Edison Spa · MIL:EDNR
Edison Spa — H1 2005 Earnings Presentation
15 slides from Edison Spa's earnings presentation, Jul 28, 2005
Slide 1: First Half 2005 Preliminary Results
First Half 2005 Preliminary Results July 28th, 2005
Slide 2: Agenda
Agenda Business environment First Half 2005 preliminary results : Group consolidated results Core business operating performance and financial highlights Debt evolution Update in electricity investment program and gas supply evolution 2
Slide 3: Electric power availability mix and gas supply sources in Italy
Electric power availability mix and gas supply sources in Italy Electricity supply mix (TWh) (*) Gas supply mix (bcm) 200 +1.6% 50 42.6 44.4 159.1 161.6 +4.2% 0,5 1,6 23,2 26,6 1,1 40 150 3,7 3,6 24,8 21,8 30 100 37,7 34,5 20 119,4 121,2 50 10 6,5 6,0 0 0 -12,0 -11,6 -0,9 IH2004 IH2005 IH04 IH05 IH2
Slide 4: Agenda
Agenda Business environment First half 2005 preliminary results : Group consolidated results Core business operating performance and financial highlights Debt evolution Update in electricity investment program and gas supply evolution 4
Slide 5: Group consolidated 1H 2005 statement of income
Group consolidated IH 2005 statement of income (€ mln) FY2004 1H05 1H04 IAS IAS IAS ∆ Sales were up 24.4% due to higher gas volumes sold and 5,627 Sales 3,556 2,858 +698 a positive trend of average gas and electricity selling prices. 1,475 EBITDA 604 704 -100 26.2 % on sales 17.0 24.6 EBITDA decreas
Slide 6: Edison group 1H2005 financial highlights by business
Edison group IH2005 financial highlights by business Core Business Non Core Consolidated IH2005 IH2004 IH2005 IH2004 IH2005 IH2004 (€ mln) IAS IAS IAS IAS IAS IAS Sales 3,060 2,643 496 215 3,556 2,858 EBITDA 590 693 14 11 604 704 % on sales 19.3% 26.2% 2.8% 5.1% 17.0% 24.6% Depreciation & amort. (27
Slide 7: Edison Group operating performance in the electricity market
Edison Group operating performance in the electricity market Power availability mix (TWh) (a) Power sales mix (TWh) (a) 28 28 -0.1% 25.2 25.2 25.2 25.2 24 24 6,0 5,6 +39.0% 7,6 20 20 10,5 2,0 4,0 16 1,7 16 3,1 1,5 1,4 12 12 3,8 3,9 -12.2% 8 15,5 8 14,1 10,7 9,4 4 4 0 0 IH 2004 IH 2005 IH 2004 IH 200
Slide 8: Electric power – key financial data
Electric power – key financial data (IAS compliant) ∆% 1H05 1H04 1H05 / 1H04 (€ mln) Sales 2,268 2,098 +8.1 EBITDA 475 577 -17.7 % on sales 20.9 27.5 EBIT 244 362 -32.6 % on sales 10.8 17.3 Edison thermoelectric production and Edipower production decreased by 8.9% and 7.8% respectively due to non
Slide 9: Edison Group operating performance in the gas market
Edison Group operating performance in the gas market Gas availability mix (bcm) Gas sales mix (bcm) 8 8 7.1 7.1 +22.4% 0,2 5.8 5.8 6 6 0,1 +51.5% 2,7 3,7 1,8 4 3,4 4 -6.5% 0,8 0,9 2 2,7 2 +13.0% 1,9 3,0 3,4 0,1 0,2 0,5 0,5 0 0 -0,1 IH 2004 IH 2005 IH 2004 IH 2005 Imports from: -2 Algeria 0,4 bcm Lib
Slide 10: Hydrocarbons – key financial data
Hydrocarbons – key financial data (IAS compliant) ∆% 1H05 1H04 (€ mln) 1H05 / 1H04 Sales 1,573 1,093 +43.9 EBITDA 154 158 -2.5 % on sales 9.8 14.5 EBIT 110 108 +1.9 % on sales 7.0 9.9 The increase of 22.4% in gas sales volumes was driven by: • higher sales to residential users (+51.5%) • higher sa
Slide 11: Edison group debt evolution
Edison group debt evolution Changes in consolidated net financial position IAS compliant (4,906) (*) 7 7 (122) 590 (129) 44 (4,890) (121) Warrants (260) conversion Non core operations Disposal of Other Edison Enichem France (8) (54), Oleina/ EBITDA Financial and Sidi Cereol (68) expenses settlements
Slide 12: Agenda
Agenda Business environment First Half 2005 preliminary results : Group consolidated results Core business operating performance and financial highlights Debt evolution Update in electricity investment program and gas supply evolution 12
Slide 13: Edison growth strategy – progress in the investment program
Edison growth strategy – progress in the investment program 30/06/2005 FY2005 2008 800 MW ~ 10.0 GW 800 MW Simeri Crichi (CZ) (a) 1H 2007 2000 MW 200 MW Wind farms 2008 8.5 GW 400 MW Candela (FG) 3Q 2005 250 MW Merchant line 2008 Planned project 800 MW Altomonte (CS) 4Q 2005 out of the EDISON 6.5 GW
Slide 14: Development of Edison gas sources in Italy
Development of Edison gas sources in Italy Edison gas supply mix in 2004 Edison gas supply mix at 2008 (Bcm) ~17.0 Other 5.4 (a) 13.1 imports ~2.0 Qatar 6.4 6.7 Spot 0.8 Algeria/Libya 2.3 Libya 3.4 4.0 (b) Russia 1.8 North Sea 1.4 Russia 1.0 North Sea 1.8 2.0 ~ 1.0 Domestic Import via Purchases Tota
Slide 15: Disclaimer
Disclaimer This document has been prepared by EDISON solely for the use at investors and analysts meetings. This document does not constitute an offer or invitation to purchase or subscribe any shares and neither it nor any part of it shall form the basis of or be relied upon in connection with any