MPC ENERGY SOLUTIONS N.V. 26 October 2023
MAKING CLEAN ENERGY HAPPEN
Q3 2023 Webcast
FORWARD-LOOKING STATEMENTS
MPC Energy Solutions
Certain information and statements shared in this document, including financial estimates and comments about our plans, expectations, beliefs, or business prospects, and other information and statements that are not historical in nature, may constitute forward-looking statements under the securities laws. We make these statements on the basis of our views and assumptions regarding future events and business performance at the time we make them.
We do not undertake any obligation to update these information and statements in the future. Forward-looking statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results expressed or implied in light of a variety of factors, including factors contained in our financial statements, filings, and other releases.
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AGENDA
- PROJECT AND COMPANY UPDATES
- FINANCIAL REVIEW Q1 TO Q3 2023
03. FREE CASH
- STRATEGIC DIRECTION
- Q&A
| Q3 2023 Webcast | | 3 |
MPC ENERGY SOLUTIONS
Review Q1 to Q3 2023
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01. PROJECT AND COMPANY UPDATES
EXIT | NOVEMBER 2023 | |
Añasco | Planeta Rica | Enernet Global |
CHP, 2.6 MW | Solar PV, 26.6 MW | Collaboration |
Puerto Rico | Colombia | Agreement |
Terminated | ||
MPCES will recover | ||
USD 2.4 million |
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02. FINANCIAL REVIEW Q1 TO Q3
Energy Output | Project Revenue | Project EBITDA | Ø Price per MWh | ||||||
(GWh) | (million USD) | (million USD) | (power-producing asset | ||||||
only, USD) | |||||||||
6.9 | |||||||||
74.5 | 6.3 | ||||||||
Total Assets | |||||||||
USD 129.3 million |
3.1 | Equity Ratio | ||||||||
99 | |||||||||
57% | |||||||||
3.6 | 85 | ||||||||
22.3 | 2.2 | ||||||||
1.6 | |||||||||
0.3 | 0.6 | Energy production | |||||||
(0.5) | Energy trading | ||||||||
Q1 to Q3 | Q1 to Q3 | ||||||||
Q1 to Q3 | Q1 to Q3 | Q1 to Q3 | Q1 to Q3 | Q1 to Q3 | Q1 to Q3 | ||||
2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2023 | 2023 | ||
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02. FINANCIAL REVIEW Q1 TO Q3
34.1 | |||
Energy Output | 24.6 | 74.5 | |
(GWh) | 15.8 | YTD | |
Q1 2023 | Q2 2023 | Q3 2023 |
2.8 | 6.9 | |||
Revenue & | 2.4 | YTD | ||
Project EBITDA | 1.7 | 3.1 | ||
(million USD) | 1.1 | 1.3 | ||
0.7 | YTD | |||
Q1 2023 | Q2 2023 | Q3 2023 |
Revenue
Project EBITDA
| Q3 2023 Webcast
- Solar PV plants Santa Rosa/Villa Sol (El Salvador) and Los Santos I (Mexico) with solid performance and contribution to overall results year-to-date (YTD).
- Neol CHP (Puerto Rico) performing below expectations. Off-taker is running manufacturing site at low capacity, limiting billing for produced energy while keeping operating costs relatively stable.
- Los Girasoles (Colombia) has contained its trading losses following the successful connection to the grid, but is overall loss-making YTD. Loss also projected for full year 2023 as plant cannot fully recover trading losses by year-end.
- Planeta Rica (Colombia) did not connect to the grid as planned in Q3, therefore not contributing as expected to YTD and year-end results.
- Year-endoutlook lowered to USD 9 to 9.5 million revenue and USD 5 to 5.5 million Project EBITDA, including trading results.
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02. FINANCIAL REVIEW Q1 TO Q3
Capacity | Current | Energy Output | Revenue | EBITDA | ||||
Project | Country | Technology | Q1 to Q3 2023 | Q1 to Q3 2023 | Q1 to Q3 2023 | EBITDA Margin | ||
(MW) | MPCES Stake | |||||||
(GWh) | (mUSD) | (mUSD) | ||||||
Neol CHP | Puerto Rico | CHP | 3.4 | 95% | 16.6 | 1.1 | 0.4 | 36% |
Santa Rosa & Villa Sol | El Salvador | Solar PV | 21.3 | 100% | 25.3 | 2.1 | 1.8 | 86% |
Los Santos I | Mexico | Solar PV | 15.8 | 100% | 26.7 | 2.8 | 1.9 | 65% |
Los Girasoles | Colombia | Solar PV | 12.3 | 100% | 5.9 | 0.9 | (1.0) | (112%) |
Total | 52.8 | 74.5 | 6.9 | 3.1 | 44% | |||
Upsides in 2024
- Off-takerfor Neol CHP will ramp-up its manufacturing capacity after undergoing restructuring, leading to a higher energy demand and consequently increased revenues and margins for our project
- The PPA price for Santa Rosa & Villa Sol will increase by around 20%; in addition, the plant will see its first full operational year
- Technical improvements made to the Los Santos I project will increase the plant's output and revenue
- Los Girasoles will no longer incur trading losses, and subsequently be able to deliver proper solar PV project margins without trading dilution of profits
- With Planeta Rica, we will add another operational project to the portfolio
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03. FREE CASH
= Cash that is freely disbursable and available to cover CapEx, Overhead and DevEx; in million USD
13 | ||
11 | ||
8 | ||
31/03/2023 | 30/06/2023 | 30/09/2023 |
| | Q3 2023 Webcast |
- USD 2.4 million to be returned from Añasco project in Puerto Rico latest in March 2024.
- We anticipate to significantly increase our free cash reserves by year-end 2023.
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MPC ENERGY SOLUTIONS
Going Forward
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MPC Energy Solutions NV published this content on 26 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2023 07:07:01 UTC.
