Edison Spa · MIL:EDNR
Edison Spa — Q1 2005 Earnings Presentation
17 slides from Edison Spa's earnings presentation, May 10, 2005
Slide 1: First quarter 2005 results
First quarter 2005 results May 10th, 2004
Slide 2: Agenda
Agenda Business environment First quarter results at March 31st, 2005: Edison Group results Core business operating performance and financial highlights Debt evolution Strategic update in electricity and gas 2
Slide 3: Electric power availability mix and gas supply sources in Italy in IQ05
Electric power availability mix and gas supply sources in Italy in IQ05 Electricity supply mix (TWh) (a) Gas supply mix (bcm) 2.6% seasonally adjusted 35 100 +0.7% 81.9 82.4 +4.9% 28.7 bcm 30 27.4 bcm 80 12,5 13,8 5,1 2,0 1,8 25 5,0 9,9 0,6 10,1 0,5 60 20 15 40 19,9 18,6 63,7 62,7 10 20 5 3,3 3,1 0
Slide 4: Agenda
Agenda Business environment First quarter results at March 31st, 2005: Edison Group results Core business operating performance and financial highlights Debt evolution Strategic update in electricity and gas 4
Slide 5: Edison IQ 2005 income statement and transition to IFRS
Edison IQ 2005 income statement and transition to IFRS Edison Group Consolidated Pro forma (€ mln) IQ05 (a) Adjustments IQ05 IFRS Net revenues 1,895 (7) 1,888 The major impacts of IFRS on Edison accounts EBITDA 288 12 300 are: % on revenues 15.2 15.9 The line by line consolidation of 50% of Edipow
Slide 6: Edison IQ 2005 financial highlights IFRS compliant
Edison IQ 2005 financial highlights IFRS compliant Core Business Non Core business Edison Group (€ mln) IQ05 IFRS IQ04 (*) IQ05 IFRS IQ04 (*) IQ05 IFRS IQ04 (*) Net revenues 1,744 1,504 144 202 1,888 1,706 EBITDA 298 353 2 5 300 358 % on revenues 17.1 23.5 1.4 2.5 15.9 21.0 EBIT 160 197 % on revenue
Slide 7: Edison Group operating performance in the electricity market
Edison Group operating performance in the electricity market First quarter 2005 Power availability mix (TWh) (a) Power sales mix (TWh) (a) 14 13.5 14 13.5 -4.3% 12.9 12.9 12 3,3 12 3,1 5,5 +29.1% 10 10 1,3 7,1 0,6 1,8 8 0,6 8 2,1 6 6 0,8 4 8,3 4 -15.7% 7,4 5,9 5,0 2 2 0 0 IQ 2004 IQ 2005 IQ 2004 IQ
Slide 8: Electric power – key financial data
Electric power – key financial data ∆% (€ mln) IQ05 IFRS IQ04 IQ05 / IQ04 Net Revenues 1,179 1,128 + 4.5 EBITDA 236 280 - 15.7 % on sales 20.0 24.8 Edison production decreased by 9.5% to 8.0 TWh due to a 10.8% reduction in thermoelectric production, driven by non recurrent events as ordinary and e
Slide 9: Edison Group operating performance in the gas market
Edison Group operating performance in the gas market First quarter 2005 Gas availability mix (mln cm) Gas sales mix (mln cm) 5000 4,504 4,366 4500 138 4500 +26.1% 3,975 74 4000 707 4000 3,461 514 3500 3500 58 458 1902 3000 3000 1356 +40.3% 2500 2001 2500 1605 475 2000 2000 496 -4.2% 1500 1500 1000 1
Slide 10: Hydrocarbons – key financial data
Hydrocarbons – key financial data ∆% (€ mln) IQ05 IFRS IQ04 IQ05 / IQ04 Net Revenues 960 662 + 45.0 EBITDA 83 86 - 3.5 % on sales 8.6 13.0 Gas sales volumes increased by 26% to 4.4 bcm mainly as a result of higher sales to residential users (+40%) and thermoelectric users (+14%). Revenues went u
Slide 11: Debt evolution
Debt evolution Changes in consolidated net financial position pro forma IFRS compliant (1,100) (154) 7 11 (54) 298 (137) (29) (5,005) 8 Warrants Non core Disposal of Net financial Other conversion operations Edison Enichem EBITDA CAPEX (3,855) expenses France settlement Edipower debt consolidation (
Slide 12: Agenda
Agenda Business environment First quarter results at March 31st, 2005: Edison Group results Core business operating performance and financial highlights Debt evolution Strategic update in electricity and gas 12
Slide 13: Progress in electricity investment program
Progress in electricity investment program (*) 2004 2005 2008 ~ 10.0 GW 800 MW Simeri Crichi (CZ) 1H 2007 800 MW 2000 MW 200 MW Wind farms 2008 8.5 GW 250 MW Merchant line 2008 800 MW Altomonte (CS) 1H 2005 Planned project EDISON 400 MW Candela (FG) 1H 2005 out of the 6.5 GW 800 MW Torviscosa (UD) 2
Slide 14: Projects for new gas infrastructures in Italy
Projects for new gas infrastructures in Italy Russia Netherlands / Norway 30 +3.2 (a) Existing Pipeline / LNG Terminal (contracted volumes bcm) 15 More likely pipeline / LNG Terminal (capacity volumes bcm) 8 North Adriatic off-shore LNG (end.2007) Other possible projects with Edison interest Panigag
Slide 15: 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 (b) 3.4 4.0 Russia 1.8 Norway 1.4 Russia 1.0 Norway 1.8 2.0 ~ 1.0 Domestic Import via Purchases Total Dome
Slide 16: North Adriatic LNG Terminal
North Adriatic LNG Terminal - Offshore Gravity-based structure (GBS) located in approx. 30 m. deep waters in the Adriatic Sea, approx. 15 kilometers offshore from Porto Levante - Regassification capacity of 8 bcm/year - All primary Authorizations and permits have been obtained from the Italian Gover
Slide 17: 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