A2A. H Results. Milan, July 30 th, 2015

Transcription

1 A2A H Results Milan, July 30 th,

2 Strategic Plan Update 3R Record level of market share in MSD Nord market Energy management and trading activities restructuring ongoing RESTRUCTURE Generation & Trading cost reduction in line with plan: FTE vs. H - - external costs vs. H EPCG negotiation ongoing; first dividend distribution since 2009 District Heating: - heat recovery from a glass manufacturer in Milan province RELAUNCH - underground connection of Canavese DH network to Milan City Center completed Retail: further free market customer base growth (+20k vs. H ) Expo: additional opportunity in Waste and Electricity Networks Strong M&A pipeline in waste treatment RESHAPE First solar thermal plant for district heating in Southern Europe built in Varese LED public lighting: Milan (~90%) and Brescia (~5%) projects under way; signed an agreement with Cassano d'adda Municipality 2

3 Strategic Plan Update 3D and additional projects underway Further improvement in Retail Credit Collection Dialogue: DISCIPLINE, DIALOGUE & DIGITAL - A2A multi-stakeholder Forum: a meeting structured on the basis of the model European Awareness Scenario Workshop, which involved many different categories of stakeholders - Public conference "The remuneration of the networks: a key asset for the future of energy" Sustainability Report complying with GRI 4 guidelines Diversity management project start-up ADDITIONAL PROJECTS Project EN&A: saving target identified. Implementation phase launched Signed a Letter of Intent with Linea Group Holding aimed at assessing a potential industrial partnership 3

4 H Results Highlights of the period Vs H + - Thermal Production Hydro Production Switch Regulated to Free Market Customer Base Legal Claim Cost Control Positive Non Recurring Items in H Climate Effect 4

5 H vs H Results Key Financials EBITDA EBIT +2% +4% GROUP NET INCOME NET FINANCIAL POSITION -4% +57%

6 H vs H Results Group EBITDA Energy District EPCG Non Recurring Ordinary Retail Heating and Ordinary Non Recurring Items other Items Generation Waste Networks Redundancy & Trading Redundancy Schemes Schemes 6

7 H vs H Results Generation & Trading EBITDA Non Recurring Items Ordinary Redundancy Schemes Ordinary Non Recurring Items Electricity Margin Environm. Markets Plants Hedging and Dispatching Trading Portfolio Fixed Costs Redundancy Schemes 7

8 H vs H Results Energy Retail EBITDA Non Recurr. Items Ordinary Gas Market Electricity Market Fixed costs and other Ordinary Non Recurr. Items

9 H vs H Results Waste EBITDA Treatment Plants Collection WTE Other Treatment Plants International projects Ordinary Non Recurring Items Collection Urban Treatment Industrial Treatment International Projects 9

10 H vs H Results District Heating EBITDA Volume Effect Non Recurring Items Ordinary Price Effect Climate Commercial Environm. Effect development markets Heat services Other Heat Services District Heating 0

11 H vs H Results Networks EBITDA Non Recurring Ordinary Items Water Cycle Electricity Gas Networks Networks Public Lighting Ordinary Non recurr. Items 5 Electricity Networks Gas Networks Water Cycle Public Lighting

12 H vs H Results EPCG EBITDA +2 Distribution Energy Distribution Revenues Other Energy Distribution Other 2

13 H vs H Results From EBITDA to Group Net Income EBITDA D&A Risk Provisions Net Financial Expenses EBT Taxes Minorities Net Income 97 3

14 H vs H Results Capex BREAKDOWN BY ACTIVITY BREAKDOWN BY BUSINESS Mandatory Development Maintenance EPCG Corporate Networks District Heating Waste Energy Retail Generation & Trading 4

15 H Results Net Free Cash Flow * 23-3 EBITDA Change in Net Working Capital Use of Funds Tax Paid Net Financial Expenses FFO () Capex Free Cash Dividends Net Free Flow Cash Flow () Funds from operations after working capital change * Of which 2 related to investments in shareholdings 5

16 H Results Gross debt and net financial position , ,363 3,240 2,90 2, Var. 5% Fixed rate 84% Var. 6% Fixed rate 85% -60 3, Gross Cash and Net Financial Net Free Cash Financial equivalents + Position FY Flow H Debt FY Other Net Assets FY Net Financial Cash and Gross Position H equivalents + Financial Other Net Assets Debt H H Average debt maturity 5.8 years Average annual cost of debt from 3.9% of to 3.6% estimate Bonds Loans 6

17 Annexes 7

18 H vs H Results Consolidated Results: P&L H H CHANGE % REVENUES 2,467 2, % EBITDA % D&A (99) (229) % Provisions (49) (20) -29 n.a. EBIT % Net Financial Expenses (77) (0) % Associates & JV % Result from non recurr. transactions () % EBT % Taxes (77) (0) % Minorities (0) (8) % NET INCOME % 8

19 H vs H Results Consolidated Results: Balance Sheet % H FY Tangible Assets 5,56 5,625 -.% Intangible Assets,303,38 -.% Shareholdings and Other Non Current Financial Assets % Other Non Current Assets/Liabilities (294) (287) +2.4% Deferred Tax Assets and Liabilities % Provisions for Risks, Charges and Liabilities for landfills (525) (498) +5.4% Employee Benefits (336) (369) -8.9% NET FIXED CAPITAL 6,094 6,94 -.6% Inventories % Trade receivables and other current Assets,633, % Trade payables and other current Liabilities (,472) (,865) -2.% Current tax Assets/Liabilities % WORKING CAPITAL % TOTAL CAPITAL EMPLOYED 6,483 6, % Equity 3,243 3, % Net Financial Position 3,240 3, % TOTAL SOURCES 6,483 6, % 9

20 H vs H Results Fixed Costs Other EPCG Waste Networks District Heating Energy Retail Gen. & Energy Trading Retail Waste Networks Other * 65 Generation & Trading Waste change in perimeter (*) excluding change in perimeter 20

21 H vs H Results Labour costs -70 2,365 2, ,94 excluding change in perim. Change in perimeter -36 FTE() Net reduction Other costs FTE effect LABOUR COSTS () Cost effect Change in excluding perimeter change in perim. () A2AThis Group s Full Time Equivalent information was prepared by A2A and it is not to be relied on by any 3rd party without A2A s prior written consent. 2

22 H Results Gross debt maturities as of 30/06/ Beyond 2025 Bonds Loans 22

23 Operational annexes 23

24 H vs H Results Breakdown of Volumes Volumes H H CCGT production Coal production Oil production EPCG production A2A Group Hydro production A2A Group Thermal production Δ of which of which A2A and Edipower production EPCG production Wholesale electricity sales and Foreign Markets Ipex sales Electricity sales Electricity sales to EPCG customers Gas sales Mmc Heat volumes sales t Cogeneration electricity sales Collected waste Kton Waste disposal Kton WTE electricity production WTE heat production t Electricity distributed Gas distributed Mmc Water distributed Mmc

25 H vs H Results Energy Scenario Average data Brent $/bbl Δ vs Δ % vs 08,8 59,4-49,4-45,4% C O2 - EU ETS cost /Tonn 5,7 7,2,6 27,7% Green C ertificates /MWh 9,9 97,6 5,7 6,2% /$ /$,37,2-0,3-8,6% /bbl 79,4 53,3-26, -32,8% /MWh 23,2 23,3 0, 0,5% c /mc 27,9 24, -3,7-3,3% /Tonn 55,9 53,3-2,6-4,6% /MWh 49,5 49,9 0,4 0,9% /MWh 56,2 54,7 -,5-2,7% /MWh 45,7 47,2,5 3,3% C C GT gas cost(4) /MWh 49,5 49,9 0,3 0,7% C lean Spark spread vs Peakload /MWh 2,2 2, -0, -5,9% C lean Spark spread vs Baseload /MWh -4,5-2,7,8 40,% C lean Dark Spread vs Baseload (5) /MWh,3 2,9,6 4,3% TWh 53,7 53,2-0,4-0,3% Bcm 32,7 35,2 2,6 7,9% Brent PSV () AEEGSI Gas Tariff C oal (API2) (2) PUN baseload (3) PUN peak (3) PUN off-peak (3) Italian electricity demand (6) Gas demand () Gas at virtual trading point (2) Pfor 96/3 Jan -Sep ; Pfor 62/4 Oct -Jun (3) hourly average for each month (4) based on gas at virtual trading point with 53% efficiency; transport costs included (5) 35% efficiency spread between energy prices and API2 coal cost (transport cost included) (6) data subject to update by Terna 25

26 This document has been prepared by A2A solely for investors and analysts. This document does not constitute an offer or invitation to purchase or subscribe any shares or other securities and neither it nor any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Some information contained herein and other material discussed at the meetings may include forward-looking information based on A2A s current beliefs and expectations. These statements are based on current plans, estimates, projections, and projects and therefore you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to changes in global economic business, changes in the price of certain commodities including electricity, gas and coal, the competitive market and regulatory factors. Moreover, forward-looking statements are current only at the date on which they are made. 26