ENCAVIS AG

Investor Presentation • Apr 1, 2016

Capital Stage AG Earnings Call FY15 / Guidance FY16

Capital Stage AG FY 2015

Capital Stage – Overview FY2015

Strong growth in generating capacity

• § Generating capacity increased by >40% to more than 550 MW
• § 80 PV- and 8 wind-parks with an average remaining FIT term of 16.4 years (March, 31, 2016)
• § Diversified portfolio regarding geographic region and maturity

Successful market entry in UK

• § Acquisition of 12 PV-parks with total generating capacity of 78.4 MWp
• § Adds to the regional diversification of the existing portfolio
• § Successful cooperation with the German project developer F&S solar concept

Strong growth in key financials

• § Guidance for FY2015 outperformed
• § Revenue, op. EBITDA, op. EBIT > 55% yoy
• § EBITDA margin >80%

Full investment of Gothaer funds ahead of shedule

• § Gothaer funds fully invested in Q1 2016, almost one year ahead of schedule
• § Generating capacity of >280 MWp acquired
• § Cash contributions shall increase over time as projects come out of the investment phase after 2015/2016

Well-positioned for further growth in 2016

• § Attractive project pipeline secured in France
• § Income from Gothaer portfolio to increase after investment phase
• § Successfully refinanced UK parks > EUR 10m
• § Full flexibility for capital market transaction, e.g. loan note > EUR 23m in Dec. FY15

Capital Stage – Strong expansion of PV and wind portfolio in 2015*

Capital Stage – Country diversification*

Germany France		Italy		UK
Solar: Parks:	147.1 MW 19	Solar: Parks:	140.7 MW 14	Solar: Parks:	103.7 MW 35	Solar: Parks:	78.4 MW 12
Wind*: Parks:	100.0 MW 7	Wind: Parks:	-- MW --	Wind: Parks:	6.0 MW 1	Wind: Parks:	-- MW --
Total: Share:	247.1 MW 42.9%	Total: Share:	140.7 MW 24.4%	Total: Share:	109.7 MW 19.0%	Total: Share:	78.4 MW 13.6%
Overall Total: 575,9 MW							Solar park Wind park

Capital Stage AG Operational figures FY2015

Capital Stage – Operational Guidance* 2015 exceeded

• Growth in revenues, EBITDA, EBIT >50% yoy
• Guidance 2015 revised during the course of FY2015
• Operational cashflow affected by one-time special effects

(in mEUR)	2014	Guidance 2015	2015	Change (yoy)
Revenues	72.1	> 110	112.8	+56%
Operational EBITDA	55.4	> 86	86.8	+56%
Operational EBIT	34.6	> 52	55.4	+60%
Operational Cashflow	55.9	> 81	74.5 (81**)	(+45%**)

Capital Stage – Effects on operating cashflow 2015 (in mEUR)

• Adjusted operating cashflow in line with guidance (EUR 81m)
• Delayed tax refund in Germany ~30 days after the end of the period (EUR 2.5m)
• Amendment to the clearing system in Italy consisting of an advance payment based on previous year's level of generated electricity (90%) + compensation based on the actual performance for the year (10%) (4.5m). Payment due ~6 months after record date.
• Future guidance on operating cashflow will have incorporated the effects of the amended clearing system
• Increase in trade receivables on the balance sheet

Capital Stage – Dividend growth 2011 - 2015

+20.0% yoy

• ü Continuous growth of nominal dividend since FY2011
• ü Offering a scrip dividend leaves flexibility to investors

Capital Stage AG Financials (IFRS) 2015

Capital Stage – DPR audit process (from 2012) completed in March 2016

	DPR objections	Accounting / reporting objection	Adjustment
1	Disclose purchase prices and information on the PPA profits	Reporting	Disclosure in the notes to the Group's consolidated financial statements
2	Cash services and project reserve accounts should not be included in the item "cash and cash equivalents" of the Group`s cashflow statement	Reporting	Cash and cash equivalents are reduced by the capital services and project reserve account balances
3	Setting the useful life of electricity feed-in contracts to 30 yrs is too high, it should correspond to the time of the feed-in tariff (generally 20 years)	Accounting	Retroactive reduction of all depreciation periods for the affected intangible assets to the corresponding remaining term of the feed-in contract. Accounting for the effect on earnings, including deferred taxes in FY2015

Total net accounting effect on the FY2015 consolidated statements (in TEUR): 5,045

DPR audit process officially completed on 30 March 2016

Capital Stage – P&L Overview (in TEUR)

IFRS (in TEUR)	FY2014*	FY2015*	Δ yoy in %
Revenues	72,129	112,802	+56.4
Other income	32,19	17,89
Cost of materials	-567	-921
Personnel expenditures	-4,244	-5,758
Other expenditures	-13,328	-23,565
EBITDA	86,18	100,448	+17.0
Depreciations	-34,683	-47,888
EBIT	51,497	52,56	+2.1
Financial income	1,129	1,722
Financial expenditures	-23,517	-34,887
EBT	29,109	19,395	-33.4
Taxes	2,000	-52
EAT from continued operations	31,109	19,343
Earning effects from discontinued operations	-5,054	-86
Items that may be reclassified to profit or loss	-2,935	847
EAT	23,120	20,104	-13.0

* Adjusted for discontinued operations with the sale of the Helvetic Energy, Switzerland

Capital Stage – P&L main effects in FY2015

IFRS (in TEUR)	FY2014*	FY2015*
Revenues	72.129	112,802
Other income	32.190	17,89
thereof PPA adjustments	25,089	10,682
Cost of materials	-567	-921
Personnel expenditures	-4,244	-5.758
Other expenditures	-13,328	-23,565
EBITDA	86,18	100,448
Depreciations	-34,683	-47,888
thereof DPR	n.a.	6,9
EBIT	51,497	52,56
Financial income	1,129	1,722
Financial expenditures	-23,517	-34,887
thereof interest on Gothaer	n.a.	4
EBT	29,109	19,395
Taxes	2,000	-52
Disc. operations	-5,054	-86
Items reclassified to profit or loss	-2,935	847
EAT	23,120	20,104

* Adjusted for discontinued operations with the sale of the Helvetic Energy, Switzerland 13

Capital Stage – Balance sheet as of Dec 31, 2015

Balance sheet (as of Dec 31, 2015)		2011	2012	2013	2014	2015
Balance sheet total	TEUR	299,980	455,017	593,191	985,799	1,318,527
Equity ratio	%	30.5	28.6	35.0	24.7	19.8
Operating ROE	%	5.4	5.7	5.6	7.2	10.2
Operating ROCE	%	5.7	5.2	5.0	5.7	7.1
Net Gearing	%	1.6	1.8	1.5	1.8	2.5
Net Debt/ EBITDA	%	5.1	6.0	5.2	4.7	6.7

Capital Stage – Balance sheet as of Dec. 31, 2015*

*Exemplary illustration, proportions might have a non-precise match to figures

Capital Stage AG Strategic Partnership Gothaer in FY2015

Capital Stage – Gothaer funds fully invested in

Succesful Strategic Partnership

• ü Fully investment clearly ahead of schedule
• ü Acquisition of solar parks with a generating capacity of almost 285 MW at a total investment volume of > EUR 560m
• ü 2015/16 investment phase / growing income stream from investments to be expected as of 2017 ff.
• ü Company value increased: market cap before Gothaer EUR 270m; market cap after Gothaer EUR 550m

Capital Stage – Gothaer leverage effect on balance sheet

Capital Stage AG Guidance 2016

Capital Stage – Operational* Guidance FY2016

• ü Based on existing portfolio as of March 31, 2016
• ü Strong upside potential due to further acquisitions within FY2016
• ü 60 MW investment pipeline in France already secured
• ü Various measures for further growth financing are being reviewed (>April 2016)

(in mEUR)	FY2015	Guidance FY2016
Revenues	112.8	> 130
Operational EBITDA	86.8	> 100
Operational EBIT	55.4	> 60
Operational Cashflow	(74.5) 81**	> 93 (86.6)

** adjusted for one-time special effects

Capital Stage – Upside potential FY2016

• § Project pipeline in key markets secured
• 60MW project pipeline in France
• Pipeline in key markets on hand ~ 180 MW
• § Screening new potential markets
• e.g. Scandinavia, Benelux, USA, Canada
• § Potential measures of equity and debt/mezzanine financing in short/medium term
• ü Full placement of loan note in Dec. FY15: ~ EUR 23.3m
• ü Refinancing of all equity parks in the UK: ~ EUR 11.5m
• Further capital market debt/mezzanine financing in preparation
• Possibility for small capital increase (implementation period 2-4 weeks)
• § Full flexibility for growth financing
• DPR audit process completed
• Availability of alternative financing facilities, e.g. loan note Dec. FY15
• Income contribution from Gothaer portfolio to increase
• Refinancing of existing loans with Deutsche Kreditbank reduces interest payments

Capital Stage AG Thank you for your attention!

Capital Stage AG Q&A Session

Capital Stage AG Appendix

Capital Stage – PV and wind parks – Regional diversificaton

Capital Stage – Total effects on consolidated financial statements FY2015

Item	Cumulative corrections up to and including 2014 TEUR	2015 corrections	Total effect (TEUR)
Assets
Intangible assets	-2,901	-4,059	-6,960
Liabilities
Liabilities to non-controlling partners	-109	-96	-205
Deferred tax liabilities	-747	-968	-1,715
Income Statement
Depreciation / amortisation	-2,901	-4,066	-6,967
Financial result	109	96	205
Taxes on income	747	970	1,717
Group EAT	-2,045	-3,000	-5,045
of which shares of non controlling shareholders	-193	-137	-330

Financial Calender 2016

Date	Event
12 April 2016	DZ Bank Investor Roadshow, Frankfurt
13 April 2016	Bankhaus Lampe, German Conference, Baden-Baden
25 May 2016	AGM
31 May 2016	Q1 report FY2016
31 August 2016	6m report FY2016
21/23 November 2016	Deutsches Eigenkapitalforum, Frankfurt am Main
30 November 2016	Q3 report FY2016

Contact

IR Contact

Capital Stage AG Till Gießmann Head of IR & PR Große Elbstraße 59 22767 Hamburg, Germany

Tel.: +49 (0)40 378 5620 Fax: +49 (0)40 378 562 129

IR@capitalstage.com www.capitalstage.com

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