1Q2020 Consolidated Results 1Q2020 MERCATO_USO... · 2020. 5. 13. · Apr May Jun Jul Aug Sep Oct...

1

1Q20 CONSOLIDATED RESULTS MAY 13th 2020

May 13th 2020

1Q2020 Consolidated Results

2


Agenda

1Q20 Results 6

Highlights 3

Annexes 16

3


Highlights

4


24.025.3

27.6

31.2

26.4

26.626.3 25.8

25.6

27.525.8

23.7

20

22

24

26

28

30

32

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

Monthly energy demand

Previous Year

Demand Evolution – Last 12 months

DEMAND AS REPORTED (TWh)

Highlights (1/2)

Note: 2018 final figures, 2019 and 2020 preliminary figures

Strong contribution from hydro production

1Q2020 data:

▪ National Demand at 77 TWh, o/w 33% covered by RES

▪ Net Total Production at 66 TWh

❖ Hydro increased by 19%

YoY

Change

1Q2020

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

-1.7% -3.6% 2.5% 3.5% 0.4% -1.1% -0.9% -1.1% -3.0% -4.0% 0.7% -10.2%

Δ %

-4.5%

1Q20 1Q19

77.0 80.6

5


Results driven by ongoing capex acceleration

1Q 2020 Key Figures

Note: excluding Brugg contribution

1. Attributable to Terna

1Q 2019€mn

Revenues

EBITDA

Group Net Income1

Capex

Δ vs 1Q191Q 2020

567 537

434 420

187 186

218 164

Highlights (2/2)

+6%

+3%

+0.3%

+32%

8,409 8,259Net Debt

FY 20191Q 2020

6


1Q20 Results

7


500 517

334447

53717 11 3

567

1Q19 ∆Regulated

Activities

∆Non Regulated

Activities

∆International

Activities

1Q20

Revenues

Note: figures may not add up due to rounding

1. Including IFRIC12

2. Construction margin, including IFRIC12

Insourcing attività di O&M Rete FS Revenues +6% YoY

1 2

€mn

Regulated Activities1

Non Regulated Act.

International Act.2

1Q 2020 results

+31

+5.7%

8


3344

4

737

11 3 51

1Q19 ∆Non Regulated

Activities

∆International

Activities

1Q20

493 502

5

10 5 210

2 4

500 517

1Q19 ∆ Transmission &

Dispatching

∆ Other

∆ IFRIC12

1Q20

Revenues Analysis

€mn

REGULATED€mn

NON REGULATED AND INTERNATIONAL

+17

+3.3% +14

+37.2%

Revenues increase in all business lines

Transmission & Dispatching

Other

IFRIC 12


Non Regulated Act.

International Act.

1Q 2020 results

9


95 98

21

332

24

13 0117

133

1Q19 ∆Regulated

Activities

∆Non Regulated

Activities

∆International

Activities

1Q20

1

+17

+14.1%

€mn

Opex


1. Including IFRIC12

Insourcing attività di O&M Rete FS Rising volumes effect on Opex increase

Regulated Activities1

Non Regulated Act.

International Act.

1Q 2020 results

10


21

33

2

13 0

2

22

35

1Q19 ∆Non Regulated

Activities

∆International

Activities

1Q20

57 57

35

-1 2 2

37

2 495 98

1Q19 ∆ Labour

Costs

∆ External Costs

& Other

∆ IFRIC12

1Q20

Opex Analysis

Insourcing attività di O&M Rete FS Regulated Activities costs substantially in line

€mn

REGULATED€mn


+4

+3.9%+13

+54.7%

Labour CostsExternal Costs & Other

IFRIC 12


Non Regulated Act.

International Act.

1Q 2020 results

11


420 434

1Q19 1Q20

EBITDA

Insourcing attività di O&M Rete FS Investment acceleration driving EBITDA growth

€mn

TOTAL EBITDA€mn

REGULATED

€mn


+14

+3.3%


1Q 2020 results

405 418

13

1Q19 ∆ 1Q20

15 16

1

1Q19 ∆ 1Q20

12


434

282

187 186

152

19

76

EBITDA D&A EBIT NetFinancialExpenses

Taxes GroupNet Income

GroupNet Income

1Q19

From EBITDA to Net Income

Note: figures may not add up due to rounding1. Attributable to Terna. Excluding Minorities

Maintaining Net Income level vis-à-vis higher D&A

1

€mn

1

1Q 2020 results

13


36%

19%

45%Development

Defence

Asset Renewal & Efficiency144

206

20

11164

218

1Q19 1Q20

Regulated Non Regulated and Other

Capex

Insourcing attività di O&M Rete FS Robust Capex acceleration

TOTAL CAPEX€mn

1

REGULATED CAPEX


1. Of which about 2 €mn of Capitalized Financial Charges in 1Q2020 and 3 €mn in 1Q2019

206

€mn

1Q 2020 results

+32%

14


8,259 8,409

306 191 218

47

Dec.31,2019

OperatingCash Flow

Δ WC & Other Capex Dividends&

Equity

Mar.31,2020

Note: figures may not add up due to rounding1. Including Other Fixed Assets Changes2. Including Cash Flow Hedge reserve and other

Cash Flow & Net Debt Evolution

Operating cash flow generation to support capex plan

€mn

2

+150

1

1Q 2020 results

15


80%

17%3%

Terna SpA Bonds

EIB

Banks

Net Debt Evolution & Financial Structure

1. Percentages and key ratios calculated on Gross Debt nominal value2. IAS value

Maintaining a solid financial structure

GROSS DEBT BREAKDOWN KEY RATIOS1 1

Fixed/Floating Ratio

Calculated on Gross Debt

81% Fixed

Duration

4.8 years

9.9€bn 2

1Q 2020 results

16


Annexes

17


€ mn 1Q20 1Q19 Δmn Δ%

Total Revenue 567 537 31 5.7%

Regulated Activities 517 500 17 3.3%

Transmission 475 464 11 2.3%

Dispatching 27 28 -1 -2.8%

Other 10 5 5 90.6%

IFRIC12 4 2 2 110.0%

Non Regulated Activities 44 33 11 33.4%

International Activities 7 4 3 66.7%

Total Costs 133 117 17 14.1%

Regulated Activities 98 95 4 3.9%

Labour Costs 57 57 -1 -1.4%

External Costs 34 34 1 1.8%

Other 3 1 2 121.4%

IFRIC12 4 2 2 110.0%

Non Regulated Activities 33 21 13 61.7%

International Activities 2 2 0 5.9%

EBITDA 434 420 14 3.3%

D&A 152 140 12 8.4%

EBIT 282 280 2 0.8%

Net Financial Charges 19 16 3 21.4%

Pre Tax Profit 263 264 -1 -0.5%

Taxes 76 78 -1 -1.9%

Tax Rate (%) 29.1% 29.5% -0.4 pp

Total Net Income 186 186 0 0.2%

Minority Interest 0 0 0

Group Net Income 187 186 1 0.3%

1. Managerial Accounting2. Including Quality of Service

Consolidated Income Statement1

Annex

2

2

18


Consolidated Balance Sheet

Annex

€ mn

PP&E

Intangible Asset

Financial Inv. and Other

Total Fixed Assets

Net WC

Funds

Net Capital Invested

Financed by:

Consolidated Net Debt

Total Shareholder's Equity

Total

D/E Ratio

D/D+E Ratio

Number of Shares (mn)

Mar. 31,2020 Dic. 31,2019 Δmn

13,922 13,864 58

541 543 -1

473 502 -28

14,937 14,908 28

-1,979 -2,208 229

-178 -210 32

12,780 12,490 289

8,409 8,259 150

4,371 4,232 139

12,780 12,490 289

1.9 2.0

0.7 0.7

2,010 2,010

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1. Net of assets’ disposal

2. Including Other Fixed Assets Changes3. Including Cash Flow Hedge accruals and other

Consolidated Cash Flow

Annex

€ mn 1Q20 1Q19

Total Net Income 186 186

D&A 151 140

Net Change in Funds -32 -29

Operating Cash Flow 306 297

Δ Working Capital & Other -191 -110

Cash Flow from Operating Activities 115 187

Capital Expenditures -218 -164

Free Cash Flow to Equity -103 23

Dividends & Equity -47 -42

Change in Net Cash (Debt) -150 -19

1

2

3

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Disclaimer

21


Notes

22


Notes

23


Notes

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1Q2020 Consolidated Results 1Q2020 MERCATO_USO... · 2020. 5. 13. · Apr May Jun Jul Aug Sep Oct...

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