STAR Conference. Milan, 26 March 2013

Transcription

1 STAR Conference Milan, 26 March 2013

2 Group Overview Key Financial Figures 2

3 FALCK RENEWABLES STRENGTHS Wide Geographical Presence Strong execution capability with proven ability to deliver projects Good technological mix Sound financial capability and stable cash flow generation Experienced Management with proven track record 3

4 FALCK RENEWABLES: 716 MW ACROSS EUROPE 4 / > 80 6/ 273 4/ 42 Plants/MW In operations 2/ 49 14/ 353 Plants/MW Authorised/under constr. 4

5 UK 6 OPERATING WIND FARMS (273 MW) Ben Aketil 27.6 MW Kilbraur 67.5 MW Boyndie 16.7 MW Earlsburn 37.5 MW Millenium 65 MW Cefn Croes 58.5 MW 5

6 UK 4 WIND FARMS AUTHORIZED /UNDER CONSTRUCTION WEST BROWNCASTLE (30 MW) COD EXP. : 2H 2014 KINGSBURN (UP TO 22,5MW) COD EXP. :1H 2016 NUTBERRY (15MW) COD EXP. : IIQ 2013 SPALDINGTON (UP TO 15MW) COD EXP. :1H

7 ITALY 4 OPERATING WIND FARMS (292 MW) Budduso Ala dei Sardi 138 MW Minervino Murge 52 MW Petralia Sottana 22.1 MW San Sostene 79.5 MW 7

8 FRANCE AND SPAIN: 6 OPERATING WIND FARMS (91MW) Le Fouy 10 MW Esquennois 12 MW Cabezo 23.25MW Ty Ru 10 MW Les Cretes 10 MW La Muela 25.7 MW 8

9 ITALY WTE, BIOMASS AND SOLAR OPERATING PLANTS (61 MW) Trezzo sull Adda WTE 20 MW Granarolo WTE 22 MW Rende Biomass 14 MW and Solar 1 MW Calce 1 MW Notarpanaro 1 MW Cardonita 3.7 MW Spinasanta 6.0 MW Sugherotorto 3.3 MW 9

10 A VERY YOUNG ASSET BASE WITH AN INTERESTING AVERAGE DEBT MATURITY 10

11 STOCK PERFORMANCE AND GOVERNANCE FALCK RENEWABLES PRICE PERFORMANCE SHAREHOLDERS STRUCTURE * 140 Falck Renewables S.p.A. Italy FTSE Italia Star Panel Comps* FTSE MIB Free Float 32.0% 120 Price (100 = 21 March 2012) Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 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 (March 21 st, 2013): 0.92 Euro Market Cap (March 21 st,2013): Euro Average Daily Volume**: Specialist: Banca Akros Indexes: MCSI Global Small Cap Index ECPI Italy SME Equity * Source: Consob and Company data ** Last three months 11

12 Group Overview Key Financial Figures 12

13 2012 KEY HIGHLIGHTS AND OUTSTANDING POINTS OPERATIONS REGULATIONS SICILIAN PROJECTS EBITDA in line with guidelines Net Financial Position under control Rothschild, acting under a mandate which expires in December 2013, is actively exploring the market Buy-back plan : 180,000 shares acquired ~ 0.062% of capital WTE/Biomass plants performance and tariffs partially offset CIP6 expiration New decree issued by Italian Government on 20/11/2012 regarding avoided cost of fuel calculation (CEC) Impact of the new regime of Green Certificates Ongoing activities to evaluate the circumstances and the associated risks related to : (i) (ii) (iii) the civil court case with the regional authorities of Sicily, currently suspended pending the Court of Cassation s decision, the administrative court case before the Palermo regional administrative court, the first hearing of which is scheduled for 7 May 2013 and the public prosecutor s investigation into the 2002 tender for the creation of integrated waste management systems in Sicily, as previously disclosed to the market. Related to the above mentioned we have also postponed the approval of the draft 2012 financial statements within 27 May 13

14 2012 PRELIMINARY HIGHLIGHTS Euro millions Dec 12 vs Dec 11 % Dec 11 INSTALLED CAPACITY - MW % 684 ENERGY PRODUCTION - GWh 1, % 1,560 REVENUES - m % EBITDA - m % Net Financial Position - m % NFP exluding Derivatives Instruments - m %

15 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

16 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 16

17 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 17

18 EBITDA 2012 VS 2011: KEY FACTORS Euro millions Roc Recycle and market price Granarolo 29.3 (5.3) 2.8 (1.0) (0.6) (9.1) Geopower Ty Ru Petralia 2011 Loss CIP 6 Incentives New Plants Price Exch differences Development expenses Other

19 FINANCIAL HIGHLIGHTS: CASH FLOW Euro millions NFP December 2011 CAPEX NFP La Muela Exch difference on assets Derivatives Fair Value Variation Dividends Cash Flow from Operations NFP December 2012 (826.1) (58.3) (10.5) (8.9) (24.0) (8.8) 93.8 (842.8) 19

20 FINANCIAL HIGHLIGHTS: NET FINANCIAL POSITION 1/2 Euro millions NFP BREAKDOWN DERIVATIVES IMPACT ON NFP (86) (94) (22) (5) (765) (757) (775) (843) NFP excluding derivatives Cash Cash Constrained PF Derivatives FKR Corporate Loan Other MLT Loans Other net debts NFP Derivatives (61) (86) December 2011 December

21 FINANCIAL HIGHLIGHTS: NET FINANCIAL POSITION 2/2 Euro millions PLANT UNDER CONSTRUCTION/IN OPERATION 4.0% PROJECT FINANCE HEDGED 96.0% Under Construction Operating Unhedged pf Hedged pf 74.4% 25.6% PROJECT FINANCE/NFP NFP (WITHOUT DERIVATIVES) HEDGED 13.4% 14.6% Other Unhedged 86.6% Project Finance Hedged 85.4% 21

22 CONTACTS IR CONTACTS FKR ON LINE IR Manager Giorgio Botta Milan Via Alberto Falck Sesto San Giovanni Milano IR Consultant Vincenza Colucci CDR Communication Srl Tel

23 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. 23