chile Chile Mexico TOTAL
Country Project Type Site Control Type MW Interconnect. rights Environmental approvals
PMGDs norte PMGs Teno Gabriela Buenavista Centro Sol del Mar Montelibano jose cabrera Belinchon Ayora Tabernas Emma_Bayovar Matarani Lupi Solar Solar Solar Solar Solar Solar Solar Solar Solar Solar Solar Solar Wind Solar Solar 130 110 200 220 11,6 11,6 11,6 11,6 50 150 160 300 70 80 150 1.666 Submitted Submitted Obtained Submitted In progress In progress In progress In progress Secured Obtained Obtained Submitted Obtained Obtained Obtained
Build & Own
TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD
COD
2Q22 4Q21 2Q22 3Q22 4Q21 4Q21 4Q21 4Q21 4Q22 3Q22 4Q22 4Q22 2Q22 2Q22 2Q22 Submitted Submitted Submitted Submitted Submitted Submitted Submitted Submitted Obtained Obtained Obtained Obtained Obtained Obtained Obtained Submitted Submitted Submitted In progress Submitted Submitted Submitted Submitted In progress Submitted Submitted In progress In progress In progress Obtained A.D A.D A.D A.D A.D A.D A.D A.D A.D A.D A.D A.D A.D A.D A.D Chile Chile Chile Chile Colombia Colombia Colombia Colombia España España España España Peru Peru Peru TOTAL
PROJECT OVERVIEW
1.666 MW Advanced Development
37 Proven track record and important conversion rate from Advance Development to Backlog
REVENUE 1Q20
38 Total Revenue +33.3M€ (+227% YoY). B2S revenue still our main value driver and cash generator
+ 232% Revenue increase in D&C* division + 41% Revenue increase in Services** division
- Energy division will add sales in 3Q 2020
SOURCE: Company * Development and Construction ** Services includes O&M (Operation and Maintenance) and AM (Asset Management)
1Q20 vs 1Q19; €M
Energy Services Total D&C 0.3 0.0 9.9 10.2
+227%
Energy Services D&C 0.4 0.0 32.8 Total IFRS 33.3
1Q19 Revenue 1Q20 Revenue
EBITDA 1Q20
39 Total EBITDA +5.6M€ (vs -0.5M€ in 1Q19). Energy sale will increase Ebitda margin exponentially
+ 12x EBITDA increase in D&C division
- Energy division will add EBITDA in H2 2020
Energy Services Corporate Total D&C 0.0 0.0 0.4
- 0.8
- 0.5
SOURCE: Company 1 EBITDA Margin calculation just considering third party sales *D&C = Development & Construction
EBITDA Margin1
1Q19 EBITDA 1Q20 EBITDA
1Q20 vs 1Q19; €M
Energy Services Corporate D&C 0.0 0.0 6.5 5.6 Total IFRS
- 0,9
29% 4%
- 11%
- 5%
1% 25%
CAPEX 1Q20
40 Grenergy invested 24M€ in Solar PV and Wind projects under construction. Capex expected to grow with Quillagua and Duna Huambos final disbursement
SOURCE: Company
€M
Wind Project: Kosten Wind Project: Duna Huambos Quillagua Development Capex Other Total Capex 2.6 3.7 1.4 0.1 23.7 15.9
FREE CASH FLOW AT GROUP LEVEL 1Q20
41
SOURCE: Company
€M
End 2019
EBITDA Change in
- perating WK
Taxes and Financial
- Exp. Cash out
Growth Capex Project Debt ST Financial Investments Other ST debts
End 1Q20
11.9
- 2.0
- 1.4
22.6
- 23.7
- 0,3
- 17.6
5.6 28.8
€M
CHANGE IN NET DEBT AND LEVERAGE
42 Overall leverage kept growing as expected to 3,6x Net Debt/EBITDA due to capex investments Ample finance capacity for our IPP targets
SOURCE: Company 1 Leverage calculated as Net debt divided by annualized EBITDA for 1Q20 (1Q20x4 or 22M€)
ND/EBITDA 0,2x 0,5x 2,0x 3,6x Growth Capex 2019 Net Debt Funds from Operations FY19 Net Debt 2.0
- 23.7
- 12.3
- 41.2
- 75.3
Other
Change in net debt Leverage1
2019 Full year 1H19 1Q20 2018 Full year
Solid increase in Net Income
Profit and losses
(€k) Revenue
Income from customer sales Income from related from third party sales
Procurement
Procurement from third parties Activated cost
Gross Margin Personnel expenses Other incomes Other operating expenses Other results EBITDA Depreciation and amortization EBIT Financial incomes Financial expenses Exchange rate differences Financial result Result before taxes Income tax Net Income External partners Net Income atributable to Parent Company 1Q20 33.278
22.838 10.440
(24.108)
(13.668) (10.440)
9.170 (1.318) 11 (2.291) 25 5.597 (196) 5.401 15 (565) (979) (1.529) 3.872 (445) 3.427 (13) 3.440 1Q19 10.184
10.184
- (8.799)
(8.799)
- 1.385
(891) 32 (1.032) 31 (475) (113) (588)
- (112)
307 195 (393)
- (393)
6 (399) Delta 227% 174% 562% 48% (66%) 122% (19%) (1278%) 73%
- 1019%
n.m 404% (419%) (884%)
- 1085%
n.m
- 972%
1Q20 Results
Profit and Losses 43
1Q20 Results
Balance Sheet 44
Solid balance position to finance growth
Balance Sheet
(€k) Non-current assets Intangible assets Fixed asset Assets with right of use Deferred tax assets Other fix assets Current assets Inventories Trade and other accounts receivable Current financial investments Other current financial assets Cash and cash equivalents TOTAL ASSETS (€k) Equity Non-current liabilities Deferred tax liabilities Non-current provisions Financial debt
Bonds Debt with financial entities Finance lease Other debts
Current liabilities Current provisions Trade and other accounts payable Financial debt Current financial liabilities Short-term financial lease Other current liabilities Group Loan TOTAL LIABILITIES AND EQUITY 31/3/20 112.268 9.538 93.961 4.361 4.199 209 56.927 4.111 32.289 8.274 321 11.932 169.195 31/3/20 39.549 88.661 3.475 2.802 82.384
21.537 57.281 3.358 208
40.985 1.824 21.825 17.336 299 13.105 658 3.274 169.195 31/12/19 88.044 9.446 70.347 4.564 3.498 189 69.583 8.851 24.763 6.873 323 28.773 157.627 31/12/19 37.098 73.437 3.450 2.748 67.239
21.540 41.765 3.726 208
47.092 829 36.621 9.642
- 5.608
692 3.342 157.627 Var. 24.224 92 23.614 (203) 701 20 (12.656) (4.740) 7.526 1.401 (2) (16.841) 11.568 Var. 2.451 15.224 25 54 15.145
(3) 15.516 (368)
- (6.107)
995 (14.796) 7.694 299 7.497 (34) (68) 11.568
1: IFRS audited figures
In spite of important investment activity the company has still ample capacity for finance growth
(€k) Long-term financial debt Short-term financial debt Other long term debt Other short term debt Other current financial assets Cash & cash equivalents Corporate Net Debt with resource Project Finance debt with resource Project Finance cash with resource Project Finance Net Debt with resource Project Finance debt without resource Project Finance cash without resource Net Debt without resource Total Net Debt Deuda NIIF 16 NET DEBT FOR COVENANT EBITDA COVENANT
Net Debt
1Q20 23.428.199 7.663.900 208.249 3.273.758 (8.274.434) (10.627.157) 15.672.514 52.775.401 (1.304.971) 51.470.431 12.370.128
- 12.370.128
79.513.073 3.859.618 75.653.455 5.597 3,55 FY19 26.097.393 4.841.280 208.249 3.342.401 (6.873.062) (20.408.005) 7.208.256 42.392.003 (8.365.082) 34.026.921
- 41.235.177
4.254.136 36.981.041 18.463 2,23 1Q20-FY19 (2.669.194) 2.822.620
- (68.643)
(1.401.372) 9.780.848 8.464.258 10.383.398 7.060.111 17.443.510 12.370.128
- 12.370.128
38.277.896 (394.518) 38.672.414
1Q20 Results
Profit and Losses 45
1: IFRS audited figures