H1 2019 RESULTS PRESENTATION - AUGUST 8, 2019 - CONTOURGLOBAL
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H1 2019 Results Presentation August 8, 2019
Disclaimer
The information contained in these materials has been provided by ContourGlobal plc (“ContourGlobal” or 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 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 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 Company’s 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 Company’s business is based on the Company’s 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 Company’s 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.
2
Agenda
Key Highlights for H1 2019
Operations
Financial Results
Growth
HAGN 47MW Wind Park (Austria) Bonaire 28MW Orellana CSP 50MW solar farm (Spain)
3
H1 2019: Strong Growth in All Key Financial Metrics
Revenue ($m) Adjusted EBITDA ($m)
$50m increase
from CSP
acquisition, $46m
net farm down
617 357 gains, -$24m from
535 FX and $10m from
262 positive renewable
resource
H1 2018 H1 2019 H1 2018 H1 2019
Proportionate EBITDA ($m) FFO ($m)
48% cash
Conversion1
Increased cash
conversion vs.
42% in H1 18
300 170
226 111
H1 2018 H1 2019 H1 2018 H1 2019
(1) Cash conversion rate defined as FFO / Adjusted EBITDA 4
H1 2019 Consolidated Results
Key Highlights
✓ Good progress in regards to achieving target of doubling Adjusted EBITDA by 2022
✓ Declaring a second quarterly dividend for 2019 of $24.75 million corresponding to 3.6901 USD cents per share, which
is expected to be paid on September 6, covered by strong cash flow and in line with our policy of growing the dividend
by at least 10% per annum
✓ Mexico CHP¹ acquisition expected to close in the third quarter of 2019 and to generate $110 million of Adjusted
EBITDA on a full year basis
✓ Sale of 49% of our 250 MW Concentrated Solar Power portfolio in Spain in May 2019 with €134m cash proceeds
✓ €100 million 4.125% senior secured notes due 2025 issued subsequent to the end of the half year at 106.0% of par
corresponding to a yield to maturity of 3.024% to fund further growth
✓ Reflecting the timing of the closing of the Mexico CHP acquisition, we expect 2019 Adjusted EBITDA to be in the lower
half of our previously communicated guidance of $720-770 million for the full year at constant foreign exchange rate2
Ongoing Strong Growth and Cash Generation
(1) CHP – Combined Heat and Power
(2) 0.8851 for EUR/USD, and 3.914 for BRL/USD 5
2. Operations Karl Schnadt Executive Vice President & Chief Operating Officer KivuWatt – Methane Gas Extraction Facility & Power Plant (Rwanda) 6
Industry Leading Health & Safety Performance
Target Zero achieved in H1 2019
Leading the Sector in Health and Safety Performance
0.90
LTIR(1) - PEERS (2) (2018) VS CG LTIR
(3)
Selected Peers Top Quartile = 0.20
(4) 0.68
US Utilities Average = 0.6
0.54
0.49 0.50
0.36 0.38 0.38
0.27 0.27 0.30
0.17 0.18 0.19 0.20
0.12 0.14
0.03
0.00
‘Target Zero’ Remains ContourGlobal’s Key Priority
LTIR
2.5 0.08
0.06
2 0.06
1.5 0.03 0.03 0.04
1 2 0.02
0
0.5 1 1 0
0 -0.02
2016 2017 2018 H1 2019
# of LTIs LTIR
Our 2019 TRIR(5) is 0.13 vs. a target of 0.14 Inka Wind Farm, Peru
(1) Lost time injury rate (LTIR) is an industry standard reporting convention for calculating injuries in the workplace. LTIR measures recordable lost time incident (LTI) rates on the basis of 200,000 working
hours (2) Source: peers information as 2018 reported in annual reports/sustainability reports published by companies normalized to basis of 200,000 working hours (3) Selection of comparable peers from
study performed by Black & Veatch (4) Based on the 2018 Bureau of Labor Statistics report (5) TRIR: total recordable incident rate is an industry standard reporting convention for calculating recordable
injuries in the workplace. TRIR is the total lost time injuries, restricted workday cases and medical treatments on the basis of 200,000 working hours
7
Divisional Operating Performance
Consistent Performance Across All Technologies
Thermal – Equivalent Availability Factor1 (%) Wind – Equivalent Availability Factor1 (%)
74% weighted
92.6% 90.2% 93.3% 93.2% average PPA 92.7% 95.8% 95.8% 96.1%
minimum
availability
requirement
2017 2018 H1 2018 H1 2019 2017 2018 H1 2018 H1 2019
• Technical performance is in line with previous periods and well • Ongoing improvement in Brazil Wind operations driving EAF
above minimum PPA required threshold improvements
Hydro – Equivalent Availability Factor1 (%) Solar – Equivalent Availability Factor1 (%)
97.8% 98.5% 98.5% 98.2% 99.2% 99.2% 95.3% 99.7% 96.7% 98.3% 94.6%
2017 2018 H1 2018 H1 2019 2017 2018 H1 2018 H1 2019
Solar PV Solar CSP
• Excellent hydro availability; plants primarily rewarded on • Decrease in H12019 availability due to blade failure in CSP and
capacity or regulatory payments as opposed to individual plant forced outages and maintenance at Solar Italy
generation • Strong production performance at CSP despite lower H1 2019
EAF
(1) Equivalent Availability factor refers to the actual amount of time a plant or group of plants is available to produce electricity 8
Renewable Fleet Capacity Factors
Most clusters at or above long-term expected levels
Renewable fleet capacity factors (actual vs. long-term expected for H1)
(2%)
55%
53%
0%
43% 43%
(2%)
3%
(1%)
31% 31%
29% 28% 4% 28% 27%
24%
0%
20%
15% 15%
Expected H1 2019 Expected H1 2019 Expected H1 2019 Expected H1 2019 Expected H1 2019 Expected H1 2019 Expected H1 2019
Brazil Wind Austria Wind1 Peru Wind Solar PV Spanish CSP Vorotan 2 Brazil Hydro 2
Wind Solar Hydro Expected and actual capacity factors are for H1 only. Seasonality of resource means
majority of renewable generation occurs in H2
(1) Long term expected capacity factors before repowering program completion
(2) Hydro plants are less affected by generation; primarily rewarded on capacity or regulatory payments as opposed to individual plant generation
9
3. Financial Results Stefan Schellinger Executive Vice President & Chief Financial Officer Asa Branca Wind Farm (Brazil) 10
Robust Financial Performance
Significant growth in all key financial metrics
Adjusted EBITDA1 Proportionate Adjusted EBITDA FFO1
($m) ($m) ($m)
+24%3 +36% +25%3 +33% +26%3 +53%
650 2
2
576 2
330
706
610 610 361
513 536
302
434 256
357
300 170
262 226
111
2017A 2018A LTM H1 H1 H1 2017A 2018A LTM H1 H1 H1 2017A 2018A LTM H1 H1 H1
2019 4 2018 2019 4 2019 2018 2019 2019 2018 2019
(1) Adjusted EBITDA and FFO are non-IFRS measures as defined in IPO Prospectus
(2) Pro forma numbers: Adjusted to reflect full year contribution of Spanish CSP
(3) Growth based on 2017 to LTM H1 2019 (CAGR)
(4) EBITDA includes net gains from farm down transactions of $46m
11Successful Integration of New Business Driving Growth
ADJUSTED EBITDA – THERMAL DIVISION ($m)
1%
decrease
9
(11)
Increased availability and
163 163
higher dispatch 161 161
Adj. EBITDA H1 20181 Availability and dispatch FX Impact and Other Adj. EBITDA H1 20191
ADJUSTED EBITDA – RENEWABLE DIVISION ($m)
78%
increase
Austria Wind: +$4m / Solar assets: +$3m /
Hydros: +$1m / Others: +$2m
46 (16)
10 3 52 BRL and EUR
depreciation
(1) 214 214
184
120 119 119 129 +$50m CSP 131
Spain
Adj. EBITDA H1 Availability Resource Other Organic Acquisitions Farm downs FX Impact and Adj. EBITDA H1
2018 1 Other 20191
(1) Spanish CSP Acquisition closed on May 10th, 2018
12Significant Cash Conversion Achieved in H1 2019
H1 2019 ADJUSTED EBITDA TO FFO1
48% cash conversion³
(42% in H1 2018)
357.2
(100.8) (8.1)
(19.7) 1.5
(14.3)
169.8
(46.0)
Adjusted EBITDA Interest paid Income tax paid Maintenance Cash distribution JV and Associates Net gain on farm Funds from
capex minorities downs(2) Operations
(1) Funds From Operations is defined as Cash Flow from Operating Activities excluding changes in working capital, less interest
paid, less maintenance capital expenditure, less distribution to minorities. Funds from Operations is a non-IFRS measure.
(2) Includes net cash gain on sale of minority interests in CSP and Solar Italy and Slovakia
(3) Cash conversion rate defined as FFO / Adjusted EBITDA
13Ample Cash Resources to Support Future Growth
and Dividend
Improvement in Net debt / EBITDA metric – at the lower range of 4.0x-4.5x guidance
Jun-19 liquidity – ($m) Jun-19 net debt – ($m) Net Debt/EBITDA (x)
52 796 857
445
2,744 2,857
(744)
299
4.4x
4.1x 4.0x
(3)
Asset Level HoldCo Revolving Total Project Corporate Cash Net Debt 2017A 2018A LTM H1 2019
Cash(1) Level Cash(2) Credit Liquidity Debt Debt Jun-19
Facility Jun-19 (IFRS)
• $2.9bn Net Debt as of June 30, 2019
• Committed to high value growth while maintaining strong BB credit metrics
• Improvement in Net Debt / EBITDA metric to 4.0x
• $497m liquidity at parent level, including $445m of cash and $52m undrawn capacity under corporate level revolver
(1) Restricted cash at the operating assets’ level
(2) Unrestricted cash at the HoldCo level
(3) Includes full year earnings of Spanish CSP, which was acquired in May 2018 (+$40m of Adjusted EBITDA based on FY Earnings)
14ContourGlobal’s strong and predictable cash flow
supports our commitment to dividend growth of 10% p.a.
Dividend – ($m)
$0.1342 $0.1476
per share per share
90 99
2018A 2019E
• 2018 dividend of $0.1342 per share or $90m
• 2019 guidance of $0.1476 per share or $99m
• ContourGlobal declare a second quarterly dividend for 2019 of $24.75m corresponding to 3.6901 USD cents per share to be
paid on September 6, 2019
Dividend policy of 10% annual Growth
154. Growth Joseph C. Brandt President & Chief Executive Officer Sao Domingos II Hydro Power Plant (Brazil) 16
Mexican Cogeneration Business
Acquisition Signed in Jan 2019; closing expected in Q3 2019
Transaction Highlights and Update Geographic Footprint
• Acquisition of natural-gas fired combined heat & power assets CGA Altamira, Tamaulipas
with 518MW of operational capacity at completion, potential
for a further 414MW in development
• More than 90% contracted revenues including heat and steam
with seller
• Integration of Mexico CHP¹ is progressing as planned with all
key integration workstreams on track
• Commissioning of 414 MW CGA 1 plant progressing with COD²
and closing expected in Q3 2019
• $590m project financing underwritten by Scotiabank to be
syndicated in Q3 2019 with syndication progressing well
• Estimated Adj. EBITDA of $110m in first full year of operations
CELCSA Cosoleacaque, Veracruz
(1) CHP – Combined Heat and Power 17
(2) Commercial Operations DateKosovo
General Electric Selected as EPC Preferred Bidder; Resignation of Prime Minister
Creates Potential Delay
Key Areas of Progress in 2018-19
Latest development Major Milestones So Far
• Resignation of Prime Minister and potential change of
government creates timing uncertainty Project Agreements Effective Date May-2018
State-of-the-art coal plant
Receipt of EPC Technical Proposals Dec-2018
• State-of-the-art coal plant with Best Available technology
• The new plant will replace Kosovo’s current plant, the most EPC Selection Announcement May-2019
polluting plant in Europe emitting 9 times more damaging
particulate matter than the average of coal plants in the
Balkans. Signing of EPC contract Q3 2019
• It’s expected to significantly decrease all emissions,
including CO2 , resulting in significantly improved Financing
environmental and health outcomes • Financing consists of a mix of Development Finance
Institutions (“DFI”) and Export Credit Agencies (“ECA”)
EPC Contract
• ECA is driven by EPC bidder selection. ContourGlobal
• General Electric selected as EPC preferred bidder in May
engaged with multiple parties
2019
• Awarded after a highly competitive procurement process for
turn key contract
18Renewable Updates
Further Growth with both Strategic Projects and M&A. Successful Refinancing at
Solar Assets
Installed Capacity(1) : 1,820 MW Adjusted EBITDA H1 2019: $214m
• Acquisition of a 12.4MW add-on Solar Italy asset completed in June 20 – rooftop PV solar
Solar Europe portfolio with average remaining FiT² period of 13 years, located close to existing Northern
Growth Italy hub
• Strong Solar Europe pipeline identified for future growth
• Electro-mechanical refurbishment and modernization program started in 2017 to improve
operational performance, safety, reliability and efficiency of Vorotan. Initial phase has been
completed and the project is on track with completion expected in 2020, ahead of original
schedule and on budget
Vorotan • Total $71.5m investments: electrical part funded by a €51m loan with a Development
Refurbishment Finance Institution and additional civil works at $13.5m are funded by company’s operating
cash flow
• Civil works to be entitled to a reimbursement and a regulated unlevered return through an
adjustment to the tariff
• Expected Results: Vorotan EBITDA increases by approx. $7m from 2019 to 2021
• Phase 1 (30 MW): Repowering of Velm (13 MW) reached COD on 31st Jan 2019 on time
Austria Wind
and below budgeted cost, with FiT secured for 13 years;
Repowering
• Scharndorf (17 MW) to complete in H2 2019 / H1 2020 , with FiT secured for 13 years
• Refinancing of Italian and Slovakian solar businesses in two separate financings
• €196m refinancing in Solar Italy – increased tenor by 2.7 years from 8.9 years to 11.6
Solar Italy and years and reduced interest costs by 1.49% p.a. (incl. breakage costs) from 4.14% to
Solar Slovakia 2.65%
Refinancing • €51m refinancing in Slovakia – increased tenor by 1.4 years from 5.4 years to 6.8 years
and reduced interest costs by 1.95% p.a. (incl. breakage costs) from 4.48% to 2.53%
• €4m interest savings on an annualized basis³
(1) As of June 2019, including Solar Italy Interporto acquisition
(2) Feed in tariff 19
(3) Assuming consistent amount of debtThermal Updates
Continuation of established projects across geographies: Battery Upgrade Project
implemented in Bonaire, serving as Pilot Project for future growth
Installed Capacity(1) : 3,027 MW Adjusted EBITDA H1 2019: $161m
• With the acquisition of Bonaire in 2013, the company moved into a new
hybrid technology and gained further expertise in battery storage without
assuming construction risk
• In 2018 we commenced an innovative battery replacement and hybrid
expansion project, which will enable us to integrate more wind energy into
the system and further reduce costs to the island customers
Bonaire Hybrid • Project status:
Concept, a 24 • Phase 01: Successfully implemented 6 MW/MWh Battery upgrade
MW integrated project in Q1 2019. 7.7 GWh production increase
Wind, Diesel
• Phase 02: Replace rented engines and ensure security of supply and
and Battery grid stability COD in Nov 2019
Power Plant
• Phase 03: 10 MW PV plant, 7-10 MW wind park expansion and
additional battery capacity
• Expected Results: Upon completion, the project will increase the energy
production in line with growing energy demand on the island, achieve further
energy tariff reductions and increase the renewable mix on the island.
Moreover, ContourGlobal will become the sole power producer on the
island.
TermoemCali
• $80m refinancing: $45m long term and $35m working capital facility
Reliability
completed following Reliability Charge2 (the primary source of EBITDA for
charge
this peaker CCGT plant) assignment extension until November 2023.
assignment
• Optimizes capital structure and demonstrates long-term positive outlook for
extension and
the asset post current regulatory period
refinancing
(1) As of June 2019, including Mexico CHP and Cogeneration Assets 20
(2) Reliability charge is a regulated fixed monthly fee to incentivize base load plants to be availableAppendix Sao Domingos II Hydro Power Plant (Brazil) 21
Maintaining a Diversified Footprint Across Geographies and
Technologies
LTM H1 2019 PF EBITDA by LTM H1 2019 PF EBITDA by LTM H1 2019 PF EBITDA by
Technology1 Geography1 Currency1
Renewable Thermal 2%
45% 38%
8%
17% 13%
36%
23%
15%
53% 54%
31%
6%
14%
11%
17%
HE Cogen
17%
Europe Africa Latin America EUR USD BRL Other
Coal Natural Gas
Fuel oil High Efficiency Cogen
Wind Solar
Hydro
(1) PF for full year EBITDA of Mexican CHP acquisition signed in January 2019 ($110m) and Solar InterPorto acquisition completed in June 2019 ($6m). Split excludes Thermal and Renewable HoldCo expenses
and gain on CSP and Solar Italy and Slovakia farm downs
22Adj. EBITDA to Adj. Net Income1 Bridge
Adj. EBITDA to IFRS net income bridge (US$m) H1 2019 H1 2018
1 +$95m: Growth driven mainly by the CSP acquisition (full
Adjusted EBITDA 357.2 261.8 1
6 months), CSP farm down and higher resource partially
Share of adjusted EBITDA in associates (10.1) (12.0)
offset by negative FX impact due to weaker EUR and
Share of profit in associates 8.3 2.8
earn-out payments to make to Credit Suisse related to
Acquisition related items (5.3) (12.3) 2 Italy farm down (non cash in H1 2019)
Costs related to CG Plc IPO - (0.8)
Cash gain on sale of minority interest (46.1) - 3
Restructuring costs (0.1) -
2 +$7m: In H1/2018, related essentially to all CSP
Private incentive plan (4.7) -
acquisition costs (M&A closed). In H1/2019, related
Other (1) (16.7) (19.2)
EBITDA 282.5 220.3
essentially to Mexico CHP (M&A not yet closed)
Depreciation & Amortization (131.5) (106.4) 4
Finance costs net (127.7) (107.0) 5 3 +$46m: CSP farm down net profit ($52m) partially offset
Income tax (17.2) (4.2) by net amount of earn-outs on farm down of Italy and
Net Income 6.0 2.7 Slovakia ($6m)
Bond refinancing one-off cost - -
CG Plc IPO costs - 0.8
Acquisition related items 5.3 12.3 4 +$25m: Largely driven by CSP acquisition (full 6 months)
Italian / Slovakian refinancing 15.4 - 5
Restructuring costs 0.1 -
Private incentive plan (non cash, non PLC cost) 4.7 - 5 +$21m: Increase in finance costs largely driven by (i) the
Adj. Net Income 31.5 15.8 Slovakian and Italian refinancings which required early
settlement of the existing swaps ($11m) and immediate
Minorities (8.1) (1.0) recycling to P&L of deferred financing costs ($4.2m, non-
Net Income attributable to Group 14.1 3.7 cash), and (ii) full six month impact of Spain CSP
interests, partially offset by lower interests on the
corporate bond following July 2018 refinancing.
(1) Net income adjusted for one-off items
23Financial Highlights
Key financial metrics
Six months ended June 30 Var Var %
In US$ millions 2018 2019
Revenue 535 617 82 15.3%
Gross profit 144 171 27 19.1%
SG&A (22) (20) 2 (10.5%)
Adjusted EBITDA 262 357 95 36.4%
Proportionate EBITDA 226 300 74 32.6%
Operating profit 112 143 31 27.4%
Net finance cost (107) (128) (21) 19.4%
Income tax expense (4) (17) (13) 309.5%
Net profit / (loss) after income tax 3 6 3 122.2%
Basic earnings per share (pence) 0.01 0.02 0.01 110.4%
FFO 111 170 59 53.2%
24Contributors to Adj. EBITDA
Top Contributors to Adj. EBITDA1 2016 2017 2018 H1 2019
Top contributors from Thermal fleet
Maritsa East III 117 125 120 62
Arrubal 62 61 63 31
KivuWatt 22 24 26 12
Cap des Biches 12 26 27 14
Togo 21 25 25 13
2
CG Solutions 12 27 27 10
Caribbean 21 27 24 12
Colombia 21 22 21 10
Others (0) 2 1 (0)
Top contributors from Renewable fleet
Spanish CSP - - 89 67
Brazil Wind 79 82 59 21
3
Solar Europe, excl. CSP 31 31 41 23
Brazil Hydro 9 28 41 22
Peru Wind 31 25 29 15
Austria Wind 23 25 20 14
Vorotan 22 23 23 12
Others - - - (0)
Total 485 553 638 339
(1) EBITDA is calculated by asset excluding corporate costs and thermal and renewable holdcos
(2) Includes Solutions Europe and Africa and Solutions Brazil
(3) Includes Solar Italy, Solar Slovakia, Solar Romania and Biogas Italy
25Contributors to CFADS1
Contributors to CFADS
2016 2017 20184 LTM H1 20194
(Before Corporate and Other Costs)1
Spanish CSP - - 35 75
2
Solar Europe excl. CSP 22 55 38 61
Maritsa 118 30 65 34
Arrubal 19 28 18 29
Brazil Hydros (1) 55 14 23
3
CG Solutions 28 41 15 15
Cap des Biches - 7 17 12
Peru Wind 23 5 15 12
Colombia 4 4 8 4 12
KivuWatt - - 4 8
Vorotan 111 13 9 5
Austria Wind 7 8 4 5
Togo 6 6 7 5
Caribbean 10 9 5 4
Brazil Wind 2 5 (0) (2)
Total 349 270 249 298
(1) CFADS (Cash Flows Available for (Corporate) Debt Service) as defined in Bond Indenture
(2) Includes Solar Italy, Solar Slovakia and Solar Romania
(3) Includes Solutions Europe and Africa and Solutions Brazil
(4) 2018 and LTM H12019 not including thermal and renewable holding costs
26Continued Strong Bond Credit Metrics
7.4x DSCR & 3.6x Non-Guarantor Combined Leverage Ratio as of June 2019
Leverage Ratio1 DSCR1
In $m or multiple
4,000 5.5x In $m or multiple
5x 9.2x
500 9.5x
3,500
4.5x 450 8.5x
3.9x 3.8x 7.4x
3,000 3.6x 3.6x 400 6.8x 7.5x
3.5x 3.5x
3.3x 6.3x
2,399 3.5x 350 6.1x 6.5x
2,500 301 5.7x 5.6x
2,222 291
2,029 300 5.5x
2,000 2.5x 251
1,712 250 237 232 4.5x
1,587 203
202
1,500 200 3.5x
1,196 1,132 1.5x
1,000 150 2x 2.5x
614 580 567
456 476 0.5x 100 1.5x
500 345 341 41 41 43
50 32 33 34 34 0.5x
- (0.5x) - (0.5x)
Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19
NGPTI Prop. Adj. EBITDA (LTM) CFADS (LTM) Annualized Debt Service
Leverage Ratio Incurrence Level (5x max) DSCR Incurrence Level (2x min)
(1) DSCR and Leverage Ratio (Non-guarantor combined leverage ratio) as defined in Bond Indenture.
Please see slide 31 for calculation of Bond Indenture Leverage Ratio, including Proportionate Adjusted EBITDA and NGPTI (Non-Guarantor Proportionate Total Indebtedness) .
27Reconciliation of Bond Metrics to IFRS Financials
Bond metrics definitions use Proportionate Adjusted EBITDA (“PAE”) and Non-Guarantor Proportionate Total Indebtedness
(“NGPTI”) to calculate leverage ratios. These definitions exclude Corporate Level Financings and Project Finance Subsidiaries
(“PFS”) (projects not yet reached, or recently passed, COD). As of December 31, 2018, no project is treated as a PFS.
Calculation of PAE ($m) Dec-18 LTM Jun -19 Calculation of NGPTI ($m) Dec-18 Jun-19
Income From Operations 262 293 Non-current Borrowings 3,287 3,342
Depreciation & Amortization 239 264 Current Borrowings 273 260
Share in JVs 21 19 Consolidated Gross Debt 3,560 3,601
Other 88 129 Accrued Int & IFRS Adj. 53 41
Adjusted EBITDA 610 706 Share in JVs 6 13
Pro Forma Acquisitions 46 13 Project Finance Subsidiaries (PFS) - -
Project Finance Subsidiaries (PFS) - - Peru Wind Letter of Credit 9 9
HoldCos & Other 20 21 DSRA (185) (117)
Pro Rata Adjustment (97) (173) Corporate Bond (860) (853)
PAE 580 567 Pro Rata Calculation (361) (665)
NGPTI 2,222 2,029
PAE (Proportionate Adjusted EBITDA) NGPTI (Non-Guarantor Proportionate Total Indebtedness)
• Includes our share in JVs (Sochagota & TermoemCali) • Excludes debt at parent company level (corporate bond)
• Pro forma for acquisitions mainly relates to our acquisition of the • Increase in gross debt and NGPTI relating to our acquisition of
Spanish CSP portfolio the Spanish CSP portfolio
28ContourGlobal Portfolio
Gross Cap. Number of ContourGlobal
Segment Facility / Project Name Location (MW) Assets Fuel Type1 Ownership COD Power Purchaser PPA Expiration
Maritsa Bulgaria 908 1 Coal 73% 1978 NEK 2024
Arrubal Spain 800 1 Natural Gas 100% 2005 Gas Natural Fenosa 2021
TermoemCali Colombia 240 1 Natural Gas / Diesel 37% 1999 Various N/A
Sochagota Colombia 165 1 Coal 49% 1999 Gensa 20192
Togo Togo 100 1 Natural Gas / HFO / Diesel 80% 2010 CEET 2035
Cap des Biches Senegal 86 1 Oil /Natural Gas 100% Q2 2016 / Senelec 2036
Q4 2016
Energies Antilles / Energies French Caribbean 35 2 HFO / LFO 100% 2000; 2003 EDF 2020; 2023
St Martin
Bonaire Dutch Antilles 28 1 HFO / Wind 100% 2010 WEB 2025
KivuWatt Rwanda 26 1 Natural Gas 100% Q4 2015 EWSA (ex-Electrogaz & REC) 2040 (expected)
Total Thermal 2,388 10
Mexican CHP assets(5) Mexico 518 2 Natural Gas cogeneration 100% 2014/19 Mexican industrial/commercial N/A
ContourGlobal Solutions Europe – Nigeria – 132 11 Natural Gas / Diesel / LFO 100%;100%; 80% 1995-2015 Investment grade global 2018-2032
Brazil industrial companies
Total Cogen 650 13
Chapada Complex Brazil 438 3 Wind 51%, 51%, 100% 2015; Q1 2016 CCEE; distribution companies 2035
Vorotan Armenia 404 1 Hydro 100% 1970 AEN 2040
CSP Portfolio Spain 250 5 CSP 100% 2010 CNMC 2034-2037
Hydro Brazil Brazil 167 9 Hydro 79%3 1963; 1992; Distribution companies 2027-2042
2009-2012
Asa Branca Brazil 160 1 Wind 100% 2013 Distribution companies 2033
Austria Wind Austria 155 10 Wind 94% 2003-2014 OeMAG 2016-2027
Inka Peru 114 2 Wind 100% 2014 Distribution companies 2034
Solar Italy4 Italy 77 48 Solar 51% 2007-2013 Gestore Servizi Energetici S.p.A 2027-2033
Solar Slovakia Slovakia 35 3 Solar 51% 2010-2011 Distribution companies 2025-2026
Solar Romania Romania 7 1 Solar 100% 2013 Distribution companies 2028
Biogas Italy Italy 2 2 Biogas 100% 2013 Gestore Servizi Energetici S.p.A 2028
Total Renewable 1,809 85
Total portfolio 4,847 108
(1) HFO refers to heavy fuel oil, and LFO to light fuel oil.
(2) CES has already signed 4 contracts to replace existing PPA, extending expiration to 2024, with an additional 5 year extension expected
(3) Capacity weighted Thermal Renewables
(4) Italian solar assets in 20 clusters. Includes InterPorto acquisition, which was completed in June 2019
(5) Signed but not closed
29IR Information
Next Event & Contact Point
Next IR Events
IR Contact
Alice Heathcote
Date Event Location SVP, CFO Renewables
Dial-in details Email:
8th August H1 2019 Results Call available on alice.heathcote@contourglobal.com
website
or
Goldman Sachs EMEA investor.relations@contourglobal.com
3 – 4th Sept London
Leveraged Finance
JP Morgan European
5– 6th Sept High Yield and Lev London
Finance
Web Resources
Corporate Website
Morgan Stanley Power
12 – 13th Sept London www.contourglobal.com
and Utility Summit
Investor Relations
www.contourglobal.com/investors
30For further information please visit www.contourglobal.com
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