Company presentation

Transcription

1 Company presentation

2 Agenda 1. Blue Elephant Energy (BEE) in a nutshell 2. Low-risk investment strategy 3. Team 4. Superior partnership with a German insurance company 5. Portfolio 2

3 BEE offers an attractive equity story with a high value increase potential 1 Low-risk investment strategy with attractive returns around renewable energies 2 3 Highly experienced and well-established management team with successful track record Superior partnership with a well-known German insurance company 4 Renowned entrepreneur families as anchor shareholders 3

4 Agenda 1. Blue Elephant Energy in a nutshell 2. Low-risk investment strategy 3. Team 4. Superior partnership with a German insurance company 5. Portfolio 4

5 Renewables become more and more competitive and show continuous growth Competitiveness of Renewables Photovoltaic (PV) and wind energy become increasingly competitive when compared to conventional energy production, especially due to decreasing investment costs The projected decrease in costs for PV and wind energy in Germany is expected at a CAGR of 5% p.a. until 2020 Renewables as a mega-trend EU Climate Target 2020: 20% of energy production from renewable sources (effective 2015: 15.3%) At the end of 2016 the globally installed PV and wind capacity amounted to approx. 800 GW Additional capacities of 300 GW in PV and wind respectively are planned to be added until 2020 CAGR: -5% p.a. CAGR: 16% p.a. Quelle: Fraunhofer ISE Quelle: Fraunhofer ISE 5

6 PV is growing in all major geographic regions in GW America Europe APAC* Source: IRENA International Renewable Energy Association, 2016 *Asia /Pacific 6

7 Wind energy is also showing growth in all major regions in GW Europe America APAC* Source: IRENA International Renewable Energy Association, 2016 *Asia /Pacific 7

8 Cash flows of solar parks and wind farms are stable for up to 20 years On the earnings side cash flows are secured for the major part of a project s life span by means of Feedin-Tariffs and/or long-term Power Purchase Agreements (PPA) Revenues in Germany, France and Italy are 100% secured by fixed Feed-in Tariffs Revenues in the Netherlands and UK are secured to ~60% by guaranteed compensations. The other ~40% are secured through PPAs On the cost side cash flows are fixed for the major part of a project s life span due to long-term contracts Approx. 80% of a PV- or wind farm project s costs are already fixed at the time of the investment The degression of OPEX is expected to continue The commercial asset management is conducted inhouse by BEE s Asset Management Team 8

9 BEE invests in high-quality renewable energy projects with an adequate risk / return profile Investment criteria: high El Salvador 1. Secured revenues (FIT), PPA with creditworthy counterparts Turkey Caribbean 2. Adequate risk/return profile 3. Attractive refinancing options Risk UK Italy Chile South Africa Spain 4. First-class components & project partners Japan USA/AUS* FR/DK/NL* 5. Ready-to-build, turnkey or already operational plants DE *Countries at the same risk/irr level // as of Q2/2017 low IRR Focus BEE high 9

10 BEE follows a disciplined investment process with clear investment criteria Criteria Definition Explanation 1 Type of energy Solar-, windfarms 2 Geographical focus Europe, RoW Political stability; appropiate risk/reward-ratio Political stability; feed-in tariff (shared costs contribution systems), stable PPA offtaker 3 Minimum investment volume/ Minimum size 5 High-quality projects EUR 10 m equity 5 MWp White-list of modules and inverters Technical Due Diligence carried out by own experts Sufficient diversification and properly manageable; efficient inspections Best requirements for disturbancefree operation 6 Time of acquisition ready to build, under construction, already operating No development risk 7 Attractive economic efficiency 8 Conservative financing structure Minimum-IRR in line with portfolio allocation Minimum accumulated distributions Maximum portfolio-leverage of 80/20 Leverage with certain operating assets of maximum 90% all equity possible Stable cash flows for investors and fulfilment of participation rights requirements Outstanding liabilities of borrowed capital can be served at all times 10

11 BEE runs through a clearly structured and diligent investment process Dealflow Existing network of developers, EPCs, M&A advisors Pro-active deal-sourcing by investment team Participation in structured M&A-processes Pre Due Diligence Check of investment criteria (region, size, components, profitability, quality of seller etc.) Team meetings Signing of exclusivity agreement and letter of intent Due Diligence Commercial DD: Verifying of financial model (in-house); financial modelling Technical DD: Site visit by own engineers and technicians, verification of specific yield Legal, Tax & Insurance DD: Use of external advisors Committee voting Project presentation to supervisory board / permission Investment committee insurance / information Transaction Signing contracts (SPA, EPC, O&M, project financing etc.) Fulfilment of condition precedent (i.e. banking consent, punch list etc.) Closing (payment of purchase price) Handover Asset Management Commercial and technical project management Reporting to shareholders, insurance company and project-debt sponsors Portfolio optimisation (yield increase, cost optimization etc.) 11

12 Agenda 1. Blue Elephant Energy in a nutshell 2. Low-risk investment strategy 3. Team 4. Superior partnership with a German insurance company 5. Portfolio 12

13 Shareholders of BEE AG 4.94% 4% 26.16% 32.45% Blue Elephant Venture GmbH Jahr Assetmanagement GmbH RTG Beteiligungs GmbH Supervisory Board, Board of Directors and Employees 32.45% JSM Hinderer GmbH 13

14 Renowned entrepreneurs serve as supervisory board members Dr. Peter-Alexander Wacker, Chairman of Supervisory Board After working in the marketing, sales and strategic business planning divisions of BMW and as independent advisor Dr. Wacker became Senior Manager at Wacker-Chemie in In 2001 he became speaker of the management board of Wacker-Chemie. He set the course for the company s IPO which took place in April 2006 and subsequently became CEO of Wacker Chemie AG. Since May 2008 Dr. Wacker serves as Chairman of the Supervisory Board of Wacker Chemie AG. Furthermore, Dr. Wacker is CEO of both Dr. Wacker Familiengesellschaft mbh and Managing Shareholder of Blue Elephant Venture GmbH, his private investment vehicle. Dr. Winfried Steeger, Vice-Chairman of Supervisory Board Managing Director of Jahr Holding GmbH & Co. KG Hamburg since Dr. Winfried Steeger served as Senior Partner at Freshfields for 20 years and is known as one of Germany s most experienced and renowned corporate lawyers. He serves as a member of the Supervisory Boards of Symrise AG, Verwaltungsgesellschaft Otto mbh, Eurokai KGaA, August Prien Verwaltung GmbH and Otto Dörner GmbH & Co. KG. Matthias Graf von Westphalen Managing Shareholder of Franzen Gerber & Westphalen Asset Management GmbH since Graf von Westphalen used to be CEO of Alte Leipziger Trust Investment Gesellschaft and member of the extended Group Management Board of Alte Leipziger Versicherung. As such he was responsible for fund management as well as share and bond trading. Prior to that Graf von Westphalen worked as Senior Portfolio Manager and Analyst in the funds and retail client sectors of LGT Bank in Liechtenstein (Frankfurt). He graduated in Business Administration at the University of St. Gallen (HSG) in Switzerland. Furthermore, he manages the family s estate in agriculture and forestry. 14

15 Board of Directors Felix Goedhart, CEO Mr. Felix Goedhart studied Business Administration at the University of St. Gallen graduating with the Lic.Oec. HSG. Furthermore, he holds an MBA with a major in Finance from the University of Chicago. After he finished his studies he worked as Senior Project Manager at Booz & Co. In 1995 Mr. Goedhart started working for the Kirch-Group and later on, as member of the executive board, for the private television station Premiere (renamed Sky). In 1999 he became CEO of equitrust AG, a listed private equity company. From 2006 until 2015 Mr. Goedhart served as CEO of Capital Stage AG Germany s first public renewable IPP, listed in the SDAX. Mr. Goedhart is the vice chairman of the supervisory boards of Gottfried Schultz Automobilhandel SE, Ratingen and HSV Fußball AG, Hamburg. Tim Kallas, CIO Mr. Tim Kallas studied Business Administration at the University of Bonn, Pontificia Catolica de Chile and graduated from the University of Cologne. Afterwards he worked as an analyst in the M&A section of Deutsche Bank. Mr. Kallas possesses extensive knowledge of the investment business in general, particularly in the field of renewables. From 2007 until 2015 he worked as Investment Director at Capital Stage AG. As such he was responsible for the private equity, solar and wind farm business including the structuring of equity, debt and mezzanine capital. Furthermore, he was general manager of a number of solar and wind farms in Germany and Italy. Dr. Gerd Weidenfeld, CFO Dr. Gerd Weidenfeld completed an apprenticeship as banker at Dresdner Bank AG in Düsseldorf. He finished his doctorate in economic and social science at the University of Cologne where he also worked as research associate in the field of Actuarial Science. Postdoctoral he worked at the rating agency Assekurata, Deutsche Bank (Frankfurt) and Gen Re Capital. From 2009 to 2016 Dr. Weidenfeld was Director of Corporate Finance at Gothaer Insurance. Besides group financing activities his duties did also include investments in private equity, infrastructure debt and renewables. 15

16 Senior Management Karen Westphal, Director HR, Legal & Compliance (ppa.) Mrs. Karen Westphal studied Business Administration at the ESA European Schools for Higher Education Administration and Management e.v. After several positions as assistant of the executive management she worked as Head of corporate affairs at equitrust AG from 1999 until In 2006 she started working at Capital Stage AG where she was responsible for human resources, finance and accounting, IR and legal. In particular, Mrs. Westphal implemented miscellaneous capital measures (capital increase, stock dividends etc.), organized shareholders meetings and managed relevant compliance processes. In April 2016, Mrs. Westphal joined Blue Elephant Energy AG as Director HR, Legal & Compliance. Dominik Seibert, Director of Operations (ppa.) Mr. Dominik Seibert graduated in Industrial Engineering (majoring in corporate finance and environmental technology) from the University of Karlsruhe and Pontificia Universidade Catolica in Rio de Janeiro (Brazil). From 2007 to 2009 he worked as project manager at engage ventures AG supervising public research institutes (Fraunhofer, Helmholz, Leibnitz). From 2009 to 2015 Mr. Seibert worked as investment manager at Capital Stage AG. He was involved in the acquisition of numerous European solar parks and wind farms and implemented a joint co-investment with the American company Google Inc. in a 20 MW solar park in Germany. As commercial and technical manager of the CS Solar Service GmbH he built up the commercial and technical management for Capital Stage AG between 2010 and In 2015 Mr. Seibert became head of the asset management (Director of Operations). One year later he started as Director of Operations at Blue Elephant Energy AG. Sascha Wirth, Technical Director (ppa.) Mr. Sascha Wirth studied Process and Energy Engineering (majoring in process and environmental technology at Hochschule Anhalt). In 2004 he graduated as certified engineer. After working some years abroad he returned to Germany in 2008 and started working in the photovoltaic industry. As project developer at Klaron GmbH he realised several large-scale projects. At the same time he built up the Klaron Solar Service GmbH which provided O&M services for Klaron s PV plants. In 2010 Capital Stage acquired Klaron s portfolio as well as Klaron Solar Service GmbH. Mr. Wirth became director of the latter which was renamed Capital Stage Solar Service GmbH. Besides conducting the technical management of the major share of the Capital Stage portfolio, Mr. Wirth provided technical due diligence services for the group. Under his leadership Capital Stage Solar Services GmbH established a quality management system and was the first company in the field of operational photovoltaic management to be certified with ISO In May 2016 Mr. Wirth started as Technical Director at Blue Elephant Energy. 16

17 By the end of 2015, the core team of BEE has set up a PV and wind farm portfolio of approximately 500 MWp (approximately EUR 1.5 billion) at Capital Stage portfolio increase Installed Capacity in MWp CAGR: 141% p.a. No. of Assets No. of Assets 17

18 The market capitalization of Capital Stage increased from EUR 50 million to over EUR 700 million (~ 51% p.a.) at the same time Share price in EUR Market cap. in m EUR Share price Market capitalization 18

19 Agenda 1. Blue Elephant Energy in a nutshell 2. Low-risk investment strategy 3. Team 4. Superior partnership with a German insurance company 5. Portfolio 19

20 BEE engaged in a strategic partnership with a renowned German insurance company Details of the participation right Equity and participation right capital of more than EUR 315 m Participation right capital is projectrelated callable and non-recourse structured interest costs only arise when acquisition has been executed A fixed coupon has been negotiated with a duration of 20 years. Bullet payback of participation right Through project financing at the level of solar and wind parks in a ratio of 20/80, an overall investment volume of up to EUR 1.5 billion can be realized EUR 65 m Equity Insurance company Equity and participation right capital of more than EUR 315 m Average leverage ~80/20 on project level Total investment volume of ~EUR 1,500 m EUR 250 m participation right capital 20

21 Agenda 1. Blue Elephant Energy in a nutshell 2. Low-risk investment strategy 3. Team 4. Superior partnership with a German insurance company 5. Portfolio 21

22 BEE currently operates a renewable fleet of over 125 MW Germany Great Britain France Netherlands MW MW MW MW Total MW As of August

23 Contact Blue Elephant Energy AG Brandstwiete Hamburg Fon: Fax: office@blueelephantenergy.com Q2/2017_V15 23