2017 Results Investor Non-Deal Roadshow ?· Roadshow Presentation HAGN 47MW Wind Park (Austria) 1. Strategic…

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  • Strictly Confidential

    2017 Results Investor Non-Deal Roadshow PresentationApril 2018

  • Strictly Confidential



    This presentation, and the information contained herein, constitutes confidential information and is provided to you on the condition that you agree that you will hold it in strict confidence and not reproduce, disclose, forward or distribute it in whole or in part without the prior written consent of ContourGlobal plc (the Company). This presentation is intended for the recipient hereof only, and is for information purposes only.

    The information contained in these materials has been provided by the Company and has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. It is not the Companys intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Companys financial position or prospects. The information and opinions contained in these materials are provided as at the date of this presentation and are subject to change without notice. Neither the Company nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation.

    Certain statements in this presentation are forward-looking statements. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding the Companys financial position, business strategy, plans and objectives of management for future operations, are forward-looking statements. These statements involve a number of factors that could cause actual results to differ materially, including, but not limited to, changes in economic, business, social, political and market conditions, success of business and operating initiatives, and changes in the legal and regulatory environment and other government actions. Forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Any forward-looking statement made during this presentation or in these materials speaks only as of the date on which it is made. The Company assumes no obligation to update or revise any forward-looking statements.

    Information contained herein relating to markets, market size, market share, market position, growth rates, penetration rates and other industry data pertaining to the Companys business is based on the Companys estimates and is provided solely for illustrative purposes. In many cases, there is no readily available external information to validate market-related analyses and estimates, thus requiring the Company to rely on internal surveys and studies. The Company has also compiled, extracted and reproduced market or other industry data from external sources, including third parties or industry or general publications, for the purposes of its internal surveys and studies. Any such information may be subject to significant uncertainty due to differing definitions of the relevant markets and market segments described.

    This presentation contains references to certain non-IFRS financial measures and operating measures. These supplemental measures should not be viewed in isolation or as alternatives to measures of the Companys financial condition, results of operations or cash flows as presented in accordance with IFRS in its consolidated financial statements. The non-IFRS financial and operating measures used by the Company may differ from, and not be comparable to, similarly titled measures used by other companies. The non-IFRS adjustments for all periods presented are based upon information and assumptions available as of the date of this presentation.

  • Strictly Confidential 3

    FY 2017 ResultsRoadshow Presentation

    HAGN 47MW Wind Park (Austria)

    1. Strategic Highlights 4Joseph Brandt President & Chief Executive Officer

    Richard KoenigExecutive Vice President for Business Development Europe

    2. Operations 11Karl Schnadt Executive Vice President & Chief Operating Officer

    3. Financial Results 15Jean-Christophe Juillard Executive Vice President & Chief Financial Officer

    Appendix 21

  • Strictly Confidential

    2017 Year End; A Strong Set of Results



    (1) Funds From Operations is defined as Cash Flow from Operating Activities excluding changes in working capital, less interest paid, less maintenance capital expenditure, less distribution to minorities. Funds from Operations is a non-IFRS measure

    (2) Pro-forma for 250MW Spanish CSP acquisition expected to close in Q2 2018, subject to customary and transaction specific conditions

    Total Revenue+13%




    Adj. EBITDA+17%

    FFO (1)


    94% Combined Average Availability Across the Fleet in Line or Close to Top Decile Targets for both Thermal and Renewable Segments

    Industry Leader in Health and Safety

    with 0.03 LTI Rate


    4.1x year-end Net Leverage Ratio

    $390m Liquidity at Parent Level (2)

  • Strictly Confidential 5

    Successfully Delivering on our Near-Term IPO Targets


    250MW Highly Cash Generative CSP Portfolio Acquisition in February 2018 (2), part of the Renewable Opportunities listed at IPO

    On track for Kosovo Financial Close after Commercial Close Signed in Dec 2017 as announced at IPO

    Continuing consolidation in European Solar Portfolio Roll-Up with 40MW added (1) in 2017 consistent with strategy communicated at IPO

    (1) 19MW closed in December 17 and another 21MW Solar Portfolio acquisition signed in December 2017 (of which 14.6MW closed in March 2018, the remaining 6.8MW expected to be closed in Q2 2018)(2) 250MW Spanish CSP acquisition expected to close in Q2 2018, subject to customary and transaction specific conditions


    4.1x year-end Net Leverage Ratio as of Dec 17 within 4.0-4.5x guidance

    $513m Adjusted EBITDA within $500-$520m guidance

    $17.5m stub period dividend, 2.6 cents (USD) per share in line with commitment at IPO

  • Strictly Confidential 6

    Accelerating the Timeframe for Doubling Adjusted EBITDA





    2013 2014 2015 2016 2017 2022E

    2013-2017 CAGR 18%

    Target to double run-rate Adj. EBITDA(1) by


    (1) Adjusted EBITDA is a non-IFRS measure; (2) expected to close in Q2 2018, subject to customary and transaction specific conditions

    ContourGlobal founded by

    CEO Joe Brandt and Reservoir



    18% Adj. EBITDA(1) CAGR since 2013

    Continued successful execution of near term M&A pipeline as highlighted during IPO with

    250MW CSP acquisition(2) leading to expected significant increase in Adj. EBITDA in the first year

    post IPO

    Continued strength of M&A pipeline and attractive opportunity set at historically achieved


    Continued development of existing greenfield portfolio

  • Strictly Confidential 7

    Continued Attractive Operations-Led Platform Expansion in Europe: 40MW Added in past three months

    4 Dec 17

    23 Dec 17

    Successful closing of 19MW solar Italy assets

    22MW Italian and Romanian solar assets signed, of which 15MW successfully closed in March 2018 and 7MW expected to close in Q2 2018

  • Strictly Confidential 8

    Significant Progress on Attractive Austria Repowering

    Preparatory works for decommissioning of Velm-Gtzendorf

    Austria wind business consists of 7 wind farms totaling 150 MW

    Austrian regulation offers incentives to Repower existing wind farms and receive13-year FiT

    We expect to repower 4 wind farms (listed in table below), increasing capacityfrom 71MW to 83MW and increasing production by 50%

    Two plants (Velm-Gotz and Scharndorf A) signed FiT in Q1 2018. Construction tocommence in Q2/Q3 2018, with planned COD in Q1/Q2 2019

    Three additional plants (Berg, Traut. and Scharndorf B) to finalize FiT anddevelopment phase between Q4 2018 and Q4 2019, with COD expected by Q42021


    SITECapacity After Repowering






    Generation increase


    IVelm-Gtzendorf 11.8 20,030 32,862 64%Scharndorf Ia 15.7 22,653 44,458 96%

    Phase II

    Berg I&II 18.0 41,134 54,703 33%Trautmannsdorf I 20.8 36,250 67,400 86%Scharndorf Ib 16.4 34,691 41,955 21%

    Total Wind Repowering Austria 82.7 154,758 241,378 56%(1) Based on P65 Generation

  • Strictly Confidential 9

    Mirror: Accretive Acquisition Strengthening EBITDA Quality and Offering Significant Potential for Further Value Creation by Implementing the CG Way

    (1) Pro-forma basis on 2017 Adjusted EBITDA(2) EBITDA-weighted

    Delivering High-Quality


    Significant fixed cost savings, in line with CGs historical benchmarks,

    through optimizing O&M strategy and integrating overhead structure

    into our Spanish platform that will lead to meaningful margin

    expansion within first two years after acquisition

    Combination of long-term locked-in financing rates and conservative

    regulatory return assumptions below the market consensus leave



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