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Grenergy Renovables S.A.

Investor Presentation May 24, 2023

1833_rns_2023-05-24_a551bf74-9a56-4620-abed-72688dfbf9e5.pdf

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RESULTS PRESENTATION 1Q23 results

Madrid, 24th May 2023

Escuderos Solar PV - Spain

DISCLAIMER

By attending this presentation and/or by accepting this presentation you will be taken to have represented, warranted and undertaken that you have read and agree to comply with the contents of this disclaimer.

The information contained in this presentation ("Presentation") has been prepared by Grenergy Renovables S.A. (the "Company") and has not been independently verified and will not be updated. 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 opinions contained herein and nothing in this Presentation is, or shall be relied upon as, a promise or representation. Neither the the Company nor any of its employees, officers, directors, advisers, representatives, agents or affiliates shall have any liability whatsoever (in negligence or otherwise, whether direct or indirect, under contract, tort or otherwise) for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation.

This Presentation is for information purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, the Company's publicly available information and, if applicable, the oral briefing provided by the Company. The information and opinions in this presentation are provided as at the date hereof and subject to change without notice. It is not the intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company's financial or trading position or prospects.

This Presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice and does not take into account your investment objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. You are solely responsible for forming your own opinions and conclusions on such matters and for making your own independent assessment of the Company. You are solely responsible for seeking independent professional advice in relation to the Company. No responsibility or liability is accepted by any person for any of the information or for any action taken by you or any of your officers, employees, agents or associates on the basis of such information.

This Presentation contains financial information regarding the businesses and assets of the Company. Such financial information may not have been audited, reviewed or verified by any independent accounting firm. The inclusion of such financial information in this Presentation or any related presentation should not be regarded as a representation or warranty by the Company, its affiliates, advisors or representatives or any other person as to the accuracy or completeness of such information's portrayal of the financial condition or results of operations by the Company and should not be relied upon when making an investment decision. Certain financial and statistical information in this document has been subject to rounding off adjustments. Accordingly, the sum of certain data may not conform to the expressed total.

Certain statements in this Presentation may be forward-looking. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions which could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These include, among other factors, changing economic, business or other market conditions, changing political conditions and the prospects for growth anticipated by the Company's management. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. Any forward-looking statements contained in this Presentation and based upon past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The market and industry data and forecasts that may be included in this Presentation were obtained from internal surveys, estimates, experts and studies, where appropriate as well as external market research, publicly available information and industry publications. The Company, it affiliates, directors, officers, advisors and employees have not independently verified the accuracy of any such market and industry data and forecasts and make no representations or warranties in relation thereto. Such data and forecasts are included herein for information purposes only. Accordingly, undue reliance should not be placed on any of the industry or market data contained in this Presentation.

The distribution of this Presentation in other jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions.

NEITHER THIS PRESENTATION NOR ANY OF THE INFORMATION CONTAINED HEREIN CONSTITUTES AN OFFER OF PURCHASE, SALE OR EXCHANGE, NOR A REQUEST FOR AN OFFER OF PURCHASE, SALE OR EXCHANGE OF SECURITIES, OR ANY ADVICE OR RECOMMENDATION WITH RESPECT TO SUCH SECURITIES.

The securities of the Company may not be offered or sold in the United States of America except pursuant to an effective registration statement under the Securities Act of 1933 or pursuant to a valid exemption from registration.

HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW ESG REVIEW

EXECUTION

FINANCIAL PERFORMANCE

14.0GW Total Platform (+1.5GW qoq) 1.8GW in Operation & U/C 9.8GWh Storage pipeline

728MW PPAs in 1Q23 (1.4GW in total) €2.0bn revenues globally contracted 1.5GW PPAs under negotiation

B2S of 21.6MW in Chile (2 PMGDs) Valkyria (1.1GW) process on track Revenues €96.0m (+105% yoy) EBITDA €14.3m (+94% yoy) Net income €4.9m (+15% yoy)

Total capex €77.6m Declining module and logistic costs IRRs stable at double digits

Net debt (exIFRS16) €445m Leverage 7.9x Fully funded for 2023-24

ESG

Q1 objectives of 2023 ESG Roadmap accomplished

First Sustainability report 2022 audited without deviations

Top-ranked in ESG ratings by ISS, CDP, MSCI and Sustainalytics

BUSINESS REVIEW FINANCIAL REVIEW HIGHLIGHTS ESG REVIEW

PLATFORM OVERVIEW

BUSINESS REVIEW FINANCIAL REVIEW HIGHLIGHTS ESG REVIEW

SOLAR & WIND PIPELINE UPDATE

    • ✓ US platform added 1.4GW of solar capacity
    • ✓ Opportunities in ERCOT (Texas) & MISO
✓ Good progress in Spain (0.8GW in Op & U/C)
✓ Italian platform reach 1.2GW of solar capacity

✓ Poland exceeding 1.0GW of solar capacity

  • ✓ Chile is our 2nd-largest platform (3.3GW)
  • ✓ New pipeline added in Mexico (0.2GW)
SOLAR PV
MW In Under
Const
Backlog Advanced
Dev
Early
Stage
Ident.
Opp.
Total
Pipeline
Probability
of execution
Operation 100% 90% 70% 50% 20-40%
USA 171 2,977 850 3,998
Total USA 171 2,977 850 3,998
Spain 350 472 575 750 1,797
Italy 251 133 828 1,212
UK 95 96 140 331
Poland 74 359 631 1,064
Total Europe 350 472 995 588 2,349 4,403
Chile 245 505 135 1,033 993 2,666
Colombia 72 60 48 110 300 518
Mexico 35 155 155
Peru 96 450 283 829
Total Latam 352 601 195 1,081 1,708 583 4,168
Total 702 1,073 195 2,247 5,273 3,782 12,569
#Projects 29 29 18 33 49 98 227
WIND
MW In Under
Const
Backlog Advanced
Dev
Early
Stage
Ident.
Opp.
Total
Pipeline
Probability
of execution
Operation 100% 90% 70% 50% 20-40%
Argentina 24
Peru 36 40 40
Chile 600 600
Total Latam 60 40 600 640
Total 60 40 600 640
#Projects 3 2 1 3
  • ✓ Solar PV portfolio of 12.6GW (+1.7GW qoq)
  • ✓ 702 in operation (+50MW qoq from Belinchón)
    • ✓ 1.1GW under construction (+172MW qoq from Ayora & JC)

✓ Wind portfolio of 640MW (-200MW qoq)

HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW ESG REVIEW

STORAGE PIPELINE UPDATE

✓ Storage pipeline of 9.8GWh (+2.1GWh qoq) ✓ Chile is the most advanced market (4.0GWh) ✓ On track to meet our 1.0GWh target in 2025

STORAGE

MW Backlog Early
Advanced
Dev.
Stage
Total Total
Probability
of execution
90% 70% 50% MWh
USA 695 695 3,033
Total USA 695 695 3,033
Spain 88 314 402 904
Italy 74 39 113 386
UK 180 180 359
Poland 345 345 1,117
Total Europe 162 878 1,040 2,766
Chile 15 356 530 901 3,965
Total Latam 15 356 530 901 3,965
Total 15 518 2,093 2,636 9,764
#Projects 2 17 45 64 64

800 700 600 500 400 300 200 100 0 Capacity GWh CAGR 31% CAGR 66% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Energy Storage Annual Capacity, GWh

Source: BNEF, Wood Mackenzie.

BUSINESS REVIEW FINANCIAL REVIEW HIGHLIGHTS ESG REVIEW

PPAs - 728MW SIGNED IN 1Q23 UP TO 1.4GW

1.4GW of PPAs signed in Spain and Chile ✓ 728MW in Spain in 1Q23 (#2 in Europe1 ) ✓ Another 1.5GW of PPAs under negotiation ✓ 75% of Spanish output with PPAs from 2026

€2.0bn of revenues contracted at group level

CONTRACTED OUTPUT & REVENUES

ESG REVIEW

KEY OPERATING & FINANCIAL DATA

+44% in total output on new capacity and better load factors ✓ 72% of total output from contracted volumes (+75%) ✓ +6% in realized prices driven by contracted assets

Key Operating Data
1Q23 1Q22 Var.
Avg. Forex (\$/€) 1.06 1.10 (4%)
Total Capacity (MW) 762 566 35%
Additions 50 25
Solar production 232,653 152,820 52%
Wind production 41,266 37,801 9%
Total production (GWh) 273,919 190,621 44%
ow PPAs 198,553 113,402 75%
ow Merchant 75,366 77,219 (2%)
Load Factor (%) 23.5% 18.9% 24%
Realized priced (€/MWh) 42.3 40.0 6%
ow PPAs 46.6 41.7 12%
ow Merchant 30.1 37.1 (19%)

✓ Results driven by Energy and asset rotation in Chile ✓ Capex mainly devoted to Belinchón and Gran Teno ✓ Net debt increase due to higher capex and WK needs

Key Financial Data

(€m) 1Q23 1Q22 Var.
Revenues 96.0 46.9 105%
ow Energy Revenues 11.6 8.4 38%
EBITDA 14.3 7.4 94%
ow Energy EBITDA 8.5 6.7 27%
EBIT 10.6 4.8 119%
Net Income 4.9 4.2 15%
Capex 77.6 27.3 184%
1Q23 FY22 Var.
Tangible Fixed Assets 653.6 582.1 12%
Equity 272.7 244.8 11%
Net debt ex IFRS16 444.5 313.3 42%
ow Corporate 153.9 85.1 81%
Net debt/EBITDA 7.9x 6.4x
ow Covenant 4.5x 3.1x

REVENUE & EBITDA BREAKDOWN

✓ D&C division includes €11m from the disposal of two PMGD projects (21.6MW) in Chile

✓ Energy division mainly driven by higher output (+44%) on greater installed capacity and better load factors

  • ✓ Retail supply business in Chile previously included in Energy (revenues €1.7m & EBITDA €-0.4m in 1Q22)
  • ✓ Retail supply is expected to be EBITDA neutral in 2023 and EBITDA positive from 2024

CAPEX

✓ Tangible fixed assets reached €654m in 1Q23

  • ✓ Total capex of €77.6m in 1Q23
  • ✓ Project capex concentrated in Belinchón and Teno
  • ✓ Development capex accelerated in the US market

✓ Capex per MW back down to pre-covid levels ✓ Deflation in modules (c€0.18/MW) and logistic costs ✓ IRRs stable at double digits

CAPEX BREAKDOWN PER MW

HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW ESG REVIEW

CASH FLOW

✓ Working capital outflows due to seasonal effects and the reclassification of supplier debt into financial debt (€44m)

  • ✓ Supplier debt related to advanced equipment orders expected to gradually unwind in the following quarters
  • ✓ Belinchón Green Project Finance (€89.5m, 19-year tenure) signed in February 2023

HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW

ESG REVIEW

LEVERAGE & LIQUIDITY

1 Calculated as Net debt including all PF debt divided by LTM EBITDA (€57m)

2 Calculated as Net debt with recourse divided by LTM Relevant Ebitda (Dividends earned from SPVs + EBITDA from O&M and Asset Mgmt activities + EBITDA from the sale of Projects and D&C activity + EBITDA generated by the SPVs with Recourse PF Debt).

Cash & equivalents Undrawn credit lines

99

107

ESG ROADMAP 2021-2023

ESG Action Plan – III Phase

ACHIEVEMENT OF 100% OF THE Q1 OBJECTIVES OF THE PLAN 2023

Q1
Q2
Q3
Q4
GOVERNANCE DEFINE THE CORPORATE PURPOSE SUSTAINABILITY REPORT 2022
APPROVAL OF THE INFORMATION SECURITY POLICY • Preparation and publication of the first
PREPARATION OF THE SUSTAINABILITY REPORT 2022
WITH EXTERNAL VERIFICATION
2022 sustainability report verified by
an accredited third party under the ISAE
3000 standard without deviations.
ESG GOALS IN
OUR STRATEGY
IT TOOL FOR MEASUREMENT AND MONITORING OF ESG
PERFORMANCE
SCIINF - SYGRIS
ESG RISKS
MANAGEMENT
ELABORATE CLIMATE CHANGE RISKS AND OPPORTUNITIES
MAP ACCORDING TO TCFD RECOMMENDATIONS
• Implementation of an Internal Control
System for Non-Financial Information
PERFORM ESG ASSESSMENT OF A SELECTION OF SUPPLIERS ("SCIINF" Spanish acronym) under the
Sygris software tool.
ESTABLISH A FORMAL BENEFIT PLAN • Improvement in the capture of ESG
information, ensuring transparency,
ESG IMPACTS APPROVAL OF A CORPORATE PROCEDURE FOR DIALOGUE
WITH THE COMMUNITIES
reliability and traceability of data.
PRESENTATION OF THE EMPLOYEE PERFORMANCE AND
WORKPLACE CLIMATE EVALUATION PROCESS
COMPLIANCE TRAINING AND COMMUNICATION PLAN
ESG
COMMUNICATION
IMPLEMENTATION OF A COMPLIANCE COMMUNICATION • Internal training plan for Compliance,
Code of Conduct and Whistleblowing
Channels.
AND TRAINING PLAN • Communication plan, launching of
DEVELOPING A CLIMATE CHANGE REPORT quarterly activities to raise awareness.
INTERNAL SUSTAINABILITY TRAINING

EXPANSION AND IMPROVE POSITIONING IN ESG RATINGS

Confirmation of leadership in ESG ratings

Recognition by CDP of the level of ambition of Grenergy's climate strategy, placing it in the Leadership category, with a score of A-, two notches higher than the score received in the previous year, B-.

Expansion of index coverage, in this case Refinitiv, where Grenergy has obtained a score of 81/100, ranking 2nd out of 78 companies in the renewable energy sector.

A
Grenergy Renovables
Azure Power Global Ltd. B+
EDP Renovaveis SA B+
Encavis AG B+
Greencoat Renewables plc B+

As a summary of the remaining ESG ratings obtained in 2022

RATED BY NEW COVERAGE
2022 2022
2021
2021 Low Risk Strong Management of MSCI
AAA
1. Grenergy Renovables A
13.6
Low Risk
10.2 all ESG material issues: MSCI
ESG Ratings
A
ESG Ratings
2. Solaria
Negl. Low Med. High Severe Negl. Low Med. High Severe Governance
Land Use and
ccc
ccc
BBB BBB A
AA AAA
BBB BBB A
AA AAA
EDPR
Scatec
B+
0-10 10-20 20-30 30-40 40+ 0-10 10-20 20-30 30-40 40+ Business
Biodiversity
Ethics
3. Voltalia
Ranking Product
Human
Governance
Capital
Neoen B
INDUSTRY GROUP SUBINDUSTRY Community
Ocupacional
2022
2021
4. Iberdrola B
5
Utilities
out of 712
Renewable
Power
4
Production
out of 99
Relations
Health and Safety
56/100
54/100
5. Acciona C+

1.8 GW in operation and under construction. 235 MW in final development phase

Country Project Type MW B20 Resource
(Hours)
COD Offtaker
Peru Duna Huambos Wind 36 Yes 4,900 4Q20 Auction 18 Yrs 100%
Chile Quillagua Solar 103 Yes 2,950 4Q20 Basket of PPAs + Merchant
Mexico San Miguel de Allende Solar 35 Yes 2,300 1Q21 Auction 20 Yrs 100%
Argentina Kosten Wind 24 Yes 5,033 1Q21 Auction 20 Yrs 100%
Spain Los escuderos Solar 200 Yes 2,128 4Q21 PPA PV Profile 85%
Chile PMGDs (14) Solar 142 Yes 2,109 4Q21-3Q22 Stabilized Price 12 Yrs
Colombia Distribution (6 projects) Solar 72 Yes 1,990 4Q21-4Q22 PaP 100% 15 Yrs
Spain Belinchón Solar 150 Yes 2,150 2Q23 PPA PaP 65% 12 Yrs
Total in Operation 762
(Vs. 712 in FY22)
Chile PMGDs Solar 156 No 2,000-2,700 2Q23-1Q24 Stabilized Price 14 Yrs
Chile PMGDs Solar 60 Yes 2,000-2,700 2Q23-4Q23 Stabilized Price 14 Yrs
Chile Gran Teno Solar 240 Yes 2,186 4Q23 PPA PaP 66% 12 Yrs
Chile Tamango Solar 49 Yes 2,200 1Q24 PPA PaP 90% 15 Yrs
Peru Matarani Solar 96 Yes 2,750 2Q24 Est. PPA PaP 90% 15 Yrs
Spain Tabernas Solar 250 Yes 2,358 2Q24 PPA PaP 75% 15 Yrs
Spain Ayora Solar 172 Yes 2,212 2Q24 PPA PaP 75% 15 Yrs
Spain José Cabrera Solar 50 Yes 2,156 2Q24 PPA PaP 75% 15 Yrs
Total Under Construction 1,073 (Vs. 901 in FY22)
Peru Nairas Wind 40 No 5,100 4Q24 Est. PPA Pap 80% 15 Yrs
Chile PMGDs (13 Projects) Solar 135 Yes 2,300 3Q23-2Q24 Stabilized Price 14 Yrs
Colombia Distribution (4 Projects) Solar 60 Yes 1,990 2Q24-4Q24 Est. PPA PaP 100% 15 Yrs
Total Backlog 235 (Vs. 457 in FY22)

>2.0 GW to feed our 2024-25 IPP targets

Country Project Type MW Resource
(Hours)
COD Offtaker Negotiation
Spain Clara Campoamor Solar 575 2,000 2Q25 PPA PaP 75% 15 Yrs (259MW) Contracted
UK Solstice Projects Solar 95 1,100 1Q26 PPA 60-70% In Progress
Italy Le Isole Projects Solar 251 1,250 2Q25 PPA 60-70% In Progress
Poland Jesionowo Solar 74 1,100 4Q25 PPA 60-70% Initial
USA
USA
Coosa Pines
Creed
Solar
Solar
108
63
1,689
1,681
4Q25
4Q25
PPA 100%
PPA 100%
Advanced
Advanced
Chile PMGDs (12 Projects) Solar 129 2,500 4Q23-3Q25 Stabilized Price Contracted
Chile Quillagua2 Solar 111 2,950 3Q24 PPA 60-70% Advanced
Chile Gabriela Solar 264 2,800 3Q24 PPA 60-70% Advanced
Chile Victor Jara Solar 240 2,800 2Q25 PPA 60-70% Initial
Chile San Carlos middle size Solar 48 2,200 4Q24 PPA 60-70% Initial
Chile Algarrobal Solar 240 2,300 3Q25 PPA 60-70% Initial
Colombia Sol Santander Solar 48 1,990 4Q25 PPA PaP 100% Initial
Total Advanced Development 2,246 (vs. 2,156 in FY22)

SOURCE: Company ı COD: Commercial Operation Date ı In progress: searching for a proper offtaker ı Initial: conversation taking place with several offtakers ı Advanced: Negotiation moving forward to completion 17 at a good pace ı Completed: Already secured the stabilization of energy sales with offtaker or public auctions.

PLATFORM WITH RELEVANT GROWTH POTENTIAL

Project Portfolio

Total Platfom1 Includes projects in operation and total pipeline
20-40%
Success Rate
Identified Opportunity
3,782MWMW
Identified opportunities (20-40%): Project with technical and financial
feasibility, given that 1) there is the possibility of land, 2) access to the electricity
grid is operationally viable and/or 3) there is the possibility of sale to third parties.
50%
Success Rate
Early Stage
5,873MW
Early Stage (50%): Based on an identified opportunity, the project is approved
internally to enter the investment phase, with applications for grid access
being made and negotiations for land commencing.
70%
Success Rate
Advanced Development
2,247MW
Projects with an advanced technical and financial stage:
• +50% Probability to secure land; and/or
• +90% Probability to get grid access; and/or
• Environmental permits requested
90%
Success Rate
Backlog
235MW
Projects in a final phase before construction:
• Secured land and grid access; and/or
• +90% Probability to obtain environmental permits
• Off-take agreements, PPA, or bankable scheme of stabilized prices
secured / ready to be signed
Ready to Build Ready to Build: Financing close, PPA in place or negotiation of EPC
100% Under Construction
1,073MW
Under Construction: EPC provider has been mandated to start
construction works
Success Rate In operation
762MW
In Operation: Plant fully operational or at least Mechanical Completion
achieved and under commissioning

Profit and losses
(€m) 1Q23 1Q22 Var.
Revenue 96.0 46.9 105%
Income from customer sales 30.9 18.1 71%
Income from capitalize works 65.1 28.8 126%
Procurement (70.1) (32.8) 114%
Procurement from third parties (8.1) (5.4) 50%
Activated cost (62.0) (27.4) 126%
Gross Margin 25.9 14.1 83%
Personnel expenses (5.6) (3.0) 89%
Other incomes 0.1 0.0 410%
Other operating expenses (6.1) (3.7) 64%
Other results (0.0) (0.1) (94%)
EBITDA 14.3 7.4 94%
Depreciation & Amortization (3.8) (2.6) 46%
EBIT 10.6 4.8 119%
Net financial costs (4.9) (2.7) 80%
Other financial results (0.7) 2.9 n.m.
Financial result (5.6) 0.2 n.m.
Result before taxes 5.0 5.0 (0%)
Income tax (0.1) (0.8) (85%)
Net Income 4.9 4.2 15%

1Q23 RESULTS Balance Sheet

Balance Sheet
(€m) 1Q23 FY22 Var. (€m) 1Q23 FY22 Var.
Equity 272.7 244.8 27.9
Non-current assets 741.6 681.8 59.8 Non-current liabilities 467.0 420.9 46.1
Intangible assets 0.1 0.2 (0.2) Deferred tax liabilities 25.1 20.4 4.7
Tangible asset 653.6 582.1 71.5 Provisions 13.7 16.4 (2.7)
Rights-of-use assets 28.3 28.2 0.1 LT Financial debt 428.1 384.1 44.0
Deferred tax assets 37.8 47.3 (9.5) Bonds & Commercial Paper 73.4 83.2 (9.9)
Other non-current assets 21.9 23.9 (2.11) Bank debt 328.1 254.2 73.8
Derivatives 753 20.6 (19.8)
Lease liabilities 25.9 26.1 (150)
Current assets 217.7 205.1 12.5 Current liabilities 219.6 221.3 (1.7)
Inventories 8.4 6.0 1.8 Provisions 4.7 8.2 (3.5)
Accounts receivable 98.3 80.0 18.3 Accounts payable 57.6 94.5 (36.9)
Current financial investments 0.6 12.0 (11.3) ST Financial debt 157.3 118.6 38.7
Other current assets 11.1 0.8 10.2 Bonds & Commercial Paper 58.3 34.5 23.7
Cash & cash equivalents 99.2 105.7 (6.5) Bank debt 83.4 46.3 37.1
Derivatives 14.0 36.1 (22.1)
Lease liabilities 1.5 1.5 (0.0)
Other financial liabilities 0.1 0.1 -
TOTAL ASSETS 959.2 887.0 72.3 TOTAL EQUITY AND LIABILITIES 959.2 887.0 72.3

1Q23 RESULTS Cash Flow

Cash Flow
(€m) 1Q23 1Q22 Var.
EBITDA 14.3 7.4 94%
+ Change in operating WK (51.1) 17.9 186%
+ Financial costs & Taxes paid (10.2) (31.9) 162%
Funds from operations (46.9) (14.4) n.m.
+ ST Investments - (1.6) -
+ Capex (77.6) (31.8) 184%
Free cash flow (124.5) (47.7) 16%
+ Bonds & Commercial Paper 13.9 18.6 (25%)
+ Bank debt 110.9 31.0 258%
+ Other debts - (0.0) -
+ Share Buy-back (4.5) 0.2 n.m.
+ FX differences (2.2) (5.5) (59%)
+ Other - - -
Net cash increase (6.5) (3.4) n.m.

Total leverage1 7.9x

Total corporate leverage2 4.5x

Net Debt
(€m) 1Q23 FY22 Var.
Long-term financial debt 81.2 92.4 (11.1)
Short-term financial debt 107.8 41.7 66.1
Long-term Lease debt (IFRS16) 25.1 25.2 (0.1)
Short-term Lease debt (IFRS16) 1.1 1.2 (0.0)
Other short term debt 0.1 0.1 -
Other current financial assets (0.6) (0.6) -
Cash & cash equivalents (45.9) (61.1) 15.3
Corporate Net Debt with recourse 168.9 98.8 70.1
Project Finance debt with recourse 16.5 16.4 0.2
Project Finance cash with recourse (5.3) (3.7) (1.7)
Project Finance Net Debt with recourse 11.2 12.7 (1.5)
Project Finance debt with non-recourse 338.6 269.1 69.6
Project Finance cash with non-recourse (48.0) (40.9) (7.1)
Project Finance Net Debt with non-recourse 290.7 228.2 62.4
Total Net Debt 470.8 339.7 131.1
Total Net Debt ExIFRS16 444.5 313.3 131.2

1 Calculated as Total Net Debt exIFRS16 divided by the last-12 month EBITDA exIFRS16 (€56);

2 Calculated as Net debt with recourse divided by the last-12 month EBITDA per the covenant definition (Dividends from SPVs + EBITDA from O&M and AM + EBITDA from D&C and sale of Projects + EBITDA from SPVs with Project Finance Debt with recourse until the date of the lifting of the debt service guarantees assumed by the Company as sponsor under the corresponding Projects).

1Q23 RESULTS Net Debt/EBITDA Reconciliation

Net Debt/EBITDA Reconciliation
1Q23 FY22
(€m) Total Corporate Non-Recourse Total Corporate Non-Recourse
Net Debt 470.8 180.1 290.7 339.7 111.5 228.2
Impact IFRS16 26.3 26.3 - 26.4 26.4 -
Net Debt ex IFRS16 444.5 153.9 290.7 313.3 85.1 228.2
EBITDA LTM 57.1 25.7 31.4 50.2 19.9 30.3
Impact IFRS16 1.0 1.0 - 1.0 1.0 -
EBITDA LTM ex IFR16 56.1 24.7 31.4 49.2 18.9 30.3
Corporate costs (9.2) (9.2) - (8.5) (8.5) -
EBITDA LTM ex IFRS16 (covenant) 56.1 33.9 - 49.2 27.4 -
Net debt/EBITDA 8.2x 7.0x 9.3x 6.8x 5.6x 7.5x
Net debt/EBITDA ex IFRS16 7.9x 6.2x 9.3x 6.4x 4.5x 7.5x
Net debt/EBITDA (per covenant) 7.9x 4.5x - 6.4x 3.1x -

Developers & IPP of SOLAR PV - WIND - STORAGE PROJECTS Europe - USA - LATAM

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