Acea S.p.A. · MIL:ACE
Acea — FY2021 Earnings Presentation
19 slides from Acea's earnings presentation, Mar 14, 2022
Slide 1: Acea Group Results 2021
AC E A G R O U P R E S U LT S 2 0 2 1 RO M E , 1 4 M A R C H 2 0 2 2
Slide 2: 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 POSITIVE TREND FOR DEVELOPMENT ACROSS ALL KEY PERFORMANCE ALL AREAS OF BUSINESS INDICATORS +9% +10% +5% INITIAL GUIDANCE :+6%/+8% VALUE CREATION FOR SELECTIVE ACCELERATION REVISED GUIDANCE: >+
Slide 3: Delivery in 2021: Acceleration of Energy Transition
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 4: 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 5: 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 6: Key ESG Highlights: Sustainability
KEY ESG HIGHLIGHTS ACEA: A GENERATOR OF ESG VALUE IN THE AREAS IN WHICH WE OPERATE SUSTAINABILITY: AT THE HEART OF OUR STRATEGIC DECISIONS SUSTAINABILITY AND OUR OPERATIONS WE HAVE BEGUN THE PROCESS OF IDENTIFYING SUSTAINABLE PROJECTS LINKED TO THE ECOLOGICAL TRANSITION. THESE WILL FORM THE BASIS FO
Slide 7: Key ESG Highlights: Social and Governance
KEY ESG HIGHLIGHTS ACEA: A GENERATOR OF ESG VALUE IN THE AREAS IN WHICH WE OPERATE SOCIAL GOVERNANCE 10% of short and medium/long-term remuneration linked to ACEA vaccination hub quantitative sustainibility goals “social bonus” discounts to help support financially distressed customers with bo
Slide 8: Results 2021: EBITDA
RESULTS 2021 E B I T DA 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 IDRICO ENERGY GENERATIO 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
Slide 9: 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 10: Financial and Operational 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 11: Financial and Operational 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 12: Financial and Operational 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 EBITD
Slide 13: Financial and Operational 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 14: 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 15: 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 16: Cash Flow 2021
CASH FLOW 2021 (€M) 2021 2020 EBITDA 1,256 1,155 CHANGE IN WORKING CAPITAL (95) (38) CAPEX (931)* (886)* F R E E C A S H F L 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
Slide 17: 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 18: Q&A Session
Q&A SESSION AC E A G R O U P R E S U LT S 2 0 2 1 RO M E , 1 4 M A R C H 2 0 2 2 18
Slide 19: 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