Edison Spa · MIL:EDNR
Edison Spa — H1 2019 Earnings Presentation
13 slides from Edison Spa's earnings presentation, July 2019
Slide 1: First Half 2019 Results
FIRST HALF 2019 RESULTS Milan, July 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 (TWh) 158,2 (0.6%) 157,3 (18.7%) 23,8 19,4 Pumping (0.4%) 2,8 2,9 11,4 +9.8% 12,6 Net import 9,6 +16,1% 11,2 Geothermal production 25,7 (17.1%) 21,3 PV production National Generation: 139.2 TWh (+2.6%) Wind production 86,1 +6.1% 91,3 Hydroelectric production
Slide 4: Gas Demand in Italy
GAS DEMAND IN ITALY (Bcm) +4,3% 40,2 38,5 +7,4% 1,0 0,9 10,6 +16,7% 12,4 System uses and losses Thermoelectric users (0,5%) Industrial users 9,3 9,3 Services and residential users (0,8%) 17,7 17,5 1H2018 1H2019 Gas demand was positively impacted by the increase of gas consumption for thermoelectric
Slide 5: Market Reference Scenario
MARKET REFERENCE SCENARIO BRENT1 PSV Avg 1H2019: 19.8 (€c/scm) Avg 1H2018: 23.7 Avg 1H2019: 66.1 $/bbl Avg FY2018: 25.6 58.5 €/bbl Avg 1H2018: 71.0 $/bbl 58.8 €/bbl Avg FY2018: 71.5 $/bbl 60.6 €/bbl PUN TWA Avg 1H2019: 55.1 CSS2 Avg 1H2019: 0.4 (€/MWh) (€/MWh) Avg 1H2018: -3.7 Avg 1H2018: 53.8 Avg F
Slide 6: First Half 2019 Results
FIRST HALF 2019 RESULTS • Edison electric power and gas 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) (2.7%) (2.7%) 21,1 20,5 21,1 20,5 0,5 +40.3% 0,7 1,7 (10.7%) 1,5 +10.4% 6,7 +23.4% 7,4 6,6 8,1 (8.9%) (17.5%) 14,4 13,1 12,3 10,2 1H2018 1H2019 1H2018 1H2019 Wind & other renewable production Other sales (wholesalers, IPEX, etc.) End cu
Slide 8: Edison Gas Volumes
EDISON GAS VOLUMES SOURCES USES (bcm) 10,3 (2.0%) 10,1 (bcm) 10,3 (2.0%) 10,1 0,1 3,1 (9.2%) 2,8 2,6 3,5 (27.4%) +10.5% 3,3 3,0 7,0 (0.9%) 7,0 2,3 +10,5% 2,5 1,5 +12.8% 1,7 0,2 (6.3%) 0,2 1H2018 1H2019 1H2018 1H2019 Production (a) Imports (pipeline + LNG) Residential uses Industrial uses Other purch
Slide 9: Group Consolidated Highlights
GROUP CONSOLIDATED HIGHLIGHTS FY2018a-b 1H2018a-b 1H2019c D Net capex & net financial investmentsa-d) (€ mln) 8.728 Sales revenues 4.212 4.307 2,3% 426 EBITDA 238 328 37,8% 394 126 EBIT 98 167 70,4% na Profit (loss) from Continuing Operations 70 121 72,9% na Profit (loss) from Discontinued Operation
Slide 10: Operating Performance Breakdown
OPERATING PERFORMANCE BREAKDOWN Hydrocarbons Electric Power (Gas supply & sales and regulated Corporate and other Total Edison Group activities) a a a (€ mln) 1H2018 1H2019 ∆ 1H2018 1H2019 ∆ 1H2018 1H2019 ∆ 1H2018 1H2019 ∆ Sales revenues 1.823 2.071 13,6% 2.697 2.686 (0,4%) (308) (450) (46,1%) 4.212
Slide 11: From Consolidated EBITDA to Net Result
FROM CONSOLIDATED EBITDA TO NET RESULT (€ mln) IH2018a-b) IH2019c) D • The key business segments of the EBITDA 238 328 90 electric power and natural gas Depreciation and amortization (125) (154) d) (29) operations recorded a positive Writedowns (2) 0 2 performance with a 73% increase of Net change i
Slide 12: Net Financial Debt and Cash Flow
NET FINANCIAL DEBT AND CASH FLOW NET FINANCIAL DEBT NET CASH FLOW OF THE PERIOD (€ mln) (€ mln) 4 7 15 3 84 -118 328 60 118 416 298 -165 Dec 31, 2018 June 30, 2019 IFRS16 EBITDA Changes in Net financial Taxes paid Net Monetary Other Decrease in leasing a) working expenses investments chang. of Net c
Slide 13: 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