STAR Conference. London, 1 October 2013

Transcription

1 STAR Conference London, 1 October 2013

2 Group Overview Business Plan Key Financial Figures 2

3 FALCK RENEWABLES AT A GLANCE A pure player in the Renewable Energy Sector 28 plants across Europe and with a good technology mix (Wind, Biomass, Solar and Waste to Energy) 716 MW in operations and 80 MW under construction and authorized m Euro of Revenues at 2012 year end Experienced Management with a proven track record 3

4 FALCK RENEWABLES: 716 MW ACROSS EUROPE Millenium 65 MW (UK) 4 / > 80 6/ 273 Plants/MW In operations Budduso Ala dei Sardi 138 MW (Italy) Plants/MW Les Cretes 10 MW (France) Authorised/under constr. Trezzo sull Adda WTE 20 MW (Italy) 4/ 42 La Muela 25.7 MW (Spain) 2/ 49 14/ 353 Cardonita 3.7 MW (Italy) 4

5 CONSISTENT DELIVERY SINCE FOCUS ON RENEWABLES PLANTS CONTINUOUS PROFITABILITY GROWTH 57% 58% % 51% % % EBITDA REVENUES EBITDA MARGIN Wind Solar WTE Biomass Balanced presence across Europe with a good technology mix 60% 50% 40% 30% Strong execution capability with proven ability to deliver projects High and improving profitability Approx. 36% of EBITDA * produced outside Italy *As of 31 December

6 SOUND FINANCIAL CAPABILITIES PFN/EBITDA VS MW GROWTH PROJECT FINANCE/NFP * 12.6% 95 m % 659 m Other Project Finance PFN/EBITDA MW Strong cash generator thanks to operating plants High debt coverage and Project Finance non recourse debt 0 NFP (WITHOUT DERIVATIVES) HEDGED* 91.7% 635 m 8.3% 57 m Unhedged Hedged *As of 30 June

7 A VERY YOUNG ASSET BASE WITH AN INTERESTING AVERAGE DEBT MATURITY 7

8 Group Overview Business Plan Key Financial Figures 8

9 NEW BUSINESS PLAN.. From a Capital intensive to a self sustainable business Core activities Rebalancing of technologies and markets Asset rotation and integration Integrated Services LESS CAPITAL, MORE VALUE 9

10 BUSINESS PLAN : MAIN ASSUMPTIONS Existing Business Growth Asset Rotation Completion and operation of authorized wind projects in UK Extensions of operating wind farms in Italy Impacts of unbalancing costs & CEC-CIP6 calculations No further growth expected in Solar sector (Pv) Focus on Programmable sources Hybridization of plants Service Business: Greenfield Development, Performance and Asset M.gt, Dispatching & Unbalancing, Forecast Services Sale of 49% stake in UK qualified operating assets Use of proceeds: partial decrease of NFP and support of the growth 10

11 SALE OF MINORITY STAKE IN UK WIND ASSETS 51% 49% PARTNER Sale of a qualified minority stake (up to 49%) of UK SPVs Financial partnership for codevelopment in projects pipelines Finalization of a short list underway. DIVIDENDS UK SPVs DIVIDENDS Completion: end 2013/early 2014 Proceeds 100% Partial reimbursement of Corporate Credit Loan Focus on growth plan and related activities 11

12 BUSINESS PLAN : EBITDA EVOLUTION Euro millions 2012 vs 2013 BY TECHNOLOGY PRICES VOLUMES UNBALANCING EXCH. RATE NEW ACTIVITIES TRANSACTION COSTS LEGAL COSTS ~ 20 ~ 30 ~ 225 ~ ~ 145 ~ 136 ~ WIND WTE/BIO SERVICE

13 BUSINESS PLAN : MW & CAPEX Euro millions CAPEX EVOLUTION ( m) ~ 140 ~ 70 ~ 40 ~ 50 ~ 420 1% 10% 6% 35% ~ % Cumulated Wind Wte/Biomass Anaerobic D. Solar thermo Services INSTALLED CAPACITY EXPECTED TO REACH 865MW IN

14 BUSINESS PLAN : NFP & CASH GENERATION Euro millions NFP UNDER CONTROL OVER THE PERIOD Strong cash flow generation from the operating plants and new projects; ~ 505 ~ 420 Proceeds from sale of a qualified minority of the UK assets (49%) Dividend distribution policy from 2014 Capex Plan over 400m OP. CASH FLOW CAPEX SURPLUS 2017 NFP expected : m without derivatives impact 14

15 Group Overview Business Plan Key Financial Figures 15

16 H FINANCIAL STATEMENTS June June Δ millions of euro % Revenues % Net Operating costs (58.8) (56.3) Ebitda % % on Revenues 61.8% 60.3% Depreciation - Amortization - Write Off (35.8) (45.1) Operating result % % on Revenues 38.5% 28.6% Financial income and charges (25.6) (23.3) Equity investments (0.0) 0.7 Earnings Before Taxes % Taxes (14.5) (12.6) Net Earnings Impairment test: 2012 : Sicilian projects M euro 2013: Trezzo plant 4.1 M euro millions of euro 30-Jun Dec-12 Net Invested Capital 1, ,186.5 Equity Net Financial Position (754.1) (842.8) of which: Proj. Fin. and MLT no recourse (734.1) (775.4) NFP excluding Derivatives Instruments (691.7) (757.1) 16

17 H FINANCIAL HIGHLIGHTS: CASH FLOW Euro millions Strong Cash Flow generation in H1 2013: 89 m vs negative cash flow of 21 m in H NFP 31 Dec 2012 Cash Flow from Operations Exchange Difference on Assets Capex net of Disposal Derivatives fair value variation Other NFP 30 June 2013 Cash in of green certificates of 60 M euro 15 (22) 23 (0.4) (754) (843) 73 17

18 H FINANCIAL HIGHLIGHTS: NET FINANCIAL POSITION Euro millions NFP BREAKDOWN DERIVATIVES IMPACT ON NFP (843) (62) (67) (26) (6) (754) (734) Cash SPVs Cash PF Derivatives FKR MLT Loans Other Corp. & net Loan Local Comm. debts (754) NFP (757) NFP excluding derivatives Derivatives (692) (86) (62) December 2012 June

19 Annex Stock performance and governance 2012 Financial Figures 19

20 Prezzo Volumi STOCK PERFORMANCE AND GOVERNANCE FALCK RENEWABLES PRICE PERFORMANCE SHAREHOLDERS STRUCTURE * 1, ,0 1,5000 1, ,0 8,0 Free Float 32.0% 0,9000 0,6000 0,3000-6,0 4,0 2,0 0,0 Colombo Achille 2.01% Heller William Jacob 5.99% Falck SpA 60.00% Market Segment: STAR MTA Reuters Code: FKR.MI Bloomberg Code: FKR IM Number of Shares Outstanding: 291,413,891 Auditors: Reconta Ernst & Young Price (September 25 th, 2013): 1.07 Euro Market Cap (September 25 th,2013): Euro Average Daily Volume**: 706,289 Specialist: Banca Akros * Source: Consob and Company data ** Last three months 20

21 2012 FINANCIAL STATEMENTS millions of euro Dec 2012 One-Off December December Op. activities Items Revenues Net Operating costs (116.7) - (116.7) (106.9) Ebitda % on Revenues 57.5% % 57.0% Depreciation - Amortization - Write Off (67.8) (111.6) (179.4) (62.5) Operating result 90.2 (111.6) (21.4) 79.2 % on Revenues 32.8% - (7.8%) 31.9% Financial income and charges (46.8) (0.3) (47.1) (42.7) Equity investments Earnings Before Taxes 44.0 (111.9) (67.9) 37.3 Taxes (17.4) (0.2) (17.6) (17.4) Net Earnings 26.6 (112.1) (85.5) 19.8 millions of euro Dec 2012 One-Off Op. Activities Items Dec 12 Dec 2011 Net Invested Capital 1,298.6 (112.1) 1, ,277.9 Equity (112.1) Net Financial Position (842.8) - (842.8) (826.1) of which: Proj. Fin. and MLT no recourse (775.4) - (775.4) (749.7) NFP excluding Derivatives Instruments (757.1) - (757.1) (765.2) 21

22 FINANCIAL HIGHLIGHTS: NET FINANCIAL POSITION Euro millions NFP BREAKDOWN NFP : IMPACT OF DERIVATIVES (826) (843) (86) (94) (22) (5) (765) (757) (775) (843) NFP excluding derivatives 74% Derivatives Cash SPVs Cash PF Derivatives FKR Corp. Loan MLT Loans & Local Com. Other net debts NFP (61) (86) December 2011 December 2012 Net Financial Position breakdown by currency for year ended 2012 : 74% Euro and 26% GBP 22

23 2012 EVOLUTION OF INSTALLED CAPACITY AND PRODUCTION MW BY TECHNOLOGY +5% MW BY COUNTRY +5% Wind WTE/Biomass Solar Italy UK Spain France GWh 1, % 1, WASTE (KTON) % 314 1,233 1, Wind WTE/Biomass Solar

24 2012 FINANCIAL HIGHLIGHTS: REVENUES +10% TO 275 M Euro millions Revenues By Technology Revenues By Country 249 m 4.0% 39.0% +10% 275 m 4.2% 29.9% 249 m 32.5% 2.0% 2.0% +10% 275 m 27.6% 3.5% 2.5% 57.0% 65.9% 63.5% 66.4% Wind Wte/Biomass Solar Italy UK France Spain 24

25 2012 FINANCIAL HIGHLIGHTS: EBITDA + 11% TO 158 M Euro millions EBITDA* By Technology EBITDA By Country 5.7% 27.5% 5.7% 16.3% 142 m 2.1% 2.1% +11% 158 m 3.9% 2.6% 29.9% 38.0% 78.0% 66.8% 57.7% 63.6% Wind Wte/Biomass Solar Italy UK France Spain * Breakdown of EBITDA by technology made on total Ebitda gross of holding impact 25

26 CONTACTS IR CONTACTS FKR ON LINE IR Manager Giorgio Botta Via Alberto Falck Sesto San Giovanni Milano NEXT EVENTS 12 November 2013 Approval of Q Results IR Consultant Vincenza Colucci CDR Communication Srl Tel

27 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. 27