Star St ar Conf Con er f ence, London

Transcription

1 Star Conference, 2011 London October, 4 th 2011

2 Falck Group & Falck Renewables Group Overview Financials Strategy and Business Plan Conclusions 2

3 F G FALCK GROUP HISTORY 1833 Falckbegan its first activities in the steel industry First hydro electric plants built to supply steel works Listing of Falck S.p.A. on the Milan Stock Exchange 1983 Incorporation of Sondel (Falck Group) with 9 hydro electric plants (330 MW) 1986 Listing of Sondel S.p.A. on the Milan Stock Exchange 90 s Sondel becomes Italy s second largest independent power producer through expansion into gas based cogeneration and district heating De merger of Falck (exit of Sondel) and Cmi. New focus on renewable 2002 energy. Listing of Actelios S.p.A. (today Falck Renewables S.p.A.) on the Milan stock exchange and incorporation of Falck Renewables Wind Ltd focusedondevelopmentofwindenergy Separate development of the Business Units WTE Biomass Solar 2003/2008 (Actelios), tli Wind (Falck Ren. Wind) and Bionenergy (Falck Bioenergy) 2010/2011 Consolidation Project within Falck Renewables of the BU WTE & Biomass and Wind & Solar; Capital Increase to strengthen the financial structure of the new Group; disposal of the non core BU Bioenergy 3

4 F R FALCK RENEWABLES AT A GLANCE Well Positioned in Industry Good Outlook Strong Investment Case Balanced presence across markets / segments Significant existing asset base Proven ability to deliver projects Strong management team Growth in projects and in MW Good pipeline Expected EU market growth ( ) Combination of growth and tariff predictability Sector undervalued d Falck Renewables trades at a significant discount to peers Financially strong after capital increase 4

5 Falck Group & Falck Renewables Group Overview Financials Strategy and Business Plan Conclusions 5

6 EUROPEAN PRESENCE 25 OPERATING PLANTS AS OF SEPTEMBER 2011 KILBRAUR 67,5 MW BOYNDIE 16,7 BEN AKETIL 27,6 MILLENNIUM 65,0 EARLSBURN 37,5 273 MW CEFN CROES 58,5 TREZZO S/A TREZZO S/A 20,0 MW 0,07 MW ECOCENTRO (*) ESPOSITO (*) GRANAROLO 11,0 MW ESQUENNOIS 12,0 MW MINERVINO 52,0 LE FOUY 10,0 LES CRETES 10 0 MESAGNE 20 2,0 LES CRETES 10,0 CABEZO S.R. 23,3 MW LA MUELA 25,7 49 MW 32 MW 192 MW RENDE 14,0 RENDE 1,0 SAN SOSTENE 79,5 CARDONITA 38 3,8 SPINASANTA 6,0 SUGHEROTORTO 3,3 (*) WASTE TREATMENT WIND WTE BIOMASS SOLAR With an installed capacity of 546 MW Falck Renewables is one of the biggest pure players in Europe and the second listed player in Italy in the Renewable Energies field 6

7 EUROPEAN PRESENCE PLANTS UNDER CONSTRUCTION TY RU (10MW) - OWNERSHIP: 100% COD EXPECTED: 1H 2012 GWH EXPECTED P.A. : ~ 23 PETRALIA (22MW) OWNERSHIP: 100% COD EXPECTED: IQ 2012 GWH EXPECTED P.A.: ~ 43 GEO (138MW) OWNERSHIP: 100% COD EXPECTED: Q IV 2011 GWH EXPECTED P.A.: ~ 330 7

8 Falck Group & Falck Renewables Group Overview Financials Strategy and Business Plan Conclusions 8

9 FINANCIAL HIGHLIGHTS millions Revenues Ebitda Wind Wte, Biomass and Solar Net Financial Position Project Finance Other lines Wind Wte, Biomass and Solar Dec Dec (280) Cumulated Cash Flow (598) CapEx Operating Cash Flow 291 (76) (36) Financial (29) Interests Taxes Dividends (728) 9

10 FINANCIAL HIGHLIGHTS 1H 2011 millions P&L IH 2010 Aggregated IH 2011 Balance Sheet December 2010 June % on revenues 28 54% 57% 32% 37% Revenues Ebitda Ebit Net earnings Net Invested Capital Net Financial Position Shareholders' Equity 10

11 1H2011: REVENUES BREAK DOWN By technology By country Wind Wte/Biomass Solar REVENUES Italy UK Spain France REVENUES 11

12 1H2011: EBITDA BREAK DOWN By technology By country 25 2 (4) Wind Wte/Biomass Solar Holding EBITDA Italy UK Spain France EBITDA 12

13 FINANCIAL HIGHLIGHTS 1H 2011 millions Breakdown of Net FinancialPosition Cash Flow Available PF Cash Cash Proj. Fin. (20) Derivatives FKR MLT (71) Other MLT (25) (5) Other positions NFP (639) (656) Dec June 2011 (728) Ebitda 65 Interests (16) and taxes Change (28) in NWC (86) CapEx Capital Increase and Dividends Exch. rate (656) 13

14 NET FINANCIAL POSITION KEY POINTS 1H 2011 P PLANT UNDER CONSTRUCTION/IN/ OPERATION P PROJECT FINANCE HEDGED 198m 30,1% 28,0% 69,9% 72,0% 458m PROJECT FINANCE/NFP Under Construction Operating Unhedged Hedged 15,0% 85,0% Other Project Finance 14

15 END 2011 FORECAST millions MW INSTALLED EBITDA Millions of euro >130 1H TARGET 1H TARGET 1H 2011 in line with target Geo will be completed in H 2011 in line with target 2H 2011 will benefit of the COD of Geo and Kilbraur Trezzo power plant CIP6 Incentive lost in April

16 Falck Group & Falck Renewables Group Overview Financials Strategy and Business Plan Conclusions 16

17 EUROPEAN MARKET TRENDS BLES ENERGY EU 27 RENEWAB FALCK RENEWABLES R CORE MARKETS PRODUCTI ON TW/h CAGR >6% biomass solar mini hydro geothermal wind TW/h 25 CAGR ~ 9% 57 CAGR ~ 14% MAIN STRATEGIC DRIVERS Energy production from renewables sources is expected tdto double in 2010/2020 with a CAGR > 6% Falck Renewables core markets show a CAGR higher than the EU 27 average Significant growth available to renewables companies through own development and opportunistic acquisitions Geographic expansion will continue providing new opportunities and regulatory risk diversification WELL BALANCED PORTFOLIO OF ACTIVITIES REPLICATING THE GLOBAL PLAYERS BUSINESS MODEL SOURCE: ECN RENEWABLES ENERGY PROJECTIONS AS PUBLISHED IN THE NATIONAL RENEWABLE ENERGY ACTION PLANS OF THE EUROPEAN MEMBER STATES: 1 FEBRUARY 2011 SOURCE: ALTHESIS IREX ANNUAL REPORT 2011: SINTESI DEI RISULTATI 17

18 STRATEGY ANDOBJECTIVES DEVELOPMENT GUIDELINES Maximize current asset value and grow portfolio with high return projects enhanced by Portfolio Management capabilities that can assure additional profit and reduce risk. WIND Maximize investments over the business plan horizon from a rich pipeline and opportunistic situations. SOLAR WTE Use as opportunistically, taking advantage of incentive windows (e.g. current tariffs for small scale Italian projects) Develop current projects and start monitoring interesting markets (UK and Poland) for opportunities, exploiting development synergies with wind Portfolio Management Leverage the asset portfolio by enhancing Portfolio Management capabilities to provide additional value and better risk management BIOMASS Develop medium size plants (7/15 MW) fed by solid biomass mainly coming from local residues or dedicated long term SRF (1) (1) Short Rotation Forestry 18

19 DEVELOPMENT PLAN MAIN TARGETS REVENUES and EBITDA ~400 INSTALLEDCAPACITY MW m REVENUES EBITDA ~ CAPEX BY TECHNOLOGY ~ 1,2bn 546 ~ 260 IN CONSTRUCTION & AUTHORIZED (*) ~270 ~1,100 PIPELINE WIND ~230 (*) () WIND 230 WTE ~26 BIOMASS ~8 SOLAR ~11 BIOMASS WTE SOLAR WIND ~72% WTE ~16% BIOMASS ~4% SEPT CAGR >20% ~685 MW cumulated installed by end 2011E 2014E WIND SOLAR ~8% (*) pipeline does not include approx 70MW to be completed by

20 DEVELOPMENT PLAN MW BY COUNTRY AND TECHNOLOGY 2010 MW by Country 2014E MW by Country UK E IT FR ~ 36% ~ 6% ~ 10% ~ 48% UK PL E FR IT ~ 41% ~ 7% ~ 5% ~ 43% ~ 4% 2010 MW by Technology 2014E MW by Technology WIND ~90% WTE ~6% BIOMASS ~3% SOLAR ~1% WIND ~84% WTE ~9% BIOMASS ~3% SOLAR ~4% 20

21 Falck Group & Falck Renewables Group Overview Financials Strategy and Business Plan Conclusions 21

22 STRONG INVESTMENT CASE A SOUND INVESTMENT PROPOSITION HIGH GROWTH MARKET SIGNIFICANT SIZE GEOGRAPHICAL DIVERSIFICATION Renewables accounting for only 6% of global energy capacity in 2009 (excl. large hydro) High binding EU targets ( ) With546 MW of installed capacity, Falck Renewables is among the biggest pure layers in the European Renewable Energy field The largest private and the second listed player in Italy in the Renewable Energy field Geographical diversificationifi across Europe to improve the business risk ik/ return profile and gain a foothold in high potential new markets TECHNOLOGICAL DIVERSIFICATION Diversification across renewable sources to combine high growth g with predictable technologies EXPERIENCED MANAGEMENT TEAM STRONG GROWTH TRACK RECORD Dynamic management team and skilled technical staff, with a consolidated know how deriving from its long dated experience in the Renewable Energysector Revenues CAGR: >15% EBITDA CAGR: >30% MW installed CAGR: > 30% 22