Investor Presentation • Mar 22, 2022
Investor Presentation
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March 2022
magnoraasa.com
We invest in projects and companies to develop renewable energy solutions that will deliver clean energy to industries and consumers. Our aim is to be a leading international developer of renewable energy.
Source: Exawatt
Global wind generation capacity scenarios (TW) Pursuing next generation market within renewables
300 GW annual wind installations needed to get to Net Zero
Source: Vestas
We are a renewables developer with high upside potential – accelerating growth at attractive cost organically (asset light) with a diversified portfolio
| Ownership: | ~80% | 35% Option to 50% |
92% | 40% | 50% Options to 63.5% |
|---|---|---|---|---|---|
| Segment: | Offshore Wind | Offshore Wind | Onshore Wind and Solar |
Solar | Solar Tech |
| Portfolio: | 500 MW | 500 MW | 1,700 MW | 1,300 MW | 2 joint development agreements – more coming |
| Location: | Scotland/ TechnipFMC JV |
Sweden | South Africa | Sweden | Sweden |
| n y o n pti pa escri m o C d |
• Offshore Wind development company in collaboration with TechnipFMC • Awarded option agreement to develop approx. 500 MW in ScotWind licensing round in January 2022 |
• Shallow water offshore wind project, with 35% ownership and option to increase to 50% • located 500 MW offshore wind 8 – 15 kilometers off the coast of southern Sweden |
• Solar and wind development company in South Africa, with African Green Ventures (AGV) • Greenfield development portfolio of ca 1.700 MW wind and solar PV with growth potential within land lease |
• Greenfield developer of large projects in the scale solar PV Nordics, with 40% ownership • Land-lease agreements for 29 projects with a total capacity of approx. 1.3 GW • Recurring revenue model of solar and storage projects |
• Disruptive solar PV efficiency enhancing perovskite technology to be commercialized. • Own 50% - Option up to 63.5% • Efficiency gain of up to 75% compared to traditional cells over the next decade |
|---|---|---|---|---|---|
| es n ext o est N mil |
• Applications for licensing rounds in Norway and UK, including 700 MW in the Celtic Sea in collaboration with Hiraeth Energy • New Business Development • ScotWind clearing round potential upside |
• Application for license to build and operate the wind farm is under preparation • Grid application submitted • Swedish government examines financial compensation for host municipalities |
• Peter Nygren joins AGV • Land lease agreements Wind measurement, 6 months • of data collected • Grid appl. submitted - Eskom • Corp PPAs • 50-250 MW solar PV in Ready to-Build phase by end of 2022 |
• Sale of new of projects to long term owners and operators Expansion into new countries • • Battery/storage in projects • 3 GW pipe in Sweden at YE'23 • Sell 200 & 600 MW in '22 & '23 • Sell to IPP or IPO |
• Commercial testing, and scale up of the technology Prototype production in • Uppsala 1MW per year • New Joint Development Agreements • Commercial agreement IPO • |
Example option agreements:
Introduction Video (evolarab.se)
www.magnoraasa.com
Evolar History
EV@LAR
$10 + \text{years}$ experience from mass production
Verified technology platform and turnkey sales
Evolar´s perovskite tandem technology can potentially boost performance to low 30s by over the next decade. Silicon has stalled after 70 year of development.
Evolar´s efficiency roadmap
A tandem solar cell is more efficient at harvesting solar
1) excludes development and M&A related expenses, and non -cash items and adjustments, such as options related expenses.
CFO
Trond Gärtner
SVP Business Development
• Over 20 years of experience from the renewable energy sector
• Several leading development project positions including Development Strategy Manager (Sørlige Nordsjø II offshore wind), VP Project Development Onshore Wind (Statkraft), Programme Manager (Forewind Ltd), Project Manager (Fosen Wind)
| NOK million | Note | 2021 | 2020 | |
|---|---|---|---|---|
| Operating revenue | 24 | 13.8 | 27.1 | |
| Other operating revenue | 24 | 1.4 | 1.3 | |
| Total operating revenue | 15.2 | 28.4 | ||
| Employee benefit expense | 16, 18 | $-20.4$ | $-13.2$ | |
| Profit/Loss from associated companies | $\overline{7}$ | $-21.6$ | $-0.9$ | |
| Other operating expense | 25, 26 | $-33.3$ | $-8.2$ | |
| Total operating expense | $-75.3$ | $-22.3$ | ||
| Operating Profit/(loss) | $-60.1$ | 6.1 | ||
| Financial income | 19 | 22.4 | 25.1 | |
| Financial expense | 19 | $-17.4$ | $-4.9$ | |
| Foreign exchange gain/(loss) | 0.0 | 7.8 | ||
| Net financial profit/(loss) | 5.0 | 28.0 | ||
| Profit/(loss) before tax | $-55.1$ | 34.1 | ||
| Tax income/(expense) | 15 | $-7.7$ | $-5.6$ | |
| Annual net Profit/(loss) | $-62.8$ | 28.5 | ||
| NOK million | Note | 2021 | 2020 | |
| Net profit/(loss) continued operations | $-62.8$ | 28.5 | ||
| Net profit/(loss) attributable to equity holders | $-62.8$ | 28.5 | ||
| Earnings per share for profit/(loss) attributable to the equity holders of the Company during the year (NOK per share): | ||||
| Basic | 20 | $-1.11$ | 0.54 | |
| Diluted | 20 | $-1.11$ | 0.54 |
| NOK million | 2021 | 2020 |
|---|---|---|
| Cash flow from operating activities | ||
| Cash from operations 22 |
$-23.7$ | 29.9 |
| Net cash generated from operating activities | $-23.7$ | 29.9 |
| Cash flows from investment activities | ||
| Purchase of associated companies | $-77.4$ | $-25.4$ |
| Sale of associated companies | 20.0 | 0.0 |
| Purchase/sale of marketable securities | 18.9 | 0.0 |
| Loan to Arendal Brygge AS | $-1.2$ | 0.0 |
| Net cash from investment activities | $-39.7$ | $-25.4$ |
| Cash flow from financing activities | ||
| Capital distribution | 0.0 | $-17.4$ |
| Treasury shares | 0.0 | $-0.6$ |
| Capital increase | 115.4 | 0.0 |
| Net cash from financing activities | 115.4 | $-18.0$ |
| Net cash flow from the period | 52.0 | $-13.5$ |
| Cash balance at beginning of period | 44.8 | 58.3 |
| Cash balance at end of period* | 96.9 | 44.8 |
| NOK million | Note | 31.12.21 | 31.12.20 | ||
|---|---|---|---|---|---|
| ASSETS | |||||
| Non-current assets | |||||
| Deferred tax assets | 15 | 23.4 | 31.1 | ||
| Intangible assets | 2.0 | 0.0 | |||
| Investment in associated companies | 7 | 61.4 | 24.5 | ||
| Other non-current assets | 23 | 1.3 | 0.0 | ||
| Total non-current assets | 88.1 | 55.6 | |||
| Current assets | |||||
| Trade and other receivables | 8,9,10,23 | 6.8 | 4.0 | ||
| Other current financial assets | 8,27,28 | 0.9 | 19.6 | ||
| Cash and cash equivalents | 8,9,11 | 96.9 | 44.8 | ||
| Total current assets | 104.6 | 68.4 | |||
| Total assets | 192.7 | 124.1 |
| NOK million | Note | 31.12.21 | 31.12.20 |
|---|---|---|---|
| EQUITY | |||
| Capital and reserves attributable to equity holders of the Company | |||
| Share capital | 12 | 28.0 | 25.8 |
| Treasury shares | $-0.1$ | $-0.1$ | |
| Other equity | 143.9 | 92.4 | |
| Total equity | 171.8 | 118.1 | |
| LIABILITIES | |||
| Current liabilities | |||
| Trade payables | 8 | 1.9 | 0.8 |
| Provisions | 17 | 2.3 | 3.9 |
| Other current liabilities | 14,25 | 16.7 | 1,3 |
| Investor | Number of shares | % of top 20 | % of total |
|---|---|---|---|
| GINNY INVEST AS | 2,469,144.00 | 9.35 | 4.33 |
| KING KONG INVEST AS | 2,400,995.00 | 9.09 | 4.21 |
| CARE HOLDING AS | 2,000,000.00 | 7.57 | 3.50 |
| BEKKESTUA EIENDOM AS | 1,791,860.00 | 6.78 | 3.14 |
| ALDEN AS | 1,729,829.00 | 6.55 | 3.03 |
| PHILIP HOLDING AS | 1,648,377.00 | 6.24 | 2.89 |
| ANDENERGY AS | 1,558,140.00 | 5.90 | 2.73 |
| F1 FUNDS AS | 1,468,121.00 | 5.56 | 2.57 |
| INTERACTIVE BROKERS LLC | 1,406,307.00 | 5.32 | 2.46 |
| F2 FUNDS AS | 1,374,000.00 | 5.20 | 2.41 |
| NORDNET LIVSFORSIKRING AS | 1,326,549.00 | 5.02 | 2.32 |
| MP PENSJON PK | 1,127,138.00 | 4.27 | 1.97 |
| ALTEA PROPERTY DEVELOPMENT AS | 1,054,944.00 | 3.99 | 1.85 |
| AARSKOG PHILIP GEORGE | 1,000,000.00 | 3.78 | 1.75 |
| VERDIPAPIRFONDET DNB SMB | 838,950.00 | 3.18 | 1.47 |
| BAKLIEN ÅSMUND | 756,100.00 | 2.86 | 1.32 |
| CLEARSTREAM BANKING S.A. | 714,235.00 | 2.70 | 1.25 |
| BILL INVEST AS | 621,152.00 | 2.35 | 1.09 |
| THE NORTHERN TRUST COMP, LONDON BR | 583,901.00 | 2.21 | 1.02 |
| SJØLUND STIAN | 551,000.00 | 2.09 | 0.97 |
| Total number owned by top 20 |
26,420,742.00 | 46.29 | |
| Total number of shares | 57,072,679.00 | 100.00 |
*Solar PV similar but simpler. Multiples from 0.4 MNOK to 1.5 MNOK. Many markets environmental impact assessment (EIA) not needed.
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Magnora ASA Karenslyst Allé 2, 2nd floor 0277 OSLO magnoraasa.com
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