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    SPK   ES0105385001

SOLARPACK CORPORACION TECNOLOGICA, S.A.

(SPK)
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Solarpack Corporacion Tecnologica S A : September 13, 2021 | H1 2021 results presentation

09/13/2021 | 01:32am EDT

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

H1 2021 trading update

September 13, 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 H1 trading update

2

  1. Key Milestones
  2. Operations Update
  3. Financial Review
  4. 2021-2023ESG Master Plan running at full speed
  5. Outlook
  6. Q&A

Appendix

2021 H1 trading update

3

Key Milestones

H1 2021 continues to show robust results with segment EBITDA(1) of €24m coming mainly from

POWGEN

  • POWGEN + SVCS business units' results slightly above company's expectations at the beginning of the year
  • POWGEN's slightly lower results in H1 2021 vs. H1 2020 mainly due to the profitable farm-down in Q2 2020 of 49% stake in Peruvian Assets
  • DEVCON H1 2021 Gross Margin remains within guidance range at 11.5%, although impacted by higher costs seen in Araucana (Chile) during Q2 2021. Decrease vs. H1 2020 mainly due to the above-average H1 2020 margins

Construction activities are making progress in Malaysia, Chile and Spain with 180 MW under construction

  • 116 MW 3SP project in Malaysia (Build & Own) is on track to start operations within 2021
  • 22 MW put in operation in Chile (Build & Sell) since the Q1 trading update and 54 MW still under construction in this market
  • 10 MW have transitioned to Under Construction status in Spain

Development and commercial activity continues in all markets, with 3.6 GW of projects being candidates for order intake (Backlog) in the upcoming months

  • Key markets remain Spain, USA, Chile, Colombia, South Africa, India, SEA and rest of the world
  • Bids recently submitted in South Africa, Israel and Malaysia for 0.7 GW
  • PPA signature schedule for Gorbea project in India (419 MW) extended to Q4 2021
  • El Aromo project in Ecuador (259MW) is expected to sign the PPA in Q4 2021
  • Since Q1 '21 trading update, Pipeline and Identified Opportunities remain at similar level, with an increase in Spain and reductions in USA, SAR and Colombia

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 H1 trading update

4

Key Figures, segment and IFRS information

Business Unit

Financials (EUR m)

Highlights

Segment information

IFRS information

Operating Revenes

EBITDA

H1 2021 shows construction activities coming mainly from

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

48.9

DEVCON

41.7

H1 2021 gross margin, in line with guidance, lower than

(Development &

H1 2020 due to the above-average Q1 2020 gross margin

Construction)

1.4

4.8

Margin reduction in 2021 mainly due to higher costs in

Chile, partially compensated by 3SP, that remains with

H1 2021

H1 2020

strong margins expectations during the year

27.0

22.7

28.3

25.0

Slightly above SPK's expectations at the beginning of the

POWGEN

year. Difference in EBITDA in H1 2021 vs. H1 2020

explained mainly by the sale of 49% of Tacna and

(Power Generation)

Panamericana in Q2 2020, off-set by higher contribution

H1 2021

H1 2020

from Granja and higher spot prices during 2021 vs 2020

3.9

3.8

SVCS

1.0

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

0.5

year

(Services)

Better margins driven by increased efficiencies

H1 2021

H1 2020

72.7

81.0

Difference explained mainly by DEVCON. Alignment with

key strategic financial metrics:

TOTAL(1)

24.2

29.6

82% of POWGEN + SVCS revenues in hard

currencies

H1 2021

H1 2020

75% contracted POWGEN revenues

78.8

50.4

Lower IFRS Revenues vs. segment revenues mainly

TOTAL

31.9

22.0

explained from elimination2 of B&O DEVCON activity

H1 2021

H1 2020

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

2021 H1 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 13 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 September 2021 05:31:08 UTC.


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Financials
Sales 2020 165 M 191 M 191 M
Net income 2020 14,3 M 16,6 M 16,6 M
Net Debt 2020 350 M 406 M 406 M
P/E ratio 2020 60,7x
Yield 2020 -
Capitalization 880 M 1 020 M 1 021 M
EV / Sales 2020 7,45x
EV / Sales 2021 9,86x
Nbr of Employees 266
Free-Float 43,9%
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Solarpack Corporacion Tecnologica, S.A. Technical Analysis Chart | SPK | ES0105385001 | MarketScreener
Technical analysis trends SOLARPACK CORPORACION TECNOLOGICA, S.A.
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TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
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Buy
Mean consensus BUY
Number of Analysts 3
Last Close Price 26,45 €
Average target price 28,87 €
Spread / Average Target 9,14%
EPS Revisions
Managers and Directors
Pablo Burgos Galindez Chief Executive Officer & Executive Director
Jaime Gonzalez de Durana Head-Finance
Ignacio Artßzcoz Barrena Executive Chairman
Maria Fßtima Fernßndez Estepa Technical Director
Lujßn de la Rica Olaso Head-Administration & Control