Capital Stage AG - Corporate Presentation, March 2017
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Capital Stage AG – Corporate Presentation, March 2017
Capital Stage in a nutshell …
Germany’s #1 Renewables IPP
▪ Operating 204 solar/ wind parks with a total capacity of >1.2 GW
▪ Focus on turnkey projects or secondary market projects
▪ Active role in market consolidation
Highly stable & predictable cash flows coupled with attractive returns
▪ Guaranteed feed-in-tariffs (FIT) / (PPAs) ensure genuinely stable revenues and attractive returns
▪ Attractive risk-return profile by avoiding early project development and commodity price risk
▪ Recurring management fees from Asset Management
High quality installed base
▪ Existing parks equipped with quality components from first tier manufacturers ensuring a high quality portfolio
▪ 100% subsidiary for the technical management ensures high system availability
Favourable financing environment
▪ Non-recourse loans on project-level
▪ Very attractive financing conditions
Well-filled acquisition pipeline and recurring deal flow
▪ Well-filled acquisition pipeline, high visibility and strong reputation on the seller’s market
▪ Further expansion of the Asset Management segment for institutional investors
2
Capital Stage – Key Financials
Significant and steady growth across all dimensions
Revenues (€m) EBITDA (€m) EBIT (€m)
+42%
+36% +44%
141,8 106,1 55,4 61,6
112,8 86,8
72,1 55,4 34,6
57,0 35,8 21,7
2013 2014 2015 2016* 2013 2014 2015 2016* 2013 2014 2015 2016*
Balance Sheet Total (€m) Equity (€m) Dividend (€)
2.051** 553,3**
+43% +32% +31%
0,18
0,15
1.319 0,10
986 243,5 261,6 0,08
593 207,4
2013 2014 2015 30.06.2016 2013 2014 2015 30.06.2016 2012 2013 2014 2015
Note: *Preliminary operating figures (Capital Stage full FY2016 and CHORUS 4th quarter 2016); **as of June 30, 2016, the figures have been amended
for the acquisition and consolidation of CHORUS Clean Energy AG (94.4% stake). The figures are to be seen as pro forma.
3
Capital Stage – Guidance 2017
Guidance for the full FY2017
• Full consolidation of CHORUS as of Q4/2016
• Operational KPIs (not including one-time expenses associated with the takeover transaction)
• Based solely on the existing portfolio as of Dec, 2016
• Guidance 2017 based on the existing portfolio as of Dec, 2016, further acquisitions may add to revenues and
earnings
in €m FY2016 (e) prelimin. FY2016 FY2017 (e)* yoy in % (e)
Revenues > 140 141.8 > 200 > +40
Operating EBITDA > 104 106.1 > 150 > +45
Operating EBIT > 60 61.6 > 90 > +50
Operating Cashflow > 98 103.8 > 140 > +40
(e) = expected
Note: Operational KPIs have been adjusted for one-time effects related to the takeover of CHORUS by Capital Stage. These sum up to ~4.6m€
(EBITDA/EBIT) and ~8.5m€ in operating cashflow; Operational figures are solely based on profitability and do not reflect IFRS-related measurement
effects; *Guidance Capital Stage 2016 only incorporates the 4th quarter of CHORUS
4Key Investment Highlights
Why invest in Capital Stage?
Market Business Model
• Renewable Energies are a global mega trend • Buy-and-hold of solar-/wind parks
with strong growth opportunities
• Highly attractive risk-return profile due to
• Favorable financing conditions support schemes for renewable energy
• Investors seeking highly predictable returns • Mitigate project development and commodity
price risk
Market Position Track Record
• #1 renewable IPP in Germany • Since 2009 acquired >200 parks
• Among the leading IPPs in Europe • Installed capacity >1.2 GW
• Balance sheet of 2.5b€ and market cap of • Balanced portfolio by geography and by
~800m€ technology
• Dividend CAGR 38% (2011 - 2015)
5Market
Market: Global perspective
Renewable Energy is a global mega trend
Solar PV example
Europe
PV installations
(GW)
89 97
82
71
53
America 2011 2012 2013 2014 2015
APAC
31 96
21
14 36
6 9 22 22
8
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
Further growth of worldwide PV installations is expected
Source: Solar Power Europe Global Market Outlook, 2016
6Market
Market: Generating capacity based on renewable sources
Strong CAGR in worldwide installed PV/wind generating capacity (in GW)
2006 80
2007 103
2008 135
2009 173 ▪ Continuous
increase in
2010 worldwide PV/wind
+26.04% generating
2011 293 capacities
2012 373
▪ Global mega trend
2013 443
2014 527
2015 641
Wind PV
Source: IRENA, International Renewable Energy Association, 2016
7Business Model
Business Model: Acquisition strategy
Conservative acquisition strategy based on solid country analysis
selected PV markets
Investment criteria Risk Target IRR
• Low country-specific
risk
5-6%
• Reliable compensation
schemes (FITs / PPAs)
• Professional market
environment 6-7%
• Attractive financing
conditions
• High quality 8-9%
components
• Exclusive access to
projects
>9%
8Business Model
Business Model: Asset Management for institutional investors
The Asset Management portfolio already comprises > 270 MW
Focus • Institutional investors such as insurance companies, pension funds, banks, foundations, etc.
Offering • Full service portfolio (deal origination, selecting and managing the acquisition, operating the park)
Basis • Investment funds on the basis of a special Luxembourg SICAV-funds
Financials • Management fees add > 5m€ of recurring income to revenues
AM: Managed capacity by geography AM: Portfolio by geography and technology
UK PVSolar
in MW Solar Wind Combined Sweden
Finland 7% 9%
Germany 7 134 141 4%
Italy
France 12 73 85 3% 5%
UK - 18 18
52%
Italy 7 - 7
31%
Finland - 13 13 France
Sweden - 10 10 Germany 91%
9
WindWind
Total 26 248 274
9Track Record
Track Record: Portfolio
The total installed capacity amounts to > 1.2 GW (as of March 2017)
Portfolio overview Number of parks
(MW)
Solar Wind 160 Solar 44 Wind 1
Capital Asset Capital Asset Total
Stage Mgt. Stage Mgt.
1
Germany 251 7 183 134 575
France 202 12 36 73 323
14 2
Italy 154 7 6 - 167 48 26
UK 88 - - 18 106
26 10 3
Austria - - 30 - 30
Finland - - - 13 13
72 1
Sweden - - - 10 10
Total 695 26 255 248 1,224
10Track Record
Track Record: Balanced Portfolio
The portfolio spans across key markets in Europe
Installed capacity by geography Installed capacity by technology
Installed base
FI
AT SE
UK
1.2 GW
3% Wind
9% 1%
1%
IT
14% 41% Average PV park
47% DE
59% 4.5 MW
26%
FR Solar
Average wind park
11.3 MW
11Track Record
Track Record: Development of installed base
Creating a leading independent producer of renewable energy with a combined capacity of
1.2 GW including asset management activities of >270 MW
MW development of assets
1.200 1.2 GW
1.000
Installed capacity in MW
800 MW CAGR incl.
CHORUS
(Q3 2009 – 2016 YTD)
> 170%
600
400
200
0
2010 2011 2012 2013 2014 2015 2016 2017
MW Solar Capital Stage MW Wind Capital Stage MW Solar CHORUS MW Wind CHORUS
Note: For CHORUS based on annual values. Increase in MW has been distributed evenly over the quarters.
12Market Position
Market Position: Improved capital market profile
Capital Stage with higher visibility, improved index rating, and broadened research coverage
Moving up in the SDAX by free float market cap Creating a more liquid stock
Trading volume LTM (€m)2
€m
21 22 23 24 25 225 36 37 38 39 40
600
575 200
550
175
525
500 150
VTG
Capital Stage
Neuson
Hamburger
Gerry Weber
Wacker
Hafen und
Grammer
Capital Stage
SIXT
Hornbach
Heidelberger
Logistik
maschinen
Holding
Druck-
Combined combinations Combined companies
Rank in SDAX by free float market cap Rank in SDAX by trading volume
• Increased free float market cap and liquidity
• Improved index ranking in the SDAX
• Wider research coverage due to increased market capitalization and liquidity
Source: Deutsche Boerse STOXX Index Ranking (as of 28 February 2017).). 13Market Position
Market Position: Improved capital market profile
One of the largest European listed independent players in the renewables space
Benchmarking by market capitalization (€m)
Largest listed
renewables player in = European listed renewable companies = European listed developers = Listed YieldCos
Germany and one of the
largest ones in Europe
1.024 1.008
790
670
581
497
471
419 398
350
317 313
104
Source: Company information, Deutsche Boerse, FactSet (as of 09 March 2017). 14Market Position: Entrepreneurial shareholders
Strong shareholder base
18.3%
Albert Büll Beteiligungsgesellschaft & AMCO Service GmbH (Fam. Büll)
6.8%
Dr. Liedtke Vermögensverwaltungsgesellschaft GmbH
Fam. Kreke (u.a. Lobelia Beteiligungsgesellschaft)
3.4%
PELABA Group (Peter Heidecker)
5.5% Freefloat
66.0%
Market Cap: ~EUR 800m
Note: Primarily based on 21 WpHG reported information; March 2017
# shares: 126,523,660
15Market Position
Market Position: Strong base for future growth
Basis for future growth
Organic growth, continue investments in PV and wind parks
Expansion of Asset Management Business for institutional investors, new business segment
Entering new markets, e.g. USA, Canada
Internalising business, technical and commercial management of parks
Active portfolio Management, utilise market opportunities
Develop growth
New technologies, e.g. battery storage
Financing Strategy
Combined enterprise with broadened access to new investors and financing instruments, e.g., mezzanine financing
16Executive Board
Holger Götze, COO
• Since mid October 2016 COO at Capital Stage AG
• 2014 until mid October 2016 CEO of CHORUS Clean Energy AG
• Previously held senior management positions at a German subsidiary of an international bank, a
leading German leasing company and LHI
• Since 2012 member of the management of the CHORUS Group
Dr. Christoph Husmann, CFO
• Since October 2014 CFO at Capital Stage AG
• Business Administration at the Westfälische Wilhelms-University of Münster (Dipl.-Kfm.) and the Central
University of Iowa in Pella / Iowa
• PhD at the Ruhr-University in Bochum
• VEBA AG, Controlling
• STINNES AG and HOCHTIEF AG, Head of Corporate Controlling
• Member (CFO) and later Chairman of the Management Board of HOCHTIEF Projekt Entwicklung GmbH
17Supervisory Board
Dr. Manfred Krüper, chairman Dr. Jörn Kreke
• Until November 2006, member of the board of directors at E.ON • Since mid 2001, chairman of the supervisory board at
AG Douglas Holding AG
• Supervisory board mandates (among others): Coal & Minerals • Previously 35 years as CEO at Douglas Holding AG
Supervisory Board
GmbH, EQT Partners investment consultancy GmbH; EEW • Supervisory board mandates, among others: Kalorimeta
AG & Co. KG; Urbana Energietechnik AG & Co. KG
Energy from Waste GmbH
Alexander Stuhlmann, vice-chairman Dr. Cornelius Liedtke
• Until December 2006, CEO at HSH Nordbank • Entrepreneur and co-owner of the B&L Group
• Until April 2008, CEO at WestLB AG • Supervisory board mandates (among others): GL
• Supervisory board mandates (among others): HCI Capital AG, Aktiengesellschaft, Dichtungstechnik G. Bruss GmbH
alstria office REIT-AG, Euro-Aviation Versicherungs-AG & Co. KG
Albert Büll Christine Scheel
• Entrepreneur and co-owner of the B&L Group • Since October 2016 member of the supervisory board
• Supervisory board mandates (among others): Kalorimeta AG & at Capital Stage AG
Co. KG, URBANA Energietechnik AG & Co. KG, • Until October 2016 member of the supervisory board at
Dichtungstechnik G. BRUSS GmbH & Co. KG CHORUS Clean Energy AG
• Former member of the German parliament
Peter Heidecker Prof. Fritz Vahrenholt
• Since October 2016 member of the supervisory board • Until January 2014, chairman of the supervisory board
at Capital Stage AG at RWE Innogy GmbH (previously CEO)
• Until October 2016 chairman of the supervisory board • Supervisory board mandates (among others): Aurubis
at CHORUS Clean Energy AG AG, RADAG and Putz & Partner
• Founder of the CHORUS GmbH in 1998 Unternehmensberatung AG
18Capital Stage share: Dividend
Growing dividend reflects the development of the cashflows in the PV/ wind parks
Dividend (€/ share)
+38%
0,18
0,15
0,10
0,08
0,05
2011 2012 2013 2014 2015
➢ YoY increase in nominal dividend
➢ Offered as a script dividend which leaves full flexibility to investors
19Capital Stage: Coverage overview
Institution Recommendation Date Target price
buy 5 December 2016 € 7.60
buy 9 March 2017 € 9.00
buy 1 March 2017 €8.00
buy 9 March 2017 €8.50
outperform 21 December 2016 €8.80
buy 19 January 2017 €7.15
- 3 new coverages by other institutes in preparation -
Source: Bloomberg, Company information.
20Contact IR Contact Capital Stage AG Till Gießmann Head of IR & PR Große Elbstraße 59 22767 Hamburg, Germany fon: +49 (0)40 378 5620 fax: +49 (0)40 378 562 129 Email: IR@capitalstage.com www.capitalstage.com The information provided in this document has been derived from sources that we believe to be reliable. However, we cannot guarantee the accuracy or completeness of this information and we do not assume any responsibility for it. Capital Stage AG assumes no liability for any errors or omissions or for any resulting financial losses. Investments in capital markets, in particular in stock markets and futures markets, are fundamentally associated with risks and a complete loss of the invested capital cannot be ruled out. Recommendations provided herein do not represent an offer to buy or sell and are not intended to replace comprehensive and thorough advice before making a decision to buy or sell. Copies of the content of this presentation, in particular prints and copies or publications in electronic media, will only be authorised by written consent from Capital Stage AG. 2017/V1 21
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