Presentation in English - Greentech Energy Systems

Macquarie’s Seventh
Alternative Energy Conference
London
25 September 2014
1
Agenda
1
Greentech at a glance
2
Greentech activities
3
Key financials
4
2014 Outlook
5
Strategic guidelines
2
Greentech at a glance
Vision
A global green UTILITY
generating and distributing RENEWABLE ENERGY
preserving
the ENVIRONMENT and
contributing to
a WORLD SUSTAINABLE GROWTH
3
Greentech at a glance
Investment summary
BALANCED
GEOGRAPHICAL,
TECHNOLOGICAL AND
BUSINESS MIX
 Balanced mix of mature (Denmark, Germany and Spain), attractive (Italy) and high-growth potential markets
(Poland)
 319 MW of gross installed capacity diversified by technology
 Production of drinkable water treatment plants and sludge treatment plants
ATTRACTIVE
GROWTH
OPPORTUNITIES
 Approx. 621 MW of future pipeline, complementary in locations, technology and development phase
 Strong industrial relationships with Électricité de France (EDF) and Polska Grupa Energetyczna (PGE) for
identification of new opportunities
VALUE CREATION
POTENTIAL
 Value creation from
–
Operational improvement
–
Acquisition of new underpriced assets/Consolidation of complementary companies
–
Development/construction activities
STRONG FINANCIAL
PROFILE
 Strong cash and liquidity position, ensuring a competitive advantage in securing third party financing for growth
opportunities
 Long-dated relationships with major banking and financial groups
STRONG CORE
SHAREHOLDER BASE
 Fidim Srl.
 Intesa Sanpaolo S.p.A.
 Pirelli Group
 GWM Group
 Company aiming at expanding free float and liquidity in share trading in the medium term
MANAGEMENT TEAM
WITH PROVEN TRACK
RECORD
 Well known and highly respected new management team with solid reputation
 Experienced professionals with multi-year track record in the industry
4
Greentech at a glance
Group History
2009
2010/11
 GWM Renewable Energy II (GWM RE II), sole shareholder
of GWM, is incorporated
 A joint venture shareholder agreement with the Foresight Group relating
to the acquisition of Global Litator and the operation and maintenance
of its solar photovoltaic plant located in Cordoba (Spain)
 A joint venture agreement with Solar Utility S.p.A. (Pirelli Group) based
on a 60% - 40% strategic partnership in GP Energia S.r.l. with the aim of
developing a common strategy in the photovoltaic sector
 GWM developed and built the following five plants:
(i) Montetosto, an 8.7 MW plant located in Cerveteri (Lazio)
(ii) De Marinis, a 1 MW plant located in Foggia (Apulia
(iii) Mercurio, a 1 MW plant located in Ragusa (Sicily)
(iv) Ferrante, a 1 MW plant located in Trinitapoli, Foggia (Apulia)
(v) Nardò Caputo, a 9.8 MW plant located in Lecce (Apulia)
 GWM obtained a major position (60%) in Gruppo Zilio, a leading Italian
company in the engineering, construction and management of micro
filtering plants for drinkable water, sludge treatment plants and minihydro
 Investment Agreement GWM RE - Banca Intesa San Paolo - Pirelli Group
 Founded as a local danish bank
1924
 After becoming an investment company (1991),
Greentech begins to invest in renewables
1998
 Greentech starts to create a portfolio in renewables in Denmark
(2000: acquisition of 3MW), Italy (acquisition of Energia Verde in
2002 and developing of 100MW in 2006), Poland (acquisition of
Wiatrapol International in 2003), Germany (30MW in 2007)
2000/07
 Joint-venture with PGE Group, state utlity holding a
50% interest in Eolica Wojeciechowo
 The first wind energy project in Italy is in operation
 Equity offer of Greentech (€153m are raised)
 Strategic partnership with EDF Energies Nouvelles
 Minerva Messina and Monte Grighine plants (98MW)
are fully operational
 Share purchase agreement with Gamesa Energia S.A. to acquire a
30 MW wind farm located in Tarragona, Catalonia, Spain
2005
2007
2009
2010
2011
May 2011:
 Contribution Agreement Greentech – GWM RE
August 2011:
 Greentech completes capital increase
September 2011:
 Mandatory Tender Offer ended bringing GWM RE II to hold ownership of 71.49% of the shares in Greentech
CREATION OF A LEADING PLAYER IN RENEWABLE ENERGY SECTOR WITH A HIGHLY
DIVERSIFIED PORTFOLIO, IN TERMS OF GEOGRAPHY, TYPE OF PROJECT AND PHASE
5
Greentech at a glance
Shareholders
Fidim Srl.
Solar Utility S.p.A.
GWM RENEWABLE ENERGY I S.p.A.
70.63%
16.87%
12.5%
GWM RENEWABLE ENERGY II S.p.A.
71.49%
Market
28.51%
Greentech has strong institutional investors, major international groups with strong financial track records, such as:




Fidim Srl., an investment company, through GWM Renewable Energy I
Pirelli Group, the world leading tire group
Intesa Sanpaolo S.p.A. banking group, the largest bank in Italy and No. 5 in Europe
GWM Group, a financial group focusing on alternative investments
In addition, Greentech has strong industrial relationships with two of the largest energy producers in Europe, Électricité de France
(EDF) and Polska Grupa Energetyczna (PGE), through which Greentech will be able to secure better terms in respect of supply and
financing agreements and which also may increase the number of project opportunities available
6
Greentech at a glance
Geographical presence
The Greentech portfolio is located throughout Italy, Spain, Denmark, Poland and Germany
These markets differ in the respective maturities of their renewable energy industries, providing
Greentech with a properly balanced geographical presence and attractive business mix
319 MW
Gross installed capacity
2013 Production
164,000
Households’ electricity consumption
261,000
tons of CO2 emissions avoided
5 Countries
673,000
barrels of oil saved
Wind farms in operation
Operating Solar PV Plants
7
Greentech Activities
Wind operating plants
WIND
Minerva Messina
 Installed capacity: 276 MW (220 MW net)
 13 operating wind farms
 Countries: Denmark, Italy, Spain,
Poland, Germany
Italy
Power: 48.3 MW
Type of turbine:
Nordex
Start of operation:
July 2010
Ownership: 100%
Monte Grighine
Conesa
Italy
Power: 98.9 MW
Type of turbine:
Nordex
Start of operation:
July 2010
Ownership: 50%
Spain
Power: 30.0 MW
Type of turbine:
Gamesa
Start of operation:
September 2009
Ownership: 100%
8
Greentech Activities
Solar PV operating plants
SOLAR
La Carlota
 Installed capacity: 43 MW (38 MW net)
 16 operating plants
 Countries: Italy, Spain
Cordoba, Spain
Power: 9.8 MW
Installation type:
Fixed-tilt
Start of operation:
September 2008
Ownership: 50.03%
Cerveteri
Nardò Caputo
Lazio, Italy
Power: 8.7 MW
Installation type:
Fixed-tilt
Start of operation:
March 2011
Ownership: 100%
Apulia, Italy
Power: 9.8 MW
Installation type:
Fixed-tilt
Start of operation:
April 2011
Ownership: 100%
9
Greentech Activities
Wind and solar PV existing portfolio
TOTAL INSTALLED GROSS CAPACITY BREAKDOWN
WIND PROJECTS
TYPE
Wind
Wind
Wind
Wind
Wind
Wind
Wind
Wind
Wind
Wind
Wind
Wind
Wind
PLANT
Milbak
Oppelstrup
Hannesborg
Frorup
Gehlenberg
Wormlage
Tiefental
Energia Verde
Monte Grighine
Minerva Messina
Cagliari II
Polczyno
Conesa
COUNTRY
DK
DK
DK
DK
DE
DE
DE
IT
IT
IT
IT
PO
ES
TOTAL
MW
MW NET
3.75
7.50
1.60
2.60
23.40
7.50
6.00
21.00
98.90
48.30
24.00
1.60
30.00
3.75
7.50
1.60
2.60
23.40
3.75
3.00
21.00
49.45
48.30
24.00
1.60
30.00
276.15
219.95
GRID
CONNECTION
Aug-01
Aug-01
Feb-01
Dec-00
Dec-01
Dec-05
Dec-05
Jul-07
Jul-10
Jul-10
Aug-12
Aug-06
Sep-09
6% 1%
11%
Italy
Germany
13%
Spain
Denmark
70%
Poland
SOLAR PV PROJECTS
TYPE
PV
PV
PV
PV
PV
PV
PV
PV
PV
PV
PV
PV
PV
PV
PV
PV
PLANT
Montestosto
Nardò Caputo
Vaglio 1
Vaglio 2
Ugento 1
Torremaggiore
Nardo Nanni
Alessano Bortone
Ferrante
De Marinis
Mercurio
Ugento 2
Montemesola 1 + 2
Alessano Strutture
Fotocampillos
Cordoba
TOTAL
COUNTRY
IT
IT
IT
IT
IT
IT
IT
IT
IT
IT
IT
IT
IT
IT
ES
ES
MW
MW NET
8.74
9.77
1.02
1.96
0.98
0.99
0.94
0.98
0.99
0.99
0.91
0.98
1.00
0.70
2.10
9.80
8.74
9.77
1.02
1.96
0.98
0.99
0.94
0.98
0.99
0.99
0.91
0.98
1.00
0.70
2.10
4.90
42.85
37.95
GRID
CONNECTION
Mar-11
Apr-11
Dec-08
Dec-09
Dec-09
Dec-09
Dec-09
Dec-09
Apr-11
Mar-11
Apr-11
Apr-11
Jun-12
Apr-11
May-08
Sep-08
TOTAL INSTALLED GROSS CAPACITY BREAKDOWN
28%
Italy
Spain
72%
10
Greentech Activities
Short-medium and long term pipeline
TYPE
PLANT
COUNTRY
Wind
Wind
Ustka
Parnowo
Poland
Poland
TOTAL
MW GROSS
MW NET
29.90
12.50
29.90
12.50
42.40
42.40
GRID
CONNECTION
TYPE
COUNTRY
2015
2015
Wind
Italy
13.50
Wind
Italy
70.00
Wind
Italy
8.00
Wind
Italy
60.00
Wind
Italy
23.00
Wind
Italy
140.00
Wind
Italy
60.00
Wind
Poland
12.00
Wind
Poland
66.70
Wind
Poland
99.00
PV
Italy
26.00
TOTAL SHORT-MEDIUM TERM PIPELINE: 42 MW
MW GROSS
TOTAL LONG TERM PIPELINE: 579 MW
TOTAL PIPELINE: 621 MW
 The company is expanding its capacity in Italy and investing mainly in Poland
 New solar plants are under screening in Italy
11
Greentech Activities
Environment – Gruppo Zilio
Piombino:
ENVIRONMENT
Gruppo Zilio is a leading operator in Italy in the
development and distribution of state-of-the-art water
treatment systems. It is also specialized in the construction
of renewable energy generation plants powered by solar,
biomass or hydropower sources
After the construction
of about 100
purification plants,
Zilio built in Italy
the largest plant in
Europe for removal
of arsenic from
drinkable water
Torino:
Sardinia:
Gruppo Zilio holds a
patent to produce
clean energy and
heat using urban
sewage sludge,
reducing the sludge
by 90% compared to
the input volume
Gruppo Zilio operates
in the mini-hydro
sector, having built
over 50 plants in
Italy, and owning a
technology to utilize
any difference in
heights along a water
course
12
Key financials
Breakdown by technology
REVENUES BY TECHNOLOGY
61%
Wind
NET PRODUCTION BY TECHNOLOGY
8%
Environment
31%
Solar
14%
Solar
86%
Wind
13
Key financials
Net production 2010-2013
NET PRODUCTION, GWh
405.2
CAGR
+ 32%
361.2
275.9
175.1
2010
2011
2012
2013
14
Key financials
Revenues 2010-2013
REVENUES, MEUR
75.3
70.7
CAGR
+ 22%
56.5
41.8
2010 *
2011*
2012
2013
Revenues are including associates
* Figures prior to the reverse acquisition (August 2011) are pro-forma
15
Key financials
EBITDA 2010-2013
EBITDA, MEUR
45.4
CAGR
+ 93%
38.6
26.0
6.3
2010 *
2011 *
2012
2013
EBITDA is including associates and adjusted for non-recurring costs
* Figures prior to the reverse acquisition (August 2011) are pro-forma
16
2014 Outlook
390 – 400 GWh
Net Production
71 – 76 MEUR
Revenues
40 – 42 MEUR
EBITDA
Revenues and EBITDA are including associates
17
Strategic guidelines
1 GW INSTALLED CAPACITY
1 GW of operating assets with a broadly-based portfolio through focus on 3 strategic pillars:
• M&A transactions
• Geographical diversification
• Technological diversification
LEADING MID CAP PLAYER
IMPROVEMENT OF SYNERGIES, VALUATION AND METRICS
IMPROVEMENT OF OPERATIONAL PERFORMANCE AND COST EFFICIENCY
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Disclaimer
Greentech Energy Systems A/S (“GES”) is an energy company developing, constructing and operating renewable energy projects
This material is confidential and not to be reproduced or circulated without the prior written consent of GES. The manner of circulation and distribution may be restricted by law or
regulation in certain countries. Persons who come into possession of this document are required to inform themselves of, and to observe such restrictions. Any unauthorized use,
duplication, or disclosure of this document is prohibited by law and may result in prosecution.
This document is intended for information purposes only. Nothing herein constitutes an invitation to buy or trade shares in GES, nor does it constitute an endorsement with respect
to any investment area or vehicle. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with
relevant persons. GES, its affiliates, and its employees are not in the business of providing tax or legal advice. These materials and any tax-related statements are not intended or
written to be used, and cannot be used or relied upon, by any taxpayer for the purpose of avoiding tax penalties. Tax-related statements, if any, may have been written in
connection with the ‘promotion or marketing’ of the transaction(s) or matter(s) addressed by these materials, to the extend allowed by applicable law. Any such taxpayer should
seek advice based on taxpayer’s particular circumstances from an independent tax advisor.
This presentation contains forward-looking statements reflecting Management’s current perception of future trends and financial performance. Statements relating to 2014 and the
subsequent years are inherently subject to uncertainty, and GES’s actual results may therefore differ from the projections. Factors that may cause such variance include, but are not
limited to, changes in macro-economic and political conditions – particularly in GES’s principal markets, changes to the supplier situation and approval procedures, volatility in power
prices, regulatory changes, possibilities of obtaining and terms and conditions for project funding, etc.
All information contained here is current only as of the earlier of the date hereof and the date on which it is delivered by GES to the intended recipient, or such other date indicated
with respect to specific information, and GES assumes no obligation or responsibility for the accuracy of the information after such date. GES has no obligations or responsibility to
update or supplement any of the information contained herein.
Some information contained herein has been obtained from third-party sources, including those specifically referenced, and such information has not been independently verified
by GES. No representation, warranty, or undertaking, expressed or implied, is given as to the accuracy or completeness of such information by GES or any other person; no reliance
may be placed for any purpose on such information, and no liability is accepted by any person for the accuracy and completeness of such information.
Opinions expressed in this document may include those of GES, GES Affiliates, or non-affiliated third parties. In addition, your relationship team may highlight topics that are specific
to your objectives. These opinions may differ from the opinions by other businesses or affiliates of GES; they are not intended to be a forecast of future events, a guarantee of future
results or investment advice and are subject to change based on market and other conditions. In any event, past performance is no guarantee of future results, and future results
may not meet our expectations due to variety of economic, market and other factors. Further, any projections of potential risk or return are illustrative and should not be taken as
limitations as to the maximum possible loss or gain.
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