PNE - PURE NEW ENERGY - PNE GROUP PRESENTATION, MAY 2020 - PNE AG
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PNE GROUP PRESENTATION, MAY 2020 PNE – PURE NEW ENERGY | PNE Group Presentation | May 2020
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 Group Presentation | May 2020 2
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AGENDA
I.
II.
III.
| PNE Group Presentation | May 2020 3
PNE – FULL OF ENERGY
» Pioneer in wind energy with > 25 years of industry experience
» Active in 12 countries on 3 continents with > 400 employees
» Leading developer of wind farms in Germany We develop and
implement projects and
» International O&M manager with > 1,600 MW solutions for the planning,
construction and
» 8 sold offshore projects with 2,644 MW operation of renewable
power plants.
» > 3,100 MW of wind energy projects realized onshore
» > € 10bn of investments initiated
» Clean energy for > 3.3m households
» Attractive wind energy pipeline of > 5,000 MW
» First photovoltaic projects in development
| PNE Group Presentation | May 2020 4
gettyimages
PIONEERS IN THE RENEWABLE ENERGY SECTOR
Markus Lesser
Chairman of the Board Jörg Klowat
(CEO) Chief Financial Officer
(CFO)
» CEO since May 2016 » CFO since April 2011
» COO 2011–2016 » Industry experience since 1999
» Industry experience since 2000 » Finance and Accounting, Controlling,
» Sales, M&A, Procurement, Offshore, Communication/IR Risk Management, Legal, Human Resources
» Associations: Member of the Board BDEW, Member
of the Board WAB, Chairman of Fachgruppe Energie
und Umwelt des Wirtschaftsrates in Lower Saxony
| PNE Group Presentation | May 2020 5ROBUST BUSINESS MODEL THROUGH INTEGRATION
ALONG THE VALUE CHAIN
approx. 3 – 5 years 20 years
Sale*
Development Financing Construction Service
IPP
» Acquisition of site » Financial analysis » Grid connection » Utility » Technical and
» Analysis (wind / sun) » Legal concept » Infrastructure » Infrastructure fund commercial
management
» Selection of » Sales/marketing » Assembly » Insurance companies
equipment » Project financing » Start-up of operations » IPP
» Permits
Power-
Wind PV Storage
to-Gas
*sale as turnkey project or project right, as single project or project portfolio
| PNE Group Presentation | May 2020 6UNIQUE TRACK RECORD
2012 2012–19 2016–17 2017 2017–19
OFFSHORE WIND ONSHORE WIND ONSHORE WIND OFFSHORE WIND ONSHORE WIND
GODE WIND Highlights
Various project sales Wind farm portfolio ATLANTIS I
Pipeline Deal International projects
ØRSTED INVESTORS ALLIANZ VATTENFALL PROJECTS
Gode Wind ~924 MW » KGAL ~142MW Atlantis I ~584 MW » France >100MW
» CEE
» €142m received » CHORUS » Enterprise Value (EV) > » Low double-digit €m » Poland ~174MW
» Up to €15m due as » ALLIANZ €330m payment received
milestone payments » ENBW » Sales price in 2016 » Further milestone payments » Sweden ~138MW
» ENEL €103m for 80% possible
Borkum Riffgrund ~ 760 MW » JOHN LAING » Subsequent sale price of » USA ~80MW
» PATTERN ENERGY €21m in 2017 and increase
» QUAERO CAPITAL of EV to > €360m through
» STADTWERKE MÜNCHEN optimisation of financing
| PNE Group Presentation | May 2020 7LARGE 5 GW WIND ENERGY PIPELINE PROVIDES EXCELLENT
VISIBILITY BEYOND 2020
EUROPE
» Onshore wind: in MW*
Large, high-quality project
D 1,664
pipeline secures stable project
F 532
output UK 43
I 40
CANADA
» PV: P 111
505 MW*
RO 156
First projects under S 59
development in Germany, USA, USA TR 700
Romania; 433 MW*
further internationalisation
planned PANAMA
352 MW*
* only wind onshore
SOUTH AFRICA
530 MW*
| PNE Group Presentation | May 2020 8AGENDA
I.
II.
III.
| PNE Group Presentation | May 2020 9STRONG GROWTH OF RENEWABLE ENERGY MARKET AHEAD
Key growth drivers: World electricity generation (GWh/yr)
» Global commitment to reduce global warming and ambitious 70.000.000
political targets (e.g. COP21)
60.000.000
» Renewable sourced electricity is key for decarbonisation/
CO2 reduction 50.000.000
» Growing demand for renewable energy driven by economic 40.000.000
growth and geostrategic reasons 30.000.000
» Competitive renewable energies due to heavily decreasing
20.000.000
technology costs
» High demand especially for premium projects in low interest 10.000.000
environment 0
» Increasing power prices driven by the nuclear phase-out 1990 2000 2010 2020 2030 2040 2050
(Germany, France) and increasing prices for CO2 certificates Coal Oil Gas
reduce dependency on subsidies Nuclear Other renewables Hydro
Solar Wind onshore Wind offshore
Source: DNV GL – Energy Transition Outlook 2018
| PNE Group Presentation | May 2020 10ELECTRICITY 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
Power price scenario Germany Historic Modelled
EUR/ 90
MWh August / September / October 2019, 6.20 ct/kWh
80
70 May 2019, 6.13 ct/kWh
60 May 2017, 5.78 ct/kWh
50 November 2017, 3.82 ct/kWh
40
30 August 2018, 6.16ct/kWh
20
February 2018, 4.73 ct/kWh
10 initiated
0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Source: PNE AG
EPEX Baseload Electricity price
Preisprojektion Spot electricity
EPEX Day Ahead EEG
EEG Tender historical
Auction Remuneration
Auction modelled
projection price tariff results modelled
| PNE Group Presentation | May 2020 11NEW OPPORTUNITIES THROUGH INTEGRATION
OF ENERGY MARKETS
Maximising project value through:
Battery storage
» Focus on value chain after power generation
» Combination of wind, PV and storage
E-Mobility Natural gas drive
» Creating a new sales channel through the integration
of storage solutions (e.g. Power-to-Gas)
» Offering solutions to bypass grid bottlenecks Solar PV Wind Power grid Electrolysis Methanation Gas grid
Pump and Hydrogen
compressed drive
air storage
Power-to-heat Households, businesses Gas and steam
and industry power plants
Cogeneration
Electrocity flow CO2 power plants
Hydrogen Artificial natural gas
Heat supply (generated through green electricity)
Source: e/m/w 2017
| PNE Group Presentation | May 2020 12DEVELOPING INTO CLEAN ENERGY SOLUTION PROVIDER
WITH “SCALE UP“ PROGRAMME
TECHNOLOGY OPERATIONS
- Wind - Power Generation
- PV - Smart Energy
- Storage Supply Management
- Power-to-Gas
TECHNOLOGY OPERATIONS MARKETS SOLUTIONS/
- Wind - Power Generation - Established Markets CONSULTING
- Emerging Markets - Engineering &
Financing Solutions
MARKETS SOLUTIONS/
CONSULTING - Repowering
- Established
Markets - O&M
- Repowering
- O&M
S »
C »
A »
L »
E »
| PNE Group Presentation | May 2020 13STEP BY STEP EXECUTION OF STRATEGIC AGENDA
Processes & Tools
» Profit center structure introduced
Products » Newly defined processes
» IT structure unified
» Newly defined and
Organisational &
financial framework expanded product range
» Financing optimised: € 100m corporate bond paid back, € 50m
Strategy corporate bond placed
» Takeover of remaining WKN stake, transformation from AG to GmbH,
cross-company standardisation of the organisational structure
| PNE Group Presentation | May 2020 14SCALE UP – EXECUTION FULLY ON TRACK
2023
…
2020
2019
2018 » 500 MW own
2017 » Start of expansion » Add further new power generation
» Development of of own generation products/services portfolio in
» Completion of project pipeline in power portfolio* » Product range operation
» Start of ramp-up ramp-up phase the 1st new market » Completion and of different Hybrid » Finalisation of
phase
» First new » 1st PV project in sale of 1st Power Plants is in SCALE UP
» Structures/ products/services developed project place
development
People/Processes available in new markets
» Provide additional » Ongoing expansion
» Implement Smart » First revenues with » 1st PPA of own generation
services and
Development new products and (Power Purchase power portfolio*
expand consulting
Team Hamburg services Agreement) in
solutions » Market entrance
» Start build-up of foreign markets 3rd market
» Partnering » Expansion of
200MW portfolio » Market entrance
» Improvement of Offshore » Identify remaining
Development 2nd market white spots in
financing structure
» Sale of 1st Hybrid regions, value
project chain and products
RAMP-UP TRANSFORM EXECUTE DELIVER
* Envisaged sale of wind farm portfolio 2020 will not be continued
| PNE Group Presentation | May 2020 15AGENDA
I.
II.
III.
| PNE Group Presentation | May 2020 16DYNAMIC START TO THE YEAR
» Q1 developed as planned despite corona crisis
Put in operation,
» 80.5 MW put into operation or started construction started construction
80.5
» Tender successes in Germany (13.9 MW)
» Preparations for the final applications for approval for three
further wind farm projects completed MW
» 283.5 MW under construction 47,8
Tender
successes
Own wind
generation portfolio
» Scale Up – Implementation fully on track
» PV pipeline expanded further in Germany 13.9 130.1
MW MW
» Expansion of own power generation portfolio up to 500 MW by
2023 – strategy extension to minimize volatility Projects
under construction
283.5
MW
| PNE Group Presentation | May 2020 17WELL-FILLED PROJECT PIPELINE WIND ONSHORE
Sold/ Germany
Country I – II III IV Total MW
Services » Projects Langstedt (12.6 MW), Katzenstirn (17.5 MW) and
Germany 1,260 365 39 1,664 0 Lentföhrden (8.4 MW) under construction
France 271 261 0 532 0 » Projects Lentföhrden (8.4 MW) and Erfurt-Ost (5.5 MW) successful
United Kingdom 43 0 0 43 0 in tender
Italy 40 0 0 40 0 » Preparations for the final applications for approval for three further
Canada 505 0 0 505 0
wind farm projects completed
Panama 352 0 0 352 0
Poland 92 19 0 111 132 Sweden
Romania 54 102 0 156 0 » Construction management for Målarberget (113 MW)
South Africa 500 30 0 530 0 Poland
Sweden 0 59 0 59 113 » Construction of Barwice (42 MW) completed
Turkey 629 71 0 700 0 » Construction management for Jasna (132 MW)
USA 266 167 0 433 0 Bulgaria and Hungary
Total 4,012 1,074 39 5,125 245
» Due to unfavourable market conditions development activities have
Phase I – II = Exploration & Development As of March 31, 2020 been stopped
Phase III = Planning
Phase IV = Implementation till handover
Sold/Services = sold, but construction management services by PNE
| PNE Group Presentation | May 2020 18PROJECT PIPELINE PHOTOVOLTAIC IS GROWING
Country I – II III IV Total MWp Germany
Germany 19 0 0 19 » Pipeline expanded to 19 MWp
Romania 112 0 0 112 Improved conditions for PV projects
USA 1 0 0 1 » Photovoltaic installations have become increasingly cost-effective
Total 132 0 0 132 and thus more marketable in the area of electricity generation
Phase I – II = Exploration & Development As of March 31, 2020 » Legal and economic framework conditions for the development of
Phase III = Planning photovoltaic projects are in place in many countries
Phase IV = Implementation till handover
Additional markets and projects are being evaluated
» Numerous markets are currently being examined in detail and the
first rights are being secured
» Particular attention will initially be paid to Germany, France, Italy,
Romania and the USA as well as other international markets
| PNE Group Presentation | May 2020 19EXPANSION OF OWN POWER GENERATION
» PNE Group will expand its own wind farm operations Project MW State Status
considerably in the future Kührstedt-Alfstedt 43.2 Lower Saxony in operation since Q4 2017
» Changed framework conditions and favourable financing options Gerdau-Repowering 21.6 Lower Saxony in operation since Q1 2019
led to decision Schlenzer 6.5 Brandenburg in operation since Q2 2019
» Envisaged sale of wind farm portfolio 2020 will not be continued Neuenwalde 7.2 Lower Saxony in operation since Q4 2019
Kittlitz 17.2 Brandenburg in operation since Q4 2019
» Objective of stabilising sales and earnings at a high level
Laubuseschbach 3.0 Hesse in operation since 2002
» Aim is to achieve the medium-term EBIT target of € 38-44m*
Baden-
until 2023 earlier Pülfringen 6.5 in operation since 2002
Württemberg
» Individual projects, particularly abroad, will still be marketed Baden-
Erfeld 2.6 in operation since 2002
Württemberg
» Own generation portfolio currently consists of 130.1 MW of Papenrode 22.3 Lower Saxony in operation since 2002
onshore wind projects Total 130.1
* as defined in Scale up strategy
| PNE Group Presentation | May 2020 20CONTACT
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
| PNE Group Presentation | May 2020 21You can also read
