FY 2018 Consolidated Results · +4.1% 3,360 FY ‘17 3,547 ‘18 +5.6% 2,010 FY ‘17 2,056 FY...
Transcript of FY 2018 Consolidated Results · +4.1% 3,360 FY ‘17 3,547 ‘18 +5.6% 2,010 FY ‘17 2,056 FY...
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FY 2018 vs FY 2017
Highlights
CCGT AND HYDRO VOLUMES
GREEN CERTIFICATES
PHOTOVOLTAIC PLANTS
WASTE TREATMENT PRICES
ACSM-AGAM CONSOLIDATION
CCGT SPREAD AND ANCILLARY SERVICES
GAS MARGIN
PAPER REVENUES
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Key Financial Indicators
€M
Highlights
REVENUES EBITDA OrdinaryEBITDA
GROUP NET INCOMENET FINANCIAL
POSITION
GROUP NET INCOMEOrdinary
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KPIs include ACSM-AGAM contribution
Generation
€M
Analysis of results
• Substantial increase in gas price, affecting:
• Gas Portfolio
• Clean Spark spreads
• Hydro Production +31%
• Significant but lower MSD, mostly in Q4
• Increasing contribution from PHV
CCGTProduction
(GWh)
HydroProduction
(GWh)
PHVProduction
(GWh)
9,072FY ‘17
10,336FY ‘18
+13.9%
3,464FY ‘17
4,539FY ‘18
+31.0%
12FY ‘17
64FY ‘18
>100%
a2a AchievedClean Spark Spread
(€/MWh)
13.0FY ‘17
2.0FY ‘18
-84.6%
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Free MktCustomer(‘000 EOP)
Market
Analysis of results
Energy Retail
€M
• Higher free market customer base
• Weak winter season (higher temperature)
• Higher free market B2B volumes
• Strong advertising, marketing and sales expenses
GasSales(Mmc)
ElectricitySales(GWh)
+18.2%
1,629FY ‘17
1,925FY ‘18
878FY ‘17
1,202FY ‘18
+36.9% +30.6%
8,289FY ‘17
10,826FY ‘18
LightingPoints
(#000)
214FY ‘17
259FY ‘18
+21.0%
KPIs include ACSM-AGAM contribution
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Waste
€M€M
Analysis of results
WasteCollection
(Kton)
Waste Treatment
(Kton)
• Collection: lower paper prices and higher disposal costs
• Increasing treatment prices
• Higher volumes (and prices) in the industrial segment
Equivalent EE Sales(GWh)
1,605FY ‘17
1,671FY ‘18
+4.1%
3,360FY ‘17
3,547FY ‘18
+5.6%
2,010FY ‘17
2,056FY ‘18
+2.3%
KPIs include ACSM-AGAM contribution
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Networks and DH
€M
Analysis of results
* Provisional data, underlying the estimate of allowed revenues of the period
• GAS networks: above average quality premium in 2017
• District Heating: higher volumes and prices, partially offset by negative scenario (CO2)
• Weak winter season (higher temperature)
• IWC: Higher tariffs
RAB* GAS(M€)
Heat Volumes(GWht)
RAB* EE(M€)
1,171FY ‘17
1,395FY ‘18
+19.1%
2,682FY ‘17
2,768FY ‘18
+3.2%
649FY ‘17
646FY ‘18
-0.5%
69FY ‘17
72FY ‘18
+4.3%
KPIs include ACSM-AGAM contribution
DistributedWater
(Mmc)
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From EBITDA to Group Net Income
Analysis of results
€M
2017 1,199 (410) 576 (85) (6) 2935 (139)(34) (192)-(45)
of
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Capex
Analysis of results
BREAKDOWN BY ACTIVITY BREAKDOWN BY BUSINESS
€M
+50M€2017
450M€2018
500M€
Change in perimeterACSM AGAM
+21€M
Generation
Market
Waste
Networks & District HeatingSmart City
Corporate
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Net Free Cash Flow
Analysis of results
(1) Funds from operations after working capital change
€M
-
1,199 109 829 (450) (316) (90)2017 (28) (115)(192)(144) 226(153)
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Reported Ordinary Reported Ordinary
a2a 1199 1127 1231 1160 +32 +3% +33 +3%
Generation 356 352 370 357 +14 +4% +5 +1%Power Generation 309 307 342 335 +33 +11% +28 +9%
Gas Margin 45 44 8 4 -37 -82% -40 -91%
Photovoltaic 1 1 18 18 +17 >100% +17 >100%
ACSM AGAM 1 0 2 0 +1 +100% +0 n.s.
Market 216 164 206 169 -10 -5% +5 +3%Energy Retail 158 137 155 141 -3 -2% +4 +3%
Public Lighting 13 13 13 13 +0 +0% +0 +0%
Energy Solutions 44 14 31 15 -13 -30% +1 +7%
ACSM AGAM 1 0 7 0 +6 >100% +0 n.s.
Waste 261 249 268 266 +7 +3% +17 +7%Collection 72 71 51 54 -21 -29% -17 -24%
Urban Treatment 176 167 197 195 +21 +12% +28 +17%
Industrial Treatment 9 9 17 17 +8 +89% +8 +89%
International Project 2 2 0 0 -2 n.s. -2 n.s.
ACSM AGAM 2 0 3 0 +1 +50% +0 n.s.
Networks 391 383 410 381 +19 +5% -2 -1%Electricity Networks 130 130 126 128 -4 -3% -2 -2%
Gas Networks 140 137 131 128 -9 -6% -9 -7%
Water Cycle 39 40 44 44 +5 +13% +4 +10%
District Heating 78 76 83 81 +5 +6% +5 +7%
ACSM AGAM 4 0 26 0 +22 >100% +0 n.s.
Smartcity 7 7 11 11 +4 57% +4 57%
Other -32 -28 -34 -24 -2 6% +4 -14%
Reported Ordinary
2017 2018 Change
Business Units EBITDA Breakdown
Annexes
€M
*
*
*
*
* ACSM AGAM’s 2017 values refer to spin off (Aspem and mini idro)
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P&L
Annexes
€M2017 FY 2018 FY
Delta vs
2017
Delta %
vs 2017
EBITDA 1,199 1,231 32 2.7%
D&A (410) (463) (53) 12.9%
Impairment write-off (34) (160) (126) n.s.
Provisions (45) (20) 25 -55.6%
EBIT 710 588 (122) -17.2%
Net Financial
Expenses(139) (116) 23 -16.5%
Associates & JV 5 4 (1) -20.0%
Result from non
recurr. Transactions0 14 14 n.s.
EBT 576 490 (86) -14.9%
Taxes (192) (157) 35 -18.2%
Net Result from
disc. operations(85) 21 106 n.s.
Minorities (6) (10) (4) 66.7%
Group Net Income 293 344 51 17.4%
Ordinary Group
Net Income413 438 25 6.1%
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Balance Sheet
Annexes
€M 31.12.2017 31.12.2018 Delta Vs 2017
Tangible Assets 4,606 4,620 14
Intangible Assets 1,863 2,302 439
Shareholdings and Other Non
Current Financial Assets71 23 (48)
Other Non Current
Assets/Liabilities(117) (122) (5)
Deferred Tax Assets and
Liabilities301 264 (37)
Provisions for Risks, Charges
and Liabilities for landfills(625) (642) (17)
Employee Benefits (319) (314) 5
Net Fixed Capital 5,780 6,131 351
Net Working Capital 437 555 118
Other Current
Asset / Liabilities(305) (268) 37
Current Tax
Asset / Liabilities103 15 (88)
Working Capital and Other
Current Assets/Liabilities235 302 67
Non current Assets /Liabilities
held for sale224 112 (112)
Total Capital Employed 6,239 6,545 306
Equity 3,013 3,523 510
Net Financial Position 3,226 3,022 (204)
Total Sources 6,239 6,545 306
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Energy Scenario
Annexes
(1) Gas at virtual trading point
(2) Pfor 162/14 Oct 2014-Mar 2016.
(3) hourly average for each month
(4) based on gas at virtual trading point with 51% efficiency; includes transport costs
(5) 35% efficiency - includes cost spread on API2 and transport cost
(6) data subject to update by Terna
Average data 2017 FY 2018 FYD % vs
2017
Brent $/bbl 54.8 71.6 31%
CO2 - EU ETS cost €/Tonn 5.8 15.9 n.s.
€/$ €/$ 1.1 1.2 5%
Brent € €/bbl 48.6 60.6 25%
PSV(1) €/MWh 19.6 24.2 23%
AEEGSI Gas Tariff (2) c€/mc 18.1 22.0 21%
Coal € (API2) €/Tonn 74.8 78.0 4%
PUN baseload(3) €/MWh 53.9 61.3 14%
PUN peak(3) €/MWh 61.8 68.0 10%
PUN off-peak(3) €/MWh 49.6 57.5 16%
CCGT gas cost(4) €/MWh 46.4 56.7 22%
Spark Spread CCGT_PSV vs Baseload €/MWh 7.5 4.6 -39%
Spark Spread CCGT_PSV vs Peakload €/MWh 15.3 11.3 -26%
Spark Spread CCGT_PSV vs Off-Peak €/MWh 3.2 0.9 -73%
Clean Spark Spread vs Baseload €/MWh 5.3 -1.4 n.s.
Clean Spark Spread vs Peakload €/MWh 13.1 5.3 -60%
Clean Dark Spread vs Baseload(5) €/MWh 10.6 6.9 -35%
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(1)
(1) Net of intermediated IPEX volumes
Volumes
Annexes
KPIs include ACSM-AGAM contribution
2017 FY 2018 FY Δ vs 2017Δ% vs
2017
A2A Group Thermal production GWh 12,370 12,948 579 5%of which
CCGT production GWh 9,072 10,336 1,263 14%
Coal production GWh 2,001 1,922 -79 -4%
Oil production GWh 1,296 690 -606 -47%
A2A Group Hydro production GWh 3,464 4,539 1,076 31%
A2A Group Photovoltaic production GWh 12 64 52 n.s.
Wholesale electricity sales and Foreign Markets GWh 8,598 12,290 3,692 43%
Ipex sales GWh 9,031 5,505 -3,526 -39%
Electricity sales GWh 8,289 10,826 2,537 31%
Gas sales Mmc 1,629 1,925 296 18%
Electricity distributed GWh 11,590 11,913 323 3%
Gas distributed Mmc 2,480 2,745 265 11%
Water distributed Mmc 69 72 3 5%
Heat volumes sales GWht 2,682 2,768 86 3%
Cogeneration electricity sales GWh 277 317 40 14%
Collected waste Kton 1,605 1,671 66 4%
Waste disposal Kton 3,360 3,547 187 6%
WTE and other plants electricity production GWh 1,772 1,807 35 2%
WTE and other plants heat production GWht 1,363 1,419 56 4%
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Bonds
Loans and others
* Excluding ACSM AGAM contribution
Gross debt maturities as of 31 December 2018*
Annexes
€M
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CONTACTS
A2A Investor Relations Team
Mail: [email protected]
Phone: +39 02 7720 3974
http://www.a2a.eu/en/investor/