First-half 2017 results

Transcription

1 F i r t - h a l f r e u l t 1 26 July 2017

2 F i r t - h a l f r e u l t 2 Content Highlight Strategic poitioning Operational performance Financial reult Outlook Appendice 41

3 F i r t - h a l f r e u l t 3 1 Highlight 3

4 Albioma' highlight - Firt-half 2017 Operation Good availability of facilitie Succeful major outage related to indutrial emiion compliance work (IED) on the ALG-A power plant Agreement with EDF regarding IED compliance work and compenation for proceing combution by-product of the Albioma Caraïbe power plant Contruction and Development Galion 2: contruction work continued with commiioning cheduled for Q and the authorization to operate the power plant wa confirmed by the Bordeaux Adminitrative Court of Appeal Saint-Pierre combution turbine: delivery of the combution turbine to the ite in February 2017 for aembly Late tart to the ugar harvet in Brazil and lower bagae delivery IED work continued on Reunion Iland Multi-year Energy Programme (MEP) decree publihed in Guadeloupe and Reunion Iland confirming the bioma converion objective 1. Highlight 4

5 F i r t - h a l f r e u l t 5 2 Strategic poitioning 5

6 Albioma, an independent power generator Key figure (2016) Renewable bae-load electricity producer (available 24/7) MW Highly energy-efficient recovery of bagae (a by-product of ugar cane grinding) thermal power plant expert of capacity Key player in the photovoltaic egment in the French overea territorie 2.4 million people upplied with electricity 368 million in revenue 3,605 GWh of power generated 2.2 Mt of bagae recovered 131 million in EBITDA 120 kwh/tonne of cane exported to the electricity grid 2. Strategic poitioning 6

7 Albioma - diverified geographical footprint 752 MW of intalled capacity Strong market hare Wet Indie and French Guyana MW Guadeloupe, Martinique, French Guyana Metropolitan France 16 MW & ret of Europe 3 MW 13 MW 48% of power generated on Reunion Iland 42% of power generated in Mauritiu 31% of power generated in Guadeloupe 142 MW 31 MW Indian Ocean MW Reunion Iland, Mauritiu, Mayotte Brazil MW 108 MW 425 MW 30 MW 2. Strategic poitioning 7

8 Three-pronged trategy 1 Energy tranition in the French overea territorie 2 Deployment of the bagae model abroad 3 High added-value olar power project To be modified 2. Strategic poitioning 8

9 Leader in the energy tranition of the French overea territorie Coal replaced by utainable bioma in power plant that currently recover bioma Priority to locally-ourced bioma, free from conflict of ue (ugar cane traw, foret wate, etc.) and contributing to a circular economy (green wate, palette wate, etc.) Imported bioma a a econdary ource, the traceability and utainability of which mut be ubject to certification and control ytem enured by third-party organiation Development of new renewable capacitie Firt all-bagae/bioma power plant in Martinique Firt peaking turbine on Reunion Iland fuelled mainly by bioethanol Development of olar project with integrated torage Reearch in progre on the ue of olid recovered fuel (SRF) a a ubtitute for foil fuel in all-coal power plant Multi-year Energy Programme (MEP) decree publihed on Reunion Iland and Guadeloupe integrating bioma converion of Albioma power plant 2. Strategic poitioning 9

10 Deployment of the model abroad 2000 Mauritiu 45% of power generated on the iland 3 power plant in operation 1 project under development 2014 Brazil, international priority for the group World' number one ugar producing country with 700 million tonne of cane (tc) Bagae recovery: Sector average yield of kwh/tc (compared with 120 kwh/tc at Albioma plant) Two plant already in operation and a new project agreed in % of group capital expenditure over a 10-year invetment cycle ( ); 1 project every 12/18 month Target: reach critical ma Medium term Development Geographical trategy: Latin America, Aia Cutomer-oriented trategy: upport exiting ugar-refining partner 2. Strategic poitioning 10

11 High added-value olar power project Key player in the photovoltaic power market in the French overea territorie A pioneer ince % market hare Niche poitioning focued on innovative high-tech project Order for 5.9 MWp won in 2016 Solar project with integrated torage Firt multi-ite organiation in France to achieve triple QSE certification in 2016 Inert PV photo PV 2. Strategic poitioning 11

12 Target: 80% of energy from renewable by % 20% 50% 50% 36% 64% 2023 target 2016 Foil Renewable 2013 Rapidly changing energy mix driven by: Converion to bioma of the exiting bagae-coal power plant Contruction of all-bioma plant in the French overea territorie and photovoltaic plant Acquiition and development of all-bagae plant in Brazil 2. Strategic poitioning 12

13 F i r t - h a l f r e u l t Operational performance 13

14 14 F i r t - h a l f r e u l t France

15 France thermal bioma: good availability Plant availability 91,1% 89,7% Power generation 1047 GWh 1031 GWh H1 S H1S H1 S S H Good availability of plant given the: - IED outage of ALG-A in the econd quarter (6 week offet contractually) - cheduled outage of Albioma Caraïbe in March 2017 (no outage in 2016) Call rate fell lightly at the Galion peaking plant in the firt ix month to 28.8% (v 31.5% in firt-half 2016) 3. Operational performance 15

16 New amendment igned for Albioma Caraïbe Combution by-product and liquid wate proceing Compenation for the extra cot reulting from managing combution by-product and liquid wate of the Albioma Caraïbe power plant Treating atmopheric emiion Reminder: the European Indutrial Emiion Directive (IED) will come into force on 1 January 2020 at the latet, impoing cut in emiion of ulphur dioxide (SOx) and nitrou oxide (NOx) An amendment igned with EDF validated the 22 million invetment neceary for Albioma Caraïbe Negotiation are underway for Albioma Le Moule olely for the treatment of atmopheric emiion 3. Operational performance 16

17 France olar power: table production Number of equivalent full power hour Power generation 47 GWh 46 GWh S S S S H H H H Heavy rain in French Guyana and Wet Indie offet by unny condition in the Indian Ocean and Southern Europe Production table in the firt half 3. Operational performance 17

18 Four project under contruction in France 1 Invetment to modernie exiting plant (fume treatment) 2 Contruction of the Galion 2 plant in Martinique, firt all-bagae/bioma plant in the French overea territorie To be modified 3 4 Combution turbine in Saint-Pierre on Reunion Iland, world' firt bioethanol power plant Three photovoltaic power plant with integrated torage following a requet for propoal by the French Energy Regulatory Commiion (CRE) 3. Operational performance 18

19 Moderniation work of exiting facilitie Intallation of denitrification catalytic filter and deulphuriation filter for atmopheric emiion to be commiioned by end million of capital expenditure currently agreed (Reunion Iland and Albioma Caraïbe power plant) Dicuion underway for Albioma Le Moule Unit outage ucceful for the Gol power plant 3. Operational performance 19

20 Galion 2 Firt all-bagae/bioma power plant in the French overea territorie 80% of equity owned by Albioma 40 MW of intalled capacity Fuel: bagae, local bioma and imported bioma from the United State in pellet form 30-year contract Invetment revied to 205 million including the latet contruction contingencie The validity of the operating licence confirmed by the Bordeaux Adminitrative Court of Appeal Scheduled commiioning date: Q Operational performance 20

21 Combution turbine in Saint Pierre on Reunion Iland 51% of equity owned by Albioma 41 MW of intalled capacity Fuel: primarily bioethanol (and light fuel) 25-year contract 60 million invetment Project debt of 45 million over 20 year Delivery of the turbine to the ite in February 2017 Scheduled commiioning date: Q Operational performance 21

22 Contruction of olar power project with integrated torage 5.9 MWp to be built: Two rooftop plant on Reunion Iland (2.6 MWp) and one groundbaed plant in Guadeloupe (3.3 MWp), with lithium-ion batterie 13 million invetment Financing obtained for the Grand Port Maritime on Reunion Iland Scheduled commiioning date: 2018/2019 Development outlook Albioma intend to repond to forthcoming CRE requet for propoal relating to noninterconnected area (ZNI) 3. Operational performance 22

23 23 F i r t - h a l f r e u l t Mauritiu

24 Mauritiu: excellent performance of plant Plant availability 91,4% 91,4% Power generation 590 GWh 609 GWh H1 S H1 S H1 S H1 S Availability i till high in plant in Mauritiu The hare of net income from thee conolidated entitie ha been integrated uing the equity method ince 2014 in the Group' operating income (EBITDA and EBIT) 3. Operational performance 24

25 25 F i r t - h a l f r e u l t Brazil GO 2015 CODORA 2016 VALE DO PARANA SP 2014 RIO PARDO

26 Albioma development in Brazil Brazil, the international priority for Albioma Acquiition of Rio Pardo Termoelétrica Acquiition of Codora Energia Vale do Paraná project agreement 3. Operational performance 26

27 Change in macroeconomic indicator Strengthening of Brazilian Real compared to Euro: BRL/EUR 3.4 on average at end-june 2017 v BRL/EUR 3.9 in 2016 (light rie ince end June) Decreae in Brazilian inflation rate: 3.0% in June 2017 v 6.3% end 2016 Interet rate in Brazil have begun to fall: CDI rate at 10.2% in June 2017 v 13.6% end 2016 Increae in average electricity price on the pot market: BRL 164/MWh at end-june 2017 v BRL 58/MWh at end-june Operational performance 27

28 Brazil thermal bioma: Energy yield 68 kwh/tc 65 kwh/tc Power generation 109 GWh 64 GWh S S S S Sugar harvet began late for the two plant, repectively on 11 April for Codora and 27 April for Rio Pardo (over one month late) Sugar cane volume upplied by our partner decreaed harply 3. Operational performance 28

29 Majority of ale price ecured High volatility of the pot price After a harp drop in the pot price between 2015 and 2016 (BRL 94/MWh on average in 2016 v BRL 288/MWh on average in 2015), the pot price bounced back in the firt half of 2017 before another downturn in June (BRL 164/MWh at end June) Average ale price of electricity H1 2016: average price of BRL 212 per MWh H1 2017: average price of BRL 224 per MWh, i.e. up 6% compared to the firt ix month of percentage old under contract: ~ 75% of energy old under contract at BRL 241 per MWh, on track with the target of ecuring 70-80% of ale under contract (on the open or regulated market) 3. Operational performance 29

30 Project in progre in Brazil Vale do Paraná 40% of equity owned by Albioma Reult accounted for under the equity method 48 MW of intalled capacity 25-year contract BRL 100 million invetment Electricity ale ecured at the price of BRL 243 per MWh (2016 bai) a from 1 January 2021 (i.e. 120 GWh) Network connection licene granted in February 2017 a planned Scheduled commiioning date: 2021 Continued dicuion with other ugar producer Target maintained: 1 new invetment every 12 to 18 month 3. Operational performance 30

31 F i r t - h a l f r e u l t Financial reult 31

32 Income tatement by region/buine ( million) H H Chg 17/16 France - Thermal Bioma % France - Solar Power (1) % Brazil % Holding & Other % Revenue % France - Thermal Bioma % France - Solar Power (1) % Mauritiu (equity method) % Brazil (0.3) 1.4 NA Holding & Other (0.9) (2.7) +66% EBITDA % Net income (Group hare) % Revenue up 2% excluding the impact of fuel price change Good performance of thermal plant and a new amendment igned for Albioma Caraïbe Late tart to the bagae harvet in Brazil and lower bioma delivery Good performance of other activitie depite advere weather condition in French Guyana and Wet Indie Note 1. Including Spain and Italy 4. Financial reult 32

33 Revenue rie to million Excluding the impact of fuel price change, and depite the later bagae harvet in Brazil, revenue roe 2% from 2016 thank in particular to renegotiated price with EDF million H Bonu/Penaltie Other impact France thermal power Volume impact Other Volume impact Other Thermal Bioma Impact of Brazil Increae fixed Bioma Thermal exchange rate Brazil Price effect Impact of premium Bonu/Penaltie Other France France Real v. Euro Volume impact + Other fuel price (0.9) (1.7) (2.3) Adjutment pricing and indexation Production 1,031 GWh v. 1,047 GWh Adjutment pricing and Revenue team France thermal bioma: M Brazil M Other +0.2 M H H Total excluding impact from fuel price change H Financial reult 33

34 EBITDA at 68.4 million up 5% v Excluding retroactive application and other non-recurring item, EBITDA i up 5% compared to 2016 in particular due to: (i) pricing adjutment obtained in the context of compliance work on the thermal plant in France and (ii) good control of operating expene in the firt ix month of the year million 65.4 Retroactive effect & other non-recurring item Increae fixed premium 3.6 Bonu/Penaltie Other Thermal France Impact of price change Real v. Euro (0.9) Volume impact Brazil Price effect and other revenue Brazil Other Brazil Other (2.3) 0.8 (0.2) France thermal bioma: M Brazil M Other M 64.0 H H Financial reult 34

35 Net income (Group hare) roe 12% v H ( million) H H Chg 17/16 Revenue % EBITDA % Depreciation, amortiation, proviion & mic. (25.0) (24.8) -1% Operating income % Net financial contribution (12.3) (13.6) +10% Tax (12.7) (11.3) -13% Effective tax rate 43.2% 44.1% Conolidated net income % Net income (Group hare) % Weighted average number of hare 29,849,009 29,468,800 Net income per hare (conolidation cope) Financial reult 35

36 Cah up 17 million over the firt ix month Cah-flow H Group cah poition Operational cah flow 53 Debt ervicing 40 Repayment Borrowing 28 Interet charge 12 Invetment 78 New debt 80 Operation 12 Development Reource Increae in cah and cah equiv. 17 Ue 131Jan. -Dec Jan. -June Financial reult 36

37 A trong balance heet to finance growth Gro debt increaed mainly due to new drawdown to finance the project currently under contruction (Galion 2, Saint-Pierre combution turbine, IED compliance) Group average interet rate of 4.0% (of which France 3.6% and Brazil 16.0%) 90% of debt hedged or at fixed rate Non-recoure project debt except Brazil debt ( 30 million) and project under contruction ( 137 million) ( million) 30 June Dec Change Project debt % Corporate debt % Total gro debt % Cah and cah equivalent (113) (96) 18% Guarantee depoit and equivalent (3) (3) 5% Total net debt % Net debt/ebitda over rolling 12-month period 4.3x 4.2x Net debt excluding project under contruction/ebitda over 3.4x 3.6x rolling 12-month period 132% 125% Gearing 1 Note 1. Net debt/equity 4. Financial reult 37

38 Confirmation of target for EBITDA ( million) Net income (Group hare) ( million) Financial reult 38

39 F i r t - h a l f r e u l t Outlook 39

40 1 billion in invetment between 2013 and million Brazil???? IED igned Solar power 30 Other Combution turbine Reunion Iland 213 1,000 Galion 2 Martinique Note 2013 Invetment completed, under contruction or End June In development 2023 igned Figure preented in million 5. Outlook 40

41 41 F i r t - h a l f r e u l t 4 1 Appendice

42 Cah flow tatement for the half year ended 30 June 2017 ( million) H H Cah flow from operation Change in working capital requirement (8.1) 7.5 Tax paid (9.4) (16.9) Net cah flow from operating activitie Operating capex (11.8) (5.6) Free cah flow from operation Development capex (67.2) (38.2) Other/Acquiition/Dipoal 1.4 (0.2) Cah flow from inveting activitie (65.9) (38.4) Dividend paid to Albioma SA hareholder - - Borrowing (drawn down) Borrowing (repaid) (28.0) (18.5) Cot of debt (12.0) (13.8) Other 3.5 (1.3) Cah flow (net) from financing activitie Currency effect on cah (0.7) 0.8 Net change in cah and cah equivalent Opening cah and cah equivalent Cloing cah and cah equivalent Appendice 42

43 Balance heet at 30 June 2017 ASSETS ( million) 30 June Dec Goodwill Intangible aet & Property, plant and equipment 1,094 1,048 Other non-current aet Total non-current aet 1,140 1,096 Current aet Cah and cah equivalent Total ASSETS 1,378 1,329 EQUITY & LIABILITIES ( million) 30 June Dec Equity (Group hare) Non-controlling interet Total equity Current and non-current financial liabilitie Other non-current liabilitie Current liabilitie Total EQUITY & LIABILITIES 1,378 1,329. Appendice 43

44 Long-term debt matched to buine profile Reidual life of eleven year with a regular amortiation profile of around 60 million per year Exiting debt repayment profile Note 1. Financial debt under contract at 30 June 2017 Project debt Corporate debt. Appendice 44

45 Shareholder tructure at 10 July 2017 Free float 64.6% 0.3% 1.4% 1.2% Director (excluding Altamir and BPI) Employee Treaury hare 13.5% Altamir and affiliate Financière de l Échiquier 3.8% 3.9% CDC 6.0% 5.1% COFEPP BPI France. Appendice 45