Grenergy Renovables S.A · BME:GRE
Grenergy Renovables — 9M 2021 Earnings Presentation
31 slides from Grenergy Renovables's earnings presentation, Nov 24, 2021
Slide 1: Results Presentation 9M21
RESULTS PRESENTATION 9M21 Jan - Sep Madrid, 24th Nov 2021
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: Key Highlights
KEY HIGHLIGHTS FINANCIAL OPERATIONAL ESG PERFORMANCE EXECUTION Total pipeline of 6.3GW 9M21 Net Profit of 6.9 M€ 420MW In operation ESG Action Plan 2021 on track EBITDA of 18.2 M€ 267MWs Under Construction 765MWs Backlog ESG Rating - MSCI Corporate Revenue of 150.4M€ Governance 8.5 score obtained Ene
Slide 4: Index
INDEX 1 FINANCIAL RESULTS 2 PIPELINE & OPERATIONS 3 STRATEGIC PLAN UPDATE 4 ESG 03
Slide 5: Financial Results
Grenergy renovables Lig T Ss 1 ie ay es i ta a a 1 FINANCIAL BEN ls...
Slide 6: Revenue 9M21
REVENUE 9M21 Total Revenue +150.4 M€ (+82% YoY) 9M20 Revenue 9M21 Revenue 1.8 12.8 9M21 vs 9M20; €M + 12.8M€ Energy division sales in 9M21 0.0 1.4 +67% YoY 150.4 increase in revenues in D&C* 135.8 division +36% YoY 81.3 82.7 increase in revenues in Services** division D&C Energy Services Total D&C E
Slide 7: EBITDA 9M21
EBITDA 9M21 Total EBITDA +18.2 M€ 9M20 EBITDA 9M21 EBITDA 0.3 0.0 0.2 -3.7 -3.0 9M21 vs 9M20; €M 9.0 +9M€ Energy division EBITDA in 9M21 18.2 20.8 Services division EBITDA 18.0 increased by 53% YoY 12.6 D&C Energy Services Corporate Total D&C Energy Services Corporate Total 46%1 17% 39%1 36%1 71% 19
Slide 8: Capex 9M21
CAPEX 9M21 Grenergy invested 139.7 M€ in Solar PV and Wind projects under construction €M 18.8 90.3 139.7 33.5 1.8 10.0 4.1 14.7 Development Wind Project: Wind Project: Quillagua Escuderos Distribution Total Capex Capex Kosten Duna Huambos Projects1 Capex expected to grow with Escuderos & rest of di
Slide 9: Free Cash Flow at Group Level 9M21
FREE CASH FLOW AT GROUP LEVEL 9M21 €M -9.4 18.2 -6.2 -4.9 -6.9 21.0 28.4 73.9 -139.7 105.0 -19.1 -3.5 Cash EBITDA Change in Taxes and Non Cash Growth Short Buy-back Share Financial Other Cash 9M21 FY20 operating Financial Exchange Capex term-Liquid1 Shares Capital debt WK Exp. Cash out differences p
Slide 10: Change in Net Debt and Leverage
CHANGE IN NET DEBT AND LEVERAGE Overall leverage 7.6X Change in net debt Leverage1 €M 9M20 FY20 1H21 7,6x 9M21 -128.4 -181.4 5,4x 5,0x 2.6 4,4x -7.1 -6.9 -3.5 -3.7 -0.3 -139.7 105.0 2020 Funds Growth Share IFRS16 Non Cash Buy-Back Derivatives Other 9M21 ND/EBITDA Net Debt from Capex Capital Exchange
Slide 11: Pipeline & Operations
2 PIPELINE & OPERATIONS
Slide 12: Pipeline Update
PIPELINE UPDATE Project portfolio Highly visible 6.3 GW pipeline, 420 MW in operation Estimated COD2 Project Classification1 9M21 6.3GW 1H21 2025 < 50% Early Stage 2,647MW Success Rate 2,582MW -65MW 2024 > 50% Advanced Development 2,630MW Success Rate 2,645MW +15MW 2023 > 80% Backlog 772MW Success Ra
Slide 13: Pipeline Update
PIPELINE UPDATE Total pipeline of 6.3 GWs (increased by 1.2 GW YoY) >1,8 GW of projects either in operation, construction or backlog SOLAR PV WIND Under Advanced Early Total Under Advanced Early Total MW Const Backlog Dev Stage pipeline MW Const Backlog Dev Stage pipeline In In Probability Operation
Slide 14: Projects Under Construction & Backlog
PIPELINE UPDATE Projects Under Construction & Backlog 687MWs in operation and under construction. 765MWs in final development phase Resource Country Project Type MW B20 COD (Hours) Chile Quillagua Solar 103 Yes 2,950 4Q20 Peru Duna Wind 18 Yes 4,900 4Q20 Peru Huambos Wind 18 Yes 4,900 4Q20 Mexico Sa
Slide 15: Projects in Advanced Development
PIPELINE UPDATE Projects in Advanced Development On track to deliver solid growth with 2.6 GW of projects in advanced development with a geographical and technological diversification Resource Country Project Type MW COD Offtaker Negotiation (Hours) Spain Ayora Solar 172 2,212 1Q23 PPA 60-70% Advanc
Slide 16: Strategic Plan Update
3 STRATEGIC PLAN UPDATE
Slide 17: Build to Own: Operational Targets Update
BUILD TO OWN: OPERATIONAL TARGETS UPDATE Grenergy target up to 3,5GW in 2024 New target MW 198 600 1,400 2,400 3,500 Previous target MW 163 660 1,460 2,460 GW 1,900 54% LATAM Europe 1,200 +1,100 600 +1,000 1,600 46% 1,200 200 +800 700 198 +400 400 2020 2021 2022 2023 2024 Diversifying to European ma
Slide 18: Build to Own: Operational Targets for 2022
BUILD TO OWN: OPERATIONAL TARGETS FOR 2022 More than 1GW of RTB projects in coming quarters 650MW - Belinchón, Tabe rnas 100MW - Distribution proj and Ayora Solar PV ects Projects securing environm Creating a solid plataform ental permits before april in Colombia 2022 W - Utility Scale and PMGD proj
Slide 19: Energy Storage: Capex
ENERGY STORAGE: CAPEX Energy storage entering exponential market growth phase Energy Storage Annual Capacity Additions, GWh Levelized Cost of Storage Large Scale System Q3 2021 (€/MWh) 800 700 % 600 R 31 Capacity GWh 500 CAG 400 LCOS 50 12 5 3 70€ Components 300 % 200 R 66 CAG 100 Capital Charging O
Slide 20: Energy Storage: Main Markets
ENERGY STORAGE: MAIN MARKETS Grenergy main markets early position and core business PV + Storage, Spain PV + WIND + Storage, Chile PV + Storage, UK New Capacity market regulation Defining new Energy storage needs Mature Energy storage markets PROS: PROS: PROS: • At least 5 GW Storage Objective 2030
Slide 21: Energy Storage: Company Pipeline
ENERGY STORAGE: COMPANY PIPELINE Building a leadership position in battery storage Energy Storage PIPELINE MW/MWh Advanded Under Early stage Backlog Total Total development construction MW´s MW´s MW´s MWh´s MW´s MW´s Chile 518 - - - 518 2590 Spain 327 50 - - 377 1530 UK 148 - - - 148 148 TOTAL 993 5
Slide 22: ESG Commitments
4 ESG COMMITMENTS
Slide 23: ESG Action Plan 2021 – Update on Progress
ESG ACTION PLAN 2021 – UPDATE ON PROGRESS CREATION OF THE SUSTAINABILITY COMMITTEE HARASSMENT GLOBAL POLICY GOVERNANCE PROCUREMENT POLICY Q3 HUMAN RIGHTS POLICY PROCUREMENT POLICY APPROVED BY SUSTAINABILITY SUSTAINABILITY REPORT 2020 PUBLISHED COMMITTEE AND UNDER REVIEW BY THE BOARD ESG IN OUR SDG C
Slide 24: ESG Ratings - MSCI Governance Report
ESG RATINGS - MSCI GOVERNANCE REPORT GRENERGY´S CORPORATE GOVERNANCE ASSESSED BY MSCI Accounting ✔ Unsolicited ESG Rating ✔ Based on publicly available information ✔ Some areas of recognition: GOVERNANCE SCORE Pay Board • Diverse and engaged board gender balanced • Requisite experience: financial, i
Slide 25: Increased Sustainability Disclosure at Website
INCREASED SUSTAINABILITY DISCLOSURE AT WEBSITE SUSTAINABILITY STRATEGY • ESG Roadmap • ESG Ratings coverage • Sustainability report 2020 • Contribution to the SDGs • Corporate governance resources BIODIVERSITY • Strategy, key figures, showcase of main initiatives CLIMATE CHANGE • Strategy, carbon fo
Slide 26: Appendices
APPENDICES
Slide 27: Platform with Relevant Growth Potential
PLATFORM WITH RELEVANT GROWTH POTENTIAL Project Portfolio Project Classification1 Early Stage Projects with technical and financial feasibility: < 50% • Possibilities to secure land and grid; and/or Success Rate 2,582MW • Possibilities to sell it to third parties Projects with an advanced technical an
Slide 28: 9M21 Results: Profit and Losses
9M21 RESULTS Profit and Losses Solar and Wind projects producing EBITDA in the energy division Profit and Losses (€k) 9M21 9M20 Delta Revenue 150.439 82.682 82% Income from customer sales 49.542 46.116 0% Income from related from third party sales 100.897 36.566 0% Procurement (119.304) (55.762) 114%
Slide 29: 9M21 Results: Balance Sheet
9M21 RESULTS Balance Sheet Balance Sheet (€k) 30/09/21 31/12/20 Var. Non-current assets 333,645 169,499 164,146 Intangible assets 9,099 9,143 (44) Fixed asset 298,443 144,768 153,675 Assets with right of use 11,834 5,284 6,550 Deferred tax assets 10,509 10,217 292 Other fix assets 3,760 87 3,673 Cur
Slide 30: 9M21 Results: Net Debt
9M21 RESULTS Net Debt Total leverage 7.6x Net Debt (€k) 9M21 FY20 9M21-FY20 Long-term financial debt 29.085.818 35.026.283 (5.940.465) Short-term financial debt 11.923.144 4.832.787 7.090.357 Other long term debt - 156.189 (156.189) Other short term debt 156.159 3.054.370 (2.898.211) Other current f
Slide 31: Developers and IPP of Solar PV & Wind Projects
Developers and IPP of SOLAR PV & WIND projects Chile - Spain - Peru - Colombia - Italy - Mexico - Argentina - UK