Alperia Group + Growth + Efficiency - Alperiagroup
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IBDROOT\PROJECTS\IBD-LN\ZZZITALY\593915_1\SEL - Alperia\Presentation from the Company\2017\Alperia
Presentation v5.pptx
+ Growth
Alperia Group + Efficiency
+ Territory
+ Investments
1
IBDROOT\PROJECTS\IBD-LN\ZZZITALY\593915_1\SEL - Alperia\Presentation from the Company\2017\Alperia
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Disclaimer
IMPORTANT: YOU ARE ADVISED TO READ THE FOLLOWING CAREFULLY BEFORE READING, ACCESSING OR MAKING ANY
OTHER USE OF THE MATERIALS THAT FOLLOW.
As used in this document, the expression “these materials” means this document, together with any oral statement or question-and-answer
session and any written or oral material discussed or distributed in connection with the presentation or circulation of this document.
These materials have been prepared by and are the sole responsibility of Alperia (the“Company”) and have not been verified, approved or
endorsed by any lead manager, bookrunner or underwriter retained by the Company.
These materials are provided for information purposes only and do not constitute, or form part of, any offer or invitation to underwrite,
subscribe for or otherwise acquire or dispose of, or any solicitation of any offer to underwrite, subscribe for or otherwise acquire or dispose of,
any debt or other securities of the Company (“securities”) and are not intended to provide the basis for any credit or any other third party
evaluation of securities. If any such offer or invitation is made, it will be done so pursuant to separate and distinct documentation in the form
of a prospectus, offering circular or other equivalent document (a "prospectus") and any decision to purchase or subscribe for any securities
pursuant to such offer or invitation should be made solely on the basis of such prospectus and not these materials.
These materials should not be considered as a recommendation that any investor should subscribe for or purchase any securities. Any
person who subsequently acquires securities must rely solely on the final prospectus published by the Company in connection with such
securities, on the basis of which alone purchases of or subscription for such securities should be made. In particular, investors should pay
special attention to any sections of the final prospectus describing any risk factors. The merits or suitability of any securities or any
transaction described in these materials to a particular person’s situation should be independently determined by such person. Any such
determination should involve, inter alia, an assessment of the legal, tax, accounting, regulatory, financial, credit and other related aspects of
the securities or such transaction.
These materials may contain projections and forward-looking statements. Any such forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different
from any future results, performance or achievements expressed or implied by such forward-looking statements. Any such forward-looking
statements will be based on numerous assumptions regarding the Company’s present and future business strategies and the environment in
which the Company will operate in the future. Further, any forward-looking statements will be based upon assumptions of future events which
may not prove to be accurate. Any such forward-looking statements in these materials will speak only as at the date of these materials and
the Company assumes no obligation to update or provide any additional information in relation to such forward-looking statements.
These materials are confidential, are being made available to selected recipients only and are solely for the information of such recipients.
These materials must not be reproduced, redistributed or passed on to any other person or published, in whole or in part, for any purpose
without the prior written consent of the Company. By receiving and/or accessing these materials, you: (i) agree to be bound by the limitations
set out above; (ii) represent that you are a person who is permitted to receive information of the kind contained in these materials and (iii)
undertake to comply with all requirements and limitation provided by applicable securities laws and regulations regarding the distribution and
dissemination of information or investment recommendations.
These materials are not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use
would be contrary to local law or regulation. In particular, these materials (a) are not intended for distribution and may not be distributed in the
United States or to U.S. persons (as defined in Regulation S) under the United States Securities Act of 1933, as amended and (b) are for
distribution in the United Kingdom only to (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act
2000 (Financial Promotion) Order 2005 (the“Order”) or (ii) persons falling within Article 49(2)(a) to (d) (“high net worth companies,
unincorporated associations etc”) of the Order.
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We offer to the people the energy that
nature provides us with, in order to
shape together a future full of energy in
harmony with the forces of nature
Nature: the spontaneous source of
our energy
Il maggiore provider energetico dell'Alto Adige
Pagina 3
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South Tyrol’s new energy
Created from the merger between AEW
and SEL in 2016, Alperia is South Tyrol’s
new energy provider.
We produce energy from renewable
resources, manage the electricity grid and
sell electric energy and district heating
systems. We project and construct
renewable power plants and develop
innovative technological solutions for the
energy sector.
The largest energy provider in South Tyrol
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Table of contents
• Executive Summary
• The Group
• Alperia history, governance and business model
• Competitive landscape
• Business Units profiles
• Financial data and debt structure
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Introduction
Executive summary
Alperia is the result of the merger at the beginning of 2016 of SEL and AEW, the market leaders in hydroelectric
Exposure
generation and energy distribution in Alto Adige, one of the wealthiest regions in Italy
to one of
Italy’s The merger strengthens the role of Alperia as central pivot for the energy supply and economic development of
wealthiest the territory
regions Alperia focus is the client, served through more efficient infrastructures (plant; grids) and innovative solutions
(digitalization, e-mobility; ultra wideband)
Strong
market
Alperia is the hydroelectric leader in Alto Adige and one of the main green players in the North-East of Italy
positioning Manages 41 hydro plants for an installed capacity of 1,4 GW
and green The company serves+250.000 clients and an increasing number of medium-size enterprises for +3,4 TWh electricity
nature sold. The company also manages 6 district heating grids and supplies heat to retail clients, businesses and PA
Investme
Alperia has obtained an investment grade rating, debt financing is well diversified between bonds and loans and has
nt Grade
Profile
an average life above 6 years
Governanc Alperia has adopted a two-tier system aiming at implementing best in class governance in terms of checks and
e and balances, while guaranteeing full transparency to all stakeholders
Ownership Alperia is fully supported by a stable shareholding base formed by public bodies which identify Alperia with a key driver
structure of development and economic strengthening of Alto Adige
stability Shareholders support is strong and tangible, including financial support granted through guaranteed debt
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Table of contents
• Executive Summary
• The Group
• Alperia history, governance and business model
• Competitive landscape
• Business Units profiles
• Financial data and debt structure
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The Group
Alperia history • 1929
• 1949
End of War World II: energy
The biggest hydroelectric plant in consumption increases
• 1912 Europe is in function: Cardano rapidly. In 20 years time 5
plant. The plant supplies 7% of hydroelectric plants are
AEW builds and runs the the national energy demand. built in Val D’Ultimo and
Senales hydroelectric Built by SIDI, the plant is now are now part of Alperia
• 1898 plant part of Alperia
Start of electric energy production in
Alto Adige with the hydroelectric plant in
Tel, built by Etschwerke, controlled by
Bolzano and Merano Municipalites: the
future AEW
• 1968
Inauguration of
Naturno plant by
• 2001 AEW
Incorporation of SEL, Società
Energetica Altoatesina, as operator
of the major hydroelectric plants in
Val Venosta. Together with local
Municipalities, SEL launches new
renewable plants • 2016
From the beginning of
• 2014 2016 Alperia is fully
• 2011 operating. The group
SEL and AEW, together with their manages 45 hydroelectric
shareholders (Provincia Autonoma di plants, 8.600 Km of energy
Power plants and grids Bolzano, SELFIN, Bolzano and Merano grid, 6 heating plants and
previously managed by Edison Municipalities), take the first steps towards serves over 225.000 clients
and ENEL are transferred under the merger. The aim is to create a key through the supply of energy
local administration and energy player in Alto Adige in order to reach and gas
become part of SEL the ambitious goals of the Province energy
plan. The signing of the merger takes
place at the end of 2015: incorporation of
Alperia
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The Group
Values and long-term goals
Values… …GOALS
Maximizing the added value
+ Territorial roots for Alto Adige in terms of
clean electricity, job and
infrastructures
From two local 100% Investing on the hydroelectric
Groups… portfolio to optimize efficiency and
Green DNA
environmental compatibility
Using innovative technological
…to a Leader R&D solutions to develop new services and
in Alto Adige to optimize the assets performance
Digitalization, eMobility, Ultra
Client focus Wideband and new added value
services
Positive job environment and “work-
Human capital life balance” initiatives, on-going
training and focus on growth of skills
and talents
Page 9IBDROOT\PROJECTS\IBD-LN\ZZZITALY\593915_1\SEL - Alperia\Presentation from the Company\2017\Alperia
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The Group
Alperia shareholding structure
Local governments
Provincia Municipality of Municipality of SELFIN
Autonoma di Bolzano Merano (ca 100 local
Bolzano municipalities)
Class A 408,380,656 shares
54,45% 21% 21% 3,55% Class B 157,500,000 shares
Class C 157,500,000 shares
Class Class Class Class
A B C D
Class D 26,619,344 shares
The shares representing the corporate capital of Alperia are divided into class A, class B, class C and class D
Class A and D shares have the right, pro quota, to the profits and reserves distribution in privileged and priority way
of the incomes (net of duties and taxes) from the lease of concession “San Antonio” by Alperia Green Power
Such a privilege is however subject to Alperia dividend policy
No shareholders’ agreement has been entered into by the shareholders of Alperia. Relationships between
shareholders are regulated by Alperia by-laws and by an investment agreement
Lock up in place until 01/01/2021, save for the possibility granted to PAB to dispose max 10% of its stake to SELFIN
Page 10IBDROOT\PROJECTS\IBD-LN\ZZZITALY\593915_1\SEL - Alperia\Presentation from the Company\2017\Alperia
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The Group
Alperia governance and organizational structure (1/3)
... a two-tier system of corporate governance...
Composition
Supervisory Board Management Board
• 6 MEMBERS APPOINTED BY THE • 6 MEMBERS APPOINTED BY THE
SHAREHOLDERS (max. 3 years) SUPERVISORY BOARD (max. 3 years)
6 MEMBERS of which 3 by class A+D 4 MEMBERS appointed by a voting list
shareholders and 3 by Class B+C 2 MEMBERS (included the General
shareholders. At least 1 member must Manager of Alperia) chosen from the
be a certified statutory auditor Top Management of the Group upon a
•COMMITTEES: Appointments, Remuneration , favorable vote of the Statutory Board of
Internal Audit and Risk Committees at least 5 members
• 1 COMMITEE: Executive Committee, with
delegated management responsibilities
Duties
The Supervisory Board is authorized, inter The Management Board has the power to
alia, to perform the tasks involved in managing
1. appoint members of the Management Alperia, inter alia:
Board 1. approve strategic, industrial and financial
2. establish their remuneration plans of the Group
3. approve Alperia financial statements 2. prepare Alperia financial statements
4. authorize management decisions and (consolidated and statutory)
extraordinary transactions
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The Group
Alperia business model
HOLDING CORPORATE Business Unit
ELECTRICITY SALES and ELECTRICITY GRID DISTRICT HEATING
GENERATION BU TRADING BU BU & SERVICES BU
Maintenance and +3,5 TWh electricity Maintenance and Maintenance and
development of 4 sold to 250.000 retail development of 8.705 development of 6
hydroelectric electricity and medium-large size km of electricity grid district heating grids,
plants for a total corporate clients with 1.500 clients
installed capacity of served
about 1,4 GW ca 18% ca 5%
ca 10% FY
ca 67% FY 2016 FY2016 FY2016
2016 EBITDA EBITDA EBITDA
EBITDA
SMART REGION
2017-21 business plan: Alperia as driver of Alto Adige energy transformation
Investment to develop added value services for private customers and the Public Administration includin, inter alia:
eMobility: development and management of power stations for charging electric cars/vehicles
optic fiber: extension of ultra wideband using the current public infrastructure
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Table of contents
• Executive Summary
• The Group
• Alperia history, governance and business model
• Competitive landscape
• Business Units profiles
• Financial data and debt structure
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The Group
Competitive landscape: market position in generation
ALPERIA GROUP POSITIONING COMPETITIVE ARENA
10% 20% 30%
1,4 GW Enel
Installed 4 TWh
A2A 9.9%
capacity electricity
ALPERIA 8.8%
CVA 6.3%
produced Hydro Dolomiti Enel 6.0%
41 Edison 5.3%
managed Iren 2.9%
Gross.
hydro plants Erg 3.2% prod.
Altri operatori 2016 19.9%
42 TWh
Others
2016 data from AEEGSI 2017 annual report
Alperia is the #3 Italian hydroelectric producer managing an overall installed
capacity of about 1,4GW
Page 14IBDROOT\PROJECTS\IBD-LN\ZZZITALY\593915_1\SEL - Alperia\Presentation from the Company\2017\Alperia
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The Group
Generation: Volumes produced historically
6.558.879
[TWh] 5.808.163
5.561.529
5.426.616 5.472.475
5.398.100
5.070.430
4.999.260 5.104.955 5.163.285
4.909.869 4.997.442
5.059.484
4.854.636 4.712.126
4.516.754 4.563.717 4.485.565
4.333.860 4.468.642
4.205.211 4.330.423 4.244.833 4.091.614
4.150.379
3.875.615
3.716.436 3.756.320 3.732.386
3.647.255
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
The 30-year historical track record represents the production as all the
plants were fully controlled by Alperia along the entire horizon and it has
been used as reference for business planning
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The Group
Competitive landscape: electricity & gas sales
ALPERIA GROUP POSITIONING COMPETITIVE ARENA
10% 20% 30%
250.000 35%
Clients
5%
+ 3,5 4%
TWh
4%
3% 2016
electricity 3%
~250
TWh
sold 3%
3%
Medium-large 2%
enterprises of 2% Sold volumes
• 90% B2B
the territory
• 10% Retail
1%
1,4%
2016 35%
2016 data from AEEGSI 2017 annual report
Alperia is leader in Alto Adige in the “domestic” segment and competes in the B2B
market serving medium-large size enterprises (and, nationally, in the first 20
positions)
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The Group
Competitive landscape: market position in electricity grids
ALPERIA GROUP POSITIONING COMPETITIVE ARENA
Electricity distribution
8.705 107 Distributed volumes (TWh) Market
Shares
km supplied 225 85%
electricity municipalities 11 4%
10 4%
grid 4 1%
2 1%
\
2,4 TWh
2 1%
2 1%
distributed 2 1%
electricity 1 0%
Altri
Others
operatori
5 2%
2016 data from AEEGSI 2017 annual report
Alperia is one of the first 5 players in Italy in the field of electricity distribution
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The Group
Competitive landscape: district heating & services
ALPERIA GROUP POSITIONING COMPETITIVE ARENA
Heated
1600 volumetry(Mmc)
Altri
M.S.
Clients + 180
Operatori
~77 29%
GWh ~19
~77 29%
7%
thermal ~12 4%
6 district energy ~8 3%
heating produced ~5
~5
2%
2%
grids ~4 2%
* ~4 2%
Specialized
Player player
Specializzati Local utilities
Utilities Locali Large utilities
Grandi Utilities
2016 data from AEEGSI 2017 annual report
Alperia manages 6 district heating grids and supplies heat to retail clients, business and public administration
*77% di Kinexia restante ASM Settimo Torinese e altri soci; Fonte: AIRU, Bilanci pubblici, Analisi Bain Page 18IBDROOT\PROJECTS\IBD-LN\ZZZITALY\593915_1\SEL - Alperia\Presentation from the Company\2017\Alperia
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Table of contents
• Executive Summary
• The Group
• Alperia history, governance and business model
• Competitive landscape
• Business Units profiles
• Financial data and debt structure
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Our company structure
The largest energy provider in South Tyrol
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The Group
Generation: BU profile – Strategic rationale 67%
EBITDA
• Alperia produces, on an annual basis, approximately 4,300 GWh of electricity from 41 hydroelectric plants
located in Alto Adige
• The installed capacity as at 31 December 2016 is approximately 1.4 GW
• Alperia is also active in the production of electricity from other renewable sources
Overview
• In particular Alperia holds majority stakes in three photovoltaic parks located in the Municipalities of
Ottana and Monte San Giusto and in Rimini which respectively produce approximately 11 GWh, 6.2
GWh and 4.3 GWh of electricity on an annual basis and a minority stake in a wind farm located in
Tuscany which produces approximately 29.8 GWh of electricity per year
• Investments focused on increasing plant productivity
Selected
investments • Asset digitalization with enlarged sensor presence, component identification systems, automated
on-remote data and measures collection
Consolidation Consolidation
Plant name Concession Plant name Concession
perimeter perimeter
No short-medium term
Median concession and Median concession and
2037 100% 2037 100%
consolidation; total capacity consolidation; total capacity
2019
issues on the concession side.
BARBIANO P GARDENA 100% STEGONA 2029 100%
LASA 2041 100% SELVA GARDENA 2029 100%
MARLENGO 2017 100% PONTIVES 2029 100%
The concession expiry year
BRUNICO 2017 100% PREDOI 2029 100%
PRATI DI VIZZE 2017 100% FRENA 2029 100%
PREMESA 2020 100% CASTELBELLO 2031 100%
median is 2037
CURON 2020 100% GLORENZA 2031 100%
HCSenales 2039 40% SAN FLORIANO 2040 50%
HC PRATI 2 2042 30% STRAMENTIZZO 2035 50%
HCWinnebach 2037 30% RIO RIVA 2036 49%
CARDANO 2040 100% ENERPASS 2036 34%
BRESSANONE 2040 100% BERGKRISTALL 2035 25%
LANA 2040 100% EW EGGENTAL 2040 36%
SAN PANCRAZIO 2040 100% ENERGY WELSPERG 2036 50%
SAN VALBURGA 2040 100% EW BRIEN 2039 36%
SARENTINO 2040 100% PUNI ENERGIA 2038 37%
LAPPAGO 2040 100% GOGENALMBACH 2037 30%
PONTE GARDENA 2040 100% NATURNO 2023 100%
MULINI DI TURES 2040 100% TEL 2040 100%
FONTANA BIANCA 2029 100% BOLZANO 2039 100%
PRACUPOLA - PRACOMUNE 2040 100% SENALES 2040 100%
VERSCIACO 2029 100%
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The Group
Sales & trading: BU profile – Strategic 10%
rationale EBITDA
• For the year ended 31 December 2016 the companies of the Group sold electricity and gas to
approximately 250,000 clients
Overview • In addition, volumes of electricity and gas sold by Alperia to final users for the year ended 31
December 2016 amounted to approximately 3,461 GWh and 258 MSmc, respectively.
• Creation of a full-digital sales channel, consistently with the digitalization and innovation
program of Alperia Group
• Implementation of an advanced CRM to manage customers
Selected
investments • Enhancement of SAP ISU functionalities and improvement of accounting practices and
monitoring of operating and economic performance
• Increase of production data monitoring and analysis in relation to Energy Data Management and
platforms for market interactions
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The Group
18%
Electricity grid: BU profile – Strategic rationale
EBITDA
• Alperia currently operates in the distribution of electricity, gas and heating
• In particular, Alperia’s electricity distribution network consists of a secondary
Overview medium and low voltage network of approximately 8,705 km through which it
distributes electricity in Alto Adige
• Plan to increase the network resilience (leveled up at 20kV) and subsequent
quality improvement, reduction of penalties for breakdowns and intervention
timing
Selected
• Substitution of approximately 250k electric smart 2G meters
investments
• Gradual roll-out of the new model “Cabina Primaria smart” on all the network
• Realization of the Smart Grid infrastructure through the pilot-projects SmartNet
and SmartVizze
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The Group 5%
District heating & services: BU profile –
Strategic rationale EBITDA
• This segment of business includes the district heating which is currently operated
through 6 plants, research and development in the hydrogen/bio-combustible sector
Overview and the production of electricity from biomass and re-gasification
• Alperia provides district heating services to several municipalities in Alto Adige
• Development of remote-heating network in high potential Bolzano area
Selected
• Investments in maintenance and consolidation of Merano network to ensure
investments stability and continuity of heat supply
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Table of contents
• Executive Summary
• The Group
• Alperia history, governance and business model
• Competitive landscape
• Business Units profiles
• Financial data and debt structure
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Financial data
Consolidated Income Statement
(In Thousands of Euros) 2016
Revenues 1,126,533
Other revenues and income 97,546
Total revenues and other income 1,224,079
Costs for raw materials, consumables and goods (501,068)
Costs for services (468,317)
Personnel costs (66,766)
Amortization, depreciation, provisions and write downs (131,009)
Profit / (loss) arising from the fair value measurement of investments in associates and joint ventures 31,679
Other operating costs (35,414)
Total costs (1,170,895)
Operating income 53,183
Gains (losses) on valuation of investments (1,636)
Financial income 2,778
Financial charges (18,517)
Net financial income (17,376)
Earnings before tax 35,808
Taxes (4,884)
Net profit (A) from continuing operations 30,924
Discontinued operations (3,930)
Net profit (B) from Discontinued Operations (3,930)
Profit for the year 26,994
of which attributable to owners of the parent 25,703
of which attributable to non-controlling interests 1,291
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Financial data
Consolidated Balance Sheet
(In Thousands of Euros) As of 31-Dec-2016
Assets
Non-current Assets
Concessions 718,044
Other intangible assets 15,528
Tangible assets 821,430
Investments 41,454
Deferred tax assets 27,627
Other non current receivables and financial assets 43,580
Total non-current assets 1,667,663
Current Assets
Trade receivables 286,959
Inventories 21,569
Cash and cash equivalents 57,564
Other current receivables and financial assets 171,593
Total current assets 537,685
Assets held for sale and Discontinued Operations -
Total Assets 2,205,348
Shareholders' Equity
Share capital 750,000
Other reserves 245,733
Retained profits/ (accumulated losses) -
Net profit 25,703
Total shareholders' equity attributable to owners of the parent 1,021,436
Non controlling interests 25,186
Total consolidated shareholders' equity 1,046,622
Liabilities
Non-current Liabilities
Provisions for risks and charges 54,638
Employee benefits 19,605
Deferred tax liabilities 186,603
Non current borrowings from banks and other lenders 566,932
Other non current payables 9,236
Total non-current liabilities 837,014
Current Liabilities
Trade payables 229,800
Current borrowings from banks and other lenders 42,578
Current tax liabilities -
Other current payables 49,333
Total current liabilities 321,711
Liabilities held for sale and Discontinued Operations -
Total Shareholders' Equity and Liabilities 2,205,348
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Debt structure
Short term Long term
Debts vs banks and others Bond Hedging Shareholders loan
369.800
227.626 566.852
6.849 6.849
42.578
Dec'16 Dec'16
000/Eur Beginning Ending Interest rate Spread Drawn amount At Dec'16
Most of the financial debt is long term: no
Banks - "pool" Jun'12 Dec'22 Euribor 6m 1,12% 61.000
meaningful refinancing risk ahead (next 18 months). 41.233
Banks - "pool" Jun'12 Dec'22 Euribor 6m 0,92% 10.000
Average life: 6,4 years Banks - "pool" Jun'10 Dec'17 Euribor 6m 0,86% 95.000 19.035
BEI Oct'14 Oct'26 1,80% 25.000 25.000
BEI Oct'14 Oct'25 2,00% 50.000 50.000
90% of the debt sitting at parent Alperia SpA CDP Jun'11 Jun'23 Euribor 6m 0,38% 80.000 41.600
CDP May'08 Dec'20 4,80% 55.800 26.398
Sparkasse Jun'16 Mar'17 2,65% 2.000 2.024
Immaterial secured debt Raiffeisen Landesbank Sep'11 Mar'26 Euribor 6m 1,55% 8.600 3.013
5,9% linked to
Unicredit Leasing Jun'12 June'30 "Renew. Energy 21.500 9.067
Sources of debt financing is split between bonds EUR 3m"
and loans. The latter shows a good degree of Cassa Rurale Renon Aug'14 Jun'32 3,95% until Mar'21 10.650 9.988
diversification due to the multiple counterparties Others 783
Costs -515
involved
Total 227.626
000/Eur Beginning Ending Interest rate Amount
80% of financial debt is at fixed rate Tranche 1 Jun'16 June'23 1,41% 100.000
Tranche 2 Jun'16 Jun'24 1,68% 125.000
Tranche 3 Dec'16 Dec'26 2,50% 150.000
Costs -5.120
Total 369.880
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