A2A Results. Milan, March 23 th, 2012

Size: px

Start display at page:

Download "A2A Results. Milan, March 23 th, 2012"

Lambert Hines
5 years ago
Views:

1 A2A 2011 Results Milan, March 23 th, 2012

2 Agenda 2011 Main financial highlights Non-recurring and extraordinary items From EBITDA to Restated Net Income EBITDA Segment analysis Net debt and Cash Flow This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A s prior written consent. 2

3 Main financial highlights M data Change Change % NET SALES 6,041 6, % EBITDA 1, % EBIT % NET INCOME NON-RECURRING AND EXTRAORDINARY ITEMS NET INCOME (capital gain included) Analyzed as follows CAPITAL GAINS ADJUSTED NET INCOME % Change NFP 3,893 4, This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A s prior written consent. 3

2011 Non recurring and extraordinary items M data M data 2010 2011 ADJUSTED NET INCOME 243 168 WRITE-DOWN OF FIXED ASSETS: -9-59 RELATED P&L ITEMS IMPACT ON P&L ITEMS EPCG GOODWILL -94 D&A, WRITE

4 2011 Non recurring and extraordinary items M data M data ADJUSTED NET INCOME WRITE-DOWN OF FIXED ASSETS: RELATED P&L ITEMS IMPACT ON P&L ITEMS EPCG GOODWILL -94 D&A, WRITE DOWNS AND PROVISIONS of which minorities 53 MINORITIES NET EFFECT EPCG GOODWILL -41 OTHER WRITE-DOWNS D&A, WRITE DOWNS AND PROVISIONS D&A, WRITE DOWNS AND PROVISIONS -110M LOWER TAXES 6 TAXES WRITE-DOWN OF ASSOCIATES: EDIPOWER -123 ASSOCIATES NET EFFECT of TdE IFRS 5/MINORITIES ASSOCIATES -130M OTHER ASSOCIATES CAPITAL GAINS: METROWEB 39 IFRS 5 ALPIQ 212 IFRS 5 IFRS 5/MINORITIES -420M TOTAL NET INCOME This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A s prior written consent. 4

2011 - From EBITDA to Net Income (1/2) M data 2010 2011 Change Non-recurring and extraordinary items impact EBITDA 1,040 942-98 D&A, Write Downs and Provisions -542-641 -99 D&A, WRITE DOWNS AND

5 From EBITDA to Net Income (1/2) M data Change Non-recurring and extraordinary items impact EBITDA 1, D&A, Write Downs and Provisions D&A, WRITE DOWNS AND PROVISIONS -110M Financial charges Derivatives/others Associates and JV and others ASSOCIATES -130M Others EBT ADJUSTED EBT This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A s prior written consent. 5

2011 - From EBITDA to Net Income (2/2) M data 2010 2011 Change Non-recurring and extraordinary items impact EBT 393 42-351 TAXES -158-148 +10 IFRS 5 MINORITIES +73-314 -387 IFRS 5-420M OTHER

6 From EBITDA to Net Income (2/2) M data Change Non-recurring and extraordinary items impact EBT TAXES IFRS 5 MINORITIES IFRS 5-420M OTHER MINORITIES +33M NET INCOME ADJUSTED NET INCOME This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A s prior written consent. 6

2011 - EBITDA breakdown M M data data EBITDA EBITDA EBITDA vs Bdg vs 2010 EBITDA BREAKDOWN 2010 2011 Bdg 2011 2011 ELECTRICITY 321 252-69 252 0 Waste 29% GAS 82 94 12 65 29 COGENERATION AND DISTRICT

7 EBITDA breakdown M M data data EBITDA EBITDA EBITDA vs Bdg vs 2010 EBITDA BREAKDOWN Bdg ELECTRICITY Waste 29% GAS COGENERATION AND DISTRICT HEATING Energy 36% WASTE Networks 26% NETWORKS Cogeneration and District Heating 9% OTHER SERVICES & CORPORATE CONSOLIDATION ADJUSTMENTS Waste 26% Energy 40% TOTAL (EPCG not included) Networks 27% EPCG TOTAL 1, Cogeneration and District Heating 7% This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A s prior written consent. 7

8 2011 Energy - Scenario This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A s prior written consent. 8

9 2011 Energy - Volumes (Epcg not included) ELECTRICITY VOLUMES (GWh) GREEN CERTIFICATES Intermediated Ipex volumes 46,286 8, ,843 8,720 1,665 Intermediated Ipex volumes 46,286 8,931 1,401 48,843 8,720 1,814 - A2A Group Green Certificates Long Position at ~ 0.3 TWh (0.2 TWh at ) 10,543 14,898 8,932 11,994 4,276 5,025 3,241 9,039 3,238 5,604 2,983 8,210 8,247 15,534 4,483 18,849 CO2 POSITION 3, Sources 3, Sleeve Foreign markets Ipex Domestic purchases Single Buyer Thermal Hydro 3, Uses 2, Sleeve Captive customers Eligibles,Wholesale Ipex Foreign markets - A2A Group CO2 Long Position at ~ 1.8 Mton (1.3 Mton at ) This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A s prior written consent. 9

10 2011 Other Volumes (Epcg not included) % Electricity distributed GWh 11,375 11,489 1% Gas distributed Mmc 2,255 2,011-11% Gas points of redelivery Pdr 1,255,885 1,269,628 1% Water distributed Mmc % Retail and wholesale gas sales Mmc 4,194 4,005-5% Heat volumes GWht 3,038 2,874-5% Cogeneration electricity GWh % Heated volumes Mmc % Collected waste Kton % Waste disposal Kton 2,763 2,626-5% WTE electricity GWh 1,179 1,209 3% Heat production GWht % This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A s prior written consent. 10

2011 - EBITDA by business M data Industrial portfolio performance due to lower margins Margin increase due to supply optimization, partially offset by scenario and lower volumes -98 WTE plants margin

11 EBITDA by business M data Industrial portfolio performance due to lower margins Margin increase due to supply optimization, partially offset by scenario and lower volumes -98 WTE plants margin increase Electricity and gas non-recurring items recorded in 2010 (equalization items) 1, Full year (Epcg not included) : Heating services margin increase and Coriance contribution 2010 Electricity Gas Cogeneration and District Heating Waste Networks Other services and corporate * Consolidation adjustment included * This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A s prior written consent. 11 Epcg 2011

12 2011 EPCG: EBITDA analysis 62 Lower Hydroelectric production Higher Import needs Increase in thermoelectric production Total Price Effect: -23M HYDROELECTRIC PRODUCTION (GWh) % 2,749 1,204-56% Average import prices increased by 26% IMPORT (GWh) 722 1,371 90% IMPORT Lower Hydroelectric production Import Prices increase Tariffs reduction Sales volumes Other 2011 This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A s prior written consent. 12

13 2011 EPCG: Tariffs evolution Average Energy Tariffs for Distribution clients On December 30, 2011 the Regulatory Agency of Montenegro (RAE) adopted the new methodology for tariff structure, introducing concepts of cost reflective tariff, return on investments and pricecap regulation; For H average increase in tariffs of 6% defined by RAE As of H up to 2015 the Methodologies defined by RAE have been applied to the cost and investment plan of EPCG In 2016 annual increase around 5% 110 /MWh New Regulatory Period Growth rate 8,4% 17,5% 6,3% 3,8% 5,0% In the planning period the CAGR of the average tariffs for Distribution clients is 8% This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A s prior written consent. 13

14 Net Debt and Cash Flow M data , , NFP 31/12/2010 Net profit +D&A Change in Assets/ Liabilities Shareholdings disposal Capex Dividends NFP 31/12/2011 This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A s prior written consent. 14

15 Group Financial structure Total debt - Maturity DEBT MATURITY DEBT BREAKDOWN BY INTEREST <31/12/ /01/13-31/12/14 01/01/15-31/12/16 >31/12/ % 15% Swap Variable Fixed 16% 27% 42% 55% 29% 23% by Q (new derivatives been finalized) TOTAL DEBT: 4,373 M - AVG. MATURITY: 4 YEARS UNDRAWN LINES*: 1,830 M 2011 AVG. RATE 3.3% DEBT BREAKDOWN COMPANY S CREDIT RATING Uncommitted Lines & other Committed Lines 25% 2% 3% 2% 1% BBB+/A-2 Loans 48% Outlook Negative Bond 25% Baa1 Outlook Negative * of which 1,785 M committed lines, 45 M BEI loan Note: EPCG not included This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A s prior written consent. 15

A2A Results. Milan, March 14 th, 2013

A2A Results. Milan, March 14 th, 2013 A2A 2012 Results Milan, March 14 th, 2013 Agenda 2012 Main financial highlights Segment analysis From EBITDA to net income Net debt and cash flow Focus on A2A main projects: Edipower: Iren exit Waste project