Corporate Presentation - 22 March 2017 - Falck Renewables
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Corporate Presentation
22 March 2017
Disclaimer This document has been prepared by Falck Renewables S.p.A. (the "Company") for use during meetings with investors and financial analysts and is solely for information purposes. The information set out herein has not been verified by an independent audit company. Neither the Company nor any of its subsidiaries, affiliates, branches, representative offices (the “Group”), as well as any of their directors, officers, employees, advisers or agents (the “Group Representatives”) accepts any responsibility for/or makes any representation or warranty, express or implied, as to the accuracy, timeliness or completeness of the information set out herein or any other related information regarding the Company and/or Group, whether written, oral or in visual or electronic form, transmitted or made available. This document may contain forward-looking statements about the Company and/or the Group based on Company’s current views, beliefs, expectations, opinions, as well as based on current plans, estimates, assumptions, projections and projects of the Company and/or Group. These forward-looking statements are subject to significant risks, uncertainties and other factor (many of which are beyond the Company and/or the Group’s control) which might cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks, uncertainties and other factors, you should not place undue reliance on the forward- looking statements in this document. The information set out in this document is provided as of the date indicated herein. Except as required by applicable laws and regulations, the Company assumes no obligation to provide updates of any of the aforesaid forward-looking statements or to conform these statements to its actual results. Under no circumstances shall the Company, the Group and/or any of the Group Representatives be held liable (for negligence or otherwise) for any loss or damage howsoever arising from any use of this document or its contents or otherwise in connection with the document or the aforesaid forward- looking statements. This document does not constitute an offer to sell or a solicitation to buy or subscribe the shares of the Company or Group and neither this entire document or a portion of it may constitute a recommendation to effect any transaction or to conclude any legal act of any kind whatsoever. This document may not be reproduced or distributed, in whole or in part, by any person other than the Company. By viewing and/or accepting a copy of this document, you agree to be bound by the foregoing limitations. 2
Agenda
Group Overview and 2021 Roadmap 4
FY2016 Highlights 19
Outlook and Conclusion 27
Appendix 31
3
GROUP OVERVIEW and 2021 ROADMAP
Falck Renewables Today
Story
2002 START OF OPERATIONS
• Actelios SpA listed on MTA Installed Base Evolution (MW)
• Development of Biomass and WTE projects
• Beginning of development of wind projects in the UK 822
(Falck Ren. Wind)
684
2004 STAR SEGMENT
Listed on the STAR segment of Italian Stock
Exchange
152
2010/11 FALCK RENEWABLES
Consolidation of all renewables energy businesses of
Falck Group 2005 2011 2016E
2016
Wind Solar Wte/Biomass
WTE/Biomass
PARTNERSHIP WITH FUND MANAGED BY
2013 COPENHAGEN INFRASTRUCTURE
Sale of minority interest in six UK wind farm projects
2016 2021 ROADMAP
Presentation of the new industrial plan 2017 -2021
5Group Over view
822* MW Across Europe 1,697 MW° Under Management By Vector Cuatro
31
Plants
377MW
292MW 16MW 46MW
Global Presence 1399 MW of solar PV
Vector Cuatro Offices
298 MW** of Wind
° as of 17 March 2017
49MW
Wind On-shore Authorized
Millennium
42MW
10
760MW 16MW 46MW turbines
* Includes minority stake in La Muela (26%) wind farm and Frullo Energia
Ambiente (49%) for a total amount of 37MW
6 ** Includes Cabezo (23,2 MW) and France projects (42 MW)A Renewables Pure Play Generating Sustainable Value
A customer centric Well positioned to Growth driven by assets Committed to
energy company within capitalize on growing and by services disciplined, profitable
€266B* renewables demand for clean and developed for the and self-funded growth
market sustainable energy customer centric clean strategy, and increasing
energy web annual dividend
7 * Source: Global trend in Renewable Energy Investments 2016 – Frankfurt SchoolRenewables Market Opportunities
Renewables present an attractive and established long-term investment opportunity
Growing Continued Affordable and Evolving
Renewable Commitment to Predictable Customer
Capacity De-carbonization LCOE* Needs
The rapid growth in renewables is driven by industrial trends and public policy support
8 *Levelised Cost of ElectricityWorldwide Renewables Trend
Renewable and non-renewable power capacity additions worldwide 2007-2015
-91 GW +57 GW
154
145
138
127 43%
118 117 118 119
107 104
100
93
97 31%
87
79
75
69 22%
54
Others 4%
2007 2008 2009 2010 2011 2012 2013 2014 2015
Non-renewables [GW] Renewables [GW]
9 Source: IRENA – Rethinking energy 20172016 Market Update
NORDICS* +1.2 GW
2015 2016
11.4 GW 12.6 GW
UK +1.2 GW
USA 2015 2016
8.2 MW 9.4 MW
+8.2 GW
2015 2016 NETHERLANDS +0.2 GW
74.0 GW 82.2 GW 2015 2016
3.0 GW 3.2 GW
2015 2016 FRANCE
25.9 GW 40.5 GW +2.1 GW GERMANY +5.0 GW
+14.6 GW 2015 2016 2015 2016
10.5 GW 12.6 GW 44.9 GW 50.0 GW
2015 2016**
6.5 GW 7.0 MW
+0.5 GW
+10.4 GW
2015 2016
EU-28 141.1 GW
130.7 GW
2015 2016
94.6 MW 101.5MW
Source: Wind Europe 2016, Awea fact sheet Q42016, EurObserve 2016
10
* Sweden, Norway, Denmark and Finland ** as of September 2016 +6.9 GW2021 Roadmap: Strategic Priorities to Drive Value Creation
Growing in Focus Portfolio and Extend Core Increase
Mature Markets Expand Pipeline Services Profitability
• Capitalize on growth in core • Onshore wind and solar are core • Continue business core • Employ hands-on
markets of growth strategy service extension approach to maximize
• Enter select mature markets • Explore opportunities in the revenues and value from
• Enhance service offerings
with strong fundamentals customer centered clean energy full life cycle approach
to asset owners and energy
• Monitor emerging markets web (distributed generation, users • Increase efficiencies and
for future entry storage, software) extract additional value
• Evolve asset base and expand from existing assets
pipeline
Increase reach and optionality of our footprint
11Falck Renewables: 2021 Roadmap Goals
2021
Driving Sustainable &
Today 2021 Profitable Growth
822 MW 1,300 MW €685M
Total capacity Total capacity owned
owned Cumulative **
Operating Cash Flow
2,100 MW 4,500 MW
Asset managed Asset managed
globally*
globally*
€702M
18% 44% Cumulative**
CapEx
Assets less than
Assets less than 5-years old
5-years old
0,9 Mton 1,3 Mton €201M
of CO2 avoided*** of CO2 avoided*** 2021 Ordinary EBITDA
* Includes Falck Renewables owned assets and Vector Cuatro managed assets
12 ** 2017-2021
*** calculated as 430 g/kWh2021 Roadmap: Focus in Four Distinct
Regions
Installed Capacity (MW) by Region (2017-2021)
North Europe +52%
France, UK, Netherlands, Ireland
1,303
Nordics
60
Norway, Sweden, Finland, Denmark
1,002
30 433 • Expand presence in Europe in attractive new
South Europe 858
Italy, Spain markets
413 200
North America 403
40 • Reinforce position in existing markets
519 610 • Enter in North America gradually, starting with 30
455
MW installed in 2019 in the USA
2017 2019 2021
Energy Output
(TWh)
2.1 3.1
Capitalize and consolidate on strength in Italy and UK to fund expansion in selected, low-risk mature markets
with strong existing renewable fundamentals
132021 Roadmap: Focus Portfolio
Installed Capacity (MW) by Technology (2017-2021)
Wind 1,303
46
Solar PV 116
Other 1,002 • Falck will remain a wind oriented company,
46
858
66
46 with more than 87% of wind assets
16
• Strong expansion in solar PV with an installed
1,141
890 capacity in 2021 seven times higher than today
796
• Average of 150 BPS over Country WACC 2017 -
2019
2017 2019 2021
Focus investments on highest return opportunities in core onshore wind and solar PV while
developing tech-based solutions to capture additional value across the energy management chain
142021 Roadmap: Extend Core Ser vices
Performance Performance
Operations* improvement
Operations* improvement
Construction Active Energy
Active Energy Construction Management
& Finance Management & Finance
Late Stage Energy Late Stage Energy
Development Efficiency Development Efficiency
Falck Renewables Falck Renewables
Early Stage Today Supply/Client Early Stage Tomorrow Supply/Client
Development Development
Enhance customer value proposition by building on strong in-house competencies to
offer owner services in asset operations, management and optimization
15 *Does not include O&M/ESP2021 Roadmap: Increase Profitability
Reduce Costs
OpEx* per MW** (K€)
Increase Operational Efficiencies
12
Technical Performance Improvements
Levies, 11
• Wind Alignment Insurance. 8
65 Land
Other Grid
• Blades Improvements &
Royalties 34
• Power upgrades
OpEx Year 2017 O&M
Availability Improvement
3,5%
• CMS (high frequency vibration data)
2,5%
Management Improvements
• Spare parts management
Loss energy
• Site management 34 factor
O&M* per MW** (K€)
29
• Advanced scheduled maintenance management
2017 2021
Dilute G&A on larger assets base
• G&A structure flat
G&A per MW (K€) 29
• Human resources growth planned only for 21
development/construction team
2017 2021
*Scope includes all wind and solar plants (as-is + new markets)
16 **Calculated on weighted MW installed per yearStrong Balance Sheet and Commitment to Increasing Dividend
Deliver Attractive Returns
Proposed Dividend Per Share (in c€)*
6.3
4.7X 5.3
5.8
Based on pay-out ratio
4.9
Average NFP/EBITA
Maintain a sustainable ratio throughout the plan well
within the corporate financing covenant and substantially
below the peer average
paid in 2017 paid in 2018 paid in 2019 paid in 2020 paid in 2021
2021 Roadmap enables sustainable investments in
short- and long-term growth while supporting progressive annual dividend
17 * Years in Y-axis represent timing of dividend payment – e.g. 2017 represents FY2016 dividend paymentFinancial Goals
Debt to Equity Ratio
EBITDA (€M) 1.9x
1.6x
CAGR +11% 1.4x
201 2017 2019 2021
166
132
NFP to EBITDA Ratio
8.0x
2017 2019 2021
7.0x 7.0x
Falck Renewables
NFP (€M) Debt Covenant
941
Peers Average 5.5x*
767
Falck Renewables
626
NFP to EBITDA Ratio
4.7x 4.6x 4.7x
2017 2019 2021
Sustainable ratio with room for further expansion
2017 2019 2021
18 *Average NFP to EBITDA ratio for peers 2013 – 2015 – EDPR, Alerion, Greentech, Futuren,
Terna Energy, Boralex, EnergieKontor, Enel, PNE, Alterra, Scatec Solar, Capital Stage, NextEraFY2016 HIGHLIGHTS
2016 Highlights
Delivered full year results ahead of expectations; Strengthened balance sheet and enhanced Loss energy factor* 4,0% 2016 vs 4,3% in
cost improvements and better than expected wind financial flexibility 2015 and G&A/MW 29.4K 2016 vs 30.5K in
conditions in Italy offset by • Completed 5 financing and re-financing for ~€200M 2015
• Lower than expected wind production in UK, France and • Stable NFP/EBITDA after € 92M 2016 Capex
Spain (~ -100 GWh)
• Lower sales prices in Italy, UK and Spain (2016 vs 2015)
• Negative impact on P&L from GBP/€ exchange rate
(-11,4% YoY)
Progress on growth in wind installed capacity Expanded Vector Cuatro’s presence and services Energy Management activities
• Completed on track construction program in the UK • Reached over 1.6 GW under management • Signed 17 PPAs in Italy and in the UK and
• Reached 2016 guidance on total installed capacity (MW) • Ebitda + €1,0M YoY reduced fees paid by 20%
• +220MW of wind assets under management in 2016
vs 2015
Falck Renewables’ 2016 performance provides a strong financial and operational foundation for the successful execution of the 2021 Roadmap
20 * 100% less system availability (includes all external and internal factors)Achieved Financial Targets ( €M)
FY 2016 FY 2016E Change FY 2015 YoY Change
EBITDA 136.3 126.1 – 132.6 10.2 – 3.7 152.4 (16.1)
NFP (562.0) (618.0) 56.0 (629.9) 67.9
NFP/EBITDA 4.1x 4.8x 0.7x 4.1x 0.0x
Proposed
Dividend Per 4.9 c€ 4.9 c€ Confirmed 4.5 c€ 0.4 c€
Share
21Euro/MWh FY2015 FY2016 D%
Market Average Price 91 91 -
43 40 (29%)
WHOLESALE PRICE*
€/MWh GBP/MWh
52,7
-18%
42,8 40,4 40,5
IVQ IQ IIQ IIIQ IVQ IQ IIQ IIIQ IVQ IVQ IQ IIQ IIIQ IVQ IQ IIQ IIIQ IVQ
2014 2015 2015 2015 2015 2016 2016 2016 2016 2014 2015 2015 2015 2015 2016 2016 2016 2016
(6%) (5%)
148 139 80 76
3
«GROUP» PRICE
(5%)
102 (1%) 37 38
100
(6%)
(16%) 41 39
47 39
FY2015 FY2016 FY2015 FY2016
Avg. PUN Green Certificate Mkt price ROCs LECs
22
* Source: GME, HerenFocus on 2016 Wind Portfolio Performance
UK & Italy: Evolution of Production** FY 2016 vs FY 2015: Load Factor * by Country
TOTAL GROUP
FY 2015 FY 2016
TOTAL GROUP (EXCLUDES REIMBURSED CURTAILMENT)
36%
22.7% 23.9%
29% 28%
27%
26%
-6.3%
23% 24% 24%
1.6% -0.9% -4.4% 21%
10.3% 20%
6.3%
2.4% 0.7%
-1.3%
-3.5%
-9.0% -8.8%
-16.9%
-18.6%
Q1 H1 Q3 12M
23 ** variation % vs Internal Index of Production * Based on effective operating hoursFY 2016 EBITDA
(€M) Trend vs FY2015
1.3
7.3 2.3
EBITDA by Technology
10.5 6.9
6.7
Wind
WtE/Bio
Solar
144.9 (16.1) 135.8 Service
Holding/Adjustments/
Non recurring
(11.6) (15.5)
(€M)
EBITDA by Country *
2.3
5.3 3.0
5.0
75.1
50.4 Italy
UK
69.6 (16.1) 77.9 France
Spain
24
* By originationFY 2016 Cash Flow
CASH
136
CASH 37
SPV
SPV
CASH
CASH 92
121
PF PF
(635) Cash Flow (735)
NFP from Exchange NFP
Dec 2015 Operations Capex Derivatives Rate Dividends Dec 2016
CII HOLDCO
CII HOLDCO (7)
(39) FV DER.
FV DER. 137 (59)
(63) 33 OTHER (18)
OTHER (22)
(92) 5 (15) (562)
(630)
25FY 2016 Debt Breakdown
Gross Debt Nature Without Derivatives % Gross Debt Without Derivatives Hedged
2% 1%
30%
Financing with recourse
Hedged
Project Financing without recourse
Un-hedged
Other financings without recourse
70%
97%
€760M
€760M
NFP Plant Under Construction*/In-Operation
7%
Under Development and Construction*
Average interest rate
of 4.3% (including Operating Plants
interest rate swap)
93% * Includes €40.2M related to the construction of Auchrobert
wind farm.
26 €562MOUTLOOK AND CONCLUSIONS
Guidance 2017 ( €M)
TARGETS STRATEGIC PRIORITIES
EBITDA 132 - 136
PROFITABILITY
SERVICE
NFP (626) PORTFOLIO
MARKETS
NFP/EBITDA 4.6 - 4.7x
Falck Renewables is executing on the four strategic priorities to
drive value creating as outlined in our 2021 Roadmap:
Proposed Dividend (1) Growing in mature markets
5.3c€ (2) Focusing the portfolio and expanding the pipeline
Per Share (3) Extending core services
(4) Increasing profitability
28Falck Renewables: Leading Renewable Energy Forward
Sustainable Renewable Well Positioned to Long-Term Value-Creating Strong Balance Sheet
Energy Pure Play Capture Growing Market Growth Strategy and Disciplined Capital
Opportunities Allocation Strategy
• Regionally diversified, quality • Core asset-based model • Growing in mature markets • Financial flexibility
assets drives strong cash flows and • Focus portfolio and expand resulting from cash and
• Strong expertise as funds expansion pipeline line of credit availability
developer and long-term • Expandable platform for • Extend core services • Committed to delivering
owner services value by sustainably
• Increase profitability
• growing annual returns
Customer-centric culture • Seasoned management team
and first mover community- with track record of • Balance leverage
driven approach operational and transactional • Low risk profile
excellence
2021 Roadmap: Generating sustainable shareholder value and enhancing energy choices for customers and communities
292021 Roadmap: Path to Success
Year 1 Milestones Year 3 Milestones Year 5 Milestones
Initiate strategic expansion into select mature ~ 150 MW of new assets in operations, not Installed capacity to 1,300 MW
markets with strong fundamentals including Auchrobert
Solid options to grow outside low risk mature
Achieve increased access to pipeline and Achieve asset presence outside of existing markets
partnerships with developers core markets in at least two new low risk
1 GW pipeline with strong solidity and country
markets
Complement existing activities with service optionality
offerings in asset operations, management, In control of solid pipeline of 0.6-0-8 GW
Increase EBITDA diversification and increase
and optimization gross
Net Income quality with growing services
Invest in team and technology to develop Know How in customer centered energy web contribution
active energy management Top tier operational efficiency and reduced
Continue internal improvement programs Significant presence in wind asset G&A impact
aimed at reducing costs management and deeper asset owners Fund further growth with increasing internally
services generated cash, project level financing, and
Energy efficiency investments in service solid existing corporate loans
Financing options in place to fund future Deliver attractive shareholder returns through
years sustainable pay out growth upside
8.5% annual dividend growth (off 2016 base)
30Appendix 31
Stock performance
Falck Renewables price performance* Ownership
140
Falck Energy SpA
1.77%
120 Treasury shares
0.52%
100
Falck SpA Free Float
60.0% 37.71%
80
60
FKR.MI FTSEMIB.MI
€ 1.50 € 1.50
Falck Renewables Target Price € 1.39 € 1.40
Upside € 1.30 € 1.20 – 1.30
€ 1.114 + 25%
Price per share*
All stock coverages has
BUY recommendation
CONSENSUS
* As of 17 March 2017
32FY 2016 Financial Highlights
millions of euro FY 2016 FY 2015 Breakdown (€m) FY 2016 FY 2015
Revenues 249.6 270.7 (7.8%)
Depreciation (64.9) (65.9)
Other income 7.1 6.2
Provision (12.0) (10.2)
Operating costs (120.4) (124.6)
Ebitda 136.3 152.4 (10.6%) Write – off / Revaluation 0.3 (9.9)
% on Revenues 54.6% 56.3%
Depreciation - Amortization - Write Off (76.6) (86.1)
Operating Result 59.6 66.3 (10.1%) Breakdown (€m) FY 2016 FY 2015
% on Revenues 23.9% 24.5% Dispute resolution with (2.5)
Financial income and charges (41.4) (45.1) Agenzia delle Entrate
Equity investments 1.1 2.6 Other (0.5) (0.9)
Earnings Before Taxes 19.4 23.8 (18.7%)
Financial charges (38.5) (44.2)
Taxes (17.5) (5.1)
Net Earnings 1.9 18.7 (90.0%)
Minorities (5.8) (13.3)
Group Net Earnings (3.9) 5.3 n.a. Breakdown (€m) FY 2016 FY 2015
Dispute resolution with (12.6)
Agenzia delle Entrate
Current taxes on retained 4.9 3.4
millions of euro FY 2016 FY2015 losses previously not
Net Invested Capital 1,037.8 1,148.8 recognized
Equity 475.9 519.0 Change in Tax rate 1.4 3.5
Net Financial Position (562.0) (629.9)
Taxes on Group Net (11.2) (12.0)
of which: Proj. Fin. and MLT no recourse (734.9) (634.7) Earnings
NFP excluding Derivatives Instruments (503.3) (566.6)
NFP/ Equity 1,18x 1,21x
• Net Earnings without dispute resolution with Agenzia delle Entrate: €16.9M
33 • Net Group Earnings without dispute resolution with Agenzia delle Entrate: €11.1MFY 2016 Revenues
(€M) Trend vs FY2015
8.7
8.7 9.9
Revenues by Technology
8.2
50.9
45.4
Wind
WtE/Bio
Solar
202.5 (21.1) 186.2
Service
(€M)
1.6
1.5
Revenues by Country*
5.7
8.3 6.4
7.3
113.1
85.7
Italy
UK
France
142.0 (21.1) 148.8
Spain
Other
34
* By originationFY 2016 EBITDA Bridge
152.4 4.1
1.1 2.0
(4.5) 136.3
(12.5) (2.6) (3.5)
• LTIP and Restructuring (1.4)
• Devex: (0.4)
• G&A and Other: (0.8)
PERIMETER VOLUMES PRICES SERVICES OPEX DEVEX/G&A/ EXCHANGE
OTHER RATE
FY2015 FY2016
FY 2016 FY 2015
O&M per MW* 33.5 34.1
G&A per MW 29.4 30.5
* Wind and solar
35Young Asset Base
December 2016 *
YEARS
Technology MW +5 +10
Project's residual Life 13y
WIND UK 352 Residual Debt's Life 10y6m 2y6m
Residual Incentive Life 13y
Project's residual Life 14y
WIND IT 292 Residual Debt's Life 9y6m 4y6m
Residual Incentive Life 9y 4y6m
Project's residual Life 7y
WIND SP 23 Residual Debt's Life 2y3m 4y9m
Residual Incentive Life 7y
Project's residual Life 13y
WIND FR 42 Residual Debt's Life 11y6m 1y6m
Residual Incentive Life 8y 5y Residual Project Life
Residual Debt Life
Project's residual Life 14y
Project cash flow after debt repayment
SOLAR IT 16 Residual Debt's Life 9y9m 4y3m Wholesale price
Residual Incentive Life 14y Residual incentive life
Project's residual Life 6y9m
WTE 20 Residual Debt's Life 6y9m
3MW Residual Incentive Life 9m 6y
Project's residual Life 14y
BIOMASS IT 14 Residual Debt's Life 3y 11y
Residual Incentive Life 9y 5y
Project's residual Life 13y
TOTAL 760 Residual Debt's Life 9y6m 3y6m
Residual Incentive Life 10y6m 2y6m
36 * Assumes useful life of 20 yearsProduction in 2016 ( Electricity & Waste )
Energy GWh
0.8%
1,852 1,866
23 22
218 218
Negatively impacted by lower wind conditions,
Solar partially mitigated by COD of Kingsburn,
1,611 1,626
WTE/Biomass Spaldington and Assel Valley wind farms
Wind
FY2015 FY2016
WASTE (TON/000) • Good performance of wind assets: +5% YoY.
(6.9%)
283 263 • Energy from waste/biomass on target,
notwhithstanding bi-yearly maintenance
114
works at Rende hybrid plant
93
Waste • Waste treatment performed below
Treatment expectations primarily due to persistent
Wte Plant
169 170 economic stagnation
37 FY2015 FY2016Installed Capacity and Production by Plants in FY 2016
Plants MW Energy produced FY 2016 (GWh)
Cefn Croes (Wales ) 58.5 148
Boyndie (Scotland ) 16.7 37
Earlsburn (Scotland) 37.5 93
Ben Aketil (Scotland) 27.6 86
Millennium (Scotland) 65.0 137
Kilbraur (Scotland) 67.5 152
Nutberry (Scotland) 15.0 48
WIND West Browncastle (Scotland) 30.0 68
Spaldington (England) 11.8 15
Kingsburn (Scotland) 22.5 35
Assel Valley (Scotland) 25.0 21
San Sostene (Italy) 79.5 169
Minervino Murge (Italy) 52.0 91
Buddusò – Alà dei Sardi (Italy)* 138.0 360
Petralia Sottana (Italy) 22.1 42
Ty Ru (France) 10.0 20
Fouy (France) 10.0 17
Cretes (France) 10.0 17
Esquennois (France) 12.0 21
Cabezo San Roque (Spain) 23.3 50
SOLAR
Rende (Italy) 1.0 1
Sicily (Italy) 13.1 18
Mesagne (Italy) 2.0 3
WTE/BIO
WTE Trezzo (Italy) 20.0 119
BIO Rende (Italy) 15.0 98
TOTAL 785.0 1,866
38
* The installed capacity is 159 MW, production limit at 138 MWScenario Assumptions
Energy Curve Italy Nominal Energy Curve UK Nominal
70 60
60 50
50
40 40
30 30
20 20
10
0 10
2017 2018 2019 2020 2021
-
PUN -ITALY 38 43 49 55 59 2017 2018 2019 2020 2021
BASELOAD - UK 41 43 46 51 54
Inflation Scenario Interest Rate Scenario
Inflation 2017 2018 2019 2020 2021 Interest Rates 2017 2018 2019 2020 2021
Eurozone 0,90% 1,30% 1,50% 1,70% 1,90% Euribor 6M 0,00% 0,00% 0,00% 0,00% 0,22%
UK 1,50% 1,75% 2,00% 2,00% 2,00% Libor 6M 0,40% 0,50% 0,50% 0,60% 0,80%
Exchange Rate Scenario
Exchange Rate 2017 2018 2019 2020 2021
€/£ 0,91 0,92 0,93 0,94 0,95
€/$ 1,10 1,10 1,10 1,10 1,10
39Cumulative Capex 2017-2021(€M)
By Technology By Area By Contribution to Ebitda
South Europe 8% USA 12%
Solar 19% USA 12%
Partial/Nill
28%
Services 1%
Nordics 25%
Other 1%
702 702 North
702
Europe 37%
South
Europe 8%
Wind 78% Nordics 42%
North
Europe 26%
40Financials Evolution 2017 - 2021
71%
35% NET INCOME EVOLUTION (M€)
Net Income/EBITDA
> 3.0x
FFO/EBITDA 11% 22%
69 (22)
2017 2021
18% 15% 9,0x
(8)
1 (9)
12% 6,0x
4,7x 4,7x 45
Net Debt/EBITDA
6% 7% 3,0x
FFO/Net Debt
0% 0,0x
2017 2021 14
8%
2017 EBITDA D&A Financial Equity Taxes 2021
6%
Charges Inv.
ROE 9%
ROI
3%
2017 2021
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