PNE Group Presentation - PNE AG
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
PNE Group Presentation May 2019
Disclaimer This presentation is for information purposes only and does not constitute a public offer or invitation to subscribe for or purchase any securities of PNE AG and neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. This presentation is being furnished to you solely for your information and may not be reproduced or redistributed to any other person in whole or in part. All information contained herein has been carefully prepared. Nevertheless, we do not guarantee its accuracy or completeness. The information contained in this presentation is subject to amendment, revision and updating. Certain statements contained in this presentation may be statements of future expectations and other forward-looking statements that are based on the company's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those in such statements as a result of, among others, factors, changing business or other market conditions and the prospects for growth anticipated by the management of the Company. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The distribution of this document in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of applicable Securities Laws. PNE AG II Group Presentation II May 2019 2
Agenda
I. Company Profile & Business Model 4
II. 10
III. Highlights 3M 2019 22
PNE AG II Group Presentation II May 2019 3
Who we are PNE AG II Group Presentation II May 2019 4
Who we are
We are a leading developer of wind energy projects…
• PNE Group, consisting of the companies PNE AG • Germany’s most successful
and WKN GmbH, is a leading wind farm developer project developer with
located in Northern Germany 8 Offshore projects
> 2,900 MW realised onshore sold totaling 2,852 MW
• Nr. 2 player in operations &
management in Germany with
>1,500 MW under
management
• > € 10bn Euros of
investment done or initiated • Active in 14
countries
on 3 continents
…with a strong market position – nationally and internationally
PNE AG II Group Presentation II May 2019 5
Who we are
We have a dedicated & experienced management team
• Seasoned wind energy pioneers with strong industry knowledge and large network
Markus Lesser Jörg Klowat Kurt Stürken
Chairman of the Chief Financial Chief Operating
Board (CEO) Officer (CFO) Officer (COO)
• CEO since May 2016 • CFO since April 2011 • COO since September 2016
• COO 2011 - 2016 • Industry experience since 1999 • Industry experience since 1995
• Industry experience since 2000 • Finance and Accounting, • Project Development,
• Sales, M&A, Procurement, Controlling, Risk Management, Implementation, International
Offshore, Human Resources, Legal Markets
Communication
PNE AG II Group Presentation II May 2019 6
What we do
We have a successful business model
Development Financing Construction Sale Service
IPP
• Acquisition of • Financial • Grid connection • IPP • Technical and
the site analysis • Infrastructure • Utility commercial
• Wind analysis • Legal concept • Assembly • Infrastructure management
• Selection of • Sales/ • Start-up of fund
equipment marketing operations • Insurance
• Permits • Project financing companies
Development, planning, Premium, bankable Covering the entire value
construction and operation projects with high certainty chain – from a single source
of wind farms onshore, of realization
offshore and photovoltaics
PNE AG II Group Presentation II May 2019 7
Track Record
Major deals in recent years
2012 2015 2016-17 2017 2012-18
OFFSHORE ONSHORE ONSHORE OFFSHORE ONSHORE
Various
GODE WIND UK Wind farm
ATLANTIS I international
Pipeline Deal Pipeline Deal portfolio
project sales
DONG BROOKFIELD ALLIANZ VATTENFALL INVESTORS
Gode Wind PNE WIND UK ~ 142 MW of projects Atlantis I ~584 MW • KGAL
~ 924 MW 1,200 MW of • CEE
projects • Enterprise value • Low double • CHORUS
• Payments of (EV) > €330m digit € m payment • ALLIANZ
€142m received • GBP 40m upfront • Sales price in 2016 • Further milestone • ENBW
• Up to €15m due payment €103m for 80% payments expected • ENEL
as milestone • Up to GBP 63m • Subsequent sales • JOHN LAING
payments in milestones price of €21m in
possible till 2021 2017 and increase
B. Riffgrund of EV to > €360m
~ 760 MW through optimiza-
tion of financing
PNE AG II Group Presentation II May 2019 8
Agenda
I. Company Profile & Business Model 4
II. Market & Strategy 10
III. Highlights 3M 2019 22
PNE AG II Group Presentation II May 2019 9Market & Growth Drivers
Markets are becoming more integrated…
Electricity flow
Hydrogen
Battery
Battery storage
storage
Artificial natural gas
(generated through
green electricity)
Heat supply
E-Mobility Natural gas drive CO2
Solar PV Wind Power grid
Power grid Electrolysis
Power grid Methanation Gas grid
Hydrogen drive
Pump
and
compressed
air storage
Gas and steam power plants
Power-to-heat Households, businesses, industry Cogeneration power plants
Source: e/m/w 2017, PNE AG
PNE AG II Group Presentation II May 2019 10Market & Growth Drivers
Auction systems become the norm…
Global overview of renewable energy auctions
Countries with auctions or renewable energy tenders in use or planned
Onshore wind bids
Solar PV bids
Germany (2017) 42 €/Mwh
Germany (2017) 60 €/Mwh
UK (2015) $69.35/Mwh
Canada (2017) $85.94/Mwh
Spain (2017) 39 €/Mwh Italy (2016) 58 €/Mwh
Egypt (2016) $29.1/Mwh Dubai (2016) $30/Mwh
Mexico (2016) $35.85/Mwh
India (2017) $37.24/Mwh
Mexico (2016) $21.04/Mwh
Marokko (2016) $30/Mwh Abu Dhabi (2016) $24.2/Mwh
Peru (2016) $37.2/Mwh
Zambia (2016) $60.2/Mwh
Chile (2016) $21.9/Mwh
South Africa (2016) $38.32/Mwh
Chile (2016) $29.1/Mwh
Argentinia (2016) $49/Mwh
Argentinia (2016) $59/Mwh
Challenges in the current market
• Regulatory uncertainties
• Auctions for grid connections and tariffs
• Growth (in MW) in established markets is stagnating, returns are decreasing
Source: Bloomberg New Energy Finance
PNE AG II Group Presentation II May 2019 11Market & Growth Drivers
… and are significantly impacting project pricing
• Increasing market competition, also between various technologies in the renewable energy sector
• Fast decreasing tariffs in auctions – Solar PV is catching up
• Current price trends in tender markets partly anticipate future technological developments and cost
reduction effects
• Larger projects require higher security deposits and greater need for pre-financing
Announced wind and solar PV auction prices by commissioning date
180
160
140
Onshorewind
Onshore windaverage
averageauction
auctionprice
price
120
SolarPV
Solar PVaverage
averageauction
auctionprice
price
USD/MWh
100
80
60
40
20
0
2012 2013 2014 2015 2016 2017 2018 2019 2020
Source: Renewables 2017, IEA
PNE AG II Group Presentation II May 2019 12Market & Growth Drivers
…But growth drivers are fully intact
Minimum prices for CO2
emissions
PNE AG II Group Presentation II May 2019 13Market & Growth Drivers
Electricity prices will increase
• Electricity prices will increase as nuclear power plants will go offline in Germany and France
• Prices of CO2 certificates will increase
• This will open up new business opportunities (e.g. project sold in Sweden relies solely
on forecasted energy pricing)
Electricity prices Germany
100
Historical Modelled / Auctioned
90
80
70
EUR/MWh
60
50
40
30
Mai 2017, 5,78 ct/kWh August 2018, 6,16 ct/kWh
20
August 2017, 4,29 ct/kWh Mai 2018, 5,73 ct/kWh
10 Februar 2018, 4,73 ct/kWh
November 2017, 3,82 ct/kWh
0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
2022 2023
2023 2024 2025 2026 2027 2028 2029
EPEX Day Ahead EPEX Baseload EEG Auction historical Auction modelled
Source: PNE AG
PNE AG II Group Presentation II May 2019 14Market & Growth Drivers
While established markets are stagnating,
growth will be mainly driven by emerging markets
• By 2020 more than 40 countries could
each install >1GW of wind energy
• Diverse development stages
in the different markets offer
different risk / reward profiles
• Emerging markets will experience
a strong increase in energy demand
due to growing populations und
economies
• Ca. 7,200 GW are necessary by 2040
to meet increasing electricity demand
and planned power plant shutdowns
WEAKEST WEAK STRONG STRONGEST
Source: Bloomberg New Energy Finance, Make Consulting, Baringa Analysis
PNE AG II Group Presentation II May 2019 15Market & Growth Drivers
Growth trend of renewable energies remains unbroken
and will continue in the future
• Wind and Solar PV will grow significantly and offer huge market potential in the short, mid and long term
• Will increasingly replace electricity generation from conventional energy sources
Global electricity production by generation type
70
Solar PV
60 Offshore Wind
50 Onshore Wind
Market potential
Solar PV
Hydro
Hydro
PWh/yr
40
Offshore Wind Other
Other
30
Gas-fired
Gas-fired
Onshore Wind
20 Nuclear
Nuclear
Oil-fired
Oil-fired
10
Coal-fired
Coal-fired
0
2015 2020 2025 2030 2035 2040 2045 2050
Source: DNV GL 2017
PNE AG II Group Presentation II May 2019 16Strategy
We are setting the course for the future:
We are developing
into a Clean Energy
Solution Provider
PNE AG II Group Presentation II May 2019 17Strategy
We are expanding our business:
SOLUTIONS Provide clean energy solutions
CORE Grow our core business
ADAPT Optimize our structures
PROJECT CLEAN ENERGY
LEVERAGE Leverage our expertise
DEVELOPER SOLUTION PROVIDER
EXPAND Expand along the value chain
We develop and We develop and implement projects
implement wind farms and solutions for the planning,
onshore as well as construction and operation of
offshore. renewable energy power plants.
PNE AG II Group Presentation II May 2019 18Strategy
We capitalize on our core competencies…
Project development
• Will remain core business
• Significant volume increase above
400 MW p.a. across various
technologies in the mid term
• International markets will drive growth
• Combination of new technologies and
markets creates huge market potential
Strategic Portfolio
• Build-up of an onshore project
Services
portfolio of ca. 200 MW in
• Grow O&M business to >2200 MW
Europe by end of 2020
under operational management
• Optimization and sale – partially
• Start smart energy supply
or completely
management
• Acquisition of existing wind farms
• Expand consulting solutions and
over 15 years old for repowering
and acquisition of already well deliver everything necessary
developed projects around operation and optimization
for wind farms
…to open up further elements of the value chain
PNE AG II Group Presentation II May 2019 19Strategy
Scale Up Milestones
2023
• Finalisation of
… SCALE UP
• Add further new
2020 products/services
• Product range
• Sale of 200MW of different Hybrid
2019 portfolio share Power Plants is in
place
• Completion and
• Development of sale of 1st • Start the build-up
2018 project pipeline in developed project of next portfolio
the 1st new in new markets • Market entrance
• Completion of market • 1st PPA (Power 3rd market
2017 ramp-up phase • 1st PV project in Purchase • Identify remaining
• First new development Agreement) in white spots in
foreign markets regions, value
• Start of ramp-up products/services • Provide additional
phase available services and • Market entrance chain and
expand consulting 2nd market products
• Structures / • First revenues
People / with new products solutions • Sale of 1st Hybrid
Processes and services • Expansion of project
• Implement Smart • Partnering Offshore
Development Development
• Improvement of
Team Hamburg financing structure
• Start build-up of
200MW portfolio
PNE AG II Group Presentation II May 2019 20Agenda
I. Company Profile & Business Model 4
II. Market & Strategy 10
III. Highlights 3M 2019 22
PNE AG II Group Presentation II May 2019 21Current Business Development Operational Highlights Q1 2019 Successes in the onshore wind business – nationally and internationally • Projects completed: Gerdau-Repowering (21.6 MW), Laxaskogen (25.2 MW), Laperrière (19.2 MW) • 44.4 MW of project rights sold in Italy • 27.2 MW of projects under construction in Germany • Tender win of 4.7 MW in Germany • New permits in Germany received for 30.6 MW • Total MW in pipeline increased by 321 MW to 5,204 MW Successes in the offshore business • Borkum Riffgrund 2 put into operation by Ørsted • 4 offshore wind farms, which were developed by PNE, with output of 1,344 MW now in operation Wind Farm Portfolio 2020 – Progress as scheduled • Project Gerdau-Repowering (21.6 MW) completed • Wind farm Schlenzer (6.5 MW) under construction Scale Up – Implementation fully on track • Service business strengthened with new products and acquisition of Argus GmbH • Successful market entry in Panama PNE AG II Group Presentation II May 2019 22
Current Business Development
Wind Onshore
Land I-II III IV Total MW • Germany – Good activity despite delays in
permitting process
Germany 1,402 208 27 1,637
• Project Gerdau-Repowering (21.6 MW) completed
Bulgaria 121 0 0 121
• Kittlitz (21 MW) under construction
France 373 149 0 522
• Schlenzer (6.5 MW) under construction
United Kingdom 43 0 0 43
• Klein Büllesheim (4.7 MW) successful in tender
Italy 40 0 0 40 • New permits for Willerstedt (13.8 MW) and
Canada 505 0 0 505 Wölsickendorf (16.8 MW)
Panama 352 0 0 352 • France – Strong momentum continues
Poland 92 132 0 224 • Project Laperrière (19.2 MW) completed
Romania 54 102 0 156
• Sweden – Project completed
South Africa 230 30 0 260
• Project Laxaskogen (25.2 MW) completed
Sweden 0 170 0 170
• Poland – Project sold
Turkey 629 71 0 700
• Construction management for Barwice (42 MW)
Hungary 0 42 0 42
• Jasna (132 MW) sold to Stadtwerke München [Q2]
USA 232 200 0 432
• Panama – Pipeline acquired
Total 4,073 1,104 27 5,204
• 5 projects with approx. 352 MW
Phase I – II = Exploration & Development
Phase III = Planning • USA – Project sold
Phase IV = Implementation till handover
• Burleigh sold to Burke Wind, LLC [Q2]
As of March 31, 2019
PNE AG II Group Presentation II May 2019 23Current Business Development
Wind Offshore
Zone Sold projects Phase #WEA Total MW Sold to • Borkum Riffgrund 2 put into operation by Ørsted
in Q1 2019
1 Borkum Riffgrund 1 8 78 312 Ørsted (DONG)
1 Borkum Riffgrund 2 8 56 448 Ørsted (DONG) • Active as service provider for projects sold
• Consultant agreements in place with Ørsted &
1 Gode Wind 1 & 2 8/8 55 + 42 582 Ørsted (DONG)
Vattenfall
1 Gode Wind 3 & 4 5/5 30 242 Ørsted (DONG)
• Further milestone payments expected
2 Atlantis I 3 73 584 Vattenfall
• Up to € 15m from Gode Wind 4
4 HTOD5 (Nautilus II) 2 68 476 Ventizz/Hochtief
• Regulatory changes
Total 402 2,644
• According to WindSeeG all projects in Zone 3 to 5
Phase 2 = Application conference held, 3 = Hearing held, will be brought into the “Central Model” to be
4 = Approval granted, 5 = Grid connection, 6 = Investment decision, tendered off by the government
7 = Under construction, 8 = In operation • As legal opinions conclude that parts of WindSeeG
are unconstitutional, a constitutional complaint has
1 Atlantis I* been filed in July 2017 together with others
2 Atlantis II
3 Atlantis III • Our expectation of a successful outcome of the
4 Nemo constitutional complaint and claim for damages
5 Nautilus I
6 Jules Verne
remains unchanged
7 Gode Wind 1*
8 Gode Wind 2*
9 Gode Wind 3*
10 Gode Wind 4*
11 Nautilus II*
12 Borkum Riffgrund I*
13 Borkum Riffgrund II*
* Project sold, PNE
act as service provider
PNE AG II Group Presentation II May 2019 24Outlook Outlook – Promising start to the year Onshore wind power • Sale of project Jasna (132 MW) - Poland and sale project rights of Burleigh (298 MW) – USA in Q2/2019 • Promising outlook due to well-filled project pipeline in Germany and France with a total of 357 MW in Phase III • Continue build-up of Wind Farm Portfolio 2020 • Continue ongoing sales processes in international markets Offshore wind power • Ongoing consultant agreements with Ørsted and Vattenfall • Explore new markets (e.g. USA) Scale up • Development of project pipeline in the 1st new market Panama • Examination of entrance into further new markets: e.g. PV international • 1st PV project in development: PV projects started in Germany and international markets • Additional services and consulting solutions introduced Positive outlook for FY 2019 confirmed • EBIT of € 15-20m, EBITDA of € 25-30m PNE AG II Group Presentation II May 2019 25
PNE AG
CONTACT
Rainer Heinsohn
Head of Communication
Tel: +49 (0) 4721 – 718 - 453
Fax: +49 (0) 4721 – 718 - 373
E-mail: rainer.heinsohn@pne-ag.com
Christopher Rodler
Head of Investor Relations
Tel: +49 (0) 40 879 331 14
Fax: +49 (0) 4721 – 718 - 373
E-mail: christopher.rodler@pne-ag.com
Harnessing the power of the wind means for us www.pne-ag.com
connecting environmental responsibility with
corporate success
PNE AG II Group Presentation II May 2019 26You can also read
