Iren S.p.a. · MIL:IRE
Iren — H1 2010 Earnings Presentation
14 slides from Iren's earnings presentation, Aug 26, 2010
Slide 1: 1st Half Results 2010
1st Half Results 2010 26 August 2010 1
Slide 2: 1H-2010 Market Scenario
1H-2010 MARKET SCENARIO 1H 2009 1H 2010 Δ% • Brent price fluctuated between 70 and 90. It has reached an average quote of 78,4 USD/bbl with a Brent USD / bbl 52,8 78,4 48,5% growth of 48,5% compared to 1H 2009. USD / € 1,33 1,33 0,0% • Euro decreased from 1,43 USD in January to 1,22 USD in June. Ave
Slide 3: 1H '10 Key Figures
1H ‘10 KEY FIGURES (*) Euro million H1 H1 2009 2009 H1 H1 2010 2010 ∆∆ ∆∆ % % Revenues Revenues 1.765 1.765 1.718 1.718 (47) (47) -3% -3% EBITDA EBITDA 310 310 324 324 14 14 5% 5% EBIT EBIT 193 193 186 186 (6) (6) -3% -3% NET NET PROFIT PROFIT 61 61 105 105 44 44 73% 73% NET NET PROFIT PROFIT adj. a
Slide 4: 1H-2010 EBITDA Overview
1H-2010 EBITDA OVERVIEW EBITDA - SBUs’ CONTRIBUTION Others Waste 2% Water Service 7% 17% Generation 35% Ebitda stands at 324 €m. Sbus that mainly contributed to it are Generation and Networks, followed by Water Service and Waste. Market 6% Networks 33% ~60% Regulated ~40 % Non Regulated Activities A
Slide 5: Generation of Electricity and Heat
GENERATION OF ELECTRICITY AND HEAT 1H10 vs 1H09 1H09 1H10 Δ€MLN Δ% Strong increase in Cogeneration and Heat due to the Revenues 403 383 (20) -5% combined effects of higher volumes, higher contributions of EBITDA 110 114 4 4% GC and higher spark-spread. EBIT 79 75 (4) -5% Decrease in Hydro contributi
Slide 6: Market
MARKET 1H10 vs 1H09 1H09 1H10 Δ€MLN Δ% Gas Sales: the effects of higher volumes sold has been Revenues 1.587 1.541 (46) -3% overcome by the temporary mismatch between the purchase EBITDA 28 20 (8) -29% and sale formulas. Electricity 8 3 (5) -57% Power Sales: the decrease in EBITDA is due mainly to t
Slide 7: Energy Infrastructures
ENERGY INFRASTRACTURES 1H10 vs 1H09 1H09 1H10 Δ€MLN Δ% Energy Networks: Very positive outcomes due mainly to Revenues 208 208 - - the positive impact of equalization for previous years (+7 EBITDA 95 108 13 14% €m). Other contributions to the result are the prize for Electricity 33 11 34% 44 service
Slide 8: Waste
WASTE 1H10 vs 1H09 1H09 1H10 Δ€MLN Δ% EBITDA up by ~ 2,5 €m mainly due to tariffs increase as Revenues 106 112 6 6% agreed with local authorities. The growth of EBITDA includes EBITDA 22 24 2 11% higher collection costs, caused by the extension of the door to door collection system that brings the s
Slide 9: Water
WATER 1H10 vs 1H09 1H09 1H10 Δ€MLN Δ% Revenues 160 164 4 2% Revenues up by 2% and EBITDA up by 3% thanks mainly EBITDA 53 54 1 3% to Mediterranea delle Acque and Società Acque Potabili. EBIT 24 22 (2) -9% Increase in inhabitants served and decrease in volumes sold. WATER SOLD (MCM) INHABITANTS SERVE
Slide 10: Cash Flow & Investments
CASH FLOW & INVESTMENTS NET NET CAPEX CAPEX €€ m m 1H 1H 09A 09A 1H 1H 10A 10A Changing in NFP 31.06.2010 Generation Generation 32 32 81 81 (m€) -47 2.300 Networks Networks 82 82 71 71 111 2.056 -105 230 -109 164 Water Water 47 47 41 41 Waste Waste 99 14 14 Others Others 15 15 22 22 TOTAL TOTAL 186
Slide 11: Balance Sheet & Debt Structure
BALANCE SHEET & DEBT STRUCTURE €€ m m 31.12. 31.12. 2009 2009 30.06.2010 30.06.2010 Debt Debt Structure Structure and and Interest Interest rate rate Net Net fixed fixed assets assets 4.271 4.271 4.366 4.366 Net Net Working Working Capital Capital 122 122 286 286 20% Funds Funds (324) (324) (342) (3
Slide 12: Annexes
ANNEXES vifen _zaa a &
Slide 13: SBU Structure
SBU STRUCTURE SBU SBU ENIA ENIA SBU SBU IREN IREN (*) (*) RENEWABLES RENEWABLES Energy Energy and and heat heat GENERATION GENERATION Generation Generation DISTRICT DISTRICT HEATING HEATING Distribution Distribution District District heating heating ENERGY ENERGY Sales Sales Gas Gas INFRASTRUCTURES
Slide 14: Disclaimer
DISCLAIMER The Manager in charge of drawing up the corporate accounting documents and the Chief Financial Officer of IREN S.p.A., Mr. Massimo Levrino, hereby declares, pursuant to paragraph 2 of article 154 bis of the Consolidated Finance Act (Legislative Decree No 58/1998), that the accounting info