CG 2017 Results call - ContourGlobal€¦ · 305 331 440 513 610 706. 650. 2. 2014 2015 2016 2017...
Transcript of CG 2017 Results call - ContourGlobal€¦ · 305 331 440 513 610 706. 650. 2. 2014 2015 2016 2017...
ContourGlobal Presentation to Goldman Sachs EMEA Leveraged Finance Conference
3rd September 2019
Disclaimer
The information contained in these materials has been provided by ContourGlobal plc (“ContourGlobal” or the “Company”) and has not been independently verified.No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of theinformation or opinions contained herein. It is not the Company’s intention to provide, and you may not rely on these materials as providing, a complete orcomprehensive analysis of the Company’s financial position or prospects. The information and opinions contained in these materials are provided as at the date ofthis presentation and are subject to change without notice. Neither the Company nor any of its affiliates, advisors or representatives shall have any liabilitywhatsoever (in negligence or otherwise) for any loss whatsoever arising from any use of this presentation or its contents or otherwise arising in connection with thispresentation.
Certain statements in this presentation are “forward-looking statements.” All statements other than statements of historical facts included in this presentation,including, without limitation, those regarding the Company’s financial position, business strategy, plans and objectives of management for future operations, areforward-looking statements. These statements involve a number of factors that could cause actual results to differ materially, including, but not limited to, changesin economic, business, social, political and market conditions, success of business and operating initiatives, and changes in the legal and regulatory environment andother government actions. Forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a representation thatsuch trends or activities will continue in the future. Any forward-looking statement made during this presentation or in these materials speaks only as of the date onwhich it is made. The Company assumes no obligation to update or revise any forward-looking statements.
Information contained herein relating to markets, market size, market share, market position, growth rates, penetration rates and other industry data pertainingto the Company’s business is based on the Company’s estimates and is provided solely for illustrative purposes. In many cases, there is no readily available externalinformation to validate market-related analyses and estimates, thus requiring the Company to rely on internal surveys and studies. The Company has also compiled,extracted and reproduced market or other industry data from external sources, including third parties or industry or general publications, for the purposes ofits internal surveys and studies. Any such information may be subject to significant uncertainty due to differing definitions of the relevant markets and marketsegments described.
This presentation contains references to certain non-IFRS financial measures and operating measures. These supplemental measures should not be viewed in isolationor as alternatives to measures of the Company’s financial condition, results of operations or cash flows as presented in accordance with IFRS in its consolidatedfinancial statements. The non-IFRS financial and operating measures used by the Company may differ from, and not be comparable to, similarly titled measures usedby other companies. The non-IFRS adjustments for all periods presented are based upon information and assumptions available as of the date of this presentation.
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Financial Results 12
ContourGlobal Snapshot 4
Appendix 23
Growth Strategy and Recent Developments 18
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Table of Contents
1. ContourGlobalSnapshot
KivuWatt – Methane Gas Extraction Facility & Power Plant (Rwanda)
Long term contracts and regulated tariffs delivering stable and secure cash flows
Diversified footprint by geography and technology: no single asset contributes more than 18% group EBITDA
Proven track record of value accretive growth through both operationally lead acquisitions and greenfield development, with attractive M&A and development pipeline
Modest Leverage: primary use of non-recourse debt financing provides significant protection to bond investors
High cash flow conversion: underlying assets distributing +$293m to parent in LTM H1 2019.1
5
Business HighlightsWorld Class Operator with Large Global Footprint Diversified Across Geographies and Technologies Delivering Superior Financial Results
$706m LTM H1 2019 EBITDA
+24% CAGR vs 20174.8 GW² 30-Jun-2019 contracted generation
Portfolio
Thermal SolarWind Hydro Biogas
High Efficiency Cogen
(1) Calculated as CFADS ($251m) + Solar Italy Sale Proceeds ($42m)
(2) Capacity includes 518 MW Mexican Cogeneration acquisition signed in Jan-2019 and Interporto acquisition which closed in Jun-19.
305 331
440513
610
706
6502
2014 2015 2016 2017 2018 LTM H12019
6
LTM H1 2019 Financial and Credit Snapshot High value growth
(1) CFADS as defined in Bond indenture as cash received on the corporate level less cash overheads divided by interest expense at the corporate level
(2) Pro forma numbers: Adjusted to reflect full year contribution of Spanish CSP
Adj. EBITDA
+24% CAGR since 2017$706m
DSCR 7.4x1
LTM H1 2019 Key Financial Metrics
FFO $361m +26% CAGR since 2017
+18% growth vs. 2017ANet Debt/EBITDA
4.0x
Adj. EBITDA Growth
Significant M&A and development pipeline to deliver targeted growth
17%
15%
6%
17%
14%
23%
8%
Coal Natural Gas
Fuel oil High Efficiency Cogen
Wind Solar
Hydro
Maintaining a Diversified Footprint Across Geographies and Technologies
LTM H1 2019 PF EBITDA by Technology1
LTM H1 2019 PF EBITDA by Currency1
LTM H1 2019 PF EBITDA by Geography1
(1) PF for full year EBITDA of Mexican CHP acquisition signed in January 2019 ($110m) and Solar InterPorto acquisition completed in June 2019 ($6m). Split excludes Thermal and Renewable HoldCo expenses and gain on CSP and Solar Italy and Slovakia farm downs
53%
11%
36%
Europe Africa Latin America
54%31%
13%
2%
EUR USD BRL Other
Renewable45%
HE Cogen17%
Thermal38%
100% 99% 99% 96% 100% 100%
No change in externalfactors
10% change in electricityspot prices
10% depreciation of BRL P90 resource level acrossall renewables
10% change in fuel prices 10% change in CO2 prices
Financial performance is highly resilient to external factors
7
2
3
5
5
5
6
7
7
11
14
15
15
17
17
17
18
21
21
Arrubal
French Caribbean
Sochagota
Maritsa
Solutions
Bonaire
Austria Wind
Solar Slovakia
Solar Italy
Asa Branca
Togo
Inka
Spanish CSP
Chapadas Complex
Cap des Biches
Hydro Brazil
Vorotan Complex
KivuWatt
8
Stable Long Term Contracted / Regulated Revenues Delivering Robust Cash FlowsWeighted Average Remaining Contracted / Regulated Term of 11 Years
(1) For assets with multiple PPAs, numbers shown based on midpoint of the expiration dates for such PPAs; data as of 30-Jun-2019.(2) Weighted by adjusted EBITDA before corporate and holding company costs.(3) New Sochagota PPAs until 2023
Maintained Long Weighted Average Remaining Contracted / Regulated Term2 (Years)
Remaining Contracted / Regulated Life by Asset (Years)1,2
% of Total Estimated Adjusted Revenues in 2019E-2024E
>90%
<10%
Contracted / Regulated Revenue Uncontracted / Unregulated Revenue
Current contracts / regulated revenues
have a weighted average remaining
term ofc.11 years
3
12 11
12 11
2015 2016 2017 2018
Industry Leading Health & Safety PerformanceTarget Zero achieved in H1 2019
Inka Wind Farm, Peru
Leading the Sector in Health and Safety Performance
‘Target Zero’ Remains ContourGlobal’s Key Priority
Our 2019 TRIR(5) is 0.13 vs. a target of 0.14
(1) Lost time injury rate (LTIR) is an industry standard reporting convention for calculating injuries in the workplace. LTIR measures recordable lost time incident (LTI) rates on the basis of 200,000 working hours (2) Source: peers information as 2018 reported in annual reports/sustainability reports published by companies normalized to basis of 200,000 working hours (3) Selection of comparable peers from study performed by Black & Veatch (4) Based on the 2018 Bureau of Labor Statistics report (5) TRIR: total recordable incident rate is an industry standard reporting convention for calculating recordable injuries in the workplace. TRIR is the total lost time injuries, restricted workday cases and medical treatments on the basis of 200,000 working hours
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LTIR
2
1 1
0.06
0.03 0.03
0
-0.02
0
0.02
0.04
0.06
0.08
0
0.5
1
1.5
2
2.5
2016 2017 2018 H1 2019# of LTIs LTIR
0.000.03
0.12 0.14 0.17 0.18 0.19 0.200.27 0.27 0.30
0.36 0.38 0.38
0.49 0.500.54
0.68
0.90LTIR
Selected Peers Top Quartile = 0.20
US Utilities Average = 0.6
LTIR(1) - PEERS (2) (2018) VS CG(3)
(4)
92.6% 90.2% 93.3% 93.2%
2017 2018 H1 2018 H1 2019
92.7% 95.8% 95.8% 96.1%
2017 2018 H1 2018 H1 2019
97.8% 98.5% 98.5% 98.2%
2017 2018 H1 2018 H1 2019
99.2% 99.2% 99.7% 98.3%95.3% 96.7% 94.6%
2017 2018 H1 2018 H1 2019
Solar PV Solar CSP
Divisional Operating PerformanceConsistently Strong Performance Across All Technologies
Thermal – Equivalent Availability Factor1 (%)
Hydro – Equivalent Availability Factor1 (%)
Wind – Equivalent Availability Factor1 (%)
Solar – Equivalent Availability Factor1 (%)
(1) Equivalent Availability factor refers to the actual amount of time a plant or group of plants is available to produce electricity
• Technical performance is in line with previous periods and well above minimum PPA required threshold
• Ongoing improvement in Brazil Wind operations driving EAF improvements
10
• Excellent hydro availability; plants primarily rewarded on capacity or regulatory payments as opposed to individual plant generation
• Decrease in H12019 availability due to equipment failure in CSP and forced outages and maintenance at Solar Italy
• Strong production performance at CSP despite lower H1 2019 EAF
74% weighted average PPA minimum availability requirement
31%28%
43%
15%
20%
28%
55%
29%31%
43%
15%
24%27%
53%
Brazil Wind Austria Wind Peru Wind Solar PV Spanish CSP Vorotan Brazil Hydro
Renewable Fleet Capacity FactorsMost clusters at or above long-term expected levels
Renewable fleet capacity factors (actual vs. long-term expected for H1)
(1) Long term expected capacity factors before repowering program completion(2) Hydro plants are less affected by generation; primarily rewarded on capacity or regulatory payments as opposed to individual plant generation
1
Wind Solar Hydro
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2 2
(1%)
(2%)
4%
3%(2%)
Expected H1 2019 Expected H1 2019 Expected H1 2019 Expected H1 2019 Expected H1 2019 Expected H1 2019 Expected H1 2019
Expected and actual capacity factors are for H1 only. Seasonality of resource means majority of renewable generation occurs in H2
0%
0%
2. Financial Results
Asa Branca 160MW Wind Farm (Brazil)
434
536 610
226 300
576
2017A 2018A LTM H12019
H12018
H12019
513
610
706
262
357
650
2017A 2018A LTM H12019
H12018
H12019
Robust Financial PerformanceSignificant growth in all key financial metrics
(1) Adjusted EBITDA and FFO are non-IFRS measures as defined in IPO Prospectus(2) Pro forma numbers: Adjusted to reflect full year contribution of Spanish CSP(3) Growth based on 2017 to LTM H1 2019 (CAGR)(4) EBITDA includes net gains from farm-down transactions of $46m
Adjusted EBITDA1
($m)
+24%3 +26%3
FFO1
($m)
2
Proportionate Adjusted EBITDA($m)
2
+25%3
13
+36% +33% +53%
4 4
2
256 302
361
111
170
330
2017A 2018A LTM H12019
H12018
H12019
4.1x 4.4x
4.0x
4.5x4
1 2 3
Jun-19 liquidity – ($m)
Ample Cash Resources to Support Future Growth and DividendImprovement in Net debt / EBITDA – at the lower range of 4.0x-4.5x guidance
• $2.9bn Net Debt as of June 30, 2019
• Committed to high value growth while maintaining strong BB credit metrics
• Improvement in Net Debt / EBITDA metric to 4.0x
• $497m liquidity at parent level, including $445m of cash and $52m undrawn capacity under corporate level revolver facility
14
299
796 445
52
Asset LevelCash
HoldCoLevel Cash
RevolvingCreditFacility
TotalLiquidityJun-19
Net Debt/EBITDA (x)Jun-19 net debt – ($m)
(1) Restricted cash at the operating assets’ level(2) Unrestricted cash at the HoldCo level(3) Includes full year earnings of Spanish CSP, which was acquired in May 2018 (+$40m of Adjusted EBITDA based on FY Earnings)(4) Pro forma for Mexico CHP Acquisition
(3)
2,744 2,857
857
(744)
ProjectDebt
CorporateDebt
Cash Net DebtJun-19(IFRS)
(1) (2)
Optimized Debt/Capital Structure as of H1 2019Long-term non-recourse Project Finance at asset level ensures sustainable debt ratios and significant dividend coverage at corporate level
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Asset levelSignificant recurring cash flow from asset to corporate level…
Corporate level
Distributions to Corporate Level:
$283m
Cash overhead at Corporate Level:
($31m)
Corporate Bond Interest Costs: ($34m)
Cash available for investment and dividends:
$217m
Key Corporate Metrics
DSCR1: 7.4x (6.5x including interest from Bond Tap)2
Net Corporate Leverage: 1.6x3
…results in consistently high corporate interest cover and
sustainable corporate leverage
(1) CFADS as defined in Bond Indenture (including thermal and Renewable holding cost) post cash overhead at the corporate level divided by corporate bond interest (2) Includes $5m pro-forma interest attributable to €100m Bond Tap(3) Net corporate debt divided by CFADS
1,196 1,132
1,587 1,712
2,399 2,222
2,029
345 341 456 476
614 580 567
3.5x 3.3x
3.5x 3.6x 3.9x 3.8x
3.6x
(0.5x)
0.5x
1.5x
2.5x
3.5x
4.5x
5.5x
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19
NGPTI Prop. Adj. EBITDA (LTM)
Leverage Ratio Incurrence Level (5x max)
Leverage Ratio1 DSCR1
In $m or multiple In $m or multiple
Continued Strong Bond Credit Metrics7.4x DSCR & 3.6x Non-Guarantor Combined Leverage Ratio as of June 2019
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(1) DSCR and Leverage Ratio (Non-guarantor combined leverage ratio) as defined in Bond Indenture. Please see slide 31 for calculation of Bond Indenture Leverage Ratio, including Proportionate Adjusted EBITDA and NGPTI (Non-Guarantor Proportionate Total Indebtedness) .
5x
202
301
237 232
291
203
251
32 33 41 41 43 34 34
6.3x
9.2x
5.7x 5.6x
6.8x
6.1x
7.4x
(0.5x)
0.5x
1.5x
2.5x
3.5x
4.5x
5.5x
6.5x
7.5x
8.5x
9.5x
-
50
100
150
200
250
300
350
400
450
500
Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19
CFADS (LTM) Annualized Debt Service
DSCR Incurrence Level (2x min)
2x
7.1% 7.7%
5.1% 4.5%3.7% 3.4%
(2023)3.0%(2025)
4.1% (2025)
$400m $100m Tap €500m €50m €100m €750m €100m Tap
Yiel
d t
o M
atu
rity
1
ContourGlobal HoldCo Bond Issuances
May 2014 Nov 2015 Jun 2016 July 2018Feb 2017Jul 2016 July 2019
BB- / BB-BB- BB / BB- BB / BBBB / BB BB / BBBB / BB-
ContourGlobal has a Successful Track Record in the Bond Market
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(1) Latest reported at time of transaction
▪ €100m tap on the 4.125% senior secured notes due 2025 Notes priced on 30 July 2019 at 106.0% of par corresponding to a yield to maturity of 3.024%, the lowest recorded for the Company
SSN Rating:(S&P / Fitch)
3. Growth, Strategy and Recent Developments
Sabaudia 6MW solar farm (Italy)
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Extraordinary Track Record of Value Creation Ongoing Industry Transformation Favours ContourGlobal’s Disciplined,Opportunistic Growth Strategy – CAGR of 25% Since 2006
285 285 285 316715
2,433 2,4512,643
2,875
3,6183,934
4,158 4,317
4,847
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Current
Financial liquidity coupled with a lean organizational structure enables patience in identifying attractive targets and quick execution of transactions
Installed Capacity
(MW)
Strong track record of creating value through developing greenfield assets and integrating acquisitions where ContourGlobal has a competitive advantage
Developments Greenfield Acquisitions Acquisitions with Refurbishment Acquisitions
Operationally led opportunistic investor with a long-term focus employing efficient capital structure and risk mitigation mechanisms
Profile
Value Creation
Capabilities
(1) Includes the InterPorto and the Mexico CHP acquisitions
1
• Fixed cost reductions achieved in conjunction with increased performance
• Long-term owner / operator business model ensures we maintain control of processes and costs
• No inefficient outsourcing, offers greater potential synergies across region
• Accountability with continuous operational benchmarking to best-in-class
• Zero-based Organizational Design: low fixed costs, enhanced transparency and communication
• Timely Transparency: Real time course correction through widely accessible data systems; global network with full integration of all plants and people.
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Fixed Cost Reduction AvailabilityOther Operational
Improvements
Maritsa
908MW
Lignite Plant✓ ✓ ✓
Arrubal
800MW
Gas-Fired Plant✓ ✓ ✓
Austria Wind
150 MW
Wind Farm✓ ✓ ✓
Solar Italy
65MW
Solar PV Assets✓ ✓ ✓
Bonaire
28MW
Wind & HFO✓ ✓ ✓
Value lever
22%
20%
32%
16%
2%
2%
1%
3%
InsourcedOperations;
Zero LTI
Repowering
O&M insourced
Zero LTIssince 2015
26% 2% €2m fuel savings
ContourGlobal Operations Way Philosophy
Performance of Operational-Led Acquisitions reflects the value of CG Operational Structure and program
(1) Analysis represents improvements/events between date of acquisition of each asset and 31-Dec-2017
1
Track record of creating value in acquisitions by improving cost structure while increasing operational performance
Mexican Cogeneration Business Acquisition Signed in Jan 2019; closing expected in Q3 2019
• Acquisition of natural-gas fired combined heat & power assets
with 518MW of operational capacity at completion, potential
for a further 414MW in development
• More than 90% contracted revenues including heat and steam
with seller
• Integration of Mexico CHP¹ is progressing as planned with all
key integration workstreams on track
• Commissioning of 414 MW CGA 1 plant progressing with COD²
and closing expected in Q3 2019
• $590m project financing underwritten by Scotiabank to be
syndicated in Q3 2019 with syndication progressing well
• Estimated Adj. EBITDA of $110m in first full year of operations
Transaction Highlights and Update Geographic Footprint
Altamira, TamaulipasCGA
Cosoleacaque, VeracruzCELCSA
(1) CHP – Combined Heat and Power(2) Commercial Operations Date
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Latest development
• New elections to be held next month following the resignation of the Prime Minister and the dissolution of the parliament
State-of-the-art coal plant
• State-of-the-art coal plant with Best Available technology
• The new plant will replace Kosovo’s current plant, the most polluting plant in Europe emitting 9 times more damaging particulate matter than the average of coal plants in the Balkans.
• It’s expected to significantly decrease all emissions, including CO2 , resulting in significantly improved environmental and health outcomes:
Key Areas of Progress in 2018-19
Major Milestones So Far
Project Agreements Effective Date May-2018
Receipt of EPC Technical Proposals Dec-2018
EPC Selection Announcement May-2019
Signing of EPC contract Q3 2019
KosovoGeneral Electric Selected as EPC Preferred Bidder; Resignation of Prime Minister Creates Potential Delay
EPC Contract
• General Electric selected as EPC preferred bidder in May 2019
• Awarded after a highly competitive procurement process for turn key contract
Financing
• Financing consists of a mix of Development Finance Institutions (“DFI”) and Export Credit Agencies (“ECA”)
• ECA is driven by EPC bidder selection. ContourGlobal engaged with multiple parties
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PM2.5 93% (Dust)
SOx 85% (Sulphur oxides)
NOx 93% (Nitrogen dioxide)
CO2 38% (Carbon dioxide)
Appendix
Sao Domingos II 25MW Hydro Power Plant (Brazil)
Segment Facility / Project Name LocationGross Cap.
(MW)Number of
Assets Fuel Type1ContourGlobal
Ownership COD Power Purchaser PPA Expiration
Maritsa Bulgaria 908 1 Coal 73% 1978 NEK 2024
Arrubal Spain 800 1 Natural Gas 100% 2005 Gas Natural Fenosa 2021
TermoemCali Colombia 240 1 Natural Gas / Diesel 37% 1999 Various N/A
Sochagota Colombia 165 1 Coal 49% 1999 Gensa 20192
Togo Togo 100 1 Natural Gas / HFO / Diesel 80% 2010 CEET 2035
Cap des Biches Senegal 86 1 Oil /Natural Gas 100% Q2 2016 / Q4 2016
Senelec 2036
Energies Antilles / Energies St Martin
French Caribbean 35 2 HFO / LFO 100% 2000; 2003 EDF 2020; 2023
Bonaire Dutch Antilles 28 1 HFO / Wind 100% 2010 WEB 2025
KivuWatt Rwanda 26 1 Natural Gas 100% Q4 2015 EWSA (ex-Electrogaz & REC) 2040 (expected)
Total Thermal 2,388 10
Mexican CHP assets(5) Mexico 518 2 Natural Gas cogeneration 100% 2014/19 Mexican industrial/commercial N/A
ContourGlobal Solutions Europe – Nigeria –Brazil
132 11 Natural Gas / Diesel / LFO 100%;100%; 80% 1995-2015 Investment grade global industrial companies
2018-2032
Total Cogen 650 13
Chapada Complex Brazil 438 3 Wind 51%, 51%, 100% 2015; Q1 2016 CCEE; distribution companies 2035
Vorotan Armenia 404 1 Hydro 100% 1970 AEN 2040
CSP Portfolio Spain 250 5 CSP 100% 2010 CNMC 2034-2037
Hydro Brazil Brazil 167 9 Hydro 79%3 1963; 1992; 2009-2012
Distribution companies 2027-2042
Asa Branca Brazil 160 1 Wind 100% 2013 Distribution companies 2033
Austria Wind Austria 155 10 Wind 94% 2003-2014 OeMAG 2016-2027
Inka Peru 114 2 Wind 100% 2014 Distribution companies 2034
Solar Italy4 Italy 77 48 Solar 51% 2007-2013 Gestore Servizi Energetici S.p.A 2027-2033
Solar Slovakia Slovakia 35 3 Solar 51% 2010-2011 Distribution companies 2025-2026
Solar Romania Romania 7 1 Solar 100% 2013 Distribution companies 2028
Biogas Italy Italy 2 2 Biogas 100% 2013 Gestore Servizi Energetici S.p.A 2028
Total Renewable 1,809 85
Total portfolio 4,847 108
ContourGlobal Portfolio
Thermal Renewables
(1) HFO refers to heavy fuel oil, and LFO to light fuel oil. (2) CES has already signed 4 contracts to replace existing PPA, extending expiration to 2024, with an additional 5 year extension expected(3) Capacity weighted(4) Italian solar assets in 20 clusters. Includes InterPorto acquisition, which was completed in June 2019(5) Signed but not closed
24
Contributors to Adj. EBITDA
(1) EBITDA is calculated by asset excluding corporate costs and thermal and renewable holdcos(2) Includes Solutions Europe and Africa and Solutions Brazil(3) Includes Solar Italy, Solar Slovakia, Solar Romania and Biogas Italy
25
Top Contributors to Adj. EBITDA1 2016 2017 2018 LTM H1 2019
Top contributors from Thermal fleet
Maritsa East III 117 125 120 122
Arrubal 62 61 63 63
KivuWatt 22 24 26 29
Cap des Biches 12 26 27 27
Togo 21 25 25 26
CG Solutions2 12 27 27 24
Caribbean 21 27 24 24
Colombia 21 22 21 19
Others (0) 2 1 (0)
Top contributors from Renewable fleet
Spanish CSP - - 89 135
Brazil Wind 79 82 59 57
Solar Europe, excl. CSP3 31 31 41 42
Brazil Hydro 9 28 41 39
Peru Wind 31 25 29 32
Austria Wind 23 25 20 24
Vorotan 22 23 23 24
Others - - - (0)
Total 485 553 638 687
Contributors to CFADS
(1) CFADS (Cash Flows Available for (Corporate) Debt Service) as defined in Bond Indenture(2) Includes Solar Italy, Solar Slovakia and Solar Romania(3) Includes Solutions Europe and Africa and Solutions Brazil
4
26
Contributors to CFADS(Before Corporate and Divisional Costs)1 2016 2017 2018 LTM H1 2019
Spanish CSP - - 35 75
Solar Europe excl. CSP2 22 55 38 61
Maritsa 118 30 65 34
Arrubal 19 28 18 29
Brazil Hydros (1) 55 14 23
CG Solutions3 28 41 15 15
Cap des Biches - 7 17 12
Peru Wind 23 5 15 12
Colombia 4 8 4 12
KivuWatt - - 4 8
Vorotan 111 13 9 5
Austria Wind 7 8 4 5
Togo 6 6 7 5
Caribbean 10 9 5 4
Brazil Wind 2 5 (0) (2)
Total Before Corporate and Divisional Costs 349 270 249 298
Corporate and Divisional Costs (48) (38) (46) (47)
Total CFADS 301 232 203 251
For further information please visit www.contourglobal.com