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COMPANY PRESENTATION · Small Cap Conference ... 27.2% LOAD FACTOR Investing in quality projects 74...

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Small Cap Conference 20 th November 2014 COMPANY PRESENTATION
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Page 1: COMPANY PRESENTATION · Small Cap Conference ... 27.2% LOAD FACTOR Investing in quality projects 74 MW Projects already awarded 57% Increasing efficiency by reducing OPEX/MW - 3.1%

Small Cap Conference – 20th November 2014

COMPANY PRESENTATION

Page 2: COMPANY PRESENTATION · Small Cap Conference ... 27.2% LOAD FACTOR Investing in quality projects 74 MW Projects already awarded 57% Increasing efficiency by reducing OPEX/MW - 3.1%

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

Page 3: COMPANY PRESENTATION · Small Cap Conference ... 27.2% LOAD FACTOR Investing in quality projects 74 MW Projects already awarded 57% Increasing efficiency by reducing OPEX/MW - 3.1%

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

Page 4: COMPANY PRESENTATION · Small Cap Conference ... 27.2% LOAD FACTOR Investing in quality projects 74 MW Projects already awarded 57% Increasing efficiency by reducing OPEX/MW - 3.1%

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

Page 5: COMPANY PRESENTATION · Small Cap Conference ... 27.2% LOAD FACTOR Investing in quality projects 74 MW Projects already awarded 57% Increasing efficiency by reducing OPEX/MW - 3.1%

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

Page 6: COMPANY PRESENTATION · Small Cap Conference ... 27.2% LOAD FACTOR Investing in quality projects 74 MW Projects already awarded 57% Increasing efficiency by reducing OPEX/MW - 3.1%

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

Page 7: COMPANY PRESENTATION · Small Cap Conference ... 27.2% LOAD FACTOR Investing in quality projects 74 MW Projects already awarded 57% Increasing efficiency by reducing OPEX/MW - 3.1%

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

Page 8: COMPANY PRESENTATION · Small Cap Conference ... 27.2% LOAD FACTOR Investing in quality projects 74 MW Projects already awarded 57% Increasing efficiency by reducing OPEX/MW - 3.1%

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

Page 9: COMPANY PRESENTATION · Small Cap Conference ... 27.2% LOAD FACTOR Investing in quality projects 74 MW Projects already awarded 57% Increasing efficiency by reducing OPEX/MW - 3.1%

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)

Page 10: COMPANY PRESENTATION · Small Cap Conference ... 27.2% LOAD FACTOR Investing in quality projects 74 MW Projects already awarded 57% Increasing efficiency by reducing OPEX/MW - 3.1%

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

Page 11: COMPANY PRESENTATION · Small Cap Conference ... 27.2% LOAD FACTOR Investing in quality projects 74 MW Projects already awarded 57% Increasing efficiency by reducing OPEX/MW - 3.1%

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)

Page 12: COMPANY PRESENTATION · Small Cap Conference ... 27.2% LOAD FACTOR Investing in quality projects 74 MW Projects already awarded 57% Increasing efficiency by reducing OPEX/MW - 3.1%

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

Page 13: COMPANY PRESENTATION · Small Cap Conference ... 27.2% LOAD FACTOR Investing in quality projects 74 MW Projects already awarded 57% Increasing efficiency by reducing OPEX/MW - 3.1%

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

Page 14: COMPANY PRESENTATION · Small Cap Conference ... 27.2% LOAD FACTOR Investing in quality projects 74 MW Projects already awarded 57% Increasing efficiency by reducing OPEX/MW - 3.1%

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

Page 15: COMPANY PRESENTATION · Small Cap Conference ... 27.2% LOAD FACTOR Investing in quality projects 74 MW Projects already awarded 57% Increasing efficiency by reducing OPEX/MW - 3.1%

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

Page 16: COMPANY PRESENTATION · Small Cap Conference ... 27.2% LOAD FACTOR Investing in quality projects 74 MW Projects already awarded 57% Increasing efficiency by reducing OPEX/MW - 3.1%

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

Page 17: COMPANY PRESENTATION · Small Cap Conference ... 27.2% LOAD FACTOR Investing in quality projects 74 MW Projects already awarded 57% Increasing efficiency by reducing OPEX/MW - 3.1%

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

Page 18: COMPANY PRESENTATION · Small Cap Conference ... 27.2% LOAD FACTOR Investing in quality projects 74 MW Projects already awarded 57% Increasing efficiency by reducing OPEX/MW - 3.1%

* Total companies including also existing but not operating ** Adjusted consolidated figures (PLT Group based on percentage of ownership)

WHY PLT ENERGIA

18

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

Page 19: COMPANY PRESENTATION · Small Cap Conference ... 27.2% LOAD FACTOR Investing in quality projects 74 MW Projects already awarded 57% Increasing efficiency by reducing OPEX/MW - 3.1%

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

19

Investor Relations PLT energia on-line

Next Events

Page 20: COMPANY PRESENTATION · Small Cap Conference ... 27.2% LOAD FACTOR Investing in quality projects 74 MW Projects already awarded 57% Increasing efficiency by reducing OPEX/MW - 3.1%

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

Page 21: COMPANY PRESENTATION · Small Cap Conference ... 27.2% LOAD FACTOR Investing in quality projects 74 MW Projects already awarded 57% Increasing efficiency by reducing OPEX/MW - 3.1%

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%

-

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

ia

pre

zzi

Page 22: COMPANY PRESENTATION · Small Cap Conference ... 27.2% LOAD FACTOR Investing in quality projects 74 MW Projects already awarded 57% Increasing efficiency by reducing OPEX/MW - 3.1%

FINANCIAL HIGHLIGHTS

22

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

Page 23: COMPANY PRESENTATION · Small Cap Conference ... 27.2% LOAD FACTOR Investing in quality projects 74 MW Projects already awarded 57% Increasing efficiency by reducing OPEX/MW - 3.1%

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

Page 24: COMPANY PRESENTATION · Small Cap Conference ... 27.2% LOAD FACTOR Investing in quality projects 74 MW Projects already awarded 57% Increasing efficiency by reducing OPEX/MW - 3.1%

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.

24

Page 25: COMPANY PRESENTATION · Small Cap Conference ... 27.2% LOAD FACTOR Investing in quality projects 74 MW Projects already awarded 57% Increasing efficiency by reducing OPEX/MW - 3.1%

Via Dismano 1280, 47522 Cesena (FC) Tel. 0547 317199 Fax 0547 415208


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