Investor Presentation Milan, February 2019
Disclaimer This presentation and the information contained herein are addressed solely to (A) in Italy, “qualified investors”, as defined by Article 34-ter, paragraph 1(b), of Consob‟s Regulation No. 11971/1999, as subsequently integrated and amended and (B) in Europe, persons who are "professional clients " within the meaning of Annex II, Section I, of the Directive (EU) No 2014/65. This presentation is not addressed to any retail investor neither in italy nor elsewhere and no public offering of shares in Italy or elsewhere will be made. This presentation cannot be made, distributed or circulated to the public in Italy or elsewhere under any circumstances. This presentation and the information contained herein does not contain or constitute an offer of securities for sale, or solicitation of an offer to purchase or subscribe for securities, in the United States, Australia, Canada or Japan or any other jurisdiction where such an offer or solicitation would require the approval of local authorities or otherwise be unlawful (the “Other Countries”) . Neither this presentation nor any part of it nor the fact of its distribution may form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto. The securities referred to herein have not been registered and will not be registered in the United States under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or pursuant to the corresponding regulations in force in the Other Countries. The securities may not be offered or sold in the United States unless such securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. The Company (as defined below) does not intend to register any portion of any offering in the United States. This publication constitutes neither an offer to sell nor a solicitation to buy or subscribe for securities. This presentation has been prepared and is the sole responsibility of the Company and the contents of the same are for information purposes only and are not to be construed as providing investment advice. No representation or warranty, either express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, correctness or reliability of the information contained herein. Neither Alerion Clean Power S.p.A. (the “Company” and together with its consolidated subsidiaries, the “Group”), nor EQUITA SIM S.p.A. (“EQUITA”), nor any of their respective representatives, directors, officers, employees, agents or advisers shall accept any liability whatsoever (whether in negligence or otherwise) arising in any way in relation to such information or in relation to any loss arising from its use or otherwise arising in connection with this presentation. By accessing these materials, you agree to be bound by the foregoing limitations. This presentation contains certain forward-looking statement, projections, objectives, estimates and forecasts reflecting management’s current views with respect to certain future events. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts, including, without limitation, those regarding the Company’s future financial position and results of operations, strategy, plans, objectives, goals and targets and future developments in the markets where the Company or any Group company participates or is seeking to participate. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements as a prediction of actual results. The Group’s ability to achieve its projected objectives or results is dependent on many factors which are outside management’s control. Actual results may differ materially from (and be more negative than) those projected or implied in the forward-looking statements. Such forward-looking information involves risks and uncertainties that could significantly affect expected results and is based on certain key assumptions. All forward-looking statements included herein are based on information available to the Group as of the date hereof. Neither Group companies nor EQUITA undertakes any obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law. The presentation may not be retained, copied, reproduced, used, distributed, published or disclosed, in whole or in part, at anytime without the prior written consent of the Company. 1
History 2008 - 2014 2015 2016 2017 2018 • • Alerion Clean Power FGPA S.r.l., controlled • On April 11, 2018 a capital increase of focused exclusively on by FRI-EL Green Power € 24.8m with the contribution of assets wind power S.p.A , acquired 29.36% of 3 project companies was approved, of Alerion in particular Green Energy Sardegna • Entry into operation of Srl, Eolica P.M. Srl and Fri-El Albareto new wind farms in Italy Srl (102 MW of gross capacity) and Bulgaria • FRI-EL reaches 85.5% stake with free • FRI-EL Green Power float at 13.0% and treasury shares at S.p.A , acquired the 1.5% control of Alerion through a tender offer, • Issuance of a bond for • Bond refinancing : repayment of the reaching a stake of € 130m with a 6.00% previous bond and issuance of a new 84% interest rate bond for € 150m with a 3.75% interest rate 2 Source: company profile, management information, financial statements
Alerion at a glance Key Facts Wind farm portfolio overview Alerion Clean Power S.p.A. is one of the main independent Italian operator specialized in the production of renewable energies, focused on wind-generated electricity Alerion currently manages and operates a wind farm portfolio composed of: • 11 wind farms in Italy with a gross capacity of 325 MW • 1 wind farm in Bulgaria with a gross capacity of 12 MW • 2 wind farms under construction in Italy with a gross capacity of 72 MW Revenues ( € m) EBITDA ( € m) 76.5% 47.0 80.0% 71.0% 75.0% Wind 12 42.0 70.0% Farm 40.3(1) 65.0% 37.0 54.9 36.6(1) 56.0% 60.0% 51.3 44.0 42.0 32.0 46.5 55.0% 36.1 50.0% 27.0 45.0% 26.0 22.0 40.0% 2015A 2016A 2017A 2018PC 2015A 2016A 2017A 9M 9M 2017 2018 EBITDA EBITDA margin % Focus on 2017 Net Revenues (%) Net Financial Position ( € m) (2) 8.1x 5% 5.3x 35% 5.2x CAGR Revenues Actual Exp. EBITDA Exp. NFP 4.1x € 54.9m 209.4 228.0 193.1 2015-17 gross capacity 2018 2018 174.1 60% 2015A 2016A 2017A 2018PC 8.7% 337 MW € 44m € 228m NFP NFP / EBITDA Energy Incentives Other Note: (1) Including only operating revenues (2) As Consob N. DEM/6064293/2006 3 Source: company profile, management information, financial statements
Wind farm portfolio overview Operating plants 12 337 MW Wind farms managed Actual gross capacity Alerion Clean Power - Wind farm portfolio overview Bulgaria End o f Gro ss C apacity P lant Lo catio n SP V Ownership Incentive Krupen (M W) perio d Molise A lbanella Eolo S.r.l. 8,5 1 00% Feb. 201 6 S.Martino in Pensillis (1) C io rlano Dotto S.r.l. 20,0 1 00% M arch 2023 A grigento WPS S.r.l. 34,0 1 00% Jan. 201 9 Lacedo nia Ecoenergia Campania S.r.l. 1 5,0 50% Oct. 2023 Apulia C allari Callari S.r.l. 36,0 1 00% Jan. 2024 Ordona San Marco in Lamis Ordo na Ordona S.r.l. 34,0 1 00% M arch 2024 Campania C astel di Lucio M inerva S.r.l. 23,0 1 00% Apr. 2025 Ciorlano Albanella Lico dia Parco eolico Licodia Eubea S.r.l. 22,1 80% Sept 2025 re Lacedonia (1) S.M artino in P ensilis New Green M olise S.r.l 58,0 50% Oct 2025 Sicily Agrigento S.M arco in Lamis Renergy San M arco S.r.l. 44,2 1 00% Dec. 2026 Callari Castel di Lucio Krupen Wind EOOD 1 2,0 51 % Oct 2025 Licodia Sardegna Villacidro-Medio Villacidro - Green Energy Sardegna S.r.l 30,8 1 00% Jan. 2039 Campidano M edio C ampidano Note: (1) Wind farms owned in Joint Venture 4 Source: company profile, management information, financial statements
Wind farm portfolio overview cont’d Plants under construction Planned 2 72 MW Wind farms under construction gross capacity Emilia Romagna Albareto Alerion Clean Power - Wind farm under construction portfolio overview Campania End o f Gro ss C apacity P lant Lo catio n SP V Ownership Incentive Morcone-Pontelandolfo (M W) perio d M o rco ne-P o ntando lfo Eolico PM S.r.l. 51 ,8 1 00% Jun. 2039 A lbareto Fri-El Albareto S.r.l. 1 9,8 1 00% Jun. 2039 re Source: company profile, management information, financial statements 5
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