Edison Spa · MIL:EDNR
Edison Spa — FY2018 Earnings Presentation
14 slides from Edison Spa's earnings presentation, February 2019
Slide 1: Full Year 2018 Results
FULL YEAR 2018 RESULTS Milan, February 2019 Full Year 2016 results | Feb.’17 | 1
Slide 2: Business Environment
BUSINESS ENVIRONMENT €. oo? WEN EDISON
Slide 3: Electric Power Availability Mix in Italy
ELECTRIC POWER AVAILABILITY MIX IN ITALY 320,5 +0.4% 321,9 37,8 +16.3% 43,9 29,8 (4,2%) 28,6 17,6 (1.4%) 17,3 Pumping 37,6 +31.2% 49,3 Net import Other renewable production National Generation: Wind production 280,2 TWh (-1,8%) Hydroelectric production 200,3 (7.6%) 185,0 Thermoelectric production -2
Slide 4: Gas Demand in Italy
GAS DEMAND IN ITALY 74,7 (3.4%) 72,1 2,2 (3.9%) 2,1 25,4 (8.1%) 23,4 System uses and losses Thermoelectric users Industrial users 17,9 (0.7%) 17,8 Services and residential users 29,1 (1.0%) 28,8 FY2017 FY2018 Gas demand decreased mainly as a result of lower thermoelectric uses and residential consum
Slide 5: Market Reference Scenario
MARKET REFERENCE SCENARIO BRENT PSV (€c/scm) Avg FY2018: 71.5 $/bbl Avg FY2018: 25.6 60.6 €/bbl Avg FY2017: 20.7 Avg FY2017: 54.8 $/bbl 48.6 €/bbl PUN TWA CSS1 (€/MWh) (€/MWh) Avg FY2018: 61.3 Avg FY2018: -1.4 Avg FY2017: 53.9 Avg FY2017: 5.2 Full Year 2018 results | 5 1. Clean Spark Spread Source:
Slide 6: Full Year 2018 Results
FULL YEAR 2018 RESULTS • Edison electric power and hydrocarbons sources and uses • Consolidated financial highlights and capital expenditures • Operating performance • Net financial debt and cash flow | 6
Slide 7: Edison Electric Power Volumes in Italy
EDISON ELECTRIC POWER VOLUMES IN ITALY SOURCES USES (TWh) (TWh) 53,0 53,0 (19,3%) 1,0 (19,3%) 2,2 (10,3%) 42,8 42,8 10,9 +39,4% 0,9 +25,3% 16,5 3,1 13,7 (10,4%) 14,8 42,1 (30,8%) 33,3 (27,8%) 29,1 24,0 FY2017 * FY2018 FY2017 * FY2018 Wind & other renewable production Other sales (b) (wholesalers, IP
Slide 8: Edison Hydrocarbons Volumes - Gas Portfolio in Italy
EDISON HYDROCARBONS VOLUMES GAS PORTFOLIO IN ITALY SOURCES USES (bcm) (bcm) 21,3 (2,7%) 20,7 21,3 (2,7%) 20,7 7,1 (2,5%) 5,9 (0,5%) 6,9 5,8 (11,1%) 7,3 6,5 (3,5%) 15,1 14,6 +0,2% 4,5 4,5 (19,1%) 2,4 +16,7% 2,8 0,4 (0,1) 0,3 FY2017 FY2018 FY2017 FY2018 Residential uses Industrial uses Production (a)
Slide 9: Edison Hydrocarbons Volumes - E&P Operations
EDISON HYDROCARBONS VOLUMES E&P OPERATIONS GAS PRODUCTION OIL PRODUCTION (mcm) (kbbl) 2.263 +0,3% +9,2% 4.001 4.013 2.073 354 (19,1%) 437 1.874 (11,2%) 1.664 +16,7% 1.909 1.636 2.127 +10,4% 2.349 FY2017 FY2018 FY2017 FY2018 International production (a) Domestic production (b) International productio
Slide 10: Group Consolidated Highlights
GROUP CONSOLIDATED HIGHLIGHTS (€ mln) FY2017a FY2018a-b D Net capex & financial investmentsc) Sales revenues 8.783 9.159 4,3% 42 EBITDA 803 793 (1,2%) 830 EBIT 42 199 nm Profit (loss) before taxes (41) 184 nm 409 44 Group net income (loss) (176) 54 nm 6 496 80 7 29 Net capex & net financial investme
Slide 11: Operating Performance Breakdown
OPERATING PERFORMANCE BREAKDOWN Electric Power Hydrocarbons Corporate and other Total Edison Group (€ mln) FY2017 FY2018 ∆ FY2017 FY2018 ∆ FY2017 FY2018 ∆ FY2017 FY2018 ∆ Sales revenues a 3.970 3.768 (5,1%) 5.592 6.098 9,0% (779) (707) 9,2% 8.783 9.159 4,3% b 265 328 23,8% 637 570 (10,5%) (99) (105)
Slide 12: From Consolidated EBITDA to Net Result
FROM CONSOLIDATED EBITDA TO NET RESULT (€ mln) FY2017a) FY2018 a-b) D EBITDA 803 793 (10) In 2018 Edison recorded a net profit Depreciation, amortization and writedowns (655) (564) 91 of which: writedowns (169) (100) 69 thanks to: of which: exploration costs (80) (29) 51 - the positive operating per
Slide 13: Net Financial Debt and Cash Flow
NET FINANCIAL DEBT AND CASH FLOW Net financial Changes in Net Net Other Net financial (€ mln) EBITDA working financial Taxes debt investmentsa debt Dec.31,’17 capital expenses December 31,’18 -26 -13 -110 +793 -429 Mainly GNVI, Attiva and Zephyro -116 -409 -416 -106 The good operating performance of
Slide 14: Statement
STATEMENT As required by Article 154-bis, Section 2, of the Uniform Finance Law (Legislative Decree No 58/1998), Didier Calvez and Roberto Buccelli, in their capacity as “Dirigenti preposti alla redazione dei documenti contabili societari” of Edison S.p.A., attest that the accounting information con