Small Cap Conference – 20th November 2014
COMPANY PRESENTATION
SUMMARY
2
PLT energia at a glance
A history of growth
Business model
PLT energia presence
Strategy
Strong Investment Growth
Additional Wind capacity
Income Statement
Balance Sheet
Group Overview Strategy and Outlook Financial Highlights
Why PLT energia
SUMMARY
3
PLT energia at a glance
A history of growth
Business model
PLT energia presence
Group Overview Strategy and Outlook Financial Highlights
Strategy
Strong Investment Growth
Additional Wind capacity
Income Statement
Balance Sheet
Why PLT energia
GROUP OVERVIEW PLT energia at a glance
4
A pure player in the renewable energy sector
Diversified Portfolio
3 DIFFERENT ENERGY
SOURCES
Young assets with long residual life
Quality asset base
High Company Profitability
70% 2013 ADJ CONS EBITDA
…with a solid 2014-2018 strategic plan
27.2% LOAD FACTOR
Investing in quality projects
74 MW
Projects already awarded 57% ACHIEVED
Increasing efficiency by reducing OPEX/MW
- 3.1% CAGR
3.8 YEARS AVERAGE LIFE
Wind Photovoltaic Biogas Energy Trading
Installed Capacity* Net Production*
86%
10%
2% 2%
102.4 MW
87%
6%
5% 2%
233,620 MWh
Wind Photovoltaic Biomass/Biogas MiniWind * Expected at December 2014
GROUP OVERVIEW PLT energia today
4
PLT is a holding in Renewable Energy Sector, whose mission is energy production and sale by planning, constructing and managing Renewable Energy Plants
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 giu-14 2014 E
MW Growth
5.95 5.95 5.95 11.55
First Group Company set-up (Micropower S.r.l.) JV Micropower S.r.l. - ABB S.p.A for a new CHP company (Telesafe Energy S.p.A.)
JV Micropower S.r.l. - Gruppo Podini for a new Wind company (W-Energy S.r.l.)
Set-up PLT Energia holding
IPO on AIM Italia market
79.55 87.5
94.89 99.45
102.4 E
1999
Authorization process start-up
First Wind farm realized
Partnership with Enel Green Power
Wind
Photovoltaic
Biomass/ Biogas
MiniWind
GROUP OVERVIEW A history of growth
99.85
6
Feasibility Development
& Construction
O&M Energy sales
Business Model
Achievements are the result of a tight integration of the activities throughout the value chain that allows PLT to mitigate risks and capture contingent opportunities
Strategy, business development,
corporate activities, administration and
finance, legal
Plants (SPV)
developing
General contractor for plants development, EPC, permissions and relationship with local Authorities, operation and maintenance
Sales of energy and green certification
Integration in value chain: a key success factor
GROUP OVERVIEW
7
8
Technologically advanced equipments and production maximisation
Efficiency in OPEX due to economies of scale and geographic concentration
Availability * (%)
OPEX/MW (index, 2012=100)
PLT energia has a competitive advantage thanks to its integrated approach to the business and a continuous improvement of key operating metrics
98.52% 98.90%
2012 2014E
+0.39 pp
* Availability refers only to wind turbines
-4%
* OPEX include: Operative costs, Personnel costs and Amortization
100 96
2012 2014E
GROUP OVERVIEW Business Model
9
90%
7%
2% 1%
0% Calabria
Marche
Campania
Liguria
Tuscany
GROUP OVERVIEW PLT energia Presence
Italy geographic breakdown (MW %)
32 plants of which 28 operating for a total capacity of 99.85 MW and 4 plants (3 Wind, 1 Biomass) under construction - expected to be put into operation by the end of 2014 - for a total capacity of 2.55 MW
Plants
Technology Number Gross Capacity MW Production
MWh Load
Factor Total PLT Group
Wind 9 88 47.20 202,100 27.1%
MiniWind 10 1.85 1.16 3,720 n.m.
Photovoltaic 10 10.45 6.80 15,260 16.1%
Biomass 3 2.10 1.00 12,640 58.2%
Total 32 102.4 56.16 233,620
A further photovoltaic plant (0.5 MW) is located in Timisoara (Romania)
SUMMARY
10
PLT energia at a glance
A history of growth
Business model
PLT energia presence
Group Overview Strategy and Outlook Financial Highlights
Why PLT energia
Strategy
Strong Investment Growth
Additional Wind capacity
Income Statement
Balance Sheet
STRATEGY AND OUTLOOK
11
Strategy
GROWTH
DIVERSIFICATION
INTERNAZIONALIZATION
Boost in production capacity especially in Wind segment
Partnerships Enel Green Power (2010), Vergnet (2013&2014) and with Ecoener (2014)
External growth by renewable plants acquisitions in the secondary market
Biomethan leveraging on the Group technical expertise
Presence in Romania with a photovoltaic plant (ca. 500 KWp)
Gradual approach to investments in new countries (i.e. partnership agreements with international players)
STRATEGY AND OUTLOOK
12
Strong Investment Growth
102.4 102.4
176.4
42
32
Dec 2014E Business Plan Dec 2018E2
Additional wind capacity awarded in the latest months: Simeri Crichi 32 MW and Torre di Ruggiero 10 MW
Sites identification and feasibility studies carried on for additional 160 MW in Italy
74 MW
Additional wind capacity awarded in the latest months
Achieved 57%
of the announced business plan
STRATEGY AND OUTLOOK Additional Wind Capacity
MiniWind Plants
Simeri Crichi
Torre di Ruggiero
Installation of 20 MiniWind plants both in Italy and abroad (internationalization process in England and Scotland), of which 10 expected to be constructed in 2015-2016 for a total capacity about 2 MW
Realisation of 7 MiniWind plants: Total capacity about 419.3 kW (7 x 59.9 kW) Construction to be started in 2014 Expected commissioning in May 2015
Plants Nominal Capacity 32 MW Construction in 2015 Expected commissioning in 2016
Sept 2014
June 2014
Partnership with Vergnet
July 2014
13
Plants Nominal Capacity 10 MW Construction in 2014 Expected commissioning in 2015
SUMMARY
14
PLT energia at a glance
A history of growth
Business model
PLT energia presence
Group Overview Strategy and Outlook Financial Highlights
Income Statement
Balance Sheet
Why PLT energia
Strategy
Strong Investment Growth
Additional Wind capacity
15
H1 2014 Highlights FINANCIAL HIGHLIGHTS
53%
23%
17%
4% 3%
Energy production and sale
Tariffs contribution
Assets increase
O&M
Other
Adjusted H1 2014 Consolidated Revenues Breakdown by Source
18,826
10,986 13,140
6,520 5,887
2,971
Dec-13 Jun-14
Revenues EBITDA EBIT
Main Adjusted Consolidated Figures Dec-13 vs Jun-14
€/000
FINANCIAL HIGHLIGHTS
16
€/000 June 2014 December 2013
Net Working Capital (4,073) (6,120)
Net Invested Capital 114,895 114,286
Other (972) (968)
Total Assets 109,850 107,198
Net Financial Position 83,650 90,213
Equity 26,200 16,985
Total Liabilities 109,850 107,198
9.5
(39.8)
(53.4)
(83.65)
Current assets
Loans & Project
financing Leasing NFP Jun-14
H1 2014 NFP breakdown (M€)
Listing at AIM Italia: Capital Increase for 10.5 M€ NFP / Equity
December 2013
June 2014
5.32
3.19
H1 2014 Highlights
Adjusted Consolidated Balance Sheet Dec-13 vs Jun-14
SUMMARY
17
PLT energia at a glance
A history of growth
Business model
PLT energia presence
Group Overview Strategy and Outlook Financial Highlights
Why PLT energia
Strategy
Strong Investment Growth
Additional Wind capacity
Income Statement
Balance Sheet
* Total companies including also existing but not operating ** Adjusted consolidated figures (PLT Group based on percentage of ownership)
WHY PLT ENERGIA
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Cutting-edge assets: 32 Renewable Energy plants in Italy and Romania
Integration in the value chain in Renewable Energy sector (planning, construction, management) through 25 dedicated companies*
Strong relationships with EPC companies and main players in the sector (ie. Enel Green Power, Vergnet, Ecoener)
High profitability • 18 M€ Revenues at 2013 year
end ** • 13.1 M€ EBITDA at 2013 year
end ** • 70% EBITDA Margin in 2013
Protected downside due to: • Solid cash flow from plants
operating with past higher tariffs
• Economies of scale on plants management and maintenance
Outstanding growth in the past 10 years Strong upside potential thanks to a robust and high profitable pipeline Above average Investments return Payout policy for coming years:
• 2014-2016: 40% payout • 2017-2018: 30% payout
IND
UST
RY
FIN
AN
CIA
LS
GR
OW
TH
Investment Case
CONTACTS
IR Manager Eleonora Tortora Tel. +39 0547 317199 [email protected] Via Dismano 1280 47522 Cesena (FC) Italy
IR Consultant Vincenza Colucci CDR Communication Srl Tel. +39 335 6909547 [email protected]
http://www.pltenergia.it/
1st March, 2015 – 31st March, 2015 31st December 2014 Consolidated Financial Statement Approval
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Investor Relations PLT energia on-line
Next Events
APPENDIX
20
PLT energia at a glance
A history of growth
Business model
PLT energia presence
Group Overview Strategy and Outlook Financial Highlights
Strategy
Strong Investment Growth
Additional Wind capacity
Why PLT energia
Income Statement
Balance Sheet
21
Shareholders and Price Performance GROUP OVERVIEW
Nomad and Specialist
Auditors
Market AIM ITALIA
Ticker PLTE.MI
Price (November 19th, 2014) 2.058 Euro
Market Cap (Nov. 19th, 2014) 49.2 M€
Average Volume (last month) 5.4 k
Number of Shares Outstanding 23.9 M
Sirefid, 83.62%
Market, 16.38%
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20
40
60
80
100
120
140
160
180
200
1
1.5
2
2.5
3
04/06/14 04/07/14 04/08/14 04/09/14 04/10/14 04/11/14 04/12/14
vo
lum
iM
iglia
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zzi
FINANCIAL HIGHLIGHTS
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Adjusted Consolidated Income Statement
€/000
Adjusted Consolidated
IS as of June 2014
Adjusted Consolidated
IS as of Dec 2013
Revenues 10,986 18,826
Operating Costs (3,535) (4,223)
Labour costs (931) (1,463)
EBITDA 6,520 13,140
Depreciations and Amortizations (3,549) (7,253)
EBIT 2,971 5,887
Gain (Losses) of non-current assets 15 0
Financial income (expenses) (2,216) (3,608)
Operating Profit 770 2,278
Extraordinary Income (Losses) (14) 0
Profit (loss) before tax 756 2,278
Tax (180) (433)
Profit (loss) 576 1.846
Adjustments referrable to: EPC Maicor Wind Consolidation Proportional method Other activities
FINANCIAL HIGHLIGHTS
23
Consolidated Income Statement
€/000 June 2014 June 2013 Dec 2013
Revenues 9,823 9,959 20,481
Operating costs (4,156) (5,095) (9,703)
Gross Profit 5,667 4,864 10,778
Labour Cost (1,285) (1,034) (2,181)
EBITDA 4,382 3,830 8,597
EBITDA margin 44,6% 38.5% 42.0%
Depreciations and Amortizations (2,500) (2,386) (4,745)
EBIT 1,882 1,445 3,852
EBIT margin 19.2% 14.5% 18.8%
Gain (Losses) of non-current assets 1,056 1,545 2,434
Financial income (expenses) (1,978) (1,662) (3,678)
Operating Profit 959 1,328 2,608
Extraordinary Income (Losses) (457) 17 (55)
Profit (loss) before taxes 502 1,345 2,553
Taxes (250) (377) (624)
Profit (loss) 253 968 1,929
DISCLAIMER
This document has been prepared by PLT energia S.p.A. (the "Company") for use during meetings with investors and financial analysts and is solely for information purposes. The information set out herein has not been verified by an independent audit company. Neither the Company nor any of its subsidiaries, affiliates, branches, representative offices (the “Group”), as well as any of their directors, officers, employees, advisers or agents (the “Group Representatives”) accepts any responsibility for/or makes any representation or warranty, express or implied, as to the accuracy, timeliness or completeness of the information set out herein or any other related information regarding the Company and/or Group, whether written, oral or in visual or electronic form, transmitted or made available. This document may contain forward-looking statements about the Company and/or the Group based on Company’s current views, beliefs, expectations, opinions, as well as based on current plans, estimates, assumptions, projections and projects of the Company and/or Group. These forward-looking statements are subject to significant risks, uncertainties and other factor (many of which are beyond the Company and/or the Group’s control) which might cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks, uncertainties and other factors, you should not place undue reliance on the forward-looking statements in this document. The information set out in this document is provided as of the date indicated herein. Except as required by applicable laws and regulations, the Company assumes no obligation to provide updates of any of the aforesaid forward-looking statements or to conform these statements to its actual results. Under no circumstances shall the Company, the Group and/or any of the Group Representatives be held liable (for negligence or otherwise) for any loss or damage howsoever arising from any use of this document or its contents or otherwise in connection with the document or the aforesaid forward-looking statements. This document does not constitute an offer to sell or a solicitation to buy or subscribe the shares of the Company or Group and neither this entire document or a portion of it may constitute a recommendation to effect any transaction or to conclude any legal act of any kind whatsoever. This document may not be reproduced or distributed, in whole or in part, by any person other than the Company. By viewing and/or accepting a copy of this document, you agree to be bound by the foregoing limitations.
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Via Dismano 1280, 47522 Cesena (FC) Tel. 0547 317199 Fax 0547 415208