H1 2020 revenue and operational data
July 28, 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 Group 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.
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- H1 2020 operational data
- H1 2020 revenue
- Outlook
- Appendices
H1 2020 highlights
- Revenue reaching 157 M€, up 33% year-on-year
- Continued strengthening of the secured portfolio despite Covid-19 crisis
- Commissioning of 239 MW
- Launch of construction of 544 MW, o/w 460 MW in Q2
- 216 MW newly awarded projects, o/w 174 MW in Q2
- Outlook confirmed
Revenue (in M€) | GW in operation or | GW secured(1) | ||
under construction | ||||
157 | 4.4 | ||
118 | 3.6 | 4.1 | |
3.0 |
H1 2019 | H1 2020 | 31.12.2019 | 30.06.2020 | 31.12.2019 | 30.06.2020 |
(1) Assets in operation, under construction and projects awarded | 4 |
Two successful green issues in H1 2020
200 M€
Syndicated loan linked to ESG criteria
(March 2020)
- This financing is made up of two tranches
- A 125 M€ amortizing loan
- A 75 M€ revolving credit facility
- This loan is secured but has not been drawn down
- Maturity date: 2024
- Linked to two ESG criteria
- Corruption prevention
- An independent ESG rating by Vigeo Eiris agency
170 M€
First ever European Green Convertible Bond
(May 2020)
- Interest of 2.0% from the Issue Date
- Maturity date: 2025
- Nominal unit value at a premium of 40% above Neoen's reference share price
- Proceeds allocated to finance or refinance
renewable energy production (solar PV, wind | L'Osière - France |
power) or storage activities(1) |
At the forefront of sustainable finance, Neoen is further optimizing its cost of financing and balance sheet
(1) In consistency with EU taxonomy requirements and with the Framework available on Neoen's website | 5 |
Neoen entered the SBF 120 index in June 2020
Share price performance since IPO | Share capital breakdown (1) (2) |
39.2€ at 27.07.2020: +137% vs IPO | ||
Market capitalisation: 3.3 bn€ | ||
€40 | ||
€35 | ||
€30 | ||
€25 | ||
€20 | ||
€15 | IPO price: 16.5€ | |
Average daily volume: 826 k€ | Average daily volume: 3 163 k€ | |
€10 |
5.9% 2.9% Bpifrance Management
7.5%
FSP
33.7% | 50.0% |
Free-float | Impala |
Source: Factset
Inclusion in the index reflects a strong increase in
market capitalisation and a higher liquidity
(1) | As of December 31, 2019 | 6 |
(2) | Number of shares: 85,088,748 |
1. H1 2020 highlights
- H1 2020 revenue
- Outlook
- Appendices
Changes in the secured portolio
MW awarded | MW under construction | MW in operation | ||
+216 | -544 | +544 | -239 | |||||
1 082 | 1 498 | |||||||
1 193 | ||||||||
+18 | 773 | |||||||
31.12.2019 | Newly | Construction Net adjustment | 30.06.2020 | 31.12.2019 | Construction | MW commissioned | 30.06.2020 | |
awarded H1 | launched | of capacity | launched | |||||
2020 |
+239 | 2 085 | |
1 847 | ||
31.12.2019 | MW commissioned | 30.06.2020 |
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Neoen commissioned 239 MW in H1 2020
Capacity in operation (in MW)
+96 | 2 085 | |
+143 | ||
Hedet - 81 MW | ||
Fossat - 5 MWp | ||
1 847 | Saint Eloy - 5 MWp | |
Azur Sud - 5 MWp | Capella - 143 MWp1 - El Salvador | |
Capella - 143 MWp(1) |
31.12.2019 | Q1 2020 | Q2 2020 | 30.06.2020 | Hedet - 81 MW - Finland |
(1) Including 3 MW / 2 MWh of storage | 9 |
Major projects awarded in H1 2020
Newly awarded projects in France, Australia and Finland | Western Downs | Government tender | ||
108 MWp
Full project capacity of 460 MWp
(108 MW of merchant capacity on top of 352 MW PPA)
(Construction already launched)
La Verte Epine
66 MWp
6 solar PV projects won in the CRE 4.7 tender (April 2020)
Yllikkälä Power Reserve
12 MW30 MW / 30 MWh
Located in Charentes | Largest battery in Finland |
(Construction already launched) | |
216 MW newly awarded projects in H1, o/w 174 MW in Q2
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Neoen builds the Nordics' largest battery storage unit
- Yllikkälä Power Reserve will be the largest battery to be connected to the Finnish grid
- It will provide the national electricity system with the benefits of rapid storage to mitigate frequency variations
- This roll-out of lithium-ionstationary batteries in Finland confirms Neoen's leadership in battery-based grid services
- It will contribute to harness Finland's substantial wind resources and speed up progress towards the country carbon neutrality target by 2035
30 MW / 30 MWh Q1 2021
Expected COD
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Strong operating performance
H1 2020 | H1 2019 | % chg. | |
Production (GWh) | 2 067 | 1 330 | +55% |
Availability | Load factor | |
- Neoen's electricity generation totaled 2.1 TWh in H1 2020, up 55% year-on-year
- Average availability rates maintained at a very high level illustrating the Group's ability to optimize the use of its production assets
- Average load factor of solar assets slightly down in H1 2020
- Less favorable irradiation conditions in Australia in H1 2020
- Lower availability of an asset in Australia due to upgrade works on the grid in H1 2020 (now completed)
98.3% | 98.6% | 17.6% | 34.4% | • Average load factor of wind assets slightly up in H1 2020 | |
(99.0% in H1 2019) | (99.2% in H1 2019) | (18.2% in H1 2019) | (33.9% in H1 2019) | - | Excellent wind conditions in Europe in Q1 2020 |
- | Lower availability of Australian wind farms in Q2 2020 |
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- H1 2020 highlights
- H1 2020 operational data
- Outlook
- Appendices
H1 2020 revenue up 33% year-on-year
In M€ | ||||||||
+17.3 | -1.7 | -2.7 | 157.2 | |||||
+16.1 | -5.6 | |||||||
-3.7 | ||||||||
+19.5 | ||||||||
118.1 | ||||||||
H1 2019 | Half-year impact New capacity in | Prices | Volume | Storage | Other | FX (1) | H1 2020 | |
revenue | 2019 | H1 2020 | Australia | revenue | ||||
commissioning |
- Significant contribution from assets commissioned in 2019 and H1 2020 as well as early generation revenue recorded in H1 2020
- Lower average price at a wind farm in Australia due to the transition from early generation revenue(2) to PPA
- Negative volume effect mainly reflecting less favorable irradiation conditions in Australia and lower availability of certain Australian assets in H1 2020 despite excellent wind conditions in Europe in Q1 2020
- Strong one-off increase in HPR battery revenue in Australia in Q1 2020
- Limited negative FX impact; revenue up 35% at constant FX rates
(1) | Based on average FX rate in H1 2019 | |
(2) | Short-term energy revenues prior to the implementation of a long-term contract | 14 |
H1 revenue growth driven by strong performance in Q1
- Solar revenue up 34% year-on-year
- Contribution from assets commissioned in Australia, Zambia, Jamaica and France in 2019 and in El Salvador and France in H1 2020
- Early generation revenue from El Llano since the beginning of the year
- Lower irradiation conditions in Australia and lower availability of an Australian asset due to upgrade works on the grid (now completed)
- Wind revenue up 12% year-on-year
- Contribution of capacity added in Ireland and in France in 2019 and from Hedet in Finland in H1 2020
- Excellent wind conditions in Europe in Q1 2020
- Lower average price on a wind farm in Australia in H1 2020 due to the transition from early generation revenue to PPA and lower availability in Australia in Q2 2020
Q1 2020 | % chg. vs | Q2 2020 | % chg. vs | H1 2020 | % chg. vs | |
Q1 2019 | Q2 2019 | H1 2019 | ||||
In M€ | ||||||
Solar | 38.2 | +46% | 35.3 | +23% | 73.4 | +34% |
Wind | 35.8 | +24% | 23.0 | -3% | 58.8 | +12% |
Storage | 21.6 | x5,2 | 3.0 | -29% | 24.6 | x2,9 |
Other(1) | 0.2 | n/a | 0.2 | n/a | 0.3 | n/a |
Consolidated revenue | 95.8 | +61% | 61,5 | +5% | 157.2 | +33% |
o/w contracted energy revenue | 59.2 | +18% | 54.5 | +10% | 113.7 | +14% |
o/w merchant energy revenue | 35.7 | x4,6 | 5.9 | -10% | 41.5 | x2,9 |
o/w other revenue(2) | ||||||
0.9 | n/s | 1.1 | n/s | 2.0 | n/s |
- Storage revenue increasing strongly year-on-year
- Strong one-off positive impact in Q1 2020 in Australia
- Q2 2020 storage revenue declined year-on-year due to less favorable market conditions for the sale of network services (FCAS)
- Merchant revenue representing 26% of consolidated revenue
- An exceptionally high-level reflecting non-recurring storage revenue in Australia in Q1 2020 and early generation revenue from Capella (3) in El Salvador and Hedet(3) in Finland in Q1 2020 and from EL Llano in H1 2020
- As anticipated, market prices in Q2 2020 have been impacted across the board by the economic environment
- Corresponding to the " Development and investment" segment
- Other revenue chiefly comprises the development business and services to third parties
(3) Before the start of their PPA in Q2 2020 | 15 |
- H1 2020 highlights
- H1 2020 operational data
- H1 2020 revenue
5. Appendices
A constantly fed pipeline, in line with our 2021 target
10.7 GW
11.2 GW
5.4 GW | |
5.0 GW | Advanced |
Advanced | development |
development
1.6 GW | 1.4 GW | |||||||
Tender-ready | ||||||||
Tender-ready | ||||||||
0.8 GW | ||||||||
1.1 GW | Awarded | |||||||
Awarded | 1.5 GW | >5.0 GW | ||||||
1.2 GW | 4.4 GW | Under construction | 3.6 GW | |||||
In operation or under | ||||||||
4.1 GW | ||||||||
Under construction | Secured | In operation or under | construction | |||||
Secured | 1.8 GW | 3.0 GW | capacity | 2.1 GW | construction | at end 2021 | ||
capacity | ||||||||
In operation | In operation or | In operation | ||||||
under construction | ||||||||
Target end-2021 | ||||||||
31.12.2019 | 30.06.2020 | |||||||
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1.5 GW under construction across our three geographies
Finland
Yllikkälä - 30 MW / 30 MWh | |
COD expected in Q1 2021 | |
EUROPE - AFRICA | |
AMERICAS | 191 MW under construction |
583 MWp under construction | |
France | |
Solar(1) - 63 MWp | |
Mexico | Wind(2) - 57 MW |
El Llano - 375 MWp | COD expectedbetween |
Production suspended between the | Q4 2020 and 2021 |
3rd of May and the 21st of May | |
COD expected in Q3 2020 |
Argentina
Altiplano - 208 MWp
COD expected in Q4 2020
Mozambique
Metoro - 41 MWp
COD expected in H1 2021
Australia
AUSTRALIA
724 MW under construction
Australia
Western Downs - 460 MWp NEW in Q2 COD expected in 2022
Australia
Notes: Capacity under construction at 30 June 2020. Current best estimate of the timetable for commissioning of assets under construction given the Covid-19 outbreak
(1) Mer (15 MWp), Vermenton (14 MWp), Bregues d'Or (2 MWp), Antugnac (7 MWp), Levroux (10 MWp), Réaup-Lisse (15 MWp)
(2) Viersat (18 MW), La Garenne (10 MW), Le Mont de Malan (29 MW)
HPRx - 50 MW / 64.5 MWh COD expected in September 2020
Bulgana - 214 MW
(incl. 20 MW / 34 MWh of storage)
COD expected in Q4 2020
30 MW already injecting into the network
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2020 guidance confirmed
2020
Between 270 M€ and 300 M€
at constant exchange rates(1)
EBITDA
EBITDA margin above 80%
- This target takes into account
- Current best estimate of the timetable for commissioning of assets under construction
- The current level of market prices
- The one-off increase in storage revenue in Q1 2020
- Normal production level at El Llano in Mexico maintained until the end of the year
(1) At constant exchange rates compared to 2019 | 19 |
Outlook for 2021 and 2022 reiterated
2021 & 2022
More than 5.0 GW of capacity under
Capacityconstruction or in operation by the end of 2021,fully operational by the end of 2022
• These targets take into account
- Current best estimate of the timetable for the completion of the Group projects
EBITDA | Above 400 M€ at constant exchange |
rates(1) in 2022 | |
(1) At constant exchange rates compared to 2019 | 20 |
- H1 2020 highlights
- H1 2020 operational data
- H1 2020 revenue
- Outlook
A diverse portfolio of high-quality assets
Technology breakdown | Geographic breakdown | Contracted vs merchant breakdown(2) | ||
6% | 13% |
25% |
25%
3.6 GW(1) | 3.6 GW(1) | 45% | 3.6 GW(1) | 87% |
69%
31%
Solar Wind Storage | Australia | Europe-Africa | Americas | Under PPA | Merchant |
(1) | Capacity in operation or under construction as of June 30, 2020 | 22 |
(2) | Weighted average by MW for assets in operation or projects under construction as of June 30, 2020 |
Revenue by technology and geography
Revenue by technology | ||||||
H1 2019 | 7% | 2% | H1 2020 | 0.2% | ||
16% | ||||||
46% | 47% | |||||
45% | 37% | |||||
Solar | Wind Storage Development | Solar Wind Storage Development | ||||
Revenue by geography | ||||||
H1 2019 | 7% | H1 2020 | 16% | |||
52% | 44% | |
41% | ||
40% |
Australia | Europe - Africa | Americas | Australia | Europe - Africa | Americas |
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Quarterly and half-year revenue
Q1 2020 | Q1 2019(1) | % chg. | Q2 2020 | Q2 2019 | % chg. | H1 2020 | H1 2019 | % chg. | |
Revenue (in M€) | |||||||||
Solar | 38.2 | 26.1 | +46% | 35.3 | 28.8 | +23% | 73.4 | 54.9 | +34% |
Wind | 35.8 | 28.9 | +24% | 23.0 | 23.8 | -3% | 58.8 | 52.7 | +12% |
Storage | 21.6 | 4.2 | x5,2 | 3.0 | 4.2 | -29% | 24.6 | 8.4 | x2,9 |
Other(2) | 0.2 | 0.3 | n/a | 0.2 | 2.0 | n/a | 0.3 | 2.2 | n/a |
Consolidated revenue | 95.8 | 59.4 | +61% | 61.5 | 58.7 | +5% | 157.2 | 118.1 | +33% |
o/w contracted energy revenue | 59.2 | 50.3 | +18% | 54.5 | 49.7 | +10% | 113.7 | 100.1 | +14% |
o/w merchant energy revenue | 35.7 | 7.8 | x4,6 | 5.9 | 6.5 | -10% | 41.5 | 14.3 | x2,9 |
o/w other revenue(3) | 0.9 | 1.3 | n/s | 1.1 | 2.5 | n/s | 2.0 | 3.8 | n/s |
(1) | Revenue excluding the biomass business sold in September 2019 | |
(2) Corresponding to the " Development and investment" segment | 24 | |
(3) | Other revenue chiefly comprises the development business and services to third parties |
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 | 25 |
Capacity commissioned in H1 2020
Project | Technology | Capacity (MW) | Country | COD Date |
Capella | Solar | 143(1) | El Salvador | March 2020 |
Azur Sud | Solar | 5 | France | April 2020 |
Saint-Eloy | Solar | 5 | France | April 2020 |
Fossat | Solar | 5 | France | April 2020 |
Hedet | Wind | 81 | Finland | June 2020 |
Total capacity: 239 MW | ||||
(1) Including 3 MW / 2 MWh of storage | 26 |
Total portfolio capacity
In MW | 30.06.2020 | 31.12.2019 | Change |
Assets in operation | 2 085 | 1 847 | +239 |
Assets under construction | 1 498 | 1 193 | +305 |
Subtotal, assets in operation or under construction | 3 584 | 3 040 | +544 |
Projects awarded | 773 | 1 082 | -309 |
Total Secured capacity | 4 357 | 4 122 | +234 |
Tender ready projects | 1 435 | 1 563 | -128 |
Advanced development projects | 5 381 | 4 966 | +415 |
Total Advanced pipeline capacity | 6 817 | 6 529 | +287 |
Total portfolio capacity | 11 174 | 10 652 | +522 |
Early stage projects | >4 GW | >4 GW | |
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Financial agenda and contact information
Next events
- 23.09.2020: H1 2020 results
- 09.11.2020: 9M 2020 revenue and operational data
Investor relations
- communication@neoen.com
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Thank you for listening
ARGENTINA | AUSTRALIA | COLOMBIA | ECUADOR | EL SALVADOR | FINLAND | FRANCE | IRELAND | JAMAICA | MEXICO | MOZAMBIQUE | PORTUGAL | USA | ZAMBIA |
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Neoen SA published this content on 28 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2020 16:00:04 UTC