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Q1 2014 Earnings Call – Etrion Corporation

Etrion Corporation · May 9, 2014 · 25 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q1 2014 Earnings Call – Etrion Corporation – slide 1
    Q1-2014 Earnings Call May 9, 2014 1
  2. Q1 2014 Earnings Call – Etrion Corporation – slide 2
    CORPORATE OVERVIEW 3
  3. Q1 2014 Earnings Call – Etrion Corporation – slide 3
    ETRION CORPORATION Company Overview Financial Summary Independent power producer (IPP) that owns and operates Recent Share Price (TSX/OMX: ETX) CAD 0.65 / SEK 3.95 60 megawatts (MW) of ground-based solar photovoltaic (PV) power…
  4. Q1 2014 Earnings Call – Etrion Corporation – slide 4
    ETRIONS GLOBAL PLATFORM Geographic diversification across Italy, Chile and Japan Revenue diversification across Feed-in-Tariffs (FiT), Power Purchase Agreements (PPAs) and spot (merchant) pricing Etrion is constantly evaluating…
  5. Q1 2014 Earnings Call – Etrion Corporation – slide 5
    OPERATING ASSETS: ITALY 6
  6. Q1 2014 Earnings Call – Etrion Corporation – slide 6
    ITALIAN OPERATING ASSETS Revenue EBITDA Project MW USD million USD million Cassiopea 24.0 24.1 20.4 (Montalto, Lazio) Helios ITA-3 10.0 7.4 6.5 (Brindisi/Mesagne, Puglia) Centauro 8.8 8.2 6.9 (Montalto, Lazio) Helios ITA…
  7. Q1 2014 Earnings Call – Etrion Corporation – slide 7
    ITALY OPERATIONAL PERFORMANCE Production (MWh) Revenue (USD 000) 14'000 8'000 12'000 7'000 6'000 10'000 5'000 8'000 4'000 6'000 3'000 4'000 2'000 2'000 1'000 0 0 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13…
  8. Q1 2014 Earnings Call – Etrion Corporation – slide 8
    EXPANSION PLANS: CHILE 9
  9. Q1 2014 Earnings Call – Etrion Corporation – slide 9
    PROJECT SALVADOR TOTAL/ETRION PARTNERSHIP SALVADOR (70 MW) Project Details Capacity 70 (49 net) MW Irradiation Yield 2,916 kWh/kWp Merchant project in the SIC (spot market pricing Revenue Stream with ability to secure…
  10. Q1 2014 Earnings Call – Etrion Corporation – slide 10
    CHILE SOLAR PIPELINE CONTRACT CONSTRUCTION COUNTRY REGION PROJECT NAME SITES MW STATUS PROBABILITY OWNERSHIP REGIME START - Application for land filed in April 2013 SING Merchant + 1 Chile Aguas Blancas 3 72 - Following…
  11. Q1 2014 Earnings Call – Etrion Corporation – slide 11
    EXPANSION PLANS: JAPAN 12
  12. Q1 2014 Earnings Call – Etrion Corporation – slide 12
    HITACHI/ETRION PARTNERSHIP SHIZUKUISHI (24.7 MW) Project Details Capacity 24.7 (21.0 net) MW Irradiation Yield 1,027 kWh/kWp FiT (paid in ): 40 (USD 0.38)/kWh Revenue Stream Term: 20 years Production 24 (20.4 net) GWh/year…
  13. Q1 2014 Earnings Call – Etrion Corporation – slide 13
    JAPAN SOLAR PIPELINE CONTRACT CONSTRUCTION COUNTRY REGION PROJECT NAME SITES MW STATUS PROBABILITY OWNERSHIP REGIME START - JPY 40 FiT secure Iwate - Land agreement executed 1 Japan Shizukuishi FiT 1 24.7 P50 85% 2H 2014…
  14. Q1 2014 Earnings Call – Etrion Corporation – slide 14
    Q1-2014 FINANCIAL REVIEW 15
  15. Q1 2014 Earnings Call – Etrion Corporation – slide 15
    EQUITY PRIVATE PLACEMENT Comments Transaction Summary In January 2014, Etrion completed a USD 80 million equity private Issuer: Etrion Corporation placement at a price of SEK 4.15 (approximately CAD 0.70) per Amount: USD 80 million…
  16. Q1 2014 Earnings Call – Etrion Corporation – slide 16
    BOND REFINANCING Key Terms and Conditions Transaction Statistics Issuer: Etrion Corporation (Canada) Investor Demand by Type New vs Existing Investors Guarantor: Solar Resources Holding S.a.r.l (Luxembourg) Existing Fund / AM investors…
  17. Q1 2014 Earnings Call – Etrion Corporation – slide 17
    FINANCIAL RESULTS US'000 Q1-14 Q1-13 Quarterly revenues up from Q1 2013 due to higher Revenues 8,367 8,322 production and FX impact offset by a decrease in the Operating expenses -2,316 -1,825 spot market price in Italy G&A expenses…
  18. Q1 2014 Earnings Call – Etrion Corporation – slide 18
    FINANCIAL POSITION US'000 Mar-14 Dec-13 Etrions Balance Sheet strengthened due to the USD 80 million Assets private placement completed in January 2014 Property plant and equipment 356,534 357,644 Intangible assets 32,894 31,446…
  19. Q1 2014 Earnings Call – Etrion Corporation – slide 19
    CASH FLOW STATEMENT US'000 Q1-14 Q1-13 Operating cash flow decreased due to payments made Cash flow (used) from operating activities -14,407 959 for Project Salvador, currently under construction Cash flow (used) in investing…
  20. Q1 2014 Earnings Call – Etrion Corporation – slide 20
    SUMMARY 21
  21. Q1 2014 Earnings Call – Etrion Corporation – slide 21
    OVERALL PROJECT PORTFOLIO POTENTIAL GROWTH (2) (3) (2) (1) Operating Notes: Under Construction (1) Etrions initial net capacity in 70 MW project. (2) Etrions net capacity in first two Japanese projects. Etrions goal is to…
  22. Q1 2014 Earnings Call – Etrion Corporation – slide 22
    CONCLUSION Attractive returns in downstream solar power generation sector Global Platform Well positioned to expand within Europe, Asia and the Americas Systems in place to effectively manage operations across multiple jurisdictions…
  23. Q1 2014 Earnings Call – Etrion Corporation – slide 23
    APPENDIX 24
  24. Q1 2014 Earnings Call – Etrion Corporation – slide 24
    ETRION EQUITY RESEARCH COVERAGE Target Target Broker Location Date of Last Report Price Price Recommendation (CAD) (SEK) 1 Cormark Securities Toronto March 13, 2014 1.00 5.71 Buy 2 Paradigm Capital Toronto March 14, 2014 1.00 5.71…
  25. Q1 2014 Earnings Call – Etrion Corporation – slide 25
    Contact Details Etrion Corporation Rue du Stand 60-62 CH - 1204 Geneva Switzerland Phone: +41 22 715 20 90 Email: infoetrion.com Website: www.etrion.com 26

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