Acea S.p.A. · MIL:ACE
Acea — Investor Presentation (September 2022)
132 slides from Acea's investor presentation, September 2022
Slide 1: Acea Group Guidebook
Acea Group Guidebook September 2022
Slide 2: Agenda
Agenda ACEA GROUP The Acea Group today Historical results Business Plan 2020-2024 Sustainability INDUSTRIAL AREAS (Business Plan 2020-2024 and Regulation) Water Energy Infrastructure Environment Engineering & services Commercial & trading Generation Overseas RESULTS 1H 2022 1Q 2022 2021 9M 2021 2
Slide 3: Acea today / Historical results
ACEA GROUP Acea today Historical results TITOLO CAPITOLO TITOLO PRESENTAZIONE / Luogo e data
Slide 4: Acea is a leading multi-utility player in the Italian market
Acea is a leading multi -utility player in the Italian market * Commercial & 2021 EBITDA Water Trading Power generation Leader With more One of With Green With 300 MW in the water than 9 M the main more than player of installed €1,256M supply sector in customers players in the 8 TWh in power capacit
Slide 5: Historical Results: EBITDA and Net Profit
Historical Results E B I T DA A N D N E T P RO F I T P E R F O R M A N C E EBITDA AND NET PROFIT 398.0 (OLD GAAP) (€m) 314.4 293.7 279.4** 214.3 219.6 110.5* 102.6 * In 1999, Acea SpA benefitted from a tax holiday. Without this, net profit 48.8 47.6 49.0 would have amounted to €65m. ** Including €45
Slide 6: Historical Results: Dividend
Historical Results DIVIDEND (2004-2021) 181.0 170.4 166.1 (€m) 151.2 139.0 132.0 132.0 134.2 115.0 106.5 100.1 95.8 95.8 89.4 80.5 Special 36.0 dividend 59.6 63.9 Ordinary dividend 59.8 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2004 2005 2006 2007 2008
Slide 7: Historical Results: Financial Ratios and Capex
Historical Results F I N A N C I A L R AT I O S A N D C A P E X NET DEBT/EBITDA (2004-2021) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2.62x 2.33x 2.52x 2.53x 2.62x 3.80x 3.31x 3.55x 3.59x 3.33x 2.91x 2.75x 2.37x 2.88x 2.75x 2.94x 3.05x 3.17x CAPEX (OLD
Slide 8: Business Plan 2020-2024
ACEA GROUP Business Plan 2020-2024 TITOLO CAPITOLO TITOLO PRESENTAZIONE / Luogo e data
Slide 9: GRIDS: Growth, Renewables, Innovation, Delivery, Sustainability
G R I D S Growth Renewables Innovation Delivery Sustainability Growth driven by …also supported by …together with …proving a …with strong focus regulated investments in investments for new consistent track on environmental businesses, with RES, both industrial innovative services record of impact an
Slide 10: Key financials
Key financials EBITDA | M€ NFP | M€ RAB | B€ 2021 2020 NFP/EBITDA 3.1x 3.2x Water ¹ 3.1^ 2.5 ATO2 2.2 1.7 NFP/RAB 0.7x 0.7x 1,256 1,280/1,300 1,155 ATO5 0.2 0.1 3,977* 4,200/4,300 3,528 SII TERNI 0.1 0.1 AdF 0.3 0.2 GORI 0.3 0.3 ARETI 2.5 2.3 2020A 2021A 2022 2020A 2021A 2022 Electricity distributio
Slide 11: Sustainability
ACEA GROUP Sustainability TITOLO PRESENTAZIONE / Luogo e data MIL 201027_Piano Acea_Documento pe ...
Slide 12: More than 2B€ related to specific sustainability targets
More than 2B€ related to specific sustainability targets with highest relevance and priority to the Group SUSTAINABILITY Sustainable Development Goals CAPEX related to sustainability targets | M€, 2020-2024 (SDGs) Related to investments in 2.1B€ of investments related to sustainability targets over
Slide 13: Key ESG Highlights
Key ESG Highlights A C E A : S U S TA I N A B I L I T Y AT T H E H E A RT O F O U R S T R AT E G I C D E C I S I O N S A N D O U R O P E R AT I O N S SUSTAINABILITY ACEA HAS COMMITTED TO SET NEAR-TERM COMPANY-WIDE EMISSION REDUCTIONS IN LINE WITH CLIMATE SCIENCE WITH THE SBTI (July 2022) FIRST C
Slide 14: Key ESG Highlights
Key ESG Highlights A C E A : C R E AT I N G E C O N O M I C , S O C I A L , C U LT U R A L A N D E N V I RO N M E N TA L VA L U E I N SOCIAL & T H E R E F E R E N C E T E R R I TO R I E S GOVERNANCE SUPPORTERS OF UNITED NATIONS GLOBAL COMPACT SINCE 2007: HUMAN RIGHTS, LABOUR, ENVIRONMENT, ANTI-CORRU
Slide 15: Key ESG Highlights
Key ESG Highlights A C E A : C R E AT I N G E C O N O M I C , S O C I A L , C U LT U R A L A N D E N V I RO N M E N TA L VA L U E I N SOCIAL & T H E R E F E R E N C E T E R R I TO R I E S GOVERNANCE GOVERNANCE FRAMEWORK THAT IS ALIGNED WITH THE BEST PRACTICES RECOMMENDED IN THE CORPORATE GOVERNANCE
Slide 16: Key ESG Highlights
Key ESG Highlights A C E A : C R E AT I N G E C O N O M I C , S O C I A L , C U LT U R A L A N D E N V I RO N M E N TA L VA L U E I N T H E R E F E R E N C E T E R R I TO R I E S SUSTAINABILITY RATINGS Improved/confirmed analysts’ rankings, TAXONOMY: ELIGIBILITY ASSESSMENT ratings and benchmarks CON
Slide 17: Industrial areas
ACEA GROUP Industrial areas TITOLO CAPITOLO TITOLO PRESENTAZIONE / Luogo e data MIL 201027_Piano Acea_Documento pe ...
Slide 18: New organizational structure
New organizational structure to maximize the value generated from the por tfolio of businesses NEW O R G A N I Z AT I O N Operations Commercial Generation / overseas Generation Commodity Water Environment Infrastructure Overseas Engineering Smart Services 18
Slide 19: Water
Water Business Plan 2020-2024 Regulation
Slide 20: Water: Main Initiatives
WATER M A I N I N I T I AT I V E S Smart water meters installation plan and projects for grids’ +500k Development of a districtualization Smart meters installed Smart Water Company On-going pursuit of water resource protection and losses -11 pp reduction water losses1 for the sustainability of Ratio
Slide 21: Water: Key Financials
Water KEY FINANCIALS CAGR +6.9% CAGR +8.2% CAGR +5.0% EBITDA, M€ 1 CAGR +5.9% 170 2,207 ATO2, ATO5, Gori, AdF Sub-consolidated companies 2,038 CAPEX, M€ 170 4.4 RAB, B€ 4.1 3.3 1.2 1.3 2,038 1.2 2.8 3.2 2.2 Organic Peschiera Cumulative and Marcio 2020-2024P 2019A 2022P 2024P Notes: Key financial als
Slide 22: Water: Regulation
Water R E G U L AT I O N TARIFF REGIME FOR THE THIRD REGULATORY PERIOD (2020-2023) EXPIRY OF CONCESSIONS ATO2 Lazio Centrale (Acea ATO2) 2032 ARERA Resolution 639/2021 – 2022/2023 period ATO5 Frosinone (Acea ATO5) 2033 WACC: 4.8% (previously 5.2%) ATO3 Regione Campania (Gori) 2032 Real risk-free
Slide 23: Water: Regulatory Developments 2021
Water R E G U L AT I O N – R E G U L ATO RY D E V E L O P M E N T S 2 0 2 1 TARIFF REGIME FOR THE THIRD REGULATORY PERIOD (2020-2023) ARERA Resolution 639/2021 – Biennal review 2022-2023 ARERA Resolution 639/2021 has revised the water tariff regime for the 2022-2023 period. Key aspects of the Resolu
Slide 24: Water: Regulatory
Water R E G U L ATO RY TARIFF REGIME FOR THIRD REGULATORY PERIOD (2020-2023) ARERA Resolution 580/2019 ARERA has approved the tariff regime for the third regulatory period (MTI-3), confirming its four-year duration and the biennial review. Apart from retention of the general approach used for MTI-2
Slide 25: Water: Allowed Returns
Water ALLOWED RETURNS WATER 2020-2021 2022-2023 580/2019 639/2021 Allowed returns 5.2% 4.8% CS/CnS 1 1 Risk-free Rate 0.005 0.0013 Kd 0.028 0.024 WRP 0.017 0.017 Levered beta 0.79 0.79 ERP 0.04 0.04 RPI 0.017 0.017 TC 0.24 0.24 TC 0.319 0.319 Time lag 0.01 0.01 Km 0.02153 0.01827 Alpha 0.0158 0.0158
Slide 26: Water: Regulation
Water R E G U L AT I O N Resolution 547/2019 – REVISED CONTRACTUALLY REQUIRED QUALITY AND NEW INCENTIVE SYSTEM In Resolution 547 of mid-December 2019, ARERA took action with regard to two important aspects: Regulation of contractually required quality and new incentive system the new rules apply f
Slide 27: Water: Regulation
Water R E G U L AT I O N Resolution 609/2021 – SUPPLEMENTARY RULES GOVERNING METERING OF THE INTEGRATED WATER SERVICE (TMSII) In Resolution 609 at the end of December 2021, ARERA has supplemented the rules for metering: Inserting four new measures of metering service efficiency with the related in
Slide 28: Water: Regulation
Water R E G U L AT I O N Resolution 917/2017 – TECHNICAL QUALITY ARERA Resolution 917/2017 supplemented the mechanism introduced at the end of 2015 designed to promote contractually required quality with new regulations governing the technical quality of the integrated water service. In the latter c
Slide 29: Acea's investments in water companies
Water Acea’s investments in water companies in Lazio, Umbria, Campania and Tuscany LAZIO UMBRIA CAMPANIA ATO 2 Central Lazio ATO 5 Frosinone ATO1 Perugia ATI 4 Umbria ATO3 Regione Campania (concession expires 2032) (concession expires 2033) includes municipalities in the includes 32 municipalities i
Slide 30: Acea's investments in gas
Water (GAS) Acea’s investments in gas ABRUZZO Pescara Distribuzione Gas Altro Sangro Distribuzione Gas Operates in the Municipality of Pescara Operates in the Province of L’Aquila (concessions expiring between 2020 and 2024) Acea owns 51% of Pescara Acea owns 51% of Alto Sangro Distribuzione Gas. Di
Slide 31: Energy Infrastructure
Energy Infrastructure Business Plan 2020-2024 Regulation
Slide 32: Energy Infrastructure: Main Initiatives
Energ y Infrastructure M A I N I N I T I AT I V E S Investments in grids’ resiliency with upgrades on specific cabins rewarded with a premium vs. 145+ M€ A leading player in the the reference WACC CAPEX energy transition Digitalization through remote control and IoT 60%+ solutions on private and pub
Slide 33: Energy Infrastructure: Key Financials
Energ y Infrastructure KEY FINANCIALS CAGR +2.9% CAGR +3.2% CAGR +2.6% EBITDA, M€ CAGR +4.0% 1,298 Distribution Measurement CAPEX, M€ 2.6 2.7 RAB, B€ 2.2 0.3 0.3 0.2 2.3 2.4 2.0 Cumulative 2019A 2022P 2024P 2020-2024P 33
Slide 34: Electricity Distribution: Regulation
Energ y Infrastructure E L E C T R I C I T Y D I S T R I B U T I O N : R E G U L AT I O N ARERA Resolution 614/2021 – “Rate of return on invested capital for ELECTRICITY DISTRIBUTION infrastructure services in the electricity and gas sectors for the period 2022- REGULATORY PERIOD WACC: SIX YEARS 202
Slide 35: WACC for Electricity and Gas Distribution
Energ y Infrastructure E L E C T R I C I T Y A N D G A S D I S T R I B U T I O N : R E G U L AT I O N WAC C F O R E L E C T R I C I T Y A N D G A S D I S T R I B U T I O N Electricity distribution 2019-2021 2022-2024 Gas distribution 2019-2021 2022-2024 639/2018 614/2021 639/2018 614/2021 Real pre-t
Slide 36: Electricity Distribution: Regulation
Energ y Infrastructure E L E C T R I C I T Y D I S T R I B U T I O N : R E G U L AT I O N * CHANGES TO REGULATION IN 2021 ARERA Resolution 614/2021 «Rate of return on invested capital for infrastructure services in the electricity and gas sectors for the period 2022-2027: criteria for determination
Slide 37: Electricity Distribution: Regulation
Energ y Infrastructure E L E C T R I C I T Y D I S T R I B U T I O N : R E G U L AT I O N * ARERA Resolution 536/2021 – Work on improving resilience In Resolution 536/2021, the regulator has established which work on improving the resilience of distribution networks are eligible for rewards and/or p
Slide 38: Electricity Distribution: Regulation
Energ y Infrastructure E L E C T R I C I T Y D I S T R I B U T I O N : R E G U L AT I O N * Determination 20/2020 - DIEU On 20 November 2020, ARERA approved areti’s participation in the regulatory sandbox, following the application announced on 29 May 2020. The regulatory experiment presented for th
Slide 39: Electricity Distribution: Regulation
Energ y Infrastructure E L E C T R I C I T Y D I S T R I B U T I O N : R E G U L AT I O N * ARERA Resolution 566/2019 on output-based regulation At the end of 2019, ARERA, following various consultation documents, issued Resolution 566/2019/R/eel on the output-based regulation of distribution and me
Slide 40: Electricity Distribution: Regulation
Energ y Infrastructure E L E C T R I C I T Y D I S T R I B U T I O N : R E G U L AT I O N * Urgent measures linked to the COVID-19 epidemic ARERA Resolution 279/2021/R/eel – extension of tariff measures introduced in Resolution 124/2021 In Resolution 279/2021/R/eel, ARERA has extended the measures f
Slide 41: Electricity Distribution: Regulation
Energ y Infrastructure E L E C T R I C I T Y D I S T R I B U T I O N : R E G U L AT I O N * ARERA Resolution 603/2021/R/com – two-year statute of limitations In Resolution 603/2021, the regulator has amended Resolution 569/2018/R/com regarding the billing of amounts relating to consumption dating ba
Slide 42: Electricity Distribution: Regulation
Energ y Infrastructure E L E C T R I C I T Y D I S T R I B U T I O N : R E G U L AT I O N * ARERA Resolution 358/2021/R/efr – Tariff component for energy efficiency certificates On 3 August 2021, Resolution 358/2021/R/efr confirmed the tariff component for energy efficiency certificates (EECs) of €2
Slide 43: Electricity Distribution: Regulation
Energ y Infrastructure E L E C T R I C I T Y D I S T R I B U T I O N : R E G U L AT I O N * Arera Consultation 602/2021/R/eel – Network losses in the two-year period 2022-2023 The regulator has published DCO 602/2021/R/EEL, setting out proposals for revising the regulations governing network losses
Slide 44: Electricity Distribution: Regulation
Energ y Infrastructure E L E C T R I C I T Y D I S T R I B U T I O N : R E G U L AT I O N * ARERA Resolution 352/2021/R/eel - Pilot projects for the procurement of local ancillary services Resolution 352/2021/R/eel has launched a trial of the most appropriate regulatory solutions for the procurement
Slide 45: Electricity Distribution: Further ARERA measures
Energ y Infrastructure E L E C T R I C I T Y D I S T R I B U T I O N : R E G U L AT I O N Further measures introduced by ARERA in 2021 • 105/2021 2G Smart Metering – Change to requirement R-4.01 in Annex A to Resolution 87/2016 • 109/2021 Storage systems – Procedure for providing the transmission, d
Slide 46: Environment
Environment Business Plan 2020-2024 Regulation
Slide 47: Environment: Main Initiatives
Environment M A I N I N I T I AT I V E S «Core business» consolidation in energy recovery (WtE), disposal of non-separated waste, +0.5 Mt/y added capacity at Market consolidation and disposal / treatment of organic waste 2024 towards circular Strengthening of the Waste-to-Material (WtM) economy also
Slide 48: 2021/2022 Acquisitions
Environment 2021/2022 ACQUISITIONS Agreement for the acquisition of a 70% stake in Serplast (Abruzzo) and a 60% stake in Meg (Veneto), companies operating in the plastic recycling sector. EV (100%): €12M • EBITDA 2021E: €3M • EV/EBITDA: ~4x • Volumes treated: ~70,000 Tonnes/year This acquisition mar
Slide 49: Environment: Key Financials
Environment KEY FINANCIALS CAGR +19.6% CAGR +19.1% CAGR +20.4% EBITDA, M€ 1 CAGR +17.8% CAPEX AND M&A, M&A VOLUMES, Mt 2.9 M€ 2.2 1.3 2019A 2022P 2024P ¹ Includes growth related to M&A already closed as of September 2020 49
Slide 50: Environment: Regulation
Environment R E G U L AT I O N Regulations regarding incentives for renewable sources other than photovoltaic contained in Min. for Econ. Dev. Decree of 23 June 2016, have revised the previous ministerial decree of 6 July 2012 providing for the following forms of incentive: Feed-in tariff, being the
Slide 51: Environment: Regulation
Environment R E G U L AT I O N In continuity with the ministerial decrees of 6 July 2012 and 23 June 2016, part of the structure of which it has inherited, the Ministerial Decree (“MD”) of 4 July 2019 aims to encourage the development of small, medium-sized and large renewable energy plants by provi
Slide 52: Environment: Regulation
Environment R E G U L AT I O N • The incentives are awarded for the net electricity produced by the plant and fed into the grid, calculated as the lower of net production (in turn equal to gross production after deducting consumption for ancillary services and power line and transformation losses) a
Slide 53: Environment: Regulation
Environment R E G U L AT I O N San Vittore del Lazio Lines 2 and 3 entered service in April 2011 and July 2011, respectively. Lines 2 and 3 These currently qualify for an incentive associated with capacity above 23.2 MW; it is supported by the Incentive (GRIN, ex- GC system) regulated by art. 19 of
Slide 54: Regulation Development: EU Circular Economy Directives
Environment R E G U L AT I O N D E V E L O P M E N T TRANSPOSITION OF EU CIRCULAR ECONOMY DIRECTIVES INTO ITALIAN LAW The Italian government has published the legislative decrees transposing the European package of circular economy measures in the Official Gazette. The new measures have amended a nu
Slide 55: Environment: ARERA Resolution 363/2021
Environment R E G U L AT I O N ARERA RESOLUTION 363/2021 (MTR-2) – REGULATORY PERIOD 2022-2025 The earlier method has been confirmed for the regulatory period 2022-2025, after a number of changes designed to encourage its application, promote economic and environmental efficiency targets and limit
Slide 56: Tariffs for Acea's Plants
Environment R E G U L AT I O N - TA R I F F S F O R A C E A ’ S P L A N T S Incentives applicable to Acea’s plants Type of plant MD 6 July 2012 MD 23 June 2016 Biogas plant between 0.6 and 1 MW €178/MWh €160/MWh Biogas plant between 1 and 5 MW €125/MWh €112/MWh WTE plants > 5 MW €125/MWh €119/MWh Fe
Slide 57: Overall view of electricity production plants
Environment R E G U L AT I O N - A C E A ’ S P L A N T S Overall view of electricity production plants Installed Gross production Treatment plant FER e.e. Number of sets capacity (MW) 2021 (GWh) Terni SSF (pulper) 1 13.6 88.67 Paliano - - - - San Vittore del Lazio SSF (ex RDF) 3 43.8 267.70 Orvieto
Slide 58: Engineering & services
Engineering & services Business Plan 2020-2024
Slide 59: Engineering & services: Main Initiatives
Engineering & ser vices M A I N I N I T I AT I V E S Development of a Integration of the acquisition of SIMAM and focus on core engineering activities +10 M€ 2024 EBITDA building oriented Construction of plants through internalization of +440 M€ realized plants at construction activities with an EPC
Slide 60: Engineering & services: Key Financials
Engineering & ser vices KEY FINANCIALS CAGR +11.6% CAGR +14.4% CAGR +7.5% EBITDA, EBITDA towards M€ 3rd parties CAGR +11.5% CAPEX AND M&A, M&A 392 359 EPC/FTE, k€ REVENUES Deal in 2020 (Simam) 253 M€ 2020A 2022P 2024P 60
Slide 61: Commercial & trading
Commercial & trading Business Plan 2020-2024 Regulation
Slide 62: Commercial & trading: focus on energy commodity
Commercial & trading: focus on energ y commodity M A I N I N I T I AT I V E S Commercial Focus on core territories with growth in the +240k Center and South of Italy customers (net growth expansion in the vs 2019) Center and South of Cross-selling and up-selling opportunities ~700k thanks to regulat
Slide 63: Commercial & trading: focus on Smart Services
Commercial & trading: focus on Smar t Ser vices M A I N I N I T I AT I V E S Development of a Organic development of e-mobility segment with 2,200+ charging stations increase and value-added services charging stations at 2024 Services-Based Push on energy efficiency services leveraging on 100+ Compa
Slide 64: Commercial & trading: Key Financials
Commercial & trading KEY FINANCIALS CAGR +12.2% CAGR +9.1% 25,14 CAGR +17.2% EBITDA, M€ CtA1 Smart Services CRM CAGR +3.2% CUSTOMERS, #M Gas Free Regulated CAPEX, M€ 1.5 1.6 1.4 0.8 1.2 1.2 0.4 0.2 0.3 0.4 2019A 2022P 2024P 64 ¹ Cost-to-Acquire = cost to acquire new customers
Slide 65: Regulation: End of enhanced protection market
Commercial & trading R E G U L AT I O N END OF ENHANCED PROTECTION MARKET REGISTER OF SELLERS END OF ENHANCED PROTECTION MARKET Law 124/2017 initially provided for the end of the enhanced protection market in the electricity and gas sectors from 1 July 2019. This deadline was extended until 1 July 2
Slide 66: Regulation: Register of sellers
Commercial & trading R E G U L AT I O N REGISTER OF SELLERS REGISTER OF ELECTRICITY SELLERS The annual competition and markets legislation, Law 124 of 2017, which came into force on 29 August 2017, requires the sellers of electricity to be enrolled on a Register of Electricity Sellers, to be created
Slide 67: Regulation: Two-year statute of limitations
Commercial & trading R E G U L AT I O N TWO-YEAR STATUTE OF LIMITATIONS Following the 2018 Budget Law (no. 205/2017), ARERA consulted on a number of occasions with stakeholders on operators’ obligations and on the protection of customers receiving back-bills for periods of more than two years, where
Slide 68: Regulation: 2022 Budget Law
Commercial & trading R E G U L AT I O N 2022 Budget Law (Law 234 of 30 December 2021) The 2022 Budget Law has postponed the measures due to come into effect in the first quarter of 2021, under the Law Decree on energy bills (no. 130/2021), until the first quarter of 2022 and has made it obligatory f
Slide 69: Regulation: General system costs
Commercial & trading R E G U L AT I O N GENERAL SYSTEM COSTS In Consultation Document 52/2018, ARERA proposed a mechanism, for the benefit of sellers, similar to the one for distributors introduced by Resolution 50/2018, under which any general system costs paid but not collected are to be returned.
Slide 70: Generation
Generation Business Plan 2020-2024 TITOLO CAPITOLO TITOLO PRESENTAZIONE / Luogo e data MIL 201027_Piano Acea_Documento pe ...
Slide 71: Generation: Main Initiatives
Generation M A I N I N I T I AT I V E S RES growth to exploit opportunities from the decarbonization 747 MW installed at 2024 process Greenfield development of PV in industrial and and agricultural 569 MW areas installed at 2024 Growth of PV portfolio M&A development to accelerate PV portfolio growt
Slide 72: Generation: Key Financials
Generation KEY FINANCIALS CAGR +6.9% CAGR +5.5% CAGR +9.1% EBITDA, 1 M€ CAPEX AND M&A, M&A CAGR +31.1% POWER, MWe Thermo + Hydro PV 979 M€ 680 747 253 448 36 217 232 232 2019A 2022P 2024P 72 ¹ Post deconsolidation the EBITDA value is equal to the Net Income pertaining to the company
Slide 73: Overseas
Overseas Business Plan 2020-2024
Slide 74: Overseas: Current positioning and key financials
Overseas CURRENT POSITIONING AND KEY FINANCIALS Current positioning EBITDA | 2019-2024, M€ • Acea International: overseas CAGR +10.8% holding (management, scouting, tender monitoring) • Acea Dominicana: management of commercial services for the north and east regions of Dominican Republic • Consorci
Slide 75: Financial Results
Financial Results
Slide 76: 1H 2022 Results
TITOLO 1H 2022 Results CAPITOLO TITOLO PRESENTAZIONE / Luogo e data
Slide 77: Performance and Delivery
PERFORMANCE AND DELIVERY R E S U LT S A H E A D O F E X P E C TAT I O N S I N A C H A L L E N G I N G E N V I RO N M E N T DOUBLE-DIGIT GROWTH +10% +12% +10% NET DEBT IN LINE WITH GUIDANCE -3% +6% 3.2x 2022 EBITDA GUIDANCE RAISED EBITDA CAPEX NET DEBT +4%/+6% VERSUS 2021 BROADLY IN LINE WITH 2021
Slide 78: Delivery in 1H 2022
DELIVERY IN IH 2022 S U S TA I N A B L E G RO W T H M O D E L C O M B I N I N G I N N O VAT I O N A N D I N V E S T M E N T W I T H A S T RO N G F O C U S O N P E O P L E A N D T E R R I TO R I E S TO C R E AT E S H A R E D VA L U E March 2022 June 2022 January 2022 Closing of sale to Equitix of pho
Slide 79: Results 1H 2022: Key financial highlights
RESULTS IH 2022 KEY FINANCIAL HIGHLIGHTS 1H 2022 1H 2021 % CHANGE (€M) (A) (B) (A/B) CONSOLIDATED REVENUE 2,347.7 1,824.3 +28.7% : EBITDA 682.5 618.8 +10.3% positive operating momentum EBIT 348.3 309.8 +12.4% c a p i t a l g a i n f r o m s a l e t o E q u i t i x of a PRE-TAX PROFIT 323.7 269.2 +20
Slide 80: Results 1H 2022: EBITDA
RESULTS IH 2022 EBITDA (€M) EBITDA 16.6 27.6 682.5 8% 618.8 27.5 (0.6) (2.0) (5.4) EBITDA 26% 52% 1H 2022 1H 2021 WATER* ENERGY GENERATION COMMERCIAL & ENVIRONMENT** OTHER BUSINESSES^ 1H 2022 INFRASTRUCTURE TRADING AND HOLDCO EBITDA 6% 353.7 181.1 52.0 38.4 58.3 (1.0) 8% (€M) (€M) EBITDA 619 27 11 6
Slide 81: Financial highlights 1H 2022: Water
FINANCIAL HIGHLIGHTS IH 2022 HIGHLIGHTS (€M) 1H 2022 1H 2021 %CHANGE (A) (B) (A/B) EBITDA 353.7 326.2 +8.4% WATER ACEA ATO2 241.5 215.7 +12.0% INCLUDING GAS DISTRIBUTION BUSINESS ACEA ATO5 17.9 15.3 +17.0% Gori 35.6 41.0 -13.2% Adf 31.8 32.2 -1.2% Closing of agreement between the Consortium establ
Slide 82: Highlights 1H 2022: Energy Infrastructure
FINANCIAL AND OPERATIONAL HIGHLIGHTS IH 2022 HIGHLIGHTS TOTAL NUMBER OF ELECTRICITY PODs DISTRIBUTED (GWh) (‘000s) ENERGY (€M) 1H 2022 1H 2021 %CHANGE 4,275 4,560 INFRASTRUCTURE (A) (B) (A/B) 1,638 1,648 EBITDA 181.1 181.7 (0.3%) - Areti 181.5 184.0 (1.4%) - Public lighting (0.4) (2.3) n/s CAPEX 135
Slide 83: Highlights 1H 2022: Generation
FINANCIAL AND OPERATIONAL HIGHLIGHTS IH 2022 HIGHLIGHTS TOTAL ELECTRICITY PRODUCED (GWh) (€M) 1H 2022 1H 2021 %CHANGE GENERATION (A) (B) (A/B) 414 * 377 * EBITDA 52.0 35.4 +46.9% Deal with Equitix for the sale of a majority stake in the CAPEX 19.5 21.7 -10.1% 1H21 1H22 holding company to which Ace
Slide 84: Highlights 1H 2022: Commercial & Trading
FINANCIAL AND OPERATIONAL HIGHLIGHTS IH 2022 HIGHLIGHTS (€M) 1H 2022 IH 2021 %CHANGE (A) (B) (A/B) EBITDA 38.4 40.4 -5.0% COMMERCIAL & CAPEX 20.6 36.0 -42.8% TRADING TOTAL ENERGY SOLD NUMBER OF TOTAL GAS SOLD NUMBER OF GAS (GWH) ELECTRICITY (M m c 3 ) CUSTOMERS (‘000s) CUSTOMERS (‘000s) 4,131 3,806
Slide 85: Highlights 1H 2022: Environment
FINANCIAL AND OPERATIONAL HIGHLIGHTS 1H 2022 HIGHLIGHTS 1H 2022 1H 2021 % CHANGE (€M) (A) (B) (A/B) EBITDA 58.3 30.7 +89.9% ENVIRONMENT CAPEX 18.5 14.8 +25.0% TREATMENT AND DISPOSAL ELECTRICITY SOLD Acquisition of 70% of S.E.R.Plast and 60% of Meg, (KTONNES) (GWh) companies operating in the plasti
Slide 86: EBIT and Net Profit 1H 2022
EBIT AND NET PROFIT IH 2022 348.3 323.7 309.8 269.2 165.8 183.0 Gain on sale of Windfall tax photovoltaic assets ~ €29M ~€19M 1H21 1H22 1H21 1H22 1H21 1H22 (€M) 1H 2022 1H 2021 % CHANGE DEPRECIATION 285.3 259.9 +9.8% (tax rate 1H 2021: 29.8%) IMPAIRMENTS 42.9 45.8 -6.3% PROVISIONS 6.0 *3.3 +81.8% TO
Slide 87: Capex 1H 2022
CAPEX IH 2022 INVESTMENTS FOCUSED ON ECOLOGICAL TRANSITION AND EFFICIENCY 84% 16% 474 12 4 462 (4) (2) (15) (7) 1H 2021 WATER ENERGY GENERATION COMMERCIAL & ENVIRONMENT OTHER 1H 2022 INFRASTRUCTURE TRADING BUSINESSES^ AND HOLDCO CAPEX Investment in regulated businesses 251* 136 20 21 18 16 (€M) Inve
Slide 88: Cash Flow 1H 2022
CASH FLOW IH 2022 (€M) 1H2022 1H2021 EBITDA 682 619 CHANGE IN WORKING CAPITAL (183) (177) CAPEX* (462) (474) 38 (32) SALE OF PHOTOVOLTAIC ASSETS FREE CASH FLOW FINANCE INCOME/(COSTS) (44) (43) TECHNICAL QUALITY BONUS (WATER) CHANGE IN PROVISIONS (64) (63) INCOME TAX PAID (29) (44) FURTHER REDUCTION
Slide 89: Results 1H 2022: Solid financial structure
RESULTS IH 2022 SOLID FINANCIAL STRUCTURE 30 June 31 Dec 30 June CHANGE CHANGE (€M) 2022 2021 2021 (A) (B) (C) (A-B) (A-C) NET DEBT/ NET DEBT/ EBITDA LTM EBITDA NET DEBT 4,212.1 3,988.4 3,932.8 223.7 279.3 30 JUNE 2022 31 DEC 2021 Medium/long- 4,684.7 4,792.0 4,856.5 (107.3) (171.8) term Short-term
Slide 90: 1Q 2022 Results
TITOLO 1Q 2022 Results CAPITOLO TITOLO PRESENTAZIONE / Luogo e data
Slide 91: Performance and Delivery
PERFORMANCE AND DELIVERY A S T RO N G , R E S I L I E N T B U S I N E S S M O D E L +2% +20% -3% -3% 3.08x 2022 GUIDANCE CONFIRMED EBITDA CAPEX NET DEBT +2%/+4% BROADLY IN LINE €4.2/4.3B VERSUS 2021 WITH 2021 A R E R A R e s o l u t i o n 1 8 3 / 2 0 22 ( 2 6 A p r i l 2 0 2 2 ) I n c e n t i v e m
Slide 92: Results 1Q 2022: Key financial highlights
RESULTS IQ 2022 KEY FINANCIAL HIGHLIGHTS (€M) 1Q 2022 1Q 2021 % CHANGE (A) (B) (A/B) CONSOLIDATED REVENUE 1,192.5 929.9 +28.2% KEY FINANCIAL INDICATORS CONFIRM EBITDA 318.2 311.5 +2.1% CONSTANT GROWTH TREND EBIT 153.8 155.5 -1.1% GROUP NET PROFIT 99.4* 83.1 +19.6% CAPEX** 222.4 228.7 -2.8% 31 Mar 31
Slide 93: Results 1Q 2022: EBITDA
RESULTS IQ 2022 EBITDA 9% (€M) EBITDA 311.5 2.3 10.0 6.9 318.2 EBITDA 52% IQ 2022 27% (3.2) (7.2) (2.1) 1Q 2021 WATER ENERGY GENERATION COMMERCIAL & ENVIRONMENT OTHER BUSINESSES* 1Q 2022 INFRASTRUCTURE TRADING AND HOLDCO EBITDA 5% 165 87 28 17 22 (1) 7% (€M) CHANGES IN SCOPE OF CONSOLIDATION ENERGY
Slide 94: Financial highlights 1Q 2022: Water
FINANCIAL HIGHLIGHTS 1Q 2022 HIGHLIGHTS (€M) 1Q 2022 1Q 2021 % change (A) (B) (A/B) EBITDA 165.2 163.0 +1.3% WATER ACEA ATO2 109.9 105.9 +3.8% INCLUDING GAS DISTRIBUTION BUSINESS ACEA ATO5 8.6 8.9 -3.4% Gori 17.7 21.2 -16.5% Adf 16.3 16.2 +0.6% Closing of agreement between the Consortium establish
Slide 95: Highlights 1Q 2022: Energy Infrastructure
FINANCIAL AND OPERATIONAL HIGHLIGHTS 1Q 2022 HIGHLIGHTS TOTAL NUMBER ELECTRICITY OF PODs DISTRIBUTED (GWh) (‘000s) ENERGY (€M) 1Q 2022 1Q 2021 % change INFRASTRUCTURE (A) (B) (A/B) 1,637 1,646 2,197 2,317 EBITDA 86.5 89.7 -3.6% - areti 87.1 90.6 -3.9% - Public lighting (0.6) (0.9) n/s CAPEX 68.7 70.
Slide 96: Highlights 1Q 2022: Generation
FINANCIAL AND OPERATIONAL HIGHLIGHTS 1Q 2022 HIGHLIGHTS TOTAL ELECTRICITY PRODUCED (GWh) GENERATION (€M) 1Q 2022 1Q 2021 % change (A) (B) (A/B) 244 * 209 * EBITDA 27.7 17.7 +56.5% Closing of agreement with Equitix for the sale of a majority stake in the holding company to which Acea’s photovoltaic
Slide 97: Highlights 1Q 2022: Commercial & Trading
FINANCIAL AND OPERATIONAL HIGHLIGHTS 1Q 2022 HIGHLIGHTS (€M) 1Q 2022 1Q 2021 % change (A) (B) (A/B) EBITDA 17.5 24.7 -29.1% COMMERCIAL & CAPEX 10.7 16.1 -33.5% TRADING TOTAL ENERGY SOLD NUMBER OF TOTAL GAS SOLD NUMBER OF GAS (GWH) ELECTRICITY (M m c 3 ) CUSTOMERS (‘000s) CUSTOMERS (‘000s) CHANGE IN
Slide 98: Highlights 1Q 2022: Environment
FINANCIAL AND OPERATIONAL HIGHLIGHTS 1Q 2022 HIGHLIGHTS 1Q 2022 1Q 2021 % change (€M) (A) (B) (A/B) EBITDA 21.9 15.0 +46.0% ENVIRONMENT CAPEX 8.5 6.9 +23.2% TREATMENT AND DISPOSAL ELECTRICITY SOLD (KTONNES) (GWh) Acquisition of 70% of S.E.R.Plast and 60% of Meg, companies operating in the plastic
Slide 99: EBIT and Net Profit 1Q 2022
EBIT AND NET PROFIT 1Q 2022 155.5 153.8 152.7 132.9 20.7 Capital gain on sale of photovoltaic assets 99.4* 83.1 132.0 1Q 21 1Q 22 1Q 21 1Q 22 1Q 21 1Q 22 (in line with 1Q 2021) (€m) 1Q 2022 1Q 2021 % CHANGE DEPRECIATION 140.7 130.4 +7.9% IMPAIRMENTS 21.9 23.4 -6.4% PROVISIONS 1.8 2.2 -18.2% TOTAL 16
Slide 100: Capex 1Q 2022
CAPEX 1Q 2022 INVESTMENT IN INFRASTRUCTURE DEVELOPMENT AND MAINTENANCE 85% 15% 229 1 2 222 (1) (3) (6) 1Q 2021 WATER ENERGY GENERATION COMMERCIAL & ENVIRONMENT OTHER 1Q 2022 INFRASTRUCTURE TRADING BUSINESSES ^ AND HOLDCO Investment in regulated CAPEX 119* 69 8 11 7 businesses 8 (€M) Investment in no
Slide 101: Cash Flow 1Q 2022
CASH FLOW 1Q 2022 (€M) 1Q 2022 1Q 2021 EBITDA 318 312 CHANGE IN WORKING CAPITAL (80) (128) CAPEX (222) (229) FREE CASH FL OW 15 (46) FINANCE INCOME/(COSTS) (22) (23) CHANGE IN PROVISIONS (29) (23) OTHER (7) (6) M&A 145* (8) IFRS 16 (4) - T O TA L C A S H F L O W 98 (105) EBITDA 1Q CHANGE IN CAPEX FI
Slide 102: Results 1Q 2022: Solid financial structure
RESULTS 1Q 2022 SOLID FINANCIAL STRUCTURE 31 Mar 2022 31 Dec 2021 31 Mar 2021 CHANGE CHANGE (€M) (A) (B) (C) (A-B) (A-C) NET DEBT/ NET DEBT/ Net debt/(funds) 3,890.3 3,988.4 3,654.1 (98.1) 236.2 EBITDA LTM EBITDA 31 Mar 2022 31 Dec 2021 Medium/long-term 4,484.6 4,792.0 4,949.2 307.4 (464.6) Short-te
Slide 103: 2021 Results
TITOLO 2021 Results CAPITOLO TITOLO PRESENTAZIONE / Luogo e data
Slide 104: Performance and Delivery
PERFORMANCE AND DELIVERY S O L I D, E F F E C T I V E A N D S U S TA I N A B L E S T R AT E G Y SUSTAINABLE POSIT IV E TREND FOR DEVELOPMENT ACROSS ALL KEY PERFORMANC E ALL AREAS OF BUSINESS INDIC AT ORS +9% +10% +5% INITIAL GUIDANCE :+6%/+8% VALUE CREATION FOR SELECTIVE ACCELERATION REVISED GUIDANC
Slide 105: Delivery in 2021: Energy offers and main partnerships
DELIVERY IN 2021 A C C E L E R AT I O N O F E N E R G Y T R A N S I T I O N W I T H L O N G - T E R M P RO J E C T S Agreement to Acea launches «E-MOBILITY» APP for April 2021 charging services for (companies operating in plastic recycling - LAUNCH OF APP July 2021 sector). Closing for Meg: Oct 2021
Slide 106: Results 2021: Key financial highlights
RESULTS 2021 KEY FINANCIAL HIGHLIGHTS (€M) 2021 2020 %CHANGE (A) (B) (A/B) CONSOLIDATED REVENUE 3,972.0 3,378.9 +17.6% EBITDA 1,256.1 1,155.5 +8.7% STRONG PROFITABILITY AND OPTIMAL EBIT 581.1 535.0 +8.6% CASH FLOW MANAGEMENT GROUP NET PROFIT 313.3 284.9 +10.0% DIVIDEND PER SHARE 0.85 0.80 +6.3% CAPE
Slide 107: Shareholder Returns
SHAREHOLDER RETURNS C O N S I S T E N T VA L U E C R E AT I O N 0.78 0.80 0.85^ 0.71 2018 2019 2020 2021 ^ The Board of Directors will propose payment of the dividend to the Annual General Meeting of shareholders called for 27 April 2022, in first call, and 2 May 2022, in second call. * Based on con
Slide 108: Results 2021: EBITDA
RESULTS 2021 EBITDA 1% 6% (€M) EBITDA 1,155.5 40.9* 4.0 34.1 8.1 13.4 0.1 1,256.1 EBITDA 52% 2021 30% 2020 WATER ENERGY GENERATION COMMERCIAL & ENVIRONMENT OTHER BUSINESSES** 2021 INFRASTRUCTURE TRADING AND HOLDCO EBITDA 655.3 371.6 79.5 80.5 63.7 5.5 5% 6% (€M) CHANGE IN SCOPE OF CONSOLIDATION WATE
Slide 109: Financial highlights 2021: Water
FINANCIAL HIGHLIGHTS 2021 HIGHLIGHTS (€M) 2021 2020 % change (A) (B) (A/B) EBITDA 655.3 614.4 +6.7% WATER ACEA ATO2 436.6 410.0 +6.5% INCLUDING GAS DISTRIBUTION ACEA ATO5 33.7 26.7 +26.2% Gori 79.0 78.7 +0.4% Adf 62.8 60.5 +3.8% ACEA wins auction, in consortium with Ascopiave and Iren, for purchas
Slide 110: Highlights 2021: Energy Infrastructure
FINANCIAL AND OPERATIONAL HIGHLIGHTS 2021 HIGHLIGHTS TOTAL NUMBER OF ELECTRICITY PODs DISTRIBUTED (GWh) (‘000s) ENERGY (€M) 2021 2020 % change 9,096 9,172 INFRASTRUCTURE (A) (B) (A/B) EBITDA 371.6 367.6 +1.1% 1,644 1,647 - areti 374.6 369.6 +1.4% - Public lighting (3.0) (2.0) n/s CAPEX 275 286 -3.8%
Slide 111: Highlights 2021: Generation
FINANCIAL AND OPERATIONAL HIGHLIGHTS 2021 HIGHLIGHTS TOTAL ELECTRICITY PRODUCED (GWh) 629 710 * GENERATION (€M) 2021 2020 % change (A) (B) (A/B) EBITDA 79.5 45.4 +75.1% Agreement with Equitix for sale of a majority interest in the Newco that will manage photovoltaic assets (total installed CAPEX 2
Slide 112: Highlights 2021: Commercial & Trading
FINANCIAL AND OPERATIONAL HIGHLIGHTS 2021 HIGHLIGHTS (€M) 2021 2020 %change (A) (B) (A/B) EBITDA 80.5 72.4 +11.2% COMMERCIAL CAPEX 49 44 +11.4% &TRADING TOTAL ENERGY SOLD NUMBER OF TOTAL GAS SOLD NUMBER OF GAS (GWH) ELCTRICITY (Mmc3) CUSTOMERS (‘000s) CUSTOMERS (‘000s) 8,256 7,028 1,694 1,977 EBITDA
Slide 113: Highlights 2021: Environment
FINANCIAL AND OPERATIONAL HIGHLIGHTS 2021 HIGHLIGHTS 2021 2020 % change (€M) (A) (B) (A/B) EBITDA 63.7 50.3 +26.6% ENVIRONMENT CAPEX 36 24 +50.0% TREATMENT AND DISPOSAL NET ELECTRICITY SOLD (GWh) Agreement to acquire 70% of Serplast and 60% of Meg, (KTONNES) companies operating in the plastic recy
Slide 114: EBIT and Net Profit 2021
EBIT AND NET PROFIT 2021 535.0 581.1 313.3 284.9 (29.2% in 2020) 2020 2021 2020 2021 (€M) 2021 2020 % CHANGE DEPRECIATION 546.6 498.3 +9.7% Increased investment across all areas of business and changes in scope of consolidation. IMPAIRMENTS 86.2 79.4 +8.6% Increase in impairments due to growth in tu
Slide 115: Capex 2021
CAPEX 2021 SIGNIFICANT INVESTMENTS IN INFRASTRUCTURE UPGRADE 83% 17% 886 44 5 13 11 931 (12) (16) 2020 WATER* ENERGY GENERATION** COMMERCIAL & ENVIRONMENT OTHER BUSINESSES^ 2021 INFRASTRUCTURE TRADING AND HOLDCO 499 275 23 49 36 49 Investment in regulated businesses CAPEX (€M) Investment in non-regu
Slide 116: Cash Flow 2021
CASH FLOW 2021 (€M) 2021 2020 EBITDA 1,256 1,155 CHANGE IN WORKING CAPITAL (95) (38) CAPEX (931)* (886)* FREE CASH FL OW 230 231 The increase in the energy prices has led to: FINANCE INCOME/(COSTS) (86) (88) a reduction in system costs collected by areti reflecting CHANGE IN PROVISIONS (127) (112)
Slide 117: Results 2021: Solid financial structure
RESULTS 2021 SOLID FINANCIAL STRUCTURE 31 Dec 2021 31 Dec 2020 Change (€M) (A) (B) (A-B) 21 JANUARY 2021 Net debt 3,977.2 3,528.0 449.2 Placement of first GREEN BOND worth €900m successfully issued in two tranches: Net debt (ESMA) 3,988.4 3,552.0 436.4 • first €300m tranche, 0% rate, maturing 28 Sep
Slide 118: 9M 2021 Results
TITOLO 9M 2021 Results CAPITOLO TITOLO PRESENTAZIONE / Luogo e data
Slide 119: Effectiveness of strategy confirmed by strong results
EFFECTIVENESS OF STRATEGY CONFIRMED BY STRONG RESULTS S T RO N G C O M M I T M E N T TO O P E R AT I O N A L E F F I C I E N C Y A N D I N N O VAT I O N EBITDA CONFIRMED CAPEX + + + CONFIR MED +8% +14% +9% 3.26x NET DEBT CONFIR MED 9M2021 RESULTS 119
Slide 120: A Leading Industrial Group
A LEADING INDUSTRIAL GROUP O U R B U S I N E S S E S A R E E V O LV I N G January 2021 May 2021 July 2021 2020/9M 2021 Successful placement of first Agreement to worth €900m Acea scores 78/100 in with total capacity of (as of 30 September (€300m tranche issued with overall rating of ESG companies 20
Slide 121: Results 9M 2021: Key financial highlights
RESULTS 9M 2021 KEY FINANCIAL HIGHLIGHTS (€M) 9M 2021 9M 2020 % CHANGE (A) (B) (A/B) CONSOLIDATED REVENUE 2,765.8 2,471.3 +11.9% POSITIVE TREND REFLECTED IN ALL EBITDA 930.2 858.7 +8.3% FINANCIAL INDICATORS, CONFIRMING EFFECTIVENESS OF STRATEGY BASED ON: EBIT 459.7 426.0 +7.9% GROWTH, VALUE CREATION
Slide 122: Results 9M 2021: EBITDA
RESULTS 9M 2021 EBITDA 1% 6% (€M) EB I T DA 858.7 31.0* 3.8 18.5 6.2 9.5 2.5 930.2 EBITDA 29% 53% 9M 2021 9M 2020 WATER ENERGY GENERATION COMMERCIAL & ENVIRONMENT OTHER BUSINESSES** 9M 2021 INFRASTRUCTURE TRADING AND HOLDCO EBITDA 5% 6% (€M) 489.6 274.5 53.7 56.2 49.0 7.2 CHANGES IN SCOPE OF CONSOLI
Slide 123: EBITDA and quantitative data 9M 2021: Water
EBITDA AND QUANTITATIVE DATA 9M 2021 FINANCIAL HIGHLIGHTS (€M) 9M 2021 9M 2020 % change (A) (B) (A/B) EBITDA 489.6 458.6 +6.8% WATER Acea Ato2 324.3 304.0 +6.7% INCLUDING GAS DISTRIBUTION Acea Ato5 24.9 25.1 -0.8% Gori 60.4 59.7 +1.2% ADF 47.1 44.7 +5.4% SII Terni 10.5 0.4 n/s Equity-accounted water
Slide 124: 9M 2021: Energy Infrastructure
EBITDA AND QUANTITATIVE DATA 9M 2021 FINANCIAL HIGHLIGHTS TOTAL NUMBER OF ELECTRICITY PODS DISTRIBUTED GWh) (‘000s) ENERGY (€M) 9M 2021 9M 2020 Variaz. % 6,748* 6,831 INFRASTRUCTURE (A) (B) (A/B) EBITDA 274.5 270.7 +1.4% 1,634 1,638 - areti 277.1 271.2 +2.2% - Public lighting (2.6) (0.5) n/s EBITDA
Slide 125: 9M 2021: Generation
EBITDA AND QUANTITATIVE DATA 9M 2021 FINANCIAL HIGHLIGHTS TOTAL ELECTRICITY PRODUCED (GWh) GENERATION 9M 2021 * (€M) 9M 2020 %change 547 (A) 468 (B) (A/B) EBITDA 53.7 35.2 +52.6% CAPEX 30.5 18.7 +63.1% 9M20 9M21 EBITDA GROWTH PRICE AND PHOTOVOLTAIC NEW PHOTOVOLTAIC VOLUME EFFECTS PLANTS * of which p
Slide 126: 9M 2021: Commercial & Trading
EBITDA AND QUANTITATIVE DATA 9M 2021 FINANCIAL HIGHLIGHTS (€M) 9M 2021 9M 2020 % change (A) (B) (A/B) EBITDA 56.2 50.0 +12.4% COMMERCIAL & CAPEX 33.9 27.0 +25.6% TRADING TOTAL ENERGY SOLD NUMBER OF TOTAL GAS SOLD NUMBER OF GAS (GWH) ELECTRICITY (M m c 3 ) CUSTOMERS (‘000s) CUSTOMERS (‘000s) 6,256 5,
Slide 127: 9M 2021: Environment
EBITDA AND QUANTITATIVE DATA 9M 2021 FINANCIAL HIGHLIGHTS 9M 2021 9M 2020 % change (€M) (A) (B) (A/B) EBITDA 49.0 39.5 +24.0% ENVIRONMENT CAPEX 23.2 18.2 +27.5% TREATMENT AND DISPOSAL ELECTRICITY SOLD Agreement to acquire 70% of Serplast and 60% of Meg, (KTONNES) (GWh) companies operating in the p
Slide 128: EBIT and Net Profit 9M 2021
EBIT AND NET PROFIT 9M 2021 426.0 459.7 248.6 218.7 (30.5% for 9M 2020) 9M20 9M21 9M20 9M21 (€M) 9M 2021 9M 2020 % CHANGE Increased investment across all areas of business DEPRECIATION 395.2 364.8 +8.3% and changes in scope of consolidation. IMPAIRMENTS 66.4 58.1 +14.3% Increase in impairments due t
Slide 129: Capex 9M 2021
CAPEX 9M 2021 MAJOR INVESTMENT IN UPGRADING INFRASTRUCTURE 83% 17% 625.3 34.7 11.8 6.9 5.0 7.8 684.3 (7.2) 9M 2020 WATER ENERGY GENERATION COMMERCIAL & ENVIRONMENT OTHER 9M 2021 INFRASTRUCTURE TRADING BUSINESSES* AND HOLDCO CAPEX Investment in regulated businesses 373.1 196.9 30.5 33.9 23.2 26.7 (€M
Slide 130: Cash Flow 9M 2021
CASH FLOW 9M 2021 (€M) 9M 2021 9M 2020 EBITDA 930 859 CHANGE IN WORKING CAPITAL (275) (211) CAPEX (669) The increase in energy prices has led to: (625) FREE CASH FLOW (14) 22 a reduction in system costs collected by areti FINANCE INCOME/(COSTS) (63) (68) an increase in turnover at Acea Energia,
Slide 131: Results 9M 2021: Solid financial structure
RESULTS 9M 2021 S O L I D F I N A N C I A L S T R U C T U R E 30 Sept 31 Dec 30 Sept CHANGE CHANGE (€M) 2021 2020 2020 2 1 JA NUA RY 2 0 2 1 (A) (B) (C) (A-B) (A-C) Placement of first GREEN BOND worth €900m successfully completed in two tranches: Net debt 3,998.3 3,528.0 3,535.3 470.3 462.9 • first
Slide 132: Disclaimer
DISCLAIMER THIS PRESENTATION CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS THAT REFLECT THE COMPANY’S MANAGEMENT’S CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND FINANCIAL AND OPERATIONAL PERFORMANCE OF THE COMPANY AND ITS SUBSIDIARIES. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON ACEA S.P.A.’S CURR