Generalforsamling 2015 Onsdag den 15. april 2015, kl Generalforsamling

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1 Onsdag den 15. april 2015, kl

2 Dagsorden 1. Bestyrelsens beretning 2. Godkendelse af årsrapporten 3. Beslutning om anvendelse af overskud eller dækning af underskud i henhold til den godkendte årsrapport 4. Forslag fra bestyrelsen 4.1 Bemyndigelse til køb af egne aktier op til 10% af Selskabets aktiekapital 4.2 Bemyndigelse til dirigenten 5. Valg af bestyrelsesmedlemmer 6. Godkendelse af vederlag til bestyrelsen 7. Valg af revisor 2

3 Bestyrelsens beretning Bestyrelsesformand Peter Høstgaard-Jensen 3

4 2014: Unstable year 2014 in outline New management Revised Outlook for 2014 reached No additional installed capacity compared to 2013 Main items in our markets Retroactive cuts on incentives in Spain and Italy Deflation in energy prices In Poland the Green Certificate system will be replaced by an auction system for new projects starting from 1 januart 2016 Two arbitration procedures initiated under the Energy Charter Treaty against the Republic of Italy and the Kingdom of Spain Outlook for

5 Achievements 2014 and Outlook 2015 CEO Alessandro Reitelli 5

6 Greentech at a glance The Greentech portfolio is located throughout Italy, Spain, Denmark, Poland and Germany These markets differ in the respective maturities of their renewable energy industries, providing Greentech with a properly balanced geographical presence and attractive business mix 319 MW Gross installed capacity WIND Installed capacity: 276 MW(220 MW net) operating Countries: Denmark, Italy, Spain, Poland, Germany SOLAR Installed capacity: 43 MW(38 MW net) operating Countries: Italy, Spain 621 MW Future pipeline SHORT-MEDIUM TERM PIPELINE Capacity: 42 MW Country: Poland LONG TERM PIPELINE Capacity: 579 MW Countries: Poland, Italy 5 Countries Wind farms in operation Operating Solar PV Plants 6

7 Achievements 2014 and Outlook 2015 Regulatory uncertainty, new taxes, retroactive cuts on incentives in Spain and Italy, the falling price of electricity caused a SIGNIFICANT IMPAIRMENT OF THE VALUE OF OUR ASSETS NO Corporate M&A transactions occurred in 2014 The management is implementing a RESTRUCTURING PROCESS in order to reach a dividend distribution from 2015 onward 7

8 Finance & Operations Highlights 2014 & Outlook 2015 CFO Francesco Vittori 8

9 Price and volume trend Drop in energy prices in 2014: Denmark -20.1% Italy -17.3% Spain -4.8% Extraordinary weather conditions registered in 2013 Wind farms Availability 96.2% in 2014 vs 94.5% in 2013 Solar plants Performance Ratio in line with 2013 (80%) Wind and Solar production in line with expectations 9

10 Performance Key Figures MEUR Actual 2013 Outlook 2014 Actual vs 2014 Net production, GWh % Revenue of which from the Environment Business Revenue from Associates Total Revenue % EBITDA* EBITDA from Associates Total EBITDA % Total EBITDA margin % 60% 56% - 55% 59% Profit/Loss for the period (24.4) * Adjusted for income from Associates and Special Items 10

11 Balance Sheet (EUR 000) Assets Total intangible assets 35,958 45,526 Total property, plant and equipment 254, ,724 Other non-current assets 82,092 90,390 TOTAL NON-CURRENT ASSETS 372, ,640 TOTAL CURRENT ASSETS 66,845 67,891 Assets classified as held for sale TOTAL ASSETS 440, ,302 LIABILITIES AND EQUITY Share of equity held by equity holders of the parent 189, ,136 Non-controlling interests - (431) TOTAL EQUITY 189, ,705 Non-current liabilities 173, ,399 Current liabilities 77,595 42,198 TOTAL LIABILITIES 250, ,597 TOTAL LIABILITIES AND EQUITY 440, ,302 11

12 Cash Flow (EUR 000) Cash Flow Cash flow from operating activities 18,309 16, % Cash flow from investing activities (1,680) (18,461) Cash flow from financing activities (17,626) (1,254) CASH FLOW FOR THE YEAR (997)* (3,687) Cash and cash equivalents, beginning of the year 28,171 38,005 Cash and cash equivalents from change in perimeter of consolidation Cash and cash equivalents from acquired companies and exchange adjustment - (6,260) (26) 113 CASH AND CASH EQUIVALENTS YEAR END 27,148 28,171 * IncludingEUR 1.0M fordevelopmentofthe filtermass production plant. 12

13 Greentech share GREENTECH VS OMX COPENHAGEN MIDCAP INDEX The Greentech share is listed on NasdaqOMX Copenhagen and included in the OMX Copenhagen MidCapIndex. The table above shows that despite a positive performance at the beginning of the year, the share price experienced a significant decrease, accelerating from August 2014, when Italy retroactively cut the tariff on solar energy sources The share declined from DKK 11.7 at 31 December 2013 to DKK 7.3 at 31 December 2014 (-38%). Negative trends were also experienced by European peer companies During 2014, the OMX Copenhagen MidCapIndex rose by approx. 5% 13

14 Market cap vs competitors MARKET CAP (MEUR) AS OF 31/12/2014 MARKET CAP (MEUR) AS OF 31/12/2013 Peers excluding Greentech - 39% Greentech Energy Systems - 38% 14

15 2015 Outlook No additional capacity in 2015 Expected normal year 2015 for wind conditions and irradiation Partial recovery of energy prices Extraordinary and planned maintenance of wind farms Expected effect of costs saving for approx. EUR 2.0M compared to 2014 Environment division: repositioning from public to private sector, increase of geographic reach(mainly Central Europe) and development of the filter mass production plant MEUR Actual 2013 Actual 2014 Outlook 2015 Net production, GWh Revenue of which from the Environment Business Revenue from Associates Total Revenue EBITDA* EBITDA from Associates Total EBITDA Total EBITDA margin % 60% 59% 55% - 54% * Adjusted for income from Associates and Special Items 15

16 Dagsorden 1. Bestyrelsens beretning 2. Godkendelse af årsrapporten Bestyrelsen foreslår, at den reviderede årsrapport for 2014 med revisionspåtegning godkendes. 3. Beslutning om anvendelse af overskud eller dækning af underskud i henhold til den godkendte årsrapport 4. Forslag fra bestyrelsen 4.1 Bemyndigelse til køb af egne aktier op til 10% af Selskabets aktiekapital 4.2 Bemyndigelse til dirigenten 5. Valg af bestyrelsesmedlemmer 6. Godkendelse af vederlag til bestyrelsen 7. Valg af revisor 16

17 Dagsorden 1. Bestyrelsens beretning 2. Godkendelse af årsrapporten 3. Beslutning om anvendelse af overskud eller dækning af underskud i henhold til den godkendte årsrapport Bestyrelsen foreslår, at der for regnskabsåret 2014 ikke udbetales udbytte til aktionærerne, og at tabet på TEUR overføres til næste år ved indregning i overført resultat. 4. Forslag fra bestyrelsen 4.1 Bemyndigelse til køb af egne aktier op til 10% af Selskabets aktiekapital 4.2 Bemyndigelse til dirigenten 5. Valg af bestyrelsesmedlemmer 6. Godkendelse af vederlag til bestyrelsen 7. Valg af revisor 17

18 Dagsorden 1. Bestyrelsens beretning 2. Godkendelse af årsrapporten 3. Beslutning om anvendelse af overskud eller dækning af underskud i henhold til den godkendte årsrapport 4. Forslag fra bestyrelsen 4.1 Bemyndigelse til køb af egne aktier op til 10% af Selskabets aktiekapital Bestyrelsen foreslår, at generalforsamlingen bemyndiger bestyrelsen til i tiden indtil næste ordinære generalforsamling at lade Selskabet erhverve egne aktier, idet antallet af egne aktier erhvervet i perioden ikke må overstige 10% af selskabskapitalen på beslutningstidspunktet, ligesom Selskabets samlede beholdning af egne aktier i Selskabet ikke må overstige eller som følge af erhvervelsen overstige 10 pct. af selskabskapitalen på erhvervelsestidspunktet. Vederlaget for egne aktier må ikke afvige med mere end 10 % fra den officielle kurs noteret på NASDAQ OMX Copenhagen A/S på erhvervelsestidspunktet. 4.2 Bemyndigelse til dirigenten 5. Valg af bestyrelsesmedlemmer 6. Godkendelse af vederlag til bestyrelsen 7. Valg af revisor 18

19 Dagsorden 1. Bestyrelsens beretning 2. Godkendelse af årsrapporten 3. Beslutning om anvendelse af overskud eller dækning af underskud i henhold til den godkendte årsrapport 4. Forslag fra bestyrelsen 4.1 Bemyndigelse til køb af egne aktier op til 10% af Selskabets aktiekapital 4.2 Bemyndigelse til dirigenten Generalforsamlingens dirigent bemyndiges til at foretage sådanne ændringer i og tilføjelser til det på generalforsamlingen vedtagne og anmeldelsen til Erhvervsstyrelsen, som måtte blive krævet af Erhvervsstyrelsen i forbindelse med registrering af de vedtagne ændringer. 5. Valg af bestyrelsesmedlemmer 6. Godkendelse af vederlag til bestyrelsen 7. Valg af revisor 19

20 Dagsorden 1. Bestyrelsens beretning 2. Godkendelse af årsrapporten 3. Beslutning om anvendelse af overskud eller dækning af underskud i henhold til den godkendte årsrapport 4. Forslag fra bestyrelsen 4.1 Bemyndigelse til køb af egne aktier op til 10% af Selskabets aktiekapital 4.2 Bemyndigelse til dirigenten 5. Valg af bestyrelsesmedlemmer Alle bestyrelsesmedlemmer er på valg, og bestyrelsen foreslår genvalg af: Peter Høstgaard-Jensen Luca Rovati Jean-Marc Janailhac Valerio Andreoli Bonazzi Giorgio Bruno Giovanni Ferrari Michèle Bellon 6. Godkendelse af vederlag til bestyrelsen 7. Valg af revisor 20

21 Dagsorden 1. Bestyrelsens beretning 2. Godkendelse af årsrapporten 3. Beslutning om anvendelse af overskud eller dækning af underskud i henhold til den godkendte årsrapport 4. Forslag fra bestyrelsen 4.1 Bemyndigelse til køb af egne aktier op til 10% af Selskabets aktiekapital 4.2 Bemyndigelse til dirigenten 5. Valg af bestyrelsesmedlemmer 6. Godkendelse af vederlag til bestyrelsen I overensstemmelse med Selskabets omkostningsspareplan foreslås det, at det årlige bestyrelseshonorar reduceres med EUR fordelt med en reduktion på EUR til hvert af de menige medlemmer, EUR til næstformanden og EUR til formanden. Det foreslås således, at honoraret for 2015 fordeles baseret på følgende beløb: Honorartilformanden: Honorar til næstformanden: Honorar pr. menigt medlem: EUR EUR EUR 7. Valg af revisor 21

22 Dagsorden 1. Bestyrelsens beretning 2. Godkendelse af årsrapporten 3. Beslutning om anvendelse af overskud eller dækning af underskud i henhold til den godkendte årsrapport 4. Forslag fra bestyrelsen 4.1 Bemyndigelse til køb af egne aktier op til 10% af Selskabets aktiekapital 4.2 Bemyndigelse til dirigenten 5. Valg af bestyrelsesmedlemmer 6. Godkendelse af vederlag til bestyrelsen 7. Valg af revisor Bestyrelsen foreslår genvalg af Ernst & Young. 22

23 Disclaimer Greentech Energy Systems A/S( GES ) is an energy company developing, constructing and operating renewable energy projects This material is confidential and not to be reproduced or circulated without the prior written consent of GES. The manner of circulation and distribution may be restricted by law or regulation in certain countries. Persons who come into possession of this document are required to inform themselves of, and to observe such restrictions. Any unauthorized use, duplication, or disclosure of this document is prohibited by law and may result in prosecution. This document is intended for information purposes only. Nothing herein constitutes an invitation to buy or trade shares in GES, nor does it constitute an endorsement with respect to any investment area or vehicle. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons. GES, itsaffiliates,anditsemployeesarenotinthebusinessofprovidingtaxorlegaladvice.thesematerialsandanytax-relatedstatementsarenotintendedorwrittentobeused,andcannotbeusedor relied upon, by any taxpayer for the purpose of avoiding tax penalties. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extend allowed by applicable law. Any such taxpayer should seek advice based on taxpayer s particular circumstances from an independent tax advisor. This presentation contains forward-looking statements reflecting Management s current perception of future trends and financial performance. Statements relating to 2015 and the subsequent years are inherently subject to uncertainty, and GES s actual results may therefore differ from the projections. Factors that may cause such variance include, but are not limited to, changes in macro-economic and political conditions particularly in GES s principal markets, changes to the supplier situation and approval procedures, volatility in power prices, regulatory changes, possibilities of obtaining and terms and conditions for project funding, etc. AllinformationcontainedhereiscurrentonlyasoftheearlierofthedatehereofandthedateonwhichitisdeliveredbyGEStotheintendedrecipient,orsuchotherdateindicatedwithrespectto specific information, and GES assumes no obligation or responsibility for the accuracy of the information after such date. GES has no obligations or responsibility to update or supplement any of the information contained herein. Some information contained herein has been obtained from third-party sources, including those specifically referenced, and such information has not been independently verified by GES. No representation, warranty, or undertaking, expressed or implied, is given as to the accuracy or completeness of such information by GES or any other person; no reliance may be placed for any purpose on such information, and no liability is accepted by any person for the accuracy and completeness of such information. Opinions expressed in this document may include those of GES, GES Affiliates, or non-affiliated third parties. In addition, your relationship team may highlight topics that are specific to your objectives. These opinions may differ from the opinions by other businesses or affiliates of GES; they are not intended to be a forecast of future events, a guarantee of future results or investment adviceandaresubjecttochangebasedonmarketandotherconditions.inanyevent,pastperformanceisnoguaranteeoffutureresults,andfutureresultsmaynotmeetourexpectationsdueto variety of economic, market and other factors. Further, any projections of potential risk or return are illustrative and should not be taken as limitations as to the maximum possible loss or gain. 23

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