ACEA GROUP 1Q2013 Results. Rome, 14 May 2013

Transcription

1 ACEA GROUP Results Rome, 14 May 2013

2 Acea Group: financial highlights Acea Group Results ( m) Change % Consolidated revenues % Operating costs % - Personnel costs % - External costs % Net profit/(loss) on management of commodity risk (3.2) - n.s. EBITDA % Amortisation, depreciation and provisions % EBIT % Total financial income/(expense) (28.9) (25.0) -13.5% Profit/Loss from equity investments % Profit/(loss) before tax % Taxes % Net profit/(loss) % Minority interest % Group net profit/(loss) % Capex 189.6* % ( m) 31 March 2012 restated** 31 Dec 2012 restated** 31 March 2013 Change (b-a) Net Debt 2, , , Shareholders equity 1, , , Invested Capital 3, , , * Figure includes the cost of purchasing the headquarters premises 113 m ** Entry into effect of amendments to IAS19 2

3 Acea Group: Revenues and EBITDA Acea Group Results REVENUES m Total number of employees Acea Spa m (+1.6%) Environment Energy Water 3,195 3,153 Network 1,447 1,407 Total 6,053 5,976 Figures do not include : - 1Q12 Overseas water operations: 1,335-1Q13 Overseas water operations: 407 (due to termination of Aguazul Bogotà s operating contract on 31 December 2012) EBITDA m +20 m (+12.5%) Service contract revenue Costs reduction Mainly due to energy margin increase (1) 178 Acea Distribuzione: +4.0 m Arse: -5.8 m (also due to sale of photovoltaic plants) Pubblic Lighting: +0.4 m Corporate Environment Energy Water Networks 3

4 Acea Group: EBITDA and Key quantitative data ENVIRONMENT Acea Group Results Terni plant: operations post-revamp +0.7 m S. Vittore plant: CIP6 tariff effect +0.7 m SAO plant: reduced volume contributed to the waste treatment plant -0.6 m Key quantitative data EBITDA ( m) Change % (b/a) Treatment and disposal (/000s of tonnes) Total % WTE electricity sold (GWh) ENERGY Key quantitative data Green Certificates Salisano and Orte plants +1.7 m Electricity production (GWh) Increased volume of electricity produced +0.9 m Hydroelectric Thermoelectric 5 2 Effect of fair value measurement of portfolio hedges Wind m Total EBITDA ( m) Change % (b/a) Production % Sales* % Energy Management (4.9) % Total % Electricity sold (GWh) Enhanced Protection Market Free market 2,806 2,398 Total 3,689 3,299 Gas sold (Mmc) * Figure also includes the call center activities operated by Acea8Cento Total

5 Acea Group: EBITDA and Key quantitative data WATER Termination of Aguazul Bogotà s operating contract on 31 December 2012 Acea Group Results Recognition of FNI component for 2012 and 2013 approved by certain concession authorities (Acquedotto del Fiora, Acque, Umbra Acque) +5.4 m EBITDA ( m) Change % (b/a) Lazio Campania % Toscana-Umbria % Ingegneria e Servizi % Estero % Total ,7% Key quantitative data Volumes of water sold (Mmc) Total NETWORKS ACEA Distribuzione: +4.0 m Pubblic Lighting: +0.4 m Arse: margin decrease (also due to sale of photovoltaic plants) -5.8 m EBITDA ( m) Change % (b/a) Key quantitative data EBITDA % EBITDA photovoltaic plants sold (3.4) - n.s. EBITDA pro-forma % Electricity distributed (GWh) Total 2,818 2,730 CORPORATE Corporate reorganization and efficiency measures EBITDA ( M) Change (b-a) Total (5.3)

6 Acea Group: EBIT and Net Profit Acea Group Results EBIT m NET PROFIT m m (+32.6%) m (+64.3%) ( m) Change % Amortisation % Depreciation % Provisions % Total % 6

7 ACEA Group: Cash Flow Acea Group Results CASH FLOW ANALYSIS ( m) 2012 EBITDA Change in net working capital (204) (106) (170) Investment (76) (400) (76) Change in net fixed assets (16) 27 (1) Free Cash Flow 1 (138) 224 (69) Net finance income/(costs) (29) (121) (25) Income tax expense (19) (97) (32) Free Cash Flow 2 (186) 7 (126) Purchase of headquarters premises (113) (113) 0 Dividends and other (Equity) (14) (64) (19) Profit/(loss) from investments Change in Net Financial Position (313) (170) (143) EBITDA Change in net working capital Investment Change in net fixed assets Free Cash Flow Net finance income/ (costs) Income tax expense Sub-total before dividends and the profit/(loss) from investments Dividends and other (Equity) Profit/(Loss) from investments Change in Net Financial Position Cash flows Cash generated/used 7

8 Acea Group: Net Financial Position and Capex NET FINANCIAL POSITION ( m) 31 March Dec March 2013 Change (b-a) NET DEBT/ SHAREHOLDER S EQUITY 31 Dec Acea Group Results NET DEBT/ SHAREHOLDER S EQUITY 31 March 2013 Medium/Long-term (2,380.1) (2,178.6) (2,165.8) x 2.0x Short-term (258.7) (316.9) (473.1) (156.2) Net Financial Position (2,638.8) (2,495.5) (2,638.9) (143.4) % CHANGE NET DEBT 31 March 2012 Vs 31 Dec % CHANGE NET DEBT 31 March 2013 Vs 31 Dec % +5.7% All debt consolidated as long term 54% is fixed rate, at an average overall cost of 3.47% Average term to maturity 10 years Rating Debt structure (maturity and interest rates at 31 March 2013) 29% 71% 54% 46% After 2016 Fixed rate Floating rate BBB- BBB+ Baa * CAPEX CAPEX Total 189.6* Corporate Energy Environment Networks Water 1Q12 1Q13 1Q12 1Q13 1Q12 1Q13 1Q12 1Q13 1Q12 1Q13 * Figure includes the cost of purchasing the headquarters premises 8

9 Disclaimer Acea Group Results THIS PRESENTATION MAY CONTAIN CERTAIN STATEMENTS THAT ARE NEITHER REPORTED FINANCIAL RESULTS NOR OTHER HISTORICAL INFORMATION ( FORWARD-LOOKING STATEMENTS ). THESE FORWARD-LOOKING STATEMENTS ARE BASED ON ACEA S.P.A. S CURRENT EXPECTATIONS AND PROJECTIONS ABOUT FUTURE EVENTS. BECAUSE THESE FORWARD-LOOKING STATEMENTS ARE SUBJECT TO RISKS AND UNCERTAINTIES, ACTUAL FUTURE RESULTS MAY DIFFER MATERIALLY FROM THOSE EXPRESSED IN OR IMPLIED BY THESE STATEMENTS DUE TO ANY NUMBER OF DIFFERENT FACTORS, MANY OF WHICH ARE BEYOND THE ABILITY OF ACEA S.P.A. TO CONTROL OR ESTIMATE PRECISELY, INCLUDING CHANGES IN THE REGULATORY ENVIRONMENT, FUTURE MARKET DEVELOPMENTS, FLUCTUATIONS IN THE PRICE AND AVAILABILITY OF FUEL AND OTHER RISKS. YOU ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN, WHICH ARE MADE ONLY AS OF THE DATE OF THIS PRESENTATION. ACEA S.P.A. DOES NOT UNDERTAKE ANY OBLIGATION TO PUBLICLY RELEASE ANY REVISIONS TO ANY FORWARD-LOOKING STATEMENTS TO REFLECT EVENTS OR CIRCUMSTANCES AFTER THE DATE OF THIS PRESENTATION. *** PURSUANT TO ART. 154-BIS, PAR. 2, OF THE UNIFIED FINANCIAL ACT OF FEBRUARY 24, 1998, THE EXECUTIVE IN CHARGE OF PREPARING THE CORPORATE ACCOUNTING DOCUMENTS AT ACEA, IOLANDA PAPALINI, DECLARES THAT THE ACCOUNTING INFORMATION CONTAINED HEREIN CORRESPOND TO DOCUMENT RESULTS, BOOKS AND ACCOUNTING RECORDS. 9

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