Fintel Energija Green Pipeline
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1 Fintel Energija Green Pipeline A solid and high-performance strategic infrastructure Belgrade, March 2017
2 Agenda Executive Summary Corporate Structure Operating Power Plants and Project Pipeline Deal Structure Projects Evaluation Annexes 2
3 Executive Summary Fintel Energija Doo has acted as the pioneer in wind energy in the Balkans for almost a decade and, as of today, it is the only utility-scale green IPP in the Serbian energy market. It is wholly owned by Fintel Energia Group SpA, (Ticker: FTL.MI), the first-ever Green Utility to be listed on the Milan Stock Exchange back in 2010 (~100,6 M capitalization, as of March 2017); Fintel Energija is engaged in the development, construction and operation of a solid and highperformance wind portfolio composed by 10 new Wind Power Plants (WPPs) in the northern and north-eastern area of Serbia, totaling ~200 MW of installed capacity. Fintel Energija s wind energy investments leverage on a full range of in-house activities such as project development, direct tendering and project execution through its widely experienced related Company, Energogreen ( Furthermore, Fintel Energija success strategy benefits from its consolidated alliance with its minority partner, MK Group, the largest business conglomerate privately held in Serbia and from its long term partnership with premium technology providers as Vestas Wind Systems, Prysmian and Siemens. Concerning the WPPs implementation schedule, 2 WPPs (Kula and La Piccolina) totaling 16,5 MW of installed power are in operation, while Kosava WPP - I phase (78 MW) is currently under construction and the remaining 7 WPPs are planned for the short-medium term (2019). From the early planning until complete project execution Fintel Energija is permanently assisted by the leading European consultancy firms in environmental, tax & legal, insurance & finance and technical matters (SGURR ENERGY, Lahmayer, CMS, AION, PWC etc.). 3
4 Corporate Structure Fintel Energia Group SpA 100% Fintel Energija Doo MK Group 54 % 46 % MK Fintel Wind 100% 100% Kula (9,9 Mw) La Piccolina (6,6 Mw) Kosava I ph. (78 Mw) Kosava II ph. (39 Mw) Kula II (9,9 Mw) Kosava II (9,9 Mw) Ram (9,9 Mw) Dunav I (9,9 Mw) Dunav III (9,9 Mw) Torak (138 Mw) 4
5 Operating Power Plants and Project Pipeline Vrsac area Veliko Gradiste area Block I Block II Wind Plant 1 - Kula (in operation) 2 - La Piccolina (in operation) 3 - Kosava I phase (under construction) Capacity (MW) Total Investment ( million) 9,9 14,1 January ,6 10,1 July ,3 October Kosava II phase 39 62,8 March Kula 2 9,9 14,4 March 2018 Implementation path Works start Operation February 2016 July 2016 January 2019 July 2019 July 2019 Block III 6 - Kosava2 9,9 13,3 March Ram 9,9 13,9 March Dunav 1 9,9 14,3 March Dunav 3 9,9 14,3 March Torak ,2 March 2019 July 2019 July 2020 July 2020 July 2020 July MW 473 mln 5
6 Deal structure Fintel is scouting several options in order to raise fresh equity (through IPO and/or issuing Wind Bond) and finalize its ambitious business strategy. A) MID TERM RATIONALE Fintel Energija s implementation path has a major constraint in the time of execution. Usually 12 months are wasted for the project financing arrangements. This has a tremendous impact on costs of execution (3 shifts over a single shift, construction windows including winters, etc.) and on the overall value of the wind farm. from Finance Build Commission Model to Build Commission Re-finance Model Shifting to a build&re-finance will maximaze the long-term profitability and reduce significantly total investment and execution risk. B) SHORT TERM RATIONALE Buyout of the minority shareholders in order to consolidate the existing cash-generating assets boosting the company dividends payouts. 6
7 Projects Evaluation Fintel Energija s equity value has been estimated based on Discounted Cash Flow (DCF) of the projects net of a discount, in order to take in consideration different timing of implementation. The pipeline has been classified according to a three block partition where Block I comprises projects in operation or under construction, Block II projects licensed but still not financed and Block III projects currently under authorization process: Sum of parts MW DCF DISCOUNT ENTERPRISE MINORITY FINTEL EV Euro mln (DR 7,5%) VALUE Block I (WPPs in operation/under construction) 94, % % Kula 9,9 - La Piccolina 6,6 - Kosava I phase 78,0 Block II (WPPs licensed but still not financed) 58, % % Kosava II phase 39,0 - Kula II 9,9 - Kosava II 9,9 Block III (WPPs under authorization) 167, % % RAM 9,9 - Dunav 1 9,9 - Dunav 3 9,9 - Torak 138,0 TOTAL VALUE 321, The IPO/Issuing Bond scenario envisages a primary equity offering of approximately Eur 40 million along with the issuance of a 5 year, fixed rate Wind Bond of Eur 50 million. Shares and Wind Bond are expected to be offered to private individuals and entities in Serbia and institutional investors in Serbia and internationally. Wind Bond could also be mandatory convertible Bond. 7
8 Annexes Block I Block I Block I Block II Block II Block II Block III Block III Block III Profit & Lossfrom 1st to 10th year Balance Sheet from 1st to 10th year Cash Flow from 1st to 10th year Profit & Lossfrom 1st to 10th year Balance Sheet from 1st to 10th year Cash Flow from 1st to 10th year Profit & Lossfrom 1st to 10th year Balance Sheet from 1st to 10th year Cash Flow from 1st to 10th year 8
9 Block I Profit & Loss from 1st to 10th year INCOME STATEMENT Year 2016 Year 2017 Year 2018 Year 2019 Year 2020 Year 2021 Year 2022 Year 2023 Year 2024 Year 2025 Euro ' N et revenues Revenues from electric power Revenues from carbon credit Operating & maintenance (69) (344) (351) (1.425) (1.454) (1.483) (1.512) (1.543) (1.574) (1.605) Insurance (12) (51) (52) (290) (296) (301) (307) (314) (320) (326) Structure costs (Personell, M ngmt Energogreen) (68) (372) (380) (1.224) (1.248) (1.273) (1.299) (1.325) (1.351) (1.378) Land lease (2) (3) (3) (14) (14) (14) (14) (14) (14) (14) EB IT D A % on Revenues 83% 83% 89% 89% 89% 89% 89% 89% 89% Depreciation & Amortizations (277) (1.201) (1.201) (7.164) (7.164) (7.164) (7.164) (7.164) (7.164) (7.164) EB IT % on Revenues 56% 57% 63% 63% 64% 64% 65% 65% 66% Financial Interests - Agency fee, SS Agency fee and account bank fee (51) (52) (53) (54) (55) (56) (57) - Interests expenses (244) (1.056) (1.003) (5.710) (5.277) (4.650) (4.116) (3.649) (3.154) (2.631) N et earning b ef o re t axat io n % on Revenues 33% 35% 41% 44% 47% 50% 52% 54% 57% Income tax (154) (219) (238) (1.674) (1.810) (1.977) (2.132) (2.279) (2.430) (2.588) N et Inco me % on Revenues 51% 28% 29% 35% 37% 40% 42% 44% 46% 48% 9
10 Block I Balance Sheet from 1st to 10th year ASSETS Year 2016 Year 2017 Year 2018 Year 2019 Year 2020 Year 2021 Year 2022 Year 2023 Year 2024 Year 2025 Euro ' Trade receivables Trade payables (30) (77) (78) (294) (300) (306) (312) (318) (324) (331) C o mmercial wo rking cap it al Other receivables (inc. VAT credit) Other payables (inc. VAT debit) N et wo rking cap it al Tangible assets Lands F ixed asset s N ET IN V EST ED C A PIT A L LIABILITIES AND SH. EQUITY Year 2016 Year 2017 Year 2018 Year 2019 Year 2020 Year 2021 Year 2022 Year 2023 Year 2024 Year 2025 Euro ' Cash & cash equivalents (706) (1.536) (1.387) (7.803) (10.180) (6.780) (7.669) (8.483) (9.299) (10.117) DSRA (248) (372) (5.496) (5.496) (5.000) (5.000) (5.000) (5.000) (5.000) (5.000) Subordinated debt vs shareholders Financial debt - long term debt N et f inancial p o sit io n Shareholders' capital Reserves Retained income Shareho ld ers eq uit y T OT A L LIB ILIT IES A N D SHA R EHOLD ER S' EQU IT Y
11 Block I Cash Flow from 1st to 10th year CASH FLOW STATEM ENT Year 2016 Year 2017 Year 2018 Year 2019 Year 2020 Year 2021 Year 2022 Year 2023 Year 2024 Year 2025 Euro ' EB IT (+) Depreciation (+/-) Decreses / (increases) net working capital (270) (103) (6) (1.763) (42) (42) (43) (44) (45) (46) Income taxes (154) (219) (238) (1.674) (1.810) (1.977) (2.132) (2.279) (2.430) (2.588) Op erat ing cash f lo w Capex 0 ( ) (13.753) C ash f lo w availab le f o r Pro ject F inance service ( ) Project Finance repayment (171) (1.136) (1.357) (7.514) (7.948) (12.068) (8.122) (8.585) (9.075) (9.593) Project Finance increase Subordinated debt vs shareholders 0 (43) (48) (51) (54) (58) (61) (65) (70) (74) Interest expenses (244) (1.056) (1.003) (5.761) (5.329) (4.703) (4.170) (3.704) (3.210) (2.689) DSRA 0 (124) (5.124) F ree cash f lo w availab le f o r shareho ld ers 70 6 ( ) Dividends 0 (207) (1.164) (903) (7.499) (9.602) (10.132) (10.568) (10.930) (11.297) Capital increases Net cash variation ( st Debt ) / Cash BoP (0) ( st D eb t ) / C ash Eo P
12 Block II Profit & Loss from 1st to 10th year INCOME STATEMENT Year 2019 Year 2020 Year 2021 Year 2022 Year 2023 Year 2024 Year 2025 Year 2026 Year 2027 Year 2028 Euro ' N et revenues Revenues from electric power Revenues from carbon credit Operating & maintenance (279) (569) (580) (592) (604) (616) (628) (641) (654) (667) Insurance (89) (182) (185) (189) (193) (197) (201) (205) (209) (213) Structure costs (Personell, M ngmt Energogreen) (567) (1.157) (1.180) (1.204) (1.228) (1.252) (1.277) (1.303) (1.329) (1.356) Land lease (9) (9) (9) (9) (9) (9) (9) (9) (9) (9) EB IT D A % on Revenues 89% 89% 89% 89% 89% 89% 89% 89% 89% 89% Depreciation & Amortizations (2.263) (4.525) (4.525) (4.525) (4.525) (4.525) (4.525) (4.525) (4.525) (4.525) EB IT % on Revenues 63% 63% 64% 64% 65% 65% 66% 66% 67% 67% Financial Interests - Agency fee, SS Agency fee and account bank fee (51) (52) (53) (54) (55) (56) (57) (59) (60) (61) - Interests expenses (1.842) (3.622) (3.367) (3.097) (2.813) (2.513) (2.196) (1.862) (1.508) (1.135) N et earning b ef o re t axat io n % on Revenues 41% 42% 45% 47% 49% 52% 54% 56% 59% 61% Income tax (521) (1.107) (1.192) (1.280) (1.371) (1.465) (1.563) (1.665) (1.770) (1.880) N et Inco me % on Revenues 34% 36% 38% 40% 42% 44% 46% 48% 50% 52% 12
13 Block II Balance Sheet from 1st to 10th year ASSETS Year 2018 Year 2019 Year 2020 Year 2021 Year 2022 Year 2023 Year 2024 Year 2025 Year 2026 Year 2027 Year 2028 Euro ' Trade receivables Trade payables - (187) (75) (75) (77) (78) (80) (81) (83) (85) (86) C o mmercial wo rking cap it al Other receivables (inc. VAT credit) Other payables (inc. VAT debit) Net working capital Tangible assets Lands F ixed asset s N ET IN V EST ED C A PIT A L LIABILITIES AND SH. EQUITY Year 2018 Year 2019 Year 2020 Year 2021 Year 2022 Year 2023 Year 2024 Year 2025 Year 2026 Year 2027 Year 2028 Euro ' Cash & cash equivalents - (3.882) (9.334) (15.137) (15.981) (16.213) (16.447) (16.685) (16.926) (17.169) (17.416) DSRA - (3.800) (4.428) (5.042) (5.042) (5.042) (5.042) (5.042) (5.042) (5.042) (5.042) Financial debt - long term debt N et f inancial p o sit io n ( ) Shareholders' capital Reserves Retained income Shareho ld ers eq uit y T OT A L LIB ILIT IES A N D SHA R EHOLD ER S' EQU IT Y
14 Block II Cash Flow from 1st to 10th year CASH FLOW STATEM ENT Year 2018 Year 2019 Year 2020 Year 2021 Year 2022 Year 2023 Year 2024 Year 2025 Year 2026 Year 2027 Year 2028 Euro ' EB IT (+) Depreciation (+/-) Decreses / (increases) net working capital 0 (1.336) (142) (31) (30) (31) (31) (32) (33) (33) (34) Income taxes 0 (521) (1.107) (1.192) (1.280) (1.371) (1.465) (1.563) (1.665) (1.770) (1.880) Op erat ing cash f lo w Capex (81.342) (9.163) C ash f lo w availab le f o r Pro ject F inance ser vice ( ) ( ) Project Finance repayment - - (4.575) (4.830) (5.099) (5.383) (5.683) (6.000) (6.335) (6.688) (7.061) Project Finance increase Interest expenses 0 (1.893) (3.674) (3.420) (3.152) (2.868) (2.569) (2.254) (1.920) (1.568) (1.196) DSRA 0 (3.800) (628) (614) F ree cash f lo w availab le f o r shar eho ld ers ( ) Dividends (5.803) (6.647) (6.879) (7.113) (7.351) (7.592) (7.835) Capital increases N et cash variat io n ( st Debt ) / Cash BoP ( st D eb t ) / C ash Eo P
15 Block III Profit & Loss from 1st to 10th year INCOME STATEMENT Year 2020 Year 2021 Year 2022 Year 2023 Year 2024 Year 2025 Year 2026 Year 2027 Year 2028 Year 2029 Euro ' N et revenues Revenues from electric power Revenues from carbon credit Operating & maintenance (828) (1.690) (1.723) (1.758) (1.793) (1.829) (1.866) (1.903) (1.941) (1.980) Insurance (254) (518) (529) (539) (550) (561) (572) (584) (595) (607) Structure costs (Personell, M ngmt Energogreen) (708) (1.444) (1.473) (1.502) (1.532) (1.563) (1.594) (1.626) (1.659) (1.692) Land lease (25) (25) (25) (25) (25) (25) (25) (25) (25) (25) EB IT D A % on Revenues 92% 92% 92% 92% 92% 92% 92% 92% 92% 92% Depreciation & Amortizations (5.967) (11.934) (11.934) (11.934) (11.934) (11.934) (11.934) (11.934) (11.934) (11.934) EB IT % on Revenues 67% 68% 68% 69% 69% 70% 70% 71% 71% 72% Financial Interests - Agency fee, SS Agency fee and account bank fee Interests expenses (4.758) (9.356) (8.697) (8.002) (7.267) (6.492) (5.673) (4.809) (3.897) (2.933) N et earning b ef o re t axat io n % on Revenues 48% 49% 51% 53% 55% 58% 60% 62% 64% 66% Income tax (1.706) (3.573) (3.808) (4.050) (4.301) (4.561) (4.830) (5.110) (5.399) (5.699) N et Inco me % on Revenues 40% 42% 43% 45% 47% 49% 51% 53% 55% 56% 15
16 Block III Balance Sheet from 1st to 10th year ASSETS Year 2019 Year 2020 Year 2021 Year 2022 Year 2023 Year 2024 Year 2025 Year 2026 Year 2027 Year 2028 Year 2029 Euro ' Trade receivables Trade payables 0 (358) (221) (221) (225) (230) (234) (239) (244) (249) (254) C o mmercial wo rking cap it al Other receivables (inc. VAT credit) Other payables (inc. VAT debit) N et wo rking cap it al Tangible assets Lands F ixed asset s N ET IN V EST ED C A PIT A L LIABILITIES AND SH. EQUITY Year 2019 Year 2020 Year 2021 Year 2022 Year 2023 Year 2024 Year 2025 Year 2026 Year 2027 Year 2028 Year 2029 Euro ' Cash & cash equivalents 0 (11.830) (26.488) (42.144) (48.118) (48.805) (49.501) (50.207) (50.923) (51.648) (52.383) DSRA 0 (5.100) (10.587) (15.880) (15.880) (15.880) (15.880) (15.880) (15.880) (15.880) (15.880) Financial debt - long term debt N et f inancial p o sit io n Shareholders' capital Reserves Retained income Shareho ld ers eq uit y T OT A L LIB ILIT IES A N D SHA R EHOLD ER S' EQU IT Y
17 Block III Cash Flow from 1st to 10th year CASH FLOW STATEM ENT Year 2019 Year 2020 Year 2021 Year 2022 Year 2023 Year 2024 Year 2025 Year 2026 Year 2027 Year 2028 Year 2029 Euro ' EB IT (+) Depreciation (+/-) Decreses / (increases) net working capital 0 (3.807) (221) (85) (82) (84) (86) (87) (89) (91) (93) Income taxes 0 (1.706) (3.573) (3.808) (4.050) (4.301) (4.561) (4.830) (5.110) (5.399) (5.699) Op erat ing cash f lo w Capex ( ) (34.315) C ash f lo w availab le f o r Pro ject F inance service ( ) ( ) Project Finance repayment - - (11.818) (12.476) (13.172) (13.907) (14.682) (15.501) (16.365) (17.277) (18.241) Project Finance increase Interest expenses 0 (4.758) (9.356) (8.697) (8.002) (7.267) (6.492) (5.673) (4.809) (3.897) (2.933) DSRA 0 (5.100) (5.487) (5.293) F ree cash f lo w availab le f o r shareho ld ers ( ) Dividends Capital increases N et cash variat io n ( st Debt ) / Cash BoP ( st D eb t ) / C ash Eo P
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