ACEA GROUP 1Q11 RESULTS. Rome, 11 May Acea Group 1Q11 Results

Transcription

1 ACEA GROUP RESULTS Rome, 11 May Acea Group Results

2 Acea Group: financial highlights Restated * (a) (b) % Change (b/a) Consolidated revenues % Operating costs % - Personnel costs % - External costs % Net profit/(loss) on management of commodity risk 3.2 (1.6) % % Depreciation, amortisation and write-downs % EBIT % Total financial income/(expense) (19.8) (23.2) +17.2% Profit/Loss from equity investments % Profit/(loss) before tax % Taxes % Net profit/(loss) from continuing operations % Net profit/(loss) from discontinued operations** n.s. Net profit/(loss) % Minority interest % Group net profit/(loss) % Capex % 31 March Dec March 2011 Change (a) (b) (b-a) Net Debt 2, , ,125.6 (78.1) Shareholders equity 1, , , Invested Capital 3, , , Acea Group Results * Amounts reflect the finalised application of IFRIC 12 to the public lighting service concession arrangement ** Gain realised following the unwinding of the Joint Venture with GdF Suez Energia italia

3 Acea Group: and personnel costs m (5.4) (5.0) (3.1) 3.0 (1.0) The decrease is mainly due to: - public lighting new additional agreement - environment sector - electricity generation margin Public Lighting Fair Value Environment (Terni plant) Change in perimeter* ** * Acquedotto del Fiora ** Mainly due to water tariff increase and electricity generation margin decrease PERSONNEL COSTS Total number of employees (average) (2.4) 74.1 Water 3,885 4,604 Network 1,601 1,544 Energy Environment Acea Spa Total 6,692 7,349 3 Acea Group Results C hange in perimeter* Salary dynamics Efficiency * Acquedotto del Fiora Of which overseas water operations: 734 Of which overseas water operations: 1,373

4 Acea Group: and operating highlights WATER %Change % Change in basis of consolidation: Acquedotto del Fiora (+3.0 m) Increased tariffs ATO2-Lazio Centrale, Gori and Publiacqua ATO2 Central Lazio Billed water (Mmc) Other ATOs Billed water (Mmc) Net of sub-suppliers NETWORKS %Change % Public lighting: new additional agreement with Comune di Roma (-5.4 m) ELECTRICITY DISTRIBUTION Energy injected into the network (GWh) Enhanced Protection market 1,225 1,140 Free and Safeguard electr. markets 1,766 1,840 Total 2,991 2,980 ENERGY %Change % Reduced electricity generation margin ELECTRICITY GENERATION (GWh) Hydroelectric Thermoelectric 4,294 3,699 Wind ELECTRICITY SALES (GWh) Enhanced Protection market Free and Safeguard electricity markets 1,125 1,124 3,614 3,121 Total 4,555 3,916* Total 4,739 4,245 * Including Tirreno Power production 100%: 2,392 GWh ENVIRONMENT %Change % Shutdown of Terni plant for revamping S. Vittore plant: stop at the feed-in tariff introduced by CIP6 Plants (Ton.) San Vittore 20,608 17,991 Terni** 27,951 - Total 48,559 17,991 Electricity injected into the grid Plants (MWh) San Vittore 16,411 14,562 Terni** 17,341-4 Acea Group Results **Revamping from August 2010 Total 33,752 14,562

5 Acea Group: EBIT and net profit EBIT: -25.3% NET PROFIT: +81.2% Net profit from discontinued operations* 33.0 * Gain realised following the unwinding of the Joint Venture with GdF Suez Energia italia % Change Amortisation % Depreciation % Provisions % Total % 5 Acea Group Results

6 Acea Group: net debt and capex NET DEBT 31 Dec March Dec 2010 (a) 31 March 2011 (b) Change (b-a) Medium/Long-term 1, , , , (184.9) Short-term (204.9) (271.8) (165.0) NET DEBT/ SHAREHOLDER S EQUITY 31 Dec NET DEBT/ SHAREHOLDER S EQUITY 31 March x 1.4x Net debt 2, , , ,125.6 (78.1) Weighted average cost of Debt 3.7% CAPEX Rating 36.2 A Negative outlook A3 Stable outlook A Stable outlook Debt structure (maturity and interest rates) % 33% 29% 70% 67% Acea Spa Energy Environment Networks Water < After 2014 Fixed rate Floating rate 6 Acea Group Results

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. ACEA SPA 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 ARTICLE, 154-BIS, PARAGRAPH 2, OF THE UNIFIED FINANCIAL ACT OF FEBRUARY 24, 1998, 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 Acea Group Results