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Strictly Confidential
Inka – 2018 Results
April, 2019
Strictly Confidential
Disclaimer
2© ContourGlobal 2018 Results 2
This presentation, the information contained herein and the materials accompanying it (collectively, this “presentation”) constitutes confidential information and isprovided 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 withoutthe prior written consent of Energia Eolica S.A. (the “Company”) and is intended for the recipient hereof only. The presentation is for information purposes only.
This presentation does not constitute or form a part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, anysecurities of the Company or any member of the group of which it is part nor should it or any part of it form the basis of, or be relied on in connection with, anycontract to purchase or subscribe for any securities of the Company or any member of the group of which it is part or with any other contract or commitmentwhatsoever. This presentation does not constitute an offering memorandum in whole or in part.
The information contained in these materials has been provided by the Company and has not been independently verified. No representation or warranty, express orimplied, 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 isnot the Company’s intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company’s financial ortrading position or prospects. The information and opinions contained in these materials are provided as at the date of this presentation and are subject to changewithout notice. Neither the Company nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any losswhatsoever 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 Company’s financial position, business strategy, plans and objectives of management for future operations, areforward-looking statements. These statements involve a number of factors that could cause actual results to differ materially, including, but not limited to, changes ineconomic, business, social, political and market conditions, success of business and operating initiatives, and changes in the legal and regulatory environment and othergovernment actions. Forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a representation that suchtrends 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 itis made. The Company assumes no obligation to update or revise any forward-lookingstatements.
Information contained herein relating to markets, market size, market share, market position, growth rates, penetration rates and other industry data pertaining to theCompany’s business is based on the Company’s estimates and is provided solely for illustrative purposes. In many cases, there is no readily available externalinformation 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 internalsurveys and studies. Any such information may be subject to significant uncertainty due to differing definitions of the relevant markets and market segmentsdescribed.
Strictly Confidential
Executive SummaryStrong performance despite poor resource
3© ContourGlobal 2018 Results
• Rating: On Dec’18, Fitch has affirmed the Long-Term rating assigned to Energia Eolica S.A.'s (Inka)
$185 million senior notes fully maturing by 2034 at 'BBB-'. The Rating Outlook is Stable. Affirmation
supported by strong underlying credit metrics and ongoing, consistent deleveraging of business.
• 0 Recordable Incidents: No LTI, MTI or RWC in 2018
• Generation: 2.6% higher generation in 2018 vs 2017 - improvement though below average historical
and expected levels. 30% generation from Talara site; 70% from Cupisnique.
• EBITDA: 14% increase in EBITDA in 2018 vs 2017 (2017: $25m; 2018: $29m), primarily driven by PPA
price increase.
• Debt amortization: $4.3m amortization in 2018. Net leverage decreased from 7.4x to 6.2x. 2018
DSCR of 1.72x.
LTI: Lost Time Incident
MTI: Medical Treatment Incident
RWC: Restricted Workday Case
Strictly Confidential
1. Operations
© ContourGlobal 42018 Results
Talara Wind Site (Peru) 30.8MW
Strictly Confidential
96% 92%80%
63%
82%
Inka project overview114 MW of reliable wind operation with 16 years left in PPA
5© ContourGlobal 2018 Results
Talara 30.8 MW
17 wind turbines
Cupisnique 83.2 MW
45 wind turbines
114 MWTalara Wind Farm
Location: Talara, Piura
Total Power Installed: 30.8 MW
Equipment (Turbine Model): Vestas V100
Turbine Capacity: 1.815 MW
Number of turbines: 17
T-Line: 1.2 km (5 Towers)
BOP: SE Campana
COD: 2014
O&M Contractor: Vestas
PPA Price: USD 91.40
Cupisnique Wind Farm
Location: Pacasmayo
Total Power Installed: 83.2 MW
Equipment (Turbine Model): Vestas V100
Turbine Capacity: 1.850 MW
Number of turbines: 45
T-Line: 28 km (78 Towers)
BOP: SE Cupisnique
COD: 2014
O&M Contractor: Vestas
PPA Price: USD 89.30
Strictly Confidential
H&S PerformanceProactive H&S management leading to continued strong performance
6© ContourGlobal 2018 Results
0 LTI (Lost Time Incidents)
0 RI (Reportable Incidents)
0 First Aid Incidents
Note : LTI rate is an industry standard reporting convention for
calculating injuries in the workplace
Both safety inspections and training hours
have increased in 2018 …
161 148 188
18341697
1767
0
200
400
600
800
1000
1200
1400
1600
1800
2000
0
20
40
60
80
100
120
140
160
180
200
2016 2017 2018
Safety Inspection Training Hours
Strictly Confidential
Cupisnique – Availability Factor (1) (%)
7© ContourGlobal 2018 Results
EAF are in the top decile globally2018 EAF slightly lower than 2017 primarily due to planned maintenance activities
Talara – Availability Factor (1) (%)
(1) Availability factor refers to the actual amount of time a plant or group of plants is available to produce electricity divided by the amount of time in
the period
(2) Source: Peer to Peer benchmark performed by Make Consulting
99.4% 97.4% 97.6%
97.0%
97.9%
80.0%
82.0%
84.0%
86.0%
88.0%
90.0%
92.0%
94.0%
96.0%
98.0%
100.0%
80.0%
82.0%
84.0%
86.0%
88.0%
90.0%
92.0%
94.0%
96.0%
98.0%
100.0%
2016 2017 2018
Actual EAF Vestas Benchmarking
99.2% 99.2% 98.1%
97.0%
97.9%
80.0%
82.0%
84.0%
86.0%
88.0%
90.0%
92.0%
94.0%
96.0%
98.0%
100.0%
80.0%
82.0%
84.0%
86.0%
88.0%
90.0%
92.0%
94.0%
96.0%
98.0%
100.0%
2016 2017 2018
Actual EAF Vestas Benchmarking
(2)(2)
Strictly Confidential
Higher production than 2017 by 2.6%Generation below PPA by 4% in 2018 mainly due to resource
8
3.2 GWh net energy produced above PPA (i.e. 122.9 GWh
vs 119.7 GWh) mainly due to higher wind speeds.
98.1% Availability Factor in 2018 lower than 2017 when
reached 99.2%
45.4% Capacity Factor slightly higher than prior year (i.e.
45.3%)
20.1 GWh net energy produced below PPA (i.e. 282.9 GWh
vs 303 GWh) mainly due to lower wind speeds
97.6% Availability Factor in 2018 slightly higher than 2017
when reached 97.4%
38.8% Capacity Factor above prior year (i.e. 37.5%)
P89 generation level achieved in 2018
P75 generation level achieved in 2018
2018 production below PPA…
Cupisnique
Wind Farm
Talara Wind
Farm
© ContourGlobal 2018 Results
336.0 273.0 282.90
303.0 303.0 303.0
46.0%37.5% 38.8%
00%
20%
40%
60%
80%
100%
-
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
2016 2017 2018
Net Energy Production (GWh) PPA Volume (GWh)
PPA Volume (GWh)
Capacity Factor (%)
138.0 122.5 122.9
119.7
51.0%45.3% 45.4%
00%
20%
40%
60%
80%
100%
110.0
115.0
120.0
125.0
130.0
135.0
140.0
2016 2017 2018
Net Energy Production (GWh) PPA Volume (GWh)
PPA Volume (GWh)
Capacity Factor (%)
Strictly Confidential
2. Financial Update
© ContourGlobal 92018 Results
Talara, Wind Site (Perú) 83 MW
2. Financial Update
Cupisnique, Wind Site (Perú) 83 MW
2. Financial Performance
Cupisnique, Wind Site (Peru) 83.2 MW
Strictly Confidential
Robust financial performance since CODAverage EBITDA during operation period of $29m
2018 Results 10© ContourGlobal
(1) DSCR as defined in Bond Indenture.
DSCR increased in 2016 due to the deferral of the
1st year PPA premium revenues that were collected
in the 2nd PPA year.
Revenues
(US$m)
EBITDA
(US$m)
DSCR (1)
(Multiple)
39 39
34
37
-
5
10
15
20
25
30
35
40
2015 2016 2017 2018
30 31
25
29
-
5
10
15
20
25
30
35
40
2015 2016 2017 2018
1.5x
2.3x
1.5x
1.7x
1.2x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
2015 2016 2017 2018
Strictly Confidential
EBITDA Bridge 2017-2018Higher EBITDA driven by price adjustment
2018 Results 11© ContourGlobal
Price impacted by retroactive indexation :
As per PPA, when cumulated index reach 5%, the PPA price is adjusted. In 2017, the index reached the 5% level but was only
recognized in 2018 results (impact by $1.8m in 2017). In 2018, PPA price adjusted has an impact by $1.1m.
Strictly Confidential
Significant debt reduction and distribution to
shareholder funded through operating cash flows
2018 Results 12© ContourGlobal
EBITDA TO NET CASH FLOW (US$m)
Strictly Confidential
Scheduled debt amortization drives leverage down
from 7.4x in 2017 to 6.2x in 2018
2018 Results 13© ContourGlobal
Financial KPIs
Notes:
- EBITDA improvement driven by better generation vs. 2017 were plants were impacted by El Niño
costero.
- Convenant is not required for the leverage ratio.
Leverage Ratio
199193 189
181
30.0 31.0 25.4 29.0
-
20
40
60
80
100
120
140
160
180
200
2015 2016 2017 2018
Net Debt EBITDA
6.6x
6.2x
7.4x
6.2x
5.6x
5.8x
6.0x
6.2x
6.4x
6.6x
6.8x
7.0x
7.2x
7.4x
7.6x
2015 2016 2017 2018
Leverage Ratio
Strictly Confidential 14© ContourGlobal
3. 2018 Financial Statements
Cupisnique, Wind Site (Peru) 83.2 MW
2018 Results
Strictly Confidential
FY18 IFRS Financial Statements (Audited)P&L Statement
15© ContourGlobal 2018 Results
Higher revenues driven by PPA review and retroactive price indexation.
Lower administrative expenses driven by reduction coming from Municipal Taxes that impacted 2017 results (one time cost) +
savings done on facilities expenses (rental expenses and communication fees).
Financial expenses decrease mainly driven by penalty paid in 2017 related to plant construction process (custom fees/one time
cost).
Years Ended Dec 31
In $ millons 2018 2017
Operating income:
Revenues from energy sales 37.1 33.5
Operating costs (18.3) (17.7)
Gross profit 18.8 15.8
Administrative expenses (2.3) (3.8)
Operative profit 16.5 12.0
Financial expenses (12.6) (16.1)
Financial income 1.3 1.1
Exchange differences, net (1.0) (0.3)
(Loss) profit before income tax 4.2 (3.3)
Income tax (0.8) 1.0
Net profit / (loss) 3.4 (2.3)
Strictly Confidential
FY18 IFRS Financial Statements (Audited)Balance Sheet
16© ContourGlobal 2018 Results
ASSETS LIABILITIES AND EQUITY
Years Ended Dec 31 Years Ended Dec 31
In $ millons 2018 2017 In $ millons 2018 2017
Current assets Current liabilities
Cash and cash equivalents 2.1 0.7 Borrowings and interest payable 4.8 4.8
Trade and unbilled accounts receivable 3.8 6.5 Trade accounts payable and accruals 1.1 1.4
Other accounts receivable 3.6 6.9 Other accounts payable to related parties 0.0 0.1
Prepaid expenses 0.5 0.7 Other current liabilities 1.8 2.5
Total current assets 10.1 14.8 Current Portion Financial leases obligation 0.3 0.3
Total current liabilities 8.1 9.2
Non-current assets Non-current liabilities
Other accounts receiva. from related parties 32.6 24.0 Borrowings and interest payable 173.5 177.2
Property, plant and equipment 182.8 194.5 Financial leases obligation 2.7 2.8
Intangible assets 0.1 0.0 Decommisioning provision 3.9 3.6
Total non-current assets 215.5 218.6 Deferred income tax liability 8.8 8.0
Total non-current liabilities 188.8 191.6
Equity
Share capital 46.3 53.7
Accumulated losses -17.7 -21.1
Total equity 28.6 32.6
TOTAL ASSETS 225.5 233.3 TOTAL LIABILITIES AND EQUITY 225.5 233.3
Strictly Confidential 17© ContourGlobal
4. ContourGlobal Highlights
Cupisnique, Wind Site (Peru) 83.2 MW
2018 Results
Strictly Confidential
ContourGlobalInternational Power Generation, Stable Cash Flows + Growth.
18
• Large diversified footprint
• Long term contracts and regulated tariffs
delivering stable and secure cash flows
• Proven track record of value accretive
growth through both operationally lead
acquisitions and greenfield development
• High return growth + safe and growing
dividend
• Non-recourse debt: use of non-recourse debt
financing at the project level provides
significant protection to equity investor
• High cash flow conversion (+50% EBITDA to
FFO)
Portfolio
Thermal Solar
Wind Hydro BiogasHigh Efficiency Cogen
ContourGlobal Footprint – 4.8 GW in 19 CountriesContourGlobal Footprint – 4.8 GW in 19 countries 1Investment Highlights
1) Figures (GW and number of countries) include 518 MW Mexican Cogeneration acquisition
signed January 2019
Strictly Confidential
Long-term contracts typically with state-owned or supported utilities or large investment grade companies, or stable regulatory regimes (avg. credit rating BBB-)
Typical Thermal PPAs virtually eliminate commodity risk via fuel and CO2 emissions costs pass-through mechanisms
Limited
Credit Risk
Limited
Duration
Risk
No
Cost Risk
No
Price Risk
Long-term contracts, weighted average remaining contract life of 12 years
Fixed-price contracts that typically contain inflation pass-through terms
Contract Structure Differs between technologies
Thermal: No volume risk; plants paid full capacity payment irrespective of off-taker demand
Renewables: Plants typically paid set price based on MWh produced
Negligible
Revenue / Volume Risk
We Build and Invest in High-Quality BusinessesBusinesses operate with fixed-price, long-term contracts or regulation, with credit worthy
off-takers. This structure provides risk mitigation and sets ContourGlobal apart in the
sector.
19
Strictly Confidential20
Diversified: technology, geography and currencyOur business model and strongly diversified asset base lead to resilient financial performance
39%
18%
43%
Thermal High Efficiency Cogen Renewable
50%
10%
40%
Europe Africa Latam
53%30%
12%
4% 1%
EUR USD BRL BRL Hedged Other
LTM H1 2018 PF Adj. EBITDA1 by Technology LTM H1 2018 PF Adj. EBITDA by Geography LTM H1 2018 PF Adj. EBITDA by Currency
Financial performance is highly resilient to external factors
1. LTM H1 2018 Pro Forma Adj EBITDA = actual EBITDA for LTM H1 2018 + pro forma adjustment for a full year contribution from our Spanish CSP assets + pro forma adjustment
for expected run-rate annual contribution from our Mexican CHP assets ($110 million; signed but not closed yet)
100% 99% 98% 97% 100% 100%
LTM H1 2018 10% change in electricity
spot prices
10% depreciation of BRL 10% change in renewables
resource
10% change in fuel prices 10% change in CO2 prices
Sensitivity
For further information please visit www.contourglobal.com