ACEA GROUP 1H2013 Results. Rome, August 1 st, 2013

Transcription

1 ACEA GROUP Results Rome, August 1 st, 2013

2 Acea Group: financial highlights Change % Consolidated revenues 1, , % Gross Operating Margin % Operating costs % Personnel costs % EBITDA % Amortisation, depreciation and provisions % EBIT % Financial income/(expense) (63.4) (55.3) -12.8% Financial income for discounting to present value of Gori s debt n.s. Profit/Loss from equity investments 0.7 (1.8) n.s. Profit/(loss) before tax % Taxes % Net profit/(loss) % Minority interest % Group net profit/(loss) % Capex % Headquarters premises purchase n.s. 30 June 2012 restated* 31 Dec 2012 restated* (a) 31 March June 2013 (b) Change (b-a) Net Debt 2, , , ,479.1 (16.4) Shareholders equity 1, , , , Invested Capital 3, , , , * Entry into effect of amendments to IAS19 2

3 Acea Group: Revenues and EBITDA REVENUES m m (+6.0%) Total number of employees Acea Spa , ,790.3 Environment Energy Water 3,186 3,147 Network 1,432 1,401 Total 6,029 5,971 Figures do not include : - 1H12 Overseas water operations: 1,315-1H13 Overseas water operations: 398 (due to termination of Aguazul Bogotà s operating contract on 31 December 2012) EBITDA m m (+15.5%) 321 Service contract revenue Costs reduction 10 1 Production: +5 m Sales: +9 m Energy Management: +5 m 19 Lazio Campania: +9 m Toscana-Umbria: +13 m Engineering and Services: +1 m Overseas operations: -1 m 22 (3) Acea Distribuzione: +7 m Arse: -13 m (due to the sale of photovoltaic plants) Pubblic Lighting: +3 m 370 Corporate Environment Energy Water Networks 1H1013 3

4 Acea Group: financial highlights and Key quantitative data CORPORATE Corporate reorganization and efficiency measures ( M) (a) (b) Change (b/a) Revenues % Total costs % Personnel costs % EBITDA (6.9) % Capex 115.4* % * Figure includes the cost of purchasing the headquarters premises 113 m ENVIRONMENT EBITDA DRIVERS Terni plant: operations post-revamp +1.2 m S. Vittore plant: CIP6 tariff effect +0.8 m SAO plant: reduced volume contributed to the waste treatment plant -1.2 m (a) (b) Change % (b/a) Key quantitative data Revenues % Gross Operating Margin % Operating costs % Personnel costs % EBITDA % Treatment and disposal (/000s of tonnes) WTE electricity sold (GWh) Capex % 4

5 Acea Group: financial highlights and Key quantitative data ENERGY EBITDA DRIVERS Green Certificates Salisano and Orte plants +3.0 m Increased volume of electricity produced +2.3 m Energy margin increase Key quantitative data Change % (a) (b) (b/a) Total Electricity production (GWh) Hydroelectric Thermoelectric 5 3 Revenues 1, , % Gross Operating Margin % Operating costs % Personnel costs % Total EBITDA % - Production % - Sales* % - Energy Management (4.2) 0.6 n.s. Total Electricity sold (GWh) 6,979 6,416 Enhanced Protection Market 1,738 1,689 Free market 5,241 4,727 Total Gas sold (Mmc) Capex % * Figure also includes the call center activities operated by Acea8Cento 5

6 Acea Group: financial highlights and Key quantitative data WATER EBITDA DRIVERS Recognition of FNI component for 2012 and 2013 approved by certain Concession Authorities (Acquedotto del Fiora, Acque, Publiacqua, Umbra Acque) 22.6 m Termination of Aguazul Bogotà s operating contract on 31 December 2012 Change % (a) (b) (b/a) Revenues % Gross Operating Margin % Operating costs % Personnel costs % Total EBITDA % - Lazio Campania % - Toscana-Umbria % - Engineering and Services % - Overseas operations % Key quantitative data Total Volumes of water sold (Mmc)* * Forecast volumes in existing Concession areas Capex % 6

7 Acea Group: financial highlights and Key quantitative data NETWORKS ACEA Distribuzione: +7.2 m EBITDA DRIVERS Pubblic Lighting: +2.7 m Arse: margin decrease (due to the sale of photovoltaic plants) m (a) (b) Change % (b/a) Key quantitative data Revenues % Gross Operating Margin % Operating costs % Personnel costs % Total EBITDA pro-forma % - EBITDA % - EBITDA photovoltaic plants sold (9.0) - n.s. Total Electricity distributed (GWh) 5,398 5,290 Capex % 7

8 Acea Group: EBIT and Net Profit EBIT m NET PROFIT m m (+30.7%) m (+107.0%) Change % Amortisation % Depreciation % Provisions % Total % 8

9 ACEA Group: Cash Flow CASH FLOW ANALYSIS 2012 EBITDA Change in net working capital (130) (106) (44)* Investment (186) (400) (166) Change in net fixed assets (16) Free Cash Flow 1 (11) Net finance income/(costs) (63) (121) (55)* Income tax expense (42) (97) (68) Free Cash Flow 2 (116) 7 52 Purchase of headquarters premises (113) (113) 0 Dividends and other (Equity) (11) (64) (34) Profit/(loss) from investments 1 1 (2) Change in Net Financial Position (240) (170) 16 Change in EBITDA 2013 net working Investment capital 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 * Amount after stripping out effect of discounting to present value of Gori s debt 9

10 Acea Group: Net Financial Position NET FINANCIAL POSITION 30 June Dec 2012 (a) 31 March June 2012 (b) Change (b-a) Medium/Long-term (2,401.1) (2,178.7) (2,165.8) (2,114.7) 64.0 Short-term (164.9) (316.8) (473.1) (364.4) (47.6) Net Financial Position (2,566.0) (2,495.5) (2,638.9) (2,479.1) 16.4 NET DEBT/ SHAREHOLDER S EQUITY 31 Dec NET DEBT/ SHAREHOLDER S EQUITY 30 June x 1.8x All debt consolidated as long term 55% is fixed rate, at an average overall cost of 3.45% Average term to maturity 10 years Debt structure (maturity and interest rates at 30 June 2013) Rating 29% 71% 55% 45% BBB- BBB+ Baa After 2016 Fixed rate Floating rate 10

11 KEY TAKEAWAYS RESULTS Implementation of effective cost-cutting programme by Parent Company Key takeaways Margin growth across all areas of business Improvement in Net Debt, thanks to strong commitment to pursuing actions designed to reduce working capital. NEXT STEPS Strong commitment to oversee the process of regulatory change in the water sector Key takeaways Rationalisation of the customer portfolio in the electricity sales segment Attractive growth opportunities in Environment segment Extraction of value from the photovoltaic assets still owned by ARSE 11

12 Disclaimer 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. 12

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