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    SPK   ES0105385001

SOLARPACK CORPORACION TECNOLOGICA, S.A.

(SPK)
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Solarpack Corporacion Tecnologica S A : May 11, 2021 | Q1 2021 trading update presentation

05/11/2021 | 02:26am EDT

Our purpose is… "to accelerate the transition to clean and affordable energy for all"

Q1 2021

Trading update

May 11, 2021

Disclaimer

This presentation has been prepared by Solarpack Corporación Tecnológica, S.A. (the Company) for informational use only.

The information contained in this presentation does not purport to be comprehensive or to contain all the information that a prospective purchaser of securities of the Company may desire or require in deciding whether or not to purchase such securities, and has not been verified by the Company or any other person. The information contained in this document is subject to change without notice. Neither the Company nor any of affiliates, advisors or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of any information contained or referred to in this document. Each of the Company and its employees, officers, directors, advisors, agents or affiliates expressly disclaims any and all liabilities whatsoever (in negligence or otherwise, whether direct or indirect, in contract, tort or otherwise) for any loss howsoever arising from any use of this presentation, the information contained or referred to therein, any errors therein or omissions therefrom or otherwise arising in connection with this presentation. Neither the Company, nor any of its affiliates, advisors or agents undertakes any obligation to provide the recipients with access to additional information or to update this document or to correct any inaccuracies in the information contained or referred to therein.

Certain statements in this document regarding the market and competitive position data may be based on the internal analyses of the Company, which involve certain assumptions and estimates. These internal analyses may have not been verified by any independent sources and there can be no assurance that the assumptions or estimates are accurate. Additionally, certain information in this presentation may be based on management accounts and estimates of the

Company and may have not been audited or reviewed by the Company's auditors. Accordingly, recipients should not place undue reliance on this information.

This information is provided to the recipients for informational purposes only and recipients must undertake their own investigation of the Company.

The information providing herein is not to be relied upon in substitution for the recipient's own exercise of independent judgment with regard to the operations, financial condition and prospects of the Company.

Neither this presentation nor any copy of it shall be taken, transmitted into, disclosed, diffused, send, published or distributed in the United States, Canada, Australia or Japan. The distribution of this presentation in other jurisdictions may also be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. In particular, any offer that might result from the transaction herein escribed will not be made, directly or indirectly, in the United States of America, or by use of mails, or by any means or instrumentality (including, without limitation, facsimile transmission, telephone and internet) of interstate or foreign commerce of, or any facilities of any national securities exchange of, the United States, Canada, Australia or Japan. The securities of the Company have not been and, should there be an offering, Will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act) and, subject to certain exceptions, may not be offered or sold in the United States. The securities of the Company have not been and, should there be an offering, will not be registered under the applicable securities laws of any state or jurisdiction of Canada or Japan and, subject to certain exceptions, may not be offered or sold within Canada, Australia or Japan or to or for the benefit of any national, resident or citizen of Canada, Australia or Japan.

THIS PRESENTATION DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER FOR SALE OR SOLICITATION OF ANY OFFER TO BUY ANY SECURITIES IN THE UNITED STATES OR IN ANY OTHER JURISDICTION, NOR SHALL IT OR ANY PART OF IT FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT TO SELL OR PURCHASE SHARES. ANY DECISION TO SELL OR PURCHASE SHARES IN ANY OFFERING SHOULD BE MADE SOLELY ON THE BASIS OF PUBLICLY AVAILABLE INFORMATION.

This presentation may include forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause such actual results, performance or achievements, or industry results, to be materially different from those expressed or implied by these forward-looking statements. These forward-looking statements are based on numerous assumptions regarding the present and future business strategies of the Company and the environment in which they expect to operate in the future. Forward-looking statements speak only as of the date of this presentation and the Company expressly disclaim any obligation or undertaking to release any update of, or revisions to, any forward-looking statements in this presentation, any change in their expectations or any change in events, conditions or circumstances on which these forward-looking statements are based.

Throughout the presentation, some numbers may not tie up exactly due to rounding effects.

In reviewing this presentation, the recipient is agreeing to, and accepting, the foregoing restrictions and limitations.

2021 Q1 trading update

2

  1. Key Milestones
  2. Operations Update
  3. Financial Review
  4. Long Term Outlook
  5. Q&A

Appendix

2021 Q1 trading update

3

Key Milestones

Q1 2021 results show a robust visible segment EBITDA(1) of €12m coming mainly from POWGEN

  • POWGEN and SVCS business units' results in line with company's expectations at the beginning of the year
  • POWGEN's slightly lower results in Q1 2021 vs. Q1 2020 mainly due to the profitable sale of the 49% stake of the Peruvian Assets closed in Q2 2020
  • DEVCON Q1 2021 shows lower gross margins than the above-average Q1 2020 margins. Margin erosion in 2021 coming mainly from higher costs in Araucana (Chile), partially compensated by Malaysia-3SP's gross margin expected to beat company´s estimates at the beginning of 2021

Intense development and commercial activity in 2021, with 3.6 GW of projects being candidates for order intake (Backlog) during the year

  • Key markets for DEVCON activities in 2021 are Spain, USA, Chile, Colombia, South Africa, India, SEA and rest of the world
  • El Aromo project in Ecuador (259MW) remains in Pipeline waiting for PPA and investment agreement negotiations after government elections held in the country
  • Since Q4 '20 presentation, 0.7 GW of net additions to Pipeline and Identified Opportunities: +108 MW added to Pipeline and +554 MW to Identified Opportunities (mainly in USA and SEA)

DEVCON margin during 2021 impacted by COVID-19 and EPC cost increases in Chile and India. Strong DEVCON margin in 3SP and margin enhancement measures to partially offset these effects

  • In Q1 Araucana projects (50 MW) are suffering execution delays and higher costs mainly due to lockdowns and logistics market disruptions
  • Indian project Gorbea (419 MW) is experiencing delays in PPA signature. In addition, the severe COVID- 19 situation in India is increasing pressure on the project timeline and DEVCON margin is likely to be affected by current module prices. Margin enhancement measures identified expected to partially compensate impact on original targets
  • 3SP project (116 MW) strong gross margin expected to remain unaffected by COVID-19/EPC cost increases and to beat company's estimates at the beginning of 2021

1. Segmented financial information, non-GAAP. Helps to better understand the performance of the different businesses and their cash generation. Certain eliminations/adjustments must be applied under IFRS, mainly linked to elimination of DEVCON revenues and gross margins of Build and Own projects

2021 Q1 trading update

4

Key Figures, Segment and IFRS information

Business Unit

Financials (EUR m)

Highlights

Segment information

IFRS information

EBITDA

Operating Revenues

Q1 2021 shows construction activities coming from

Malaysia (B&O) and Chile (B&S)

DEVCON

21.4

18.7

Q1 2021 gross margin, in line with guidance, lower than

(Development &

4.1

the above-average Q1 2020 gross margin

Construction)

0.7

Margin reduction in 2021 mainly due to higher costs in

Chile, partially compensated by 3SP, that is expected to

Q1 2020

Q1 2021

generate strong margins during the year

12.9

14.5

11.4

13.6

In line with SPK's expectations at the beginning of the

POWGEN

year. Difference in EBITDA in Q1 2021 vs. Q1 2020

explained mainly by the sale of the 49% stake in Tacna

(Power Generation)

Q1 2020

Q1 2021

and Panamericana in Q2 2020, partially off-set by higher

contribution from Granja in Q1 2021

SVCS

2.2

1.9

In line with SPK´s expectations at the beginning of the

0.4

0.6

year

(Services)

Better margins driven by increased efficiencies

Q1 2020

Q1 2021

38.1

34.2

Difference explained mainly by DEVCON. Alignment with

key strategic financial metrics:

17.2

TOTAL(1)

12.2

81% of POWGEN + SVCS revenues in hard

currencies

Q1 2020

Q1 2021

77% contracted POWGEN revenues

35.0

28.4

18.9

12.2

IFRS EBITDA in line with total segment EBITDA

TOTAL

At revenues level, lower figure comes mainly from

elimination of B&O DEVCON activity2

Q1 2020

Q1 2021

  1. Total EBITDA figures include corporate segment costs
  2. For further details refer to Appendix I

2021 Q1 trading update

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Solarpack Corporación Tecnológica SA published this content on 11 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 May 2021 06:25:06 UTC.


© Publicnow 2021
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Financials
Sales 2020 165 M 194 M 194 M
Net income 2020 14,3 M 16,8 M 16,8 M
Net Debt 2020 350 M 411 M 411 M
P/E ratio 2020 60,0x
Yield 2020 -
Capitalization 870 M 1 021 M 1 021 M
EV / Sales 2020 7,39x
EV / Sales 2021 10,1x
Nbr of Employees 266
Free-Float 43,9%
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Solarpack Corporacion Tecnologica, S.A. Technical Analysis Chart | SPK | ES0105385001 | MarketScreener
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Mean consensus BUY
Number of Analysts 4
Last Close Price 26,15 €
Average target price 29,00 €
Spread / Average Target 10,9%
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Managers and Directors
Pablo Burgos Galindez Chief Executive Officer & Executive Director
Jaime Gonzalez de Durana Head-Finance
Ignacio Artázcoz Barrena Executive Chairman
Maria Fátima Fernández Estepa Technical Director
Luján de La Rica Olaso Head-Administration & Control
Sector and Competitors