9M 2023 Results
November 2023
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1
9M 2023 Highlights
Strong performance in 3Q following normalisation of wind conditions and increased capacity allows to recover slow start of the year - 3Q adj.EBITDA+50.9% y-o-y // 9M adj.EBITDA € 124.5m (-1.6%y-o-y)
Key Highlights
- Installed capacity at 1.2 GW post Kafireas completion (vs. 0.9GW in end-2022)
- Normalised wind conditions for August and September along with increased effective capacity drive generation higher, allowing to recover from slow start of the year
- Further acceleration expected in 4Q as Kafireas now operates with full capacity
- ~2.5GW of projects operating, under construction or ready to build phase
Key Financials
- 3Q Group revenues increase by 43.1% y-o-y to € 90.3m // adj.EBITDA +50.9% y-o-y € 49.8m oGroup Load Factor 3Q 2023 at 29.6% (vs. 29.2% in 3Q 2022) - Power generation +28.4% y-o-y
- 9M Group revenues increase by 7.8% y-o-y to € 235.9m // adj. EBITDA at 124.5m, -1.6%y-o-yoGroup Load Factor 9M 2023 at 27.9% (vs. 31.1% in 9M 2022) - Power generation +2.3% y-o-y
- Group adj. Net Profit 3Q € 18.0m (+87.5% y-o-y) // 9M € 41.9m (-21.2%y-o-y)
- Operating CF 9M 2023 at € 113.9m // € 58.9m of OCF in 3Q 2023
- Capex at € 178m during the 9M period for Kafireas and Amfilochia
- Net debt at € 844.4m (vs. € 669.3m in Dec'22) with leverage (Net Debt/adj.EBITDA) at 5.2x
2
Growing Asset Base
Installed capacity increases to 1.2GW while under construction/RTB exceed 1.2GW
Operating capacity
MW
1,225
1.096
895 | 906 |
202120221H 2023Sep-23
Installed capacity outlook
GW | ~3.3 |
~0.8 | |
~2.5 | |
>1.2 |
1.2
Sep-23 | Underway | Advanced / Early Stage | Mid-Term Target | |||||||||
Wind | Solar | Hydro | BESS | Other | ||||||||
FINANCIAL RESULTS
3
Operating Performance Overview
Wind conditions in 3Q 2023 recover to normalised levels and along with increased effective capacity drive generation volumes sharply higher, recovering the slow 1H 2023 performance
Portfolio load factor per country
30,3% | 31,2% | 29,9% | 29,6% | ||
28,3% | 27,7% | 27,9% | |||
28,5% | 26,2% | ||||
24,0% | 24,4% | ||||
16,8% |
Greece | Poland | Bulgaria | Total | |||||
Long Τerm Annual | 9M 2023 | Q3 2023 | ||||||
2023 Load factor vs. long-term average(1)
50,0%
40,0%
30,0%
20,0%
10,0%
0,0%
Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | ||
14y Max | 14y Mean | 14y Min | 2023 | ||||||||||
(1) Average for a representative sample of assets for the period 2008-22
FINANCIAL RESULTS
4
Financial Performance by Business Segment
Increased RES production in 3Q drives revenues and profitability higher - Increased contribution from Waste Management and Construction
€ m | 3Q 2022 | 3Q 2023 | y-o-y | 9Μ 2022 | 9Μ 2023 | y-o-y | ||
Group revenues | 63.0 | 90.2 | 43.1% | 218.9 | 235.9 | 7.8% | ||
RES | 52.8 | 67.8 | 28.3% | 175.2 | 173.1 | (1.1%) | ||
Waste Management | 2.8 | 5.1 | 80.9% | 5.9 | 11.7 | 98.3% | ||
E-Ticket | 3.2 | 3.3 | 5.1% | 9.3 | 10.2 | 9.7% | ||
Construction | 4.3 | 14.1 | 225.9% | 28.6 | 40.9 | 43.0% | ||
Group adj. EBITDA | 33.0 | 49.8 | 50.9% | 126.5 | 124.5 | (1.6%) | ||
RES | 35.7 | 46.1 | 26.7% | 124.0 | 116.9 | (5.7%) | ||
Waste Management | 0.8 | 1.2 | 44.6% | 0.9 | 4.2 | 366.7% | ||
E-Ticket | 0.3 | 1.5 | 449.5% | 1.0 | 2.4 | 140.0% | ||
Construction | -3.8 | 1.0 | n.m. | 0.6 | 0.9 | 50.0% | ||
Group adj. EBITDA margin | 52.3% | 55.2% | 57.8% | 52.8% | ||||
RES segment adj. EBITDA margin | 67.5% | 67.8% | 70.8% | 67.6% | ||||
Group adj. Net Profit | 9.6 | 18.0 | +87.5% | 53.1 | 41.9 | (21.2%) | ||
FINANCIAL RESULTS
5
Financial Performance - RES Segment
Strong performance in 3Q following wind conditions normalization (for August & September) and increased effective capacity (Kafireas only partially in operation during 3Q) allow recovery of slow 1H 2023 - Further acceleration expected as Kafireas enters full operation in 4Q 2023 and wind conditions remain supportive
RES Revenues
€ m | -13.2%y-o-y | -14.7%y-o-y | +28.3% y-o-y | -1.1%y-o-y |
175,2 173.1
68,8 | 59,7 | 53,6 | 52,8 | 67,8 | ||||
45,7 | ||||||||
1Q | 2Q | 3Q | 9M | |||||
2022 | 2023 | |||||||
RES adj.EBITDA
€ m
-26.5%y-o-y | -7.0%y-o-y | +26.7% y-o-y | -5.7%y-o-y |
124,0 116.9
57,7 | 46.1 | |||||
42,4 | 35,7 | |||||
30,6 | 28,5 | |||||
1Q | 2Q | 3Q | 9M | |||
2022 | 2023 | |||||
FINANCIAL RESULTS
Cash Flow
Strong operating cash flow generation continues, supporting the investment program and shareholder returns
Cash flow bridge
€ m
124,5 1,6 12,2
391,9
178,0
105,8 35,8
3,3
46,5
6,2 354,2
Net Operating CF (1) | Net Investing CF (1) | Net Financing CF (1) | ||||||
9M 2023: 113.9m | 9M 2023: (181.3) m | 9M 2023: 29.7 m | ||||||
Cash and | adj. EBITDA WC change Taxes | Capex | Other | Net change Interest paid Dividends | Other & | Cash and | ||
equivalent | and other | Investing | in loans | Disc. Ops | equivalent | |||
Dec-22 | non cash | (inc. grants) | Sep-23 |
Capex(1)
€ m
240
182 | 178 | Kafireas Capex allocation is | ||||||||||
almost complete as | ||||||||||||
Amfilochia commences | ||||||||||||
~45% | (~10% of total) | |||||||||||
~52% | ||||||||||||
FY 2021 | FY 2022 | 9M 2023 | ||||||||||
Kafireas | Amfilochia | Total | ||||||||||
Notes: | 1. From continued operations |
FINANCIAL RESULTS
6
Balance Sheet Highlights
Healthy leverage and liquidity to sustain investment plans
Cash and Cash Equivalent(1) | Gross debt | |||||||||
€ m | € m | 1.246,6 | ||||||||
1.123,1 | 1.164,1 | |||||||||
397,4 | 391,9 | 983,5 | ||||||||
354.2 | ||||||||||
326,4 | ||||||||||
FY 2021 | FY 2022 | 1H 2023 | 9M 2023 | FY 2021 | FY 2022 | 1H 2023 | 9M 2023 |
~3.5x adjusted for | |||||||
Net Debt | Net debt / adj. EBITDA | Group run rate | |||||
inc. Karifeas @ | |||||||
€ m | (x) | 100% Capex | |||||
844.4 | 5,3 | 5,2 | |||||
770,9 | |||||||
669,3 | 4,1 |
3,3 | |
528,0 |
FY 2021 | FY 2022 | 1H 2023 | 9M 2023 | FY 2021 | FY 2022 | 1H 2023 | 9M 2023 |
Notes: | 1. Does not include restricted cash. |
FINANCIAL RESULTS
7
Terna Energy Unique Investment Proposition
Portfolio Update
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Terna Energy SA published this content on 01 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 November 2023 15:34:11 UTC.