Snam S.p.a. · MIL:SRG
Snam — Snam Rete Gas — Q3 2009 Earnings Presentation
25 slides from Snam's earnings presentation, Oct 27, 2009
Slide 1: 2009 3Q Results
2009 3Q Results Milan, October 27th, 2009 www.snamretegas.it
Slide 2: Disclaimer
Disclaimer Snam Rete Gas’s Chief Financial Officer, Antonio Paccioretti, in his position as manager responsible for the preparation of financial reports, certifies pursuant to paragraph 2, article 154-bis of the Legislative Decree n. 58/1998, that data and information disclosures herewith set forth
Slide 3: Agenda
Agenda Highlights 2009 3Q Results 3
Slide 4: Highlights
Highlights Carlo Malacarne Chief Executive Officer 4
Slide 5: Overview
Overview Financials Full consolidation of Italgas and Stogit in 3Q 2009 Resilient transport results despite decreased gas demand Solid and efficient capital structure Transport Regulation Ongoing discussion with the Authority for the 3rd regulatory period: final ruling expected in November
Slide 6: Snam Rete Gas Consolidated Results
Snam Rete Gas Consolidated Results 9M 2008 9M 2009 (*) ∆% REVENUES (€m) 1,380 1,640 +18.8 EBITDA (€m) 1,092 1,265 +15.6 NET PROFIT (€m) 373 468 +25.5 CAPEX (€m) 740 781 +5.5 (*) Snam Rete Gas 9M figures consolidate Italgas and Stogit from July 1st 6
Slide 7: Operational Data
Operational Data 9M 2008 9M 2009 Δ% Gas injected into the network (bcm) 63.4 55.3 -12.7 Transport Gas pipeline network (km in operation) 31,242 31,557 +1.0 Storage capacity (bcm) 13.7 14.0 +2.2 Modulation 8.6 8.9 +3.5 Storage Strategic 5.1 5.1 -- Gas moved through storage system (bcm) 9.
Slide 8: Volumes
Volumes bcm 9M 2008 9M 2009 ∆% Residential and Commercial 19.9 20.5 +3.1 (weather adjusted) (20.6) (20.3) (-1.7) Industrial (*) 14.6 12.1 -17.1 Thermoelectric 25.7 20.4 -20.4 Other 1.2 1.2 -- Gas consumption (**) 61.4 54.2 -11.8 (weather adjusted) (62.1) (54.0) (-13.2) Storage & Other (***
Slide 9: SRG Capex
SRG Capex Update Main Projects €m ~1 bln -14.3% In progress In Progress: Completed 740 Massafra-Biccari Maintenance 132 634 Montalbano-Messina 72 Enna-Montalbano 74 Tarvisio-Malborghetto Safety 74 Istrana & Malborghetto comp. stations 180 Cremona-Sergnano 180 Regional & National Zimell
Slide 10: Stogit and Italgas Capex
Stogit and Italgas Capex S. DONATO MIL.SE BRUGHERIO Stogit SERGNANO SETTALA Stogit capex is €m +35.1% CREMA MINERBIO RIPALTA SABBIONCELLO mainly dedicated 200 CORTEMAGGIORE to the Istogramma 2 21 FIUME TRESTE 148 ROMA development of 10 new capacity of the Fiume Treste Extra return 138 179 storage fi
Slide 11: 2009 3Q Results
2009 3Q Results Antonio Paccioretti Chief Financial Officer 11
Slide 12: Income Statement
Income Statement €m 9M 2008 9M 2009* Change Revenues 1,380 1,640 +260 Operating expenses - 288 - 375 -87 EBITDA 1,092 1,265 +173 Depreciation & amortisation - 361 - 422 -61 EBIT 731 843 +112 Net interest income (expenses) - 168 - 161 +7 Net income from associates - 14 +14 EBT 563 696 +133 Income tax
Slide 13: Revenues
Revenues €m 9M 2008 9M 2009 Change Regulated revenues 1,364 1,623 +259 Transport 1,349 1,344 -5 Revenues 1,313 1,304 -9 Pass-through revenues 36 40 +4 LNG 15 15 - Storage - 68 +68 Distribution - 196 +196 Other revenues 16 22 +6 Consolidation adjustments* - -5 -5 TOTAL REVENUES 1,380 1,640 +260 (*) S
Slide 14: Operating Expenses
Operating Expenses €m 9M 2008 9M 2009 Change Regulated activities costs 286 377 +91 Controllable fixed costs 157 219 +62 of which: Transport 157 155 -2 Variable costs 91 92 +1 Other 38 66 +28 Non regulated activities 2 3 +1 Consolidation adjustments - -5 -5 TOTAL COSTS 288 375 +87 Transport 288 301
Slide 15: EBIT Analysis: business breakdown
EBIT Analysis: business breakdown €m 1,265 422 144 34 17 55 371 843 110 38 1,066 695 EBITDA Depreciation & EBIT amortisation Srg and Gnl Stogit Italgas 15
Slide 16: EBIT Analysis
EBIT Analysis €m 731 9M 2008 -36 Δ Srg and Gnl +38 3Q Stogit +110 3Q Italgas 843 9M 2009 16
Slide 17: Income Statement
Income Statement €m 9M 2008 9M 2009* Change Revenues 1,380 1,640 260 Operating expenses - 288 - 375 - 87 EBITDA 1,092 1,265 +173 Depreciation & amortisation - 361 - 422 - 61 EBIT 731 843 +112 Net interest income (expenses) - 168 - 161 +7 Net income from associates - 14 +14 EBT 563 696 +133 Income ta
Slide 18: Storage Activity: Stogit
Storage Activity: Stogit €m 9M 2008 9M 2009 ℵ% Revenues 228 252 +10.5% of which: modulation service 180 200 +11.1% strategic storage 47 51 +8.5% Operating costs 46 40 -13.0% EBIT 135 160 +18.5% Net profit 66 88 +33.3% 18
Slide 19: Distribution Activity: Italgas
Distribution Activity: Italgas €m 9M 2008 9M 2009 ℵ% Revenues 524 613 +17.0% of which: regulated 489 578 +18.2% other revenues 35 35 - Operating costs 214 204 -4.7% EBIT 211 305 +44.5% Net Profit 128 211 +64.8% 19
Slide 20: Balance Sheet
Balance Sheet €m Dec, 31 2008 Sep, 30 2009 Change Net Invested Capital 9,809 15,025 +5,216 Fixed assets 10,302 16,776 +6,474 Tangible fixed assets 10,263 15,741 +5,478 Intangible fixed assets 39 741 +702 Equity-accounted and other investments - 294 +294 Net working capital - 464 - 1,656 - 1,192 Rece
Slide 21: Fixed Assets
Fixed Assets €m 10,302 Dec 31, 2008 +6,110 Fixed assets from acquisition Stogit 2,306 as at Jun 30, 2009 Italgas 3,804 9M Srg and Gnl 634 +781 New investments 3Q Stogit 67 3Q Italgas 80 -422 Depreciation +6 Other 16,776 Sep 30, 2009 21
Slide 22: Net Working Capital
Net Working Capital €m -464 Dec 31, 2008 -948 Stogit and Italgas net working capital as of Jun 30, 2009 -331 Srg and Gnl 9M change in net working capital -17 Stogit 3Q change in net working capital Italgas 3Q change +104 in net working capital -1,656 Sep 30, 2009 22
Slide 23: Net Financial Debt
Net Financial Debt €m 6,236 Dec 31, 2008 -132 Free cash flow 2009 -3,444 Share capital increase Stogit: 1,588 +4,512 Purchase price Italgas: 2,924 Stogit: 1,068 Acquired companies net financial +2,181 debt Italgas: 1,113 +247 Final Dividend 2008 9,600 Sep 30, 2009 23
Slide 24: Q & A Session
ia snamretegas ~ Q & A Session 2 en ry
Slide 25: 2009 3Q Results
2009 3Q Results Milan, October 27th, 2009 www.snamretegas.it