ACEA GROUP. 1H10 Results. July 27, 2010

Transcription

1 ACEA GROUP Results July 27, 2010

2 Acea Group: financial highlights Restated* (a) (b) % Change (b/a) Consolidated revenues 1, , % Operating costs 1, , % - Personnel costs % - External costs 1, , % Net profit/(loss) on management of commodity risk (1.3) 9.8 n.s. EBITDA % Depreciation, amortisation and write-downs % EBIT % financial income/(expense) (39.5) (49.7) +25.8% Profit/Loss from equity investments 0.9 (0.2) % Profit/(loss) before tax % Taxes % Net profit/(loss) before minority interest % Minority interest % Net profit/(loss) % Capex % 30 June 2009 Restated* 31 Dec 2009 Restated*(a) 31 March 2010 (c) 30 June 2010 (b) Change (b-a) Change (b-c) Net Debt 1, , , , (82.1) Shareholders equity 1, , , , Invested Capital 3, , , , (42.9) * Retrospective application of IFRIC12, governing the accounting treatment of service concession arrangements, from 1 January

3 Acea Group: EBITDA and personnel costs 6.8* 1.1 EBITDA: +19.2% MAIN DRIVERS Increased tariffs ATO2-Lazio Centrale Change in basis of consolidation: Nuove Acque Increased margin in solar power Reduced operating costs Acea ATO2 and Acea Distribuzione Increased margin AceaElectrabel Trading Increased margin on free market sales * Non recurrent items ** Nuove Acque Change in perimeter** Energy EBITDA Group EBITDA PERSONNEL COSTS number of employees (average) (6.8) 3.9 (3.5) (4.9) Water Network Energy 3,867 1, ,874 1, Environment and Energy Acea Spa ,667 6,686 Change in perimeter Non recurrent items IAS effect Salary dynamics Efficiency 3

4 Acea Group: EBITDA and operating highlights Water Networks ATO2 Central Lazio Billed water (Mmc) Other ATOs Billed water (Mmc) EBITDA: +11,6% EBITDA: +4.3% ELECTRICITY DISTRIBUTION Energy injected into the network (GWh) Enhanced Protection market 2,510 Free market 3,316 5,826 2,272 3,545 5,817 Environment and Energy EBITDA: -7.8% EBITDA: % Energy San Vittore Terni San Vittore Terni Plants Plants ,140 35,800 71,940 (Ton/000) Electricity injected into the grid (MWh) 36,117 34,546 70, ELECTRICITY GENERATION (GWh) Hydroelectric Thermoelectric Wind energy produced 444 6,551 * Including Tirreno Power production 100%: 5,663 GWh ELECTRICITY SALES (GWh) Enhanced Protection market Free market 41 7,036 2,309 6,025 8, , ,292* 2,012 7,384 9,396 4

5 Acea Group: EBIT and net profit EBIT: 24.1% NET PROFIT: 52.1% Amortisation Depreciation Provisions (a) (b) % Change % % % % Reduced tax expense resulting from Tremonti Ter legislation (providing tax breaks for new investments) and deduction of interest payments on the so-called Tax Moratorium. 5

6 Acea Group: net debt and capex NET DEBT 30 June Dec 2009 (a) 31 March June 2010 (b) Change (b-a) NET DEBT/ SHAREHOLDER S EQUITY 31 Dec. 09 NET DEBT/ SHAREHOLDER S EQUITY 30 June 10 Medium/Long-term 1, , , , Short-term (204.9) (274.8) (587.3) Net debt 1, , , , CAPEX Medium/Long-term Weighted average cost: 3.46% Short-term weighted average cost: 0. 68% Rating A Negative outlook A Negative outlook Structure of debt (maturity and interest rates) % 33% 33% 65% 67% < After 2014 Fixed rate Floating rate Acea Spa Energy Environment and Energy Networks Water Capex 46% development 44% maintenance 10% other 6

7 Disclaimer THIS DOCUMENT HAS BEEN PREPARED BY ACEA SOLELY FOR USE AT INVESTOR AND ANALYST MEETINGS. THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER OR INVITATION TO PURCHASE OR SUBSCRIBE SHARES 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. CERTAIN INFORMATION CONTAINED HEREIN AND OTHER MATERIAL DISCUSSED AT THE MEETINGS MAY INCLUDE FORWARD-LOOKING STATEMENTS BASED ON ACEA S CURRENT BELIEFS AND EXPECTATIONS. THESE STATEMENTS ARE BASED ON CURRENT PLANS, ESTIMATES, PROJECTIONS AND PROJECTS AND UNDUE RELIANCE SHOULD NOT THEREFORE BE PLACED 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 CONDITIONS, CHANGES IN THE PRICE OF CERTAIN COMMODITIES INCLUDING ELECTRICITY, GAS AND OIL, THE COMPETITIVE MARKET AND REGULATORY FACTORS. MOREOVER, FORWARD-LOOKING STATEMENTS ARE TO BE HELD ONLY AT THE DATE THEY ARE MADE. PURSUANT TO ARTICLE, 154-BIS, PARAGRAPH 2, OF THE UNIFIED FINANCIAL ACT, THE EXECUTIVE IN CHARGE OF PREPARING THE CORPORATE ACCOUNTING DOCUMENTS AT ACEA, GIOVANNI BARBERIS, DECLARES THAT THE ACCOUNTING INFORMATION CONTAINED HEREIN CORRESPOND TO DOCUMENT RESULTS, BOOKS AND ACCOUNTING RECORDS. 7