Ecoener Sa · BME:ENER

Ecoener Sa — H1 2021 Earnings Presentation

31 slides from Ecoener Sa's earnings presentation, Sep 20, 2021

  1. Slide 1: Results Presentation: First Half 2021 Ecoener

    Results Presentation: First Half 2021 Ecoener 20th September 2021

  2. Slide 2: Disclaimer

    Results Presentation: First Half 2021 Ecoener This document and the information contained herein does not constitute an offer to sell, exchange or buy, or the solicitation of an offer to buy, or any recommendation or advice regarding, any securities issued by Grupo Ecoener, S.A. (“Ecoener” or the “C

  3. Slide 3: Highlights

    Results Presentation: First Half 2021 Ecoener HIGHLIGHTS 01. Reconfirmation of the targets announced during the IPO. 02. On track to have 166 MW in operation by the end of 2021. 03. High operational margins in all the business segments. 04. Long standing operational track record. Most of our assets

  4. Slide 4: Summary

    Results Presentation: First Half 2021 Ecoener SUMMARY 01. FINANCIAL PERFORMANCE 02. OPERATIONS UPDATE 02.1 CONTINUED GROWTH IN THE CANARY ISLANDS 02.2 GROWTH IN AMERICAS 02.3 GROWTH AHEAD 4

  5. Slide 5: Financial Performance

    Results Presentation: First Half 2021 Ecoener 01. FINANCIAL PERFORMANCE 5

  6. Slide 6: Installed capacity and total production

    Results Presentation: First Half 2021 Ecoener Installed capacity and total production INSTALLED GROSS CAPACITY BY TECHNOLOGY MW INSTALLED GROSS CAPACITY BY COUNTRY MW 166 166 14 141 (1) 141 41 141 (1) 141 16 118 118 16 16 118 118 14 14 14 14 16 16 16 16 16 16 73 73 73 50 50 136 111 111 88 88 52 52 5

  7. Slide 7: Revenues

    Results Presentation: First Half 2021 Ecoener HYDRO REVENUES Revenues 7,5 In €Mn 6,6 EVOLUTION NET REVENUES (1) In €Mn 2020-1H 2021-1H 19,4 18,2 WIND REVENUES In €Mn 7,4 6,9 2020-1H 2021-1H 2020-1H 2021-1H NET REVENUES BREAKDOWN 30.06.2021 30.06.2020 Variation SOLAR-PV REVENUES In €Mn Pool Revenues

  8. Slide 8: EBITDA

    Results Presentation: First Half 2021 Ecoener EBITDA HYDRO (ADJ. EBITDA - % MARGIN)(2,3) SOLAR-PV (ADJ. EBITDA - % MARGIN)(2,3) In €Mn In €Mn 10,6 8,5 9,0 6,2 96,4% 94,2% 93,1% 91,6% 88,9% 4,7 73,0% 79,3% 82,1% 77,5% 71,7% 4,1 4,4 2,2 3,9 1,8 2018 2019 2020-1H 2020 2021-1H 2018 2019 2020-1H 2020 202

  9. Slide 9: EBITDA Key Highlights

    Results Presentation: First Half 2021 Ecoener EBITDA Key Highlights ENERGY COMMERCIALIZATION (ADJ. EBITDA - % MARGIN)(2,3) In €Mn 0,6 0,4 Adjusted EBITDA margin at consolidated level impacted as we are reinforcing the operational 0,2 0,1 structure in order to deliver on our 10,8% 12,8% 0,7% 0,0 4,3%

  10. Slide 10: Cash Flow

    Results Presentation: First Half 2021 Ecoener Cash Flow FREE CASH FLOW EVOLUTION Cash 31.12.2020 13,7 Resources generated by operations 9,5 IPO 100,0 New Financial Debts 17,1 Repayment of loans capital -8,6 Payments to Capex Suppliers -19,8 Other payments -3,1 Cash 30.06.2021 108,8 -40,0 -20,0 0,0 2

  11. Slide 11: Capex

    Results Presentation: First Half 2021 Ecoener Capex CAPEX BREAKDOWN PV plants Dominican Republic 0,6€ Mn 12 PV plants in Gran 5 Wind farms in La Canaria Gomera 4,9€ Mn 1,1€ Mn Projects in Canarias 1,5€ Mn Llanos de la Aldea Electrical substation 1,7€ Mn Wind Farm Lomo del Moral (4W) 3,3€ Mn Wind fam

  12. Slide 12: Equity

    Results Presentation: First Half 2021 Ecoener Equity CHANGES IN EQUITY 140,0 120,0 116,1 100,0 (1) 100,0 80,0 60,0 40,0 20,0 11,6 6,5 3,1 -4,5 0,0 -0,7 -20,0 Total Equity Capitalizacion of IPO IPO Expenses Profits 1st Half 2021 Translation Total Equity 31.12.2020 debts with the differences and 30.06

  13. Slide 13: Financial structure

    Results Presentation: First Half 2021 Ecoener Financial structure GROSS DEBT (€ MN) LONG-TERM NATURAL FX HEDGING ROBUST BALANCE SHEET (1) 210 (17) 193 68.4% USD 22,5% Gross financial debt €209.8Mn 30.06.2021 New Projects Operating 24.9% Net financial debt €92.3Mn EUR Projects 77,5% 6.7% Average cost

  14. Slide 14: Financial structure

    Results Presentation: First Half 2021 Ecoener Financial structure NET DEBT AND LEVERAGE 8,5x If full contribution to EBITDA of the new five farms was considered, Leverage resulting Leverage would be 4,7x 5,0x 182,2€ Mn Net Debt 92,3€ Mn 31.12.2020 30.06.2021 *Leverage calculated as Net debt divided

  15. Slide 15: Net debt evolution

    Results Presentation: First Half 2021 Ecoener Net debt evolution 31.12.2020 Capitalization of Debt by the Former Sole owner IPO IPO Expenses Derivative Debt Repayment New Debts for New Projects Others 30.06.2021 -150 -100 -50 0 50 100 150 200 Source: Interim Financial Statements and Consolidated Int

  16. Slide 16: Appendix: Financials

    Results Presentation: First Half 2021 Ecoener APPENDIX: FINANCIALS 16

  17. Slide 17: Consolidated P&L Grupo Ecoener

    Results Presentation: First Half 2021 Ecoener CONSOLIDATED P&L GRUPO ECOENER, (1) BREAKDOWN NET REVENUES 30.06.2021 30.06.2020 Variation P&L 30.06.2021 S.A. 30.06.2020 Pool Revenues Spain €7.7Mn €6.8Mn +13% (in € thousands) Regulatory Revenues Spain €4.6Mn €4.6Mn +0% Net revenues (1) 18,206 19,437 R

  18. Slide 18: Statement of financial position (1/2)

    Results Presentation: First Half 2021 Ecoener GRUPO ECOENER CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30.06.2021 31.12.2020 Intangible assets (in € thousands) 7,975 7,951 Statement of financial position (1/2) Goodwill 3,905 3,905 Concession arrangements 1,806 1,840 Other intangible assets 2,264 2

  19. Slide 19: Statement of financial position (2/2)

    Results Presentation: First Half 2021 Ecoener GRUPO ECOENER CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30.06.2021 31.12.2020 Statement of financial position (2/2) (in € thousands) Non-current liabilities Long-term provisions 1,453 1,356 Long-term debts 186,386 185,518 Debt with financial instituti

  20. Slide 20: Cash flow (1/2)

    Results Presentation: First Half 2021 Ecoener GRUPO ECOENER CONSOLIDATED CASH Cash flow (1/2) FLOW 30.06.2021 30.06.2020 (in € thousands) Consolidated income/(loss) before tax (1) (2,859) 3,444 Adjustments to reconcile net income to operating cash flows: Depreciation and amortization 4,739 4,087 Var

  21. Slide 21: Cash flow (2/2)

    Results Presentation: First Half 2021 Ecoener Cash flow (2/2) GRUPO ECOENER CONSOLIDATED CASH FLOW 30.06.2021 30.06.2020 (in € thousands) Collections and payments for equity instruments: Equity instruments issue 100,000 435 Equity refunds - (5,140) Collections and payments for financial liability in

  22. Slide 22: Operations Update

    Results Presentation: First Half 2021 Ecoener 02. OPERATIONS UPDATE 22

  23. Slide 23: Our corporate offices are in La Coruña

    Results Presentation: First Half 2021 Ecoener Gradually, from this spot on the map, we have grown, motivated by the core principles within Spain and abroad. Our corporate offices An international expansion that is continuously are in La Coruña growing in strength trying to minimise our impact on the

  24. Slide 24: Canary Islands

    Our power Results Presentation: First Half 2021 Ecoener PORTFOLIO PIPELINE TOTAL Wind Solar Wind Solar Wind Solar Canary Islands 1. Gran Canaria 71 41 21 97 Leadership 4. Fuerteventura 2 Leveraging our presence since 2005 3. La Gomera 12 1 261 MW 2. La Palma 16 + Canary Islands 99 41 21 100 120 141

  25. Slide 25: Continued growth in the Canary Islands

    Results Presentation: First Half 2021 Ecoener Continued growth in the Canary Islands 2021 Growth 25 PV MW in Gran Canaria Island o Subsidy Granted in SOLCAN Tender: 2,7 M€ o Financing agreement with Banco Sabadell: 16,7 M€: o 2,7% fixed rate. o 1+15 years term SOLCAN Tender – Ecoener €3MN Award 12 p

  26. Slide 26: Continued growth in the Canary Islands

    Results Presentation: First Half 2021 Ecoener Continued growth in the Canary Islands Forthcoming Growth Wind Farm LA FLORIDA 19 MW – COD 2022 o Subsidy Granted: € 2,8 mn. o Financing agreement with Banco Sabadell: € 16 mn. o 2,7% fixed rate. o 1+15 years term EOLCAN Tender – Ecoener € 6,9 mn Award W

  27. Slide 27: Continued growth in the Canary Islands

    Results Presentation: First Half 2021 Ecoener Continued growth in the Canary Islands Hybridization + Technology that interconnects Wind Farms with PV Plants = + energy generation + = Efficiency Hybridization Projects – 41 MWp o Expected Energy generation increase o Ecoener leveraging of its leadersh

  28. Slide 28: Ecoener Footprint in Americas

    Results Presentation: First Half 2021 Ecoener Ecoener Footprint in Americas Market Experience Leveraging our presence since 2005 485 MW 3. Dominican Republic 1. Guatemala 2. Honduras 5. Panama CENTRAL AMERICA COUNTRIES PORTFOLIO PIPELINE TOTAL 1. Guatemala 14 14 2. Honduras 16 16 4. Colombia 3. Domi

  29. Slide 29: Growth in Americas

    Results Presentation: First Half 2021 Ecoener CUTTING – EDGE TECNOLOGY o LONGI, Tier 1 supplier. o Tracker. Growth in Americas o PERC Technology. o 555/560 MWp by Pannel/Bifacial LESS DEGRADATION + EFFICIENCY Forthcoming Growth BETTER ADAPTATION TO HIGH TEMPERATURE 150 PV MWP IN DOMINICAN REPUBLIC P

  30. Slide 30: Growth Ahead

    Results Presentation: First Half 2021 Ecoener Growth Ahead Forthcoming Growth GALICIA – MAINLAND SPAIN - 51 MW 30 MW: “Dos Cotos” WF - COD 2022 o Delivery on track. 21 MW “Merendón WF: o expected 1 year advance construction kick off. 30

  31. Slide 31: Results Presentation: First Half 2021 Ecoener

    Results Presentation: First Half 2021 Ecoener

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