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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Neoen    NEOEN   FR0011675362

NEOEN

(NEOEN)
  Report
Delayed Quote. Delayed Euronext Paris - 04/08 11:35:10 am
31.65 EUR   -0.78%
03/25NEOEN : Publication of the 2019 financial annual report
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03/25NEOEN : Webcast presentation 2019 full-year results
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03/25NEOEN : Annual results
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Neoen : Webcast presentation 2019 full-year results

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03/25/2020 | 01:13pm EDT

FY 2019 consolidated results

March 25, 2020

Disclaimer

This presentation contains forward-looking statements regarding the prospects and growth strategies of Neoen and its subsidiaries (the "Group"). These statements include statements relating to the Group's intentions, strategies, growth prospects, and trends in its results of operations, financial situation and liquidity. Although such statements are based on data, assumptions and estimates that the Company considers reasonable, they are subject to numerous risks and uncertainties and actual results could differ from those anticipated in such statements due to a variety of factors, including those discussed in the Group's filings with the French Autorité des Marchés Financiers (AMF) which are available on the website of Neoen (www.neoen.com). Prospective information contained in this presentation is given only as of the date hereof. Other than as required by law, the Group expressly disclaims any obligation to update its forward-looking statements in light of new information or future developments.

2

  1. FY 2019 highlights
  2. FY 2019 results
  3. Outlook
  4. Appendices

Neoen at a glance

Founded in 2008

A 100% green IPP (PV, onshore wind and storage)

An impressive track record of landmark large-scale projects A clear positioning

  • We design and implement facilities generating the most cost-competitive renewable electricity, sustainably and on a large scale everywhere we operate
  • > 80% in OECD countries

A unique business model

  • Develop-to-own
  • Multi-localleadership approach

Profitable since 2011

4

Neoen's expertise covers the entire project life cycle

Development

Procurement

Construction

Operations

& financing

supervision

& optimization

1

2

3

4

Strong project sourcing

Procurement,

Monitoring of operations,

Operational management

and established development

optimized stucturing, financing

high-quality EPCs(1),

and cost control, optimization

know-how

and de-risking

bankable technology

throughout asset life

Neoen controls the entire process and pursues a long-term « develop to own » strategy

Neoen's average asset ownership rate stands at 89%(2)

(1)

Engineering Procurement and Construction

(2)

Assets in operation and under construction (including co-investments) by MW, as of December 31, 2019

5

Long-term, predictable and de-risked cash flows

Long-term visibility

>14 years

average remaining term of PPAs(1)

2.9 years

average asset age(2)

ca. 50 years

23%

land control(3)

land owned(4)

Strong currencies

Contracted revenues

USD

10%

c.6.0 B€

1.8 B€

vs

Contracted revenues(5)

Net debt(5)

AUD

EUR

51%

39%

Strength and creditworthiness of counterparties

in OECD countries

Over 80% of 2019 revenues generated in

OECD countries

FY 2019 revenues

>80% of Neoen's clients have investment grade

ratings(6)

  1. Weighted average residual PPA duration by MW in operation as of December 31, 2019 | (2) Weighted average age of assets in operation as of December 31, 2019 | (3) Weighted average lease duration (by MW) for assets in operation and projects under construction | (4) Capacity installed on owned land (for projects in operation and under construction as a % of total MW) | (5) As of December 31, 2019 | (6) Weighted average investment grade off-takers for projects in operation,

under construction and awarded

6

1. Neoen at a glance

  1. FY 2019 results
  2. Outlook
  3. Appendices

2019 EBITDA target achieved

Revenue(1) (M€)

EBITDA(1) (M€)

+22%

253,2

+30%

216,1(2)

207,0

166,5

85%

EBITDA margin

80%

EBITDA margin

Net income Group share (M€)

x2,9

36,0

Biomass

16,7 contribution

12,4

2018 restated

2019

  • Growth driven by all Neoen's business segments and regions

2018 restated

2019

  • EBITDA target of between 212 M€ and 219 M€(3) in 2019 with an EBITDA margin of around 85% achieved

2018

2019

  • Net income from continued operations up 48% year-on-year
  1. Excluding the biomass business sold in September 2019
  2. 217,2 M€ at constant exchange rates
  3. At constant exchange rates compared to 2018

8

Strong operating momentum in 2019

  • Capacity in operation: 369 MW added across our three regions
    • 316 MW commissioned in Australia, France, Zambia and Jamaica
    • Acquisition of 8 wind farms in Ireland (53 MWp)
  • Launch of construction of 745 MW during the year
    • In Americas: Mexico and Argentina
    • In Europe-Africa: France and Mozambique
    • In Australia
  • Contracts awarded for close to 1 GW in new projects in 2019

Breakdown of assets in operation or under construction

6%

29%

38%

29%

3.0 GW(1)

3.0 GW(1)

65%

33%

Solar Wind Storage

Australia

Europe-Africa

Americas

14%

3.0 GW(1)

86%

Under PPA

Merchant(2)

  1. Capacity in operation or under construction as of December 31, 2019, restated for the biomass business sold in September 2019

(2) Weighted average by MW for assets in operation or projects under construction as of December 31, 2019

9

Major projects awarded in 2019

Government tenders

Mutkalampi

HPRX

Awarded 10 ground-mounted PV projects

PPA with Google

Expansion of the HPR battery

45 MWp

43 MWp

Awarded capacity at the

Awarded capacity at the

CRE 4.5 (March 2019)

CRE 4.6 (August 2019)

Tore Bella

Metoro

Government tender

PPA with EDM(1)

130 MW

PPA capacity (September 2019)

PPA with a utility(2)

50 MW

64,5 MWh

Rio Maior

Acquisition of 49% of a solar project with a government PPA

~ 65 MWp

41 MWp

Awarded capacity

PPA capacity

(August 2019)

(December 2019)

352 MWp

180 MWp

PPA capacity

Total capacity

MW awarded in Q4 2019 and announced on February 18

HPR - Australia

Notes: non-exhaustive list

(1)

Electricidade de Moçambique (EDM), the state electricity generation and distribution company of Mozambique

10

(2)

Further communication to follow in April

  1. Neoen at a glance
  2. FY 2019 highlights
  1. Outlook
  2. Appendices

Strong increase in revenue

Revenue(1) (M€)

+29,4

+2,0

-9,6

+3,6

-1,2

253,2

+21,8

207,0

2018 restated

Full-year

New capacity

Volume

Tariff

Others

FX

2019

impact 2018

in 2019

commissioning

  • Significant contribution of new assets commissioned in 2018 and in 2019
  • Favorable weather conditions in Europe offsetting unfavorable wind levels in Australia particularly in Q3
  • Lower average price on certain assets in Australia with the transition from early generation revenues(2) to PPA
  • Higher revenue from storage and services to third parties
  • Limited FX impact

2019 revenue up 22% year-on-year

(1)

Revenue excluding the biomass business sold in September 2019

12

(2)

Short-term energy revenues prior to the implementation of a long-term contract

2019 EBITDA target achieved

EBITDA(1) (M€)

+14,9

-4,5

+0,3

+2,9

+1,7(2)

216,1

+8,4

+12,1

+13,8

166,5

85%

EBITDA margin

80%

EBITDA margin

2018

Europe-Africa

Australia

Americas

Europe-Africa

Australia

Europe-Africa

Australia

Other

2019

restated

  • EBITDA up 30% year-on-year driven by the growth in Solar in our three regions and in Wind in Europe-Africa
  • EBITDA margin of 85%, up 5 bp year-on-year due to liquidated damages(3) covering revenue shortfalls related to the delayed commissioning of certain wind and solar projects

(1)

EBITDA excluding the biomass business sold in September 2019

(2)

Services to third parties

(3)

Indemnities recognized in other current operating income, partly offsetting the revenue shortfall, thereby

13

automatically improving the EBITDA margin

EBITDA by segment

Solar EBITDA(1) (M€)

+44%111,8

77,4

96%

94%

EBITDA margin

EBITDA margin

2018

2019

  • Strong growth in EBITDA across our three regions reflecting significant capacity commissioned in 2018 and 2019
  • Slight decrease in EBITDA margin due to lower relative contribution from liquidated damages in 2019 versus 2018

Wind EBITDA(1) (M€)

+11% 102,2

91,8

92%

85%EBITDA margin EBITDA margin

2018

2019

  • Growth in Europe-Africaoffsetting lower EBITDA in Australia due to unfavorable wind conditions in Q3 2019 and the transition from early generation revenues to PPAs for certain wind assets
  • EBITDA margin positively impacted by liquidated damages recognized in 2019

(1) Excluding eliminations

14

Profit & Loss - strong increase in net income

2019

2018

Change

restated

EBITDA

216,1

166,5

+30%

Current operating income

135,9

106,0

+28%

Operating income

131,9

99,9

+32%

Cost of financial debt

(79,0)

(62,4)

-26%

Other financial income and expenses

(8,0)

(7,4)

-9%

Net financial expense

(87,0)

(69,8)

-25%

Income tax

(23,7)

(15,8)

-50%

Net income from continuing operations

21,2

14,3

+48%

Net income from discontinued operations

15,8

(0,8)

n/a

Net income of the consolidated group

37,0

13,5

x2,7

Net income Group share

36,0

12,4

x2,9

Cost of financial debt increased as a result of the commissioning of additional wind and solar assets (+369 MW in operation)

Other financial income and expenses largely reflected discounting

effects (acceleration of the contractual repayment schedule of some differed capex as a consequence of strong operational performance)

Positive impact of the refinancing of a portfolio of Australian projects in H1 2019 offset the early redemptions costs and penalties related to the refinancing of French assets in H2 2019

Effective tax rate of 53% vs 52% in 2018

Positive impact from the capital gain on the disposal of the biomass business

Net income Group share almost tripled thanks to the improvement in current operating income and to the capital gain on the sale of the biomass business

15

From theoretical tax rate to effective tax rate in 2019

+5,3% (1)52,8%

+7,2%

+4,7%

+2,6%35,6%

+2,0%

31,0%

Permanent differences

Theoretical tax rate

CVAE tax

IFRS 2

Normalized tax

Witholding tax

Non-deductibility of

Other

Effective tax rate

in 2019

rate Neoen

financial interests

2019

in 2019

(1) The other items mainly include 1.8% for tax losses not giving rise to the recognition of deferred tax assets,

1.2% of intragroup dividend and disposal adjustments, 1.2% of other permanent differences and 1.0% for

16

differences in tax rates and changes in rates

Cash flow reflecting delivery of Neoen's investment plan

Change in total cash balance (M€)

Net cash flows from operating activities amounted to 184 M€ up

+184

-812

28 M€ y-o-y

- Increase in EBITDA (+50 M€ y-o-y)

- Negative change in WC (-38 M€ y-o-y) mainly reflecting the increase in

504

+639

-72

VAT credits on assets under constructions (Argentina and Mexico)

+17

460

Net cash flows from investing activities reached -812 M€, up -280 M€ largely driven by investments in new projects

- In Australia: Bulgana and Numurkah

- In Americas: El Llano, Altiplano, Paradise Park and Capella

- In Europe: Hedet, Mutkalampi, Les Hauts Chemins, Irish acquisition

Net cash flows from financing activities reached 582 M€ reflecting

- Increase in borrowings

- Growth in net interest paid with the ramp up in net debt

- Net impact of the refinancing of a portfolio of French assets

Opening cash

Net cash from

Net cash used

Net increase

Interests

Other

Closing cash

balance

operating

in investing

in borrowings

paid

balance

01.01.2019

activites

activities

31.12.2019

17

Gross debt increasing with the construction of new assets

Change in gross debt (M€)

+907

-268

+65

+7

-33

+35

+12

2 415

-145

Impact of the refinancing

of a portfolio of assets in

France

1 691

+167

31.12.2018

New

Repayment

Change in fair

Accrued

Changes in

IFRS 16

FX

31.12.2019

borrowings

value of

interest

scope

derivatives

  • Net Increase in borrowings of 639 M€
    • Additional project financing raised with the construction of new assets
    • Issuance of a 200 M€ convertible bond (180 M€ recognized as debt)
    • Net impact of the refinancing of a 104 MW portfolio of wind and solar assets in France
  • Change in fair value of derivatives derived from decrease in market interest rates in 2019
  • Changes in scope (33) M€: disposal of the biomass business more than offsetting the acquisition of Irish wind farms
  • Average cost of project finance debt: 3,7% (vs 4,2% at end-2018) due to low interest rates environment and two refinancing operations
  • Average Group cost of debt: 4,2% (vs 4,6% at-end 2018) due to lower cost of project finance debt and the issue of a convertible bond at a nominal rate of 1,875%(1)

(1) The effective interest rate of the debt component of this convertible bond stands at 4.27%

18

Net debt increasing in line with growth in new assets

Net debt (M€)

Average residual tenor of project finance debt(1)

15,6

15,9

16,2

+ 773

1 811

EUR

AUD

USD

15,8 years

1 038

2019 leverage: 8.4x

Weighted average residual tenor(2)(3)

Gross debt by currency(2)

Other

USD 1% 19%

31.12.2018

31.12.2019

EUR

43%

>90% non-recourse debt, with long tenor

AUD 38%

(1)

Senior debt (excluding junior debt)

(2)

Excluding lease liabilities and minority interests. As of December 31, 2019

19

(3)

For all the Group's projects in operation as of December 31, 2019

  1. Neoen at a glance
  2. FY 2019 highlights
  3. FY 2019 results

5. Appendices

A constantly expanding pipeline, in line with our 2021 target

A total portfolio capacity up 3 GW year-on-year

10,7 GW

7,7 GW

5,0 GW

Advanced

development

3,3 GW

Advanced

development

1,6 GW

Tender-ready

1,2 GW

1,1 GW

Tender-ready

Awarded

0,9 GW

1,2 GW

>5,0 GW

Awarded

4,1 GW

3,0 GW

In operation or under

3,1 GW

0,8 GW

Under construction

Secured

(+800 MW y-o-y)

construction

Secured

Under construction

at end 2021

2,2 GW

capacity

1,8 GW

In operation or under

capacity

1,5 GW

In operation or

In operation

construction

In operation

under construction

31.12.2018

31.12.2019

Target end-2021

21

1,2 GW under construction across our three geographies

AMERICAS

726 MWp underconstruction

Mexico

El Llano - 375 MWp

COD expected in April 2020

Injection already started

El Salvador

Capella - 143 MWp

(incl. 3 MW / 2 MWh of storage)

COD expected end of March 2020

Argentina

Altiplano - 208 MWp

COD expected in H2 2020

Finland

Hedet - 81 MW

COD expected in April 2020

Injection already started

EUROPE - AFRICA

203 MW under construction

France

Solar(1) - 53 MWp

Wind(2) - 28 MW

Mozambique

Metoro - 41 MWp

COD expected in Q1 2021

AUSTRALIA

264 MW under construction

Australia

Bulgana - 214 MW

(incl. 20 MW / 34 MWh of storage)

COD expected in H2 2020

Australia

HPRX - 50 MW / 64.5 MWh

COD expected in Q2 2020

Notes: Capacity under construction at 31 December 2019. Current best estimate of the timetable for commissioning of assets under construction given the expansion of covid-19 outbreak

  1. Mer (15 MWp), Vermenton (14 MWp), Azur Sud (5 MWp), Saint-Eloy (5 MWp), Fossat (5 MWp), Bregues d'Or (2 MWp), Antugnac (7 MWp)
  2. Viersat (18 MW), La Garenne (10 MW)

22

Neoen expands storage integration capacity

DeGrussa 2015

Hornsdale Power Reserve 2017

Azur stockage 2018

Hybrid solar + storage power plant

Largest lithium-ion battery worldwide

Grid battery storage facility

6 MW / 1,4 MWh

100 MW / 129 MWh

6 MW / 6 MWh

Albireo Power Reserve 2020 - First

Hornsdale Expansion (HPRX)

Bulgana

2 projects won in Q1 2020

storage power plant in Central America

Should be commissioned in Q2 2020

Should be commissioned in H2 2020

as part of the RTE tender

3 MW / 2 MWh

50 MW / 64,5 MWh

20 MW / 34 MWh

13 MW (6 MW + 7 MW)

23

2020 guidance

2020

Between 270 M€ and 300 M€

EBITDA

at constant exchange rates(1)

EBITDA margin of around 80%

  • This forecast takes into account
    • Current best estimate of the timetable for commissioning of assets under construction given the expansion of covid-19 outbreak
    • The current level of market prices impacting early generation revenue anticipated and electricity sales not covered by long- term contracts (<14% of revenue in 2019)

(1) At constant exchange rates compared to 2019

24

Outlook for 2021 and 2022

2021 & 2022

More than 5.0 GW of capacity under construction or in operation by the end of 2021,

Capacity

with a lower proportion of assets in operation than previously expected

Fully operational by end of 2022

EBITDA

Above 400 M€ at constant exchange rates(1) in 2022

vs close to 400 M€ in 2021 initially anticipated

(1) At constant exchange rates compared to 2019

25

A high growth company with a robust business model

Develop-to-own strategy

Organic growth fueled by a large pipeline

Expertise at each step of the project

Delivering long-term value

A strong track record

A selective footprint

Continuously profitable since 2011

>80% OECD countries, 100% hard currencies

On track to deliver 5GW(1) in 2021

14 countries

Best-in-class operating performance

Local leadership

Leadership in energy storage

High visibility of future cash flows

Extensive expertise since 2015

Long-term contracts

Ability to provide firm energy

High-qualityoff-takers

Stand-alone services adapted to network's needs

Take-or-pay agreements

(1) In operation or under construction

26

  1. Neoen at a glance
  2. FY 2019 highlights
  3. FY 2019 results
  4. Outlook

Revenue by technology and geography

Revenue by technology

2019(1)

8% 1%

47%

44%

2018(1)

9%

52%

1%

39%

Solar Wind Storage Development

Revenue by geography

Solar

Wind

Storage

Development

2019(1)

2018(1)

8%

8%

51%

41%

34%

58%

Australia

Europe-Africa

Americas

Australia

Europe-Africa

Americas

(1) Revenue excluding the biomass business sold in September 2019

28

Profit & loss - strong increase in revenue and EBITDA

2019

2018

In millions of euros

restated

Contracted energy revenue

214,7

173,9

Uncontracted energy revenue

32,7

27,8

Other income

5,9

5,3

Revenue

253,2

207,0

Purchase of goods and change in inventories

(0,7)

(0,4)

External charges and payroll expenses

(59,1)

(46,2)

Duties. taxes and similar payments

(5,4)

(4,6)

Share of net income of associates

0,7

0,8

Other current operating income and expenses

27,6

10,0

EBITDA

216,1

166,5

29

Balance sheet

In millions of euros

31.12.2019

31.12.2018

Goodwill

0,7

-

Intangible assets

183,3

121,7

Tangible assets

2 387,3

1 702,7

Investments in associates and joint ventures

6,9

6,7

Non-current derivative financial instruments

2,0

5,8

Financial assets

125,2

106,0

Deferred tax assets

55,6

39,1

Total non-current assets

2 761,0

1 982,0

Inventories

0,7

0,3

Trade accounts receivable

52,2

33,8

Other current assets

111,2

48,9

Cash and cash equivalent

460,5

503,8

Total current assets

624,7

586,9

Total assets

3 385,7

2 568,9

In millions of euros

31.12.2019

31.12.2018

Equity attributable to owners of the Company

661,0

645,1

Non-controlling interests

19,5

10,1

Total equity

680,5

655,3

Non-current provisions

13,8

10,6

Project financing - non-current

1 979,8

1 511,8

Corporate financing - non-current

190,6

13,9

Derivative financial instruments - non-current

83,8

33,3

Other liabilities - non current

34,1

-

Deferred tax liabilities

49,6

37,8

Total non-current liabilities

2 351,7

1 607,3

Project financing - current

144,8

122,5

Corporate financing - current

4,0

2,2

Derivative financial instruments - current

11,6

7,1

Trade accounts payable

126,3

136,5

Other current liabilities

66,8

37,9

Total current liabilities

353,5

306,3

Total equity and liabilities

3 385,7

2 568,9

30

Cash-flow statement

2019

2018

In millions of euros

Net income for the year

37,0

13,5

Elim. depreciation. amortisation and provisions

83,8

63,5

Elim. cost of net financial debt

79,0

65,6

Other non-cash income and expenses

39,6

22,4

Impact of changes in working capital

(44,5)

(6,0)

Taxes paid (received)

(10,4)

(2,7)

Net cash flow from operating activities

184,5

156,5

Acquisitions / (disposals) of subsidiaries, net of cash acquired /

(disposed)

(25,9)

(18,0)

Acquisitions (disposals) of tangible and intangible assets

(763,9)

(483,5)

Chnage in financial assets

(23,2)

(31,4)

Dividends and investments grants received

0,8

0,8

Net cash flows used in investment activities

(812,3)

(532,1)

Capital increase

18,6

439,6

Proceeds (repayments) from borrowings

639,1

251,6

Interest paid

(72,0)

(62,6)

Dividends paid

(4,1)

(3,8)

Net cash flows from financing activities

581,6

624,8

Impact of foreign exchange rate fluctuation

2,8

(5,1)

Change in cash

(43,3)

244,1

Opening cash balance

503,8

259,7

Closing cash balance

460,5

503,8

Net cash flow as shown in the balance sheet

(43,3)

244,1

31

Capacity commissioned in 2018

Project

Technology

Capacity (MW)

Country

COD Date

Les Champs d'Amour

Wind

9

France

February 2018

Griffith

Solar

36

Australia

March 2018

Parkes

Solar

66

Australia

March 2018

Pays Chaumontais

Wind

14

France

May 2018

Dubbo

Solar

29

Australia

June 2018

Le Chassepain

Wind

20

France

July 2018

Lagarde d'Apt

Solar

7

France

October 2018

Coleambally

Solar

189

Australia

November 2018

Lugos

Solar

12

France

December 2018

Bram

Solar

5

France

December 2018

Cap Découverte 4bis

Solar

5

France

December 2018

Total capacity: 391 MW

32

Capacity added in 2019

Project

Technology

Capacity (MW)

Country

COD Date

Azur Est

Solar

9

France

March 2019

Corbas 3 & 4

Solar

8

France

March 2019

Bangweulu

Solar

54

Zambia

April 2019

Azur Stockage

Storage

6

France

May 2019

Corbas 1 & 2

Solar

8

France

May 2019

Auxois Sud 2

Wind

16

France

June 2019

Numurkah

Solar

128

Australia

August 2019

Irish wind farms(1)

Wind

53

Ireland

August 2019

Les Hauts Chemins

Wind

14

France

August 2019

Miremont

Solar

10

France

October 2019

Saint-Avit

Solar

11

France

October 2019

Paradise Park

Solar

51

Jamaïca

November 2019

Total capacity: 369 MW

(1) Acquired in August 2019 rates

33

Total portfolio capacity

In MW

31.12.2019

31.12.2018

Change

Assets in operation(1)

1 847

1 478

+369

Assets under construction

1 193

764

+429

Subtotal, assets in operation or under construction(1)

3 040

2 241

+799

Projects awarded

1 082

899

+183

Total Secured capacity

4 122

3 141

+981

Tender ready projects

1 563

1 203

+360

Advanced development projects

4 966

3 321

+1 645

Total Advanced pipeline capacity

6 529

4 525

+2 004

Total Portfolio capacity

10 651

7 665

+2 986

Early stage projects

>4 GW

>4 GW

A total portfolio capacity of 10,7 GW, up 3 GW compared to end-2018

(1) Restated for the biomass business sold in September

34

Secured portfolio

In MW

31.12.2019

31.12.2018

Change

MW in operation (1)

1 847

1 478

+369

Europe-Africa

813

624

+189

Australia

881

753

+128

Americas

152

101

+51

MW under construction

1 193

764

+429

Europe-Africa

203

227

-24

Australia

264

342

-78

Americas

726

195

+531

MW awarded

1 082

899

+183

Total Secured portfolio

4 122

3 141

+981

(1) Restated for the biomass business sold in September

35

Financial agenda and contact information

Next events

  • 15.05.2020: Q1 2020 revenue and operational data
  • 28.07.2020: H1 2020 revenue and operational data
  • 23.09.2020: H1 2020 results
  • 09.11.2020: 9M 2020 revenue and operational data

Investor relations

  • communication@neoen.com

36

Thank you for listening

ARGENTINA

AUSTRALIA

COLOMBIA

EL SALVADOR

FINLAND

FRANCE

IRELAND

JAMAICA

MEXICO

MOZAMBIQUE

PORTUGAL

USA

ZAMBIA

Disclaimer

Neoen SA published this content on 25 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 March 2020 18:12:10 UTC

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