EL.TECH-ANEMOS-Prese
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Company presentation June 2018 Disclaimer This presentation contains forward-looking statements. The words "believe", "expect", "anticipate", "intend", "plan“, “target”, “aim”, “will”, “may”, “would”, “could” and similar expressions identify forward-looking statements. All statements other than statements of historical facts included in this presentation including, without limitation, those regarding the Group’s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives related to the Group’s products), are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Group’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Group’s present and future business strategies and the environment in which the Group will operate in the future. Furthermore, certain forward-looking statements are based on assumptions or future events which may not prove to be accurate. The forward-looking statements in this presentation speak only as of the date of this presentation. This presentation contains market share data based on internal management as no reliable market share data is currently available from third party sources. Public information varies on definitions of segmentation and the Group may define certain product segments differently than its competitors, which may result in a different interpretation of the same information by different market participants. If a third party were to evaluate the relevant market share data in any jurisdiction in which the Group operates it may result in a different conclusion to those presented by management herein. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. The information in this presentation has not been independently verified. Information other than indicative terms (including market data and statistical information) has been obtained from various sources. All projections, valuations and statistical analyses are provided to assist the recipient in the evaluation of matters described herein. They may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results and to the extent they are based on historical information, they should not be relied upon as an accurate prediction of future performance and the Group expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Group’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. Neither the Group, nor any of its agents, employees or advisors intends or has any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this presentation. None of the Group or any of its affiliates or representatives, their respective advisers, connected persons or any other person accepts any liability whatsoever for any loss howsoever arising, directly or indirectly, from this presentation or its contents. The information contained herein is subject to change without notice. 1 Company overview 2nd largest electricity producer from Renewable Energy Sources (“RES”) in Greece EL.TECH. ANEMOS’ relative share in Greek wind energy market FY17 revenue: 96.8% wind, 2.5% hydro, 0.7% photovoltaic 12% 5.4 yrs weighted average wind turbine fleet age(1), 19.5 yrs remaining PPA duration(1) Market Capitalisation of EUR157m(1) 10% 9,7% nd 9,2% 9,1% 2 largest RES energy producer in Greece in terms of installed capacity 8,5% 8,6% 8,8% Total RES installed capacity of 289 MW and 172 MW under construction 8% with a target to reach 490 MW by 2020 7,2% 6,6% Member of the ELLAKTOR Group 6% EUR m 4,8% 60 53,5 100% 49,7 95% 40.1 50 45,2 90% 40,1 36.9 4% 37,2 85% 40 31.7 31,6 31,3 31.6 33,4 80% 2,8% 28,1 2,4% 30 75% 20,9 70% 2% 20 40.1 65% 60% 10 31.7 31.6 55% 36.9 0 50% 0% 2014 2015 2016 2017 LTM 31.03.18 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Revenue (lha) EBITDA (lha) EBITDA margin (rha) Source: HWEA (Greek wind market data) & ANEMOS Management Notes: (1) As of May 31, 2018 2 EL.TECH. ANEMOS history in brief Operating capacity reaches 289MW with additional 201MW Operating capacity grows further to under construction & ready for 171MW, including the first and only construction small hydroelectric power plant (5ΜW) Operating capacity increases to 55MW through organic growth, acquisition of 2020 licenses & installation of several wind farms. 06/2018 Following a series of share capital increases, 2014 the pre-IPO (2014) shareholding structure is 2011 formulated to 2013 2010 2004 to 2009 Wind projects in early development are Target added to its portfolio 2003 Listing of the Company on 490 MW the Athens Stock Exchange (IPO) Operating capacity reaches 87MW with the construction of additional wind 2002 farm. EL.TECH. ANEMOS’ first and only PV park of 2ΜW capacity is granted its operation license 2001 First 9MW wind parks are commissioned on Lesvos island EL.TECH. ANEMOS’ founding shareholders enter the RES market Source: EL.TECH. ANEMOS Management 3 High quality asset base Setup Operations(1) Track Record Construction Capacity Factors (%) 45% 40% 2015 2016 2017 LTM 31.03.18 Typically 12-24 35% months to build, 30% blue-chip 25% turbine 20% manufacturers 15% 10% 5% 0% Annual weighted average 26.7% 27.0% 25.3% 27.0% Capacity Factors (annual weighted average) – EL.TECH. ANEMOS vs Greece 30% Land is either owned or 19.5 years remaining 28% leased for the duration duration of PPA 26% of Production License Agreements between 24% validity (25 years) EL.TECH. ANEMOS and 22% LAGIE/DEDDIE for Generally extendable 20% operating projects 2010 2011 2012 2013 2014 2015 2016 2017 LTM for an additional equal 31.03.18 Source: LAGIE/DEDDIE period 277 MW under FiT EL.TECH. ANEMOS Greece regime and 213 MW under revised sFiP Stable historical power generation Weighted average Capacity factors typically higher than the Greek market average operating wind turbine Very high average availability 98.5% (2010-LTM 31.03.18) age of 5.4 years Notes: Source: EL.TECH. ANEMOS Management (1) Numbers as of 31.05.18 4 Development of EL.TECH. ANEMOS’ installed capacity Average (2010 – LTM 31.03.18) Revenues/MW (€k) 216 Capacity Factor 26.4% EBITDA/MW (€k) 143 Availability 98.5% EBITDA Margin 68.4% EBITDA (€m) 490 50 500 45 450 40 400 35 350 30 300 25 250 20 200 15 150 10 100 5 50 0 0 2010 2011 2012 2013 2014 2015 2016 2017 LTM 2020 31.03.18 Mean annual capacity (MW installed) EBITDA €m Source: EL.TECH. ANEMOS Management 5 Performance track record Steadily growing by implementing our pipeline LTM 2010 2011 2012 2013 2014 2015 2016 2017 31.03.18 Revenues/MW (€k) 232 215 229 228 185 213 218 202 214 EBITDA/MW (€k) 159 140 149 137 122 149 151 136 148 EBITDA Margin 68.5% 65.3% 65.0% 60.0% 66.1% 70.1% 69.2% 67.2% 69.4% Capacity Factor 27.8% 26.7% 27.4% 27.1% 22.9% 26.7% 27.0% 25.3% 27.0% Availability 98.8% 98.9% 98.5% 98.4% 98.5% 97.6% 98.3% 98.6% 98.2% MW 500 490 450 400 350 289 300 260 241 250 208 208 171 171 200 150 150 118 87 100 56 50 24 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 LTM 15.06.18 2020 31.03.18 Target Source: EL.TECH. ANEMOS Management 6 Construction track record Our wealth of experience has allowed us to be consistent in our construction costs and construction duration of c. 12-24 months Historical construction cost per site Historical construction duration per site Average historical fixed wind asset acquisition cost of c. 1.3 Consistently achieved construction within 12-24 months €m/MW, decreasing gradually and already down to c. 1.0 – Wind turbine manufacturers require 6 - 8 months for €m/MW in latest windfarms. Expected to decrease further due to delivery, irrespectively of project scale. growing competition. – For large projects, where substantial works are required (i.e. access roads, substations and/or electrical connection lines), Wind farm construction cost as a function of COD there is a slight increase in execution time. 2,0 – Some projects benefit from existing infrastructure, thus decreasing construction period and cost. Such is the case for 1,8 some pipeline projects: in Kefalonia. 1,6 Infrastructure available for pipeline Additional investments in substations & electrical grid 1,4 infrastructure, available for either future EL.TECH. ANEMOS’ m/MW € projects to connect (at no extra cost) or third parties to connect, 1,2 reimbursing EL.TECH. ANEMOS for CAPEX already incurred: – 300 MW available in 150 kV overhead transmission line in 1,0 Thrace – 89 MW capacity available in existing 150/20 kV substations. 0,8 – 60 MW capacity available at new, under construction 150/20 2008 2010 2012 2014 2016 2018 2020 kV substations, expected to be commissioned in 2019. COD: commercial operation date – 150 MW substation extensions capacity at reduced cost. Source: EL.TECH. ANEMOS Management 7 Robust financial performance Revenue EBITDA & EBITDA margin (%) €m €m EBITDA EBITDA margin 37,2 60 53,5 40 100% 33,4 49,7 31,3 50 45,2 28,1 90% 40,1 30 40