STAR Conference. London, 3 rd October 2012
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1 STAR Conference London, 3 rd October 2012
2 Group Overview H Key Financial Figures Outlook 2
3 A WELL BALANCED PRESENCE ACROSS MARKETS AND SEGMENTS Waste to energy Biomass energy Wind energy Solar energy Waste treatment 3
4 OPERATING PLANTS : 716 MW AS OF AUGUST 2012 KILBRAUR 67,5 MW BOYNDIE 16,7 BEN AKETIL 27,6 MILLENNIUM 65,0 EARLSBURN 37,5 CEFN CROES 58,5 272 MW TREZZO S/A 20,0 MW TREZZO S/A 0,07 MW ECOCENTRO (*) ESPOSITO (*) TY RU 10,0 MW ESQUENNOIS 12,0 LE FOUY 10,0 LES CRETES 10,0 GRANAROLO 11,0 MW MINERVINO 52,0 MESAGNE 2,0 RENDE 14,0 42 MW RENDE 1,0 SAN SOSTENE 79,5 CABEZO S.R. 23,3 MW LA MUELA 25,7 49 MW 353 MW CARDONITA 3,8 SPINASANTA 6,0 SUGHEROTORTO 3,3 GEOPOWER 138 MW PETRALIA S. 22,1 MW WIND WTE / BIOMASS SOLAR (*) WASTE TREATMENT 4
5 EUROPEAN PRESENCE: PLANTS UNDER CONSTRUCTION / AUTHORIZED NUTBERRY ( 15 MW) KINGSBURN (20 MW) WEST BROWNCASTLE (30 MW) SPALDINGTON (15 MW) 45 MW UNDER CONSTRUCTION 35 MW AUTHORIZED /READY FOR CONSTRUCTION 5
6 WELL POSITIONED IN THE INDUSTRY WITH A PROVEN TRACK RECORD Balanced presence across Europe with a good technology mix Approx. 40% of EBITDA ** produced outside Italy MW INSTALLED CAPACITY CAGR +32% Strong execution capability with proven ability to deliver projects Young fleet leveraging on innovative technology * Skilled management team n of plants * Wind Solar WTE Biomass Total *As of September 2012 ** As of H
7 AND SOUND FINANCIAL CAPABILITIES High profitability : H Ebitda margin 60% Stable and predictable cash flow Financially strong after 130 mn capital increase Other Project Finance PROJECT FINANCE/NFP 718 m 84.8% 129 m 15.2% High debt coverage and non recourse debt Corporate loan of 165 mn secured to support investment activity Average debt maturity around 12 years Unhedged Hedged NFP (WITHOUT DERIVATIVES) HEDGED 666 m 86.3% 106 m 13.7% * Based on Net Financial Position as of 30 June
8 STOCK AND GOVERNANCE FALCK RENEWABLES PRICE PERFORMANCE SHAREHOLDERS STRUCTURE * 140 Falck Renewables S.p.A. Italy FTSE Italia Star Panel Comps* FTSE MIB Free Float 32.00% Price (100 = 22 Aug 2011) Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Market Segment: STAR MTA Reuters Code: FKR.MI Bloomberg Code: FKR IM Number of Shares Outstanding: 291,413,891 Auditors: Reconta Ernst & Young Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Colombo Achille 2.9% Heller William Jacob 5.99% Price (Sept 24 th, 2012): 1 Euro Market Cap (Sept 24 th, 2012): 291,4 Euro Average Daily Volume**: Specialist: Centrobanca Indexes: MCSI Global Small Cap Index ECPI Italy SME Equity Falck SpA 60.00% * Source: Consob and Company data ** Last three months 8
9 Group Overview H Key Financial Figures Outlook 9
10 THREE YEARS OF GROWTH Euro millions CAGR REVENUES +28% EBITDA +35% MW +27% REVENUES 716 MW EBITDA 54% 57% 60% EBITDA Margin Jun 10 Jun 11 Jun 12 Aug 12 Pro-forma 10
11 H HIGHLIGHTS June 12 vs June 11 % June 11 Euro millions INSTALLED CAPACITY - MW % 526 ENERGY PRODUCTION - GWh % 710 REVENUES - m % EBITDA - m % 65.0 NET EARNINGS - m (Excluding Sicily Impact) % 14.3 NET EARNINGS - m %
12 H KEY HIGHLIGHTS OPERATIONS CONSTRUCTION DEVELOPMENT New plants in operation in respect of H1 2011: Wind: Buddusò Alà dei Sardi (138 MW), Kilbraur (20 MW) and Millennium (15 MW) extension Solar: Cardonita, Spinasanta and Sugherotorto (13 MW) WTE/Biomass plants performance and tariffs partially offsetting CIP6 expiration La Muela consolidated by proportional method following new shareholders agreement Completion of the wind farm Petralia Sottana (22.1 MW) and TY RU France (10 MW) in operation from July 2012 Total current MW in operation 716 MW Ongoing construction of Nutberry (15 MW) wind farm JV in Poland with Avallon for the development of a pipeline of wind projects Incorporation of a new company in Warsaw, Poland Approval granted for the West Browncastle (30 MW) and Spaldington (up to 15 MW) wind farm Scouting of new opportunities/repowering in WTE and Biomass sector 12
13 FINANCIAL HIGHLIGHTS: CASH FLOW Euro millions H Cash Flow from Operations of 59 m H Cash Flow of -21 m NFP December 2011 CAPEX NFP La Muela Exch difference on assets Derivatives Fair Value Variation Dividends Cash Flow from Operations NFP June 2012 It excludes 2011 Green Cerificates for 49 m to be cashed in H2 (826.1) (34.0) (10.5) (13.0) (13.8) (8.8) 58.9 (847.3) 13
14 H1 FINANCIAL HIGHLIGHTS: NET FINANCIAL POSITION Euro millions NFP BREAKDOWN DERIVATIVES IMPACT ON NFP (75) (99) (25) (5) NFP excluding (765) derivatives (772) (747) (847) Derivatives Cash Cash Constrained PF Derivatives FKR Corporate Loan Other MLT Loans Other net debts NFP (61) (75) December 2011 June
15 Group Overview H Key Financial Figures Outlook 15
16 EXPECTED GROWTH FOR RENEWABLES IN EUROPE CAGR EXPECTED ENERGY PRODUCTION UE27 * 5.0% 4.3% 4.0% CAGR EXPECTED GROWTH IN POLAND * Mwe CAGR E 3.2% % 2.0% 1.0% 0.0% -1.0% 0.3% -0.3% -0.3% Renewables Nuclear Gas Carbon Oil CAGR E 4.4% Solar Wind Hydro -2.0% -3.0% -4.0% -3.0% E E Poland East Europe * Source: Unicredit on European Commission figures 2012 Energy production from renewables expected in Europe to reach 1,468 TWh in 2030 with a total installed capacity of over 478,000 Mwe Wind: net installed capacity approx. 278,000 Mwe in 2030, +224% vs 2010 Focus on fast growing countries: wind net installed capacity in Poland expected to grow by 7.2% CAGR to 2,701 Mwe 16
17 STRONG COMMITMENT TO GEOGRAPHICAL AND TECHNOLOGICAL DIVERSIFICATION PROCESS Scouting opportunities among 1,000 MW pipeline Explore new options of growth through JVs or partnerships Minimum double digit equity IRR differentiated by technology WIND SOLAR WTE BIOMASS Maximize investments over the business plan horizon choosing within a significant pipeline in UK and Poland (wind hours > 2500 per year) Extension of existing plants in Italy Consolidating presence and opportunities in specific niches: opportunistic acquisition of operating plants in Italy scouting in solar thermodynamic technology Develop current projects and start development in interesting markets - UK and Poland - where the group is already active Opportunistic acquisition activities Develop medium size plants (7/10 MW) highly integrated within the territory, use of local feedstocks Opportunistic acquisition activities 17
18 BUSINESS PLAN TARGET REVENUES GROWTH MW GROWTH Euro millions CAGR 11-14: 11% 249 ~340 MW Italy Uk Spain France Poland E CAGR 11-14: 10% EBITDA GROWTH ~190 ~ % E 2014 CUMULATED CAPEX FOR 460 MN 3% 1% 6% 29% 57% 66% E 2014E 2014 NFP Net of derivatives~ 990 MN UK Italy France Poland Wind WTE /Biomass Solar 18
19 CONTACTS IR CONTACTS FKR ON LINE IR Manager Giorgio Botta Milan London Via Alberto Falck Sesto San Giovanni Milano IR Consultant Vincenza Colucci CDR Communication Srl Tel NEXT EVENTS 22/10/2012 General Shareholders Meeting 12/11/2012 BoD - approval of III interim financial report at
20 DISCLAIMER This document has been prepared by Falck Renewables S.p.A. (the "Company") for use during meetings with investors and financial analysts and is solely for information purposes. The information set out herein has not been verified by an independent audit company. Neither the Company nor any of its subsidiaries, affiliates, branches, representative offices (the Group ), as well as any of their directors, officers, employees, advisers or agents (the Group Representatives ) accepts any responsibility for/or makes any representation or warranty, express or implied, as to the accuracy, timeliness or completeness of the information set out herein or any other related information regarding the Company and/or Group, whether written, oral or in visual or electronic form, transmitted or made available. This document may contain forward-looking statements about the Company and/or the Group based on Company s current views, beliefs, expectations, opinions, as well as based on current plans, estimates, assumptions, projections and projects of the Company and/or Group. These forward-looking statements are subject to significant risks, uncertainties and other factor (many of which are beyond the Company and/or the Group s control) which might cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks, uncertainties and other factors, you should not place undue reliance on the forward-looking statements in this document. The information set out in this document is provided as of the date indicated herein. Except as required by applicable laws and regulations, the Company assumes no obligation to provide updates of any of the aforesaid forward-looking statements or to conform these statements to its actual results. Under no circumstances shall the Company, the Group and/or any of the Group Representatives be held liable (for negligence or otherwise) for any loss or damage howsoever arising from any use of this document or its contents or otherwise in connection with the document or the aforesaid forward-looking statements. This document does not constitute an offer to sell or a solicitation to buy or subscribe the shares of the Company or Group and neither this entire document or a portion of it may constitute a recommendation to effect any transaction or to conclude any legal act of any kind whatsoever. This document may not be reproduced or distributed, in whole or in part, by any person other than the Company. By viewing and/or accepting a copy of this document, you agree to be bound by the foregoing limitations. 20
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