Paris, 31 st of August Alternative Power Producer

Transcription

1 Paris, 31 st of August 2009 Alternative Power Producer

2 Contents Introduc7on H1 opera7ons Financial results June, 30 th, 2009 Conclusion 2

3 This document was prepared by Séchilienne Sidec for the presenta8on of 31 August The informa8on contained within this document has not been subject to independent verifica8on. This document only contains condensed informa8on and is not intended to be comprehensive. This presenta8on contains forward looking statements on the strategy, targets and prospects of Séchilienne Sidec. These forward looking statements may be affected by known or unknown risks, uncertain8es and other unpredictable factors that may cause Séchilienne Sidec s future results, performance and achievements to significantly differ from those planned or suggested in this document. Séchilienne Sidec does not make any commitment or provide any assurance that it will achieve the targets set in these forward looking statements. Unless compelled to do so by law, Séchilienne Sidec does not make any commitment to update or revise the forward looking statements contained in this document. This presenta8on must not be considered as, nor is it part of an offer or an invita8on to buy, sell, or subscribe to Séchilienne Sidec shares. 3

4 1 st half year 2009 highlights 4

5 Highlights Good opera7ng performance of power plants in opera7on, in spite of a disrupted start of the year Decline in energy feedstock prices, following the increase noted in 2008 New financing to complete the development plan ( 124 million) Renego7a7on of the First Solar contract Signing of amendments that limit the financial impact related to CO 2 quotas, following valida7on by the CRE 5

6 Key figures to June, 30 th, 2009 Results that remained sound in spite of a disrupted start of the year Revenues: million EBITDA: 48.9 million or 40.3% of sales EBIT: 35.4 million or 29.2% of sales Profit before tax: 26.5 million or 21.9% of sales Net profit: 20.6 million or 17.0% of sales Net profit Group share: 16.9 million or 14.0% of sales Cash: 62 million 6

7 7 HY opera7ons

8 Very high availability rate of thermal power plants in operaton Indian Ocean Bois Rouge 1 (CTBR1) Bois Rouge 2 (CTBR2) Gol A (CTGA) Gol B (CTGB) Installed capacity 425 MW Commissioning % ownership 100% 65% Availability rate 65.9% 96.8% 93.3% 87.4% Belle Vue (CTBV) % 87.2% Sud (CTDS) % 96.3% Savannah (CTSAV) % 87.9% Caribbean 104 MW Moule (CTM) % 48.0% Galion (CCG) % 92.5 % 94.2% excluding the alternator breakdown Including annual stop 96,0 % excluding strikes Total 529 MW 8

9 Caraïbes Energie: a project in progress Financing the construc7on of the power sta7on completed in July Update on work in progress: Civil engineering: 50% Start of assembly of boiler: Oct Start of electrical assembly: March 2010 First boiler fire up: Oct Commissioning target: end 2010 Coal power sta8on based in Guadeloupe Power: 38 MW (gross) 9

10 Progress of project Based in Mar8nique Power: 37.5 MW Gran8ng of the opera8ng licence in October 2008 Technical studies in progress Contract with EDF pending valida8on by the CRE Connec8on target: 2013 Based in Marie Galante (Guadeloupe archipelago) Power: 15.0 MW (max) Saint André power plant Based on Reunion Island Power: 50.0 MW Gran8ng of the opera8ng licence in March 2009 Project intended to support the sugar industry on the island through electricity genera8on Ongoing addi8onal studies regarding the choice of fuel and the power op8misa8on Connec8on target: 2014/2015 Men8oned in the PPI *French mul8 year electricity genera8on capital expenditure programme 10

11 CO 2 quotas : signing of addendums limitng the annual financial impact to come Background: Regulatory developments (Post Kyoto) and reduc8on of greenhouse gas quotas ( CO 2 quotas ) allocated to electricity producers Séchilienne Sidec signed amendments to exis7ng electricity selling contracts for the 3 biomass/coal power sta7ons in opera7on Controlled/limited risk for the Group Cost generated by this reduc8on in quotas was passed on to EDF Limited financial impact limited to 2 million per year 11

12 115.5 MW installed and authorized photovoltaic capacity at end June 2009 Capacity installed and under constructon: 27.1 MW 12.8 MW in opera8on on roofs and on soil of which 4.8 MW were connected in the first half year 6.0 MW pending connec8on to the network 8.4 MW under construc8on of which 2.0 MW on soil in Italy 6.4 MW on roofs in French overseas Departments Capacity under development: 88.4 MW 77.6 MW building permits granted and applied for (soil) 10.8 MW projects on roofs Le Môle (Mar8nique) 12

13 Installed and authorised photovoltaic capacity of MW at end June 2009 Brasserie Lorraine (Mar8nique) Sodifram (Mayoje) Sitar (Réunion) Smitom (Mar8nique) 13

14 The French photovoltaic market has a total of 135 MW connected* Mainland France: 106 MW in plants, but only 2 connected plants have a produc8on exceeding 5 MW, which is the size targeted by the group French Overseas Territories: 29 MW, including 10MW for the group, or 35% Very fragmented market, with Séchilienne Sidec being the leader in terms of connected capacity (*) Source: ERDF 14

15 Launch of high power soil projects in HY2 Mainland France : 7 MW French Overseas Departments : 12 MW Sainte Suzanne (Reunion Island) 1.1 MW on soil Orgiva (Spain) 2,4 MW on soil 15

16 Procurement of photovoltaic modules Renego7a7on of the First Solar contract. The signed amendment introduce: Greater flexibility in the supply of panels to adjust it to the project pornolio A notable decrease in the panel purchase price Increased possibility to diversify procurement sources and adjust stocks

17 OperaTng capacity: 42.5 MW Building permit granted: 25 MW Moselle: Parc de la Porte de France (10 MW) Pas de Calais: Parc des Crêtes d Heninel (6 MW) Parc d Enquin Les Mines (9 MW) 12 MW pending building permits Background of declining turbine prices, which enhances project profitability Clamanges (Marne) 10 MW 17

18 18 Results to June, 30 th, 2009

19 ( millions IFRS) % of sales % of sales % change Revenues (7.2 %) EBITDA % % (5.0%) OperaTng profit % % (14.0%) Net finance expense (9.4) (10.1) Share of profit of associates Profit before tax % % (21.5%) Net profit % % (23.9%) Minority interests Net profit Group share % % (25.3%) 19

20 ( millions) Change Thermal Decrease in coal price passed on to the electricity selling price Non recurring items (strikes and alternator incident) High availability rate of power sta7ons in opera7on Solar Contribu7on of 2008 and 2009 commissioning 3.6 Panel sales (1 st quarter only) ( 12.5 m) 2.1 m Wind Contribu7on of 2008 commissioning m Holding m Total (7.2 %) 20

21 ( millions) EBITDA: down 2.6 million Change Thermal ( 2.8 m)* Solar m Wind m Holding Total ( 1.7 m) 48.9 ( 2.6 m) 30 June June 2009 *Including 5.7 million euros due to the effect of raw material price increases 21

22 ( millions) EBIT change: down 5.8 million 41.1 (2.6) EBITDA variance (1.8) Provision for liabili8es (1.4) Deprec. charges Net profit change: down 6.5 million (5.8) (0.7) (0.8) +0.8 EBIT variance Net fin. Equity Income acc. and tax expense fullyconso. subsidiaries 20,6 30 June June June June

23 ( millions) Change Self financing capacity (3.4) Change in working capital requirements (3.0) Income tax (6.6) Cash flow from operatng actvites Cash flow used in investng actvites (50.0) (50.2) (0.2) Séchilienne Sidec dividend distribu7ons (33.7) Proceeds from new borrowings (33.1) Repayment of borrowings (19.9) (21.5) (1.7) Cost of financial debt (10.3) (11.0) (0.7) Cash flow used in financing actvites (9.5) (11.3) (1.8) Foreign exchange impact (0.8) Net increase (decrease) in cash and cash equivalents (16.8) (4.9) 11.9 Cash and cash equivalents opening balance ( ) Cash and cash equivalents closing balance ( ) Net increase (decrease) in cash and cash equivalents (16.8) (4.9) 11.9 Average available cash of 55m over the first 8 months in 2009, compared to 10m over the same period in

24 Total debt: million (*) Bank borrowings 98.8 million Debt without recourse (leasing + loan) million Debt on construc8on of Caraïbe Energie 31.1 million Cash and deposits: 65.2 million (*) of which 81.3% of debt without recourse Equity: million at end June

25 Signing of 86m long term financing for Caraïbes Energie power staton in July Signing of 23 million additonal financing for solar projects New corporate debt facility of 15 million 25

26 26 Conclusion

27 Confidence from our shareholders: success of the op7on to pay the dividend in shares. 78% of the shares of the Company were subject to a combined payment op7on Half year results that reflect the resilience of the Group s business model within a disrupted environment An ambi7ous and balanced development 27