Edison Spa · MIL:EDNR
Edison Spa — H1 2020 Earnings Presentation
13 slides from Edison Spa's earnings presentation, September 2020
Slide 1: First Half 2020 Results
FIRST HALF 2020 RESULTS Milan, September 2020 | 1
Slide 2: Business Environment
BUSINESS ENVIRONMENT € Ss y EDISON
Slide 3: Electric Power Availability Mix in Italy
ELECTRIC POWER AVAILABILITY MIX IN ITALY 157,6 (8.9%) (TWh) 143,5 (28.2%) 19,4 = Pumping 2,8 13,9 12,6 +9.2% 2,8 Net import 11,2 13,7 (6.7%) 10,5 Geothermal production 21,4 +8.2% 23,2 PV production Net Generation: 130,9 TWh (-6.1%) Wind production 91,4 (11.7%) 80,7 Hydroelectric production Thermoele
Slide 4: Gas Demand in Italy
GAS DEMAND IN ITALY (Bcm) 40,2 (10.8%) 1,0 (12.5%) 35,8 0,8 12,4 (12.3%) System uses and losses 10,9 Thermoelectric users Industrial users 9,3 (12.7%) Services and residential users 8,1 17,5 (8.5%) 16,0 1H2019 1H2020 Gas demand fell sharply (-10.8%) due to the impact of the Government measures taken
Slide 5: Market Reference Scenario
MARKET REFERENCE SCENARIO BRENT1 PSV Avg 1H20: 42.2 $/bbl (€c/scm) Avg 1H20: 9.7 38.2 €/bbl Avg 1H19: 19.8 Avg 1H19: 66.1 $/bbl Avg FY19: 17.0 58.5 €/bbl AvgFY19: 64.1 $/bbl 57.3 €/bbl PUN TWA CSS2 (€/MWh) Avg 1H20: 32.2 (€/MWh) Avg 1H20: -2.5 Avg 1H19: 55.1 Avg 1H19: +0.4 AvgFY19: 52.3 AvgFY19: +2.
Slide 6: First Half 2020 Results
FIRST HALF 2020 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) (6.0%) (6.0%) 20,5 19,3 20,5 19,3 0,8 +29.1% 1,0 1,5 +8.9% 1,6 7,4 +0.7% 7,5 8,1 (19.7%) 6,5 13,1 (9.8%) 11,8 10,1 +0.3% 10,2 1H2019 1H2020 1H2019 1H2020 Wind & other renewable production Other sales (wholesalers, IPEX, etc.) End custom
Slide 8: Edison Gas Volumes in Italy
EDISON GAS VOLUMES IN ITALY SOURCES USES (bcm) (14.4%) (bcm) (14.4%) 10,1 10,1 0,1 8,7 (37.2%) 8,7 2,8 0,1 2,6 (11.4%) (19.2%) 2,5 2,1 3,3 (16.6%) 2,8 7,0 (15.2%) 5,9 2,5 +0.6% 2,5 (14.4%) 1,7 (24.6%) 1,3 0,2 0,2 1H2019 1H2020 1H2019 1H2020 Production (a) Imports (pipeline + LNG) Residential uses In
Slide 9: Group Consolidated Highlights
GROUP CONSOLIDATED HIGHLIGHTS (€ mln) 1H2019a 1H2020a-b D Net capex & net financial investments a-c) Sales revenues 4.321 3.107 (28,1%) EBITDA 341 380 11,4% 166 EBIT 172 164 (4,7%) 5 Profit (loss) from Continuing Operations 129 104 (19,4%) Profit (loss) from Discontinued Operations (518) (162) nm 12
Slide 10: Operating Performance Breakdown
OPERATING PERFORMANCE BREAKDOWN Electric Power Gas and E&P activities Corporate and eliminations Total Edison Group (€ mln) 1H2019 1H2020b ∆ 1H2019a 1H2020a ∆ 1H2019a 1H2020a ∆ 1H2019a 1H2020a-b ∆ Sales revenues 2.071 1.831 (11,6%) 2.700 1.630 (39,6%) (450) (354) 21,3% 4.321 3.107 (28,1%) EBITDA 233
Slide 11: From Consolidated EBITDA to Net Result
FROM CONSOLIDATED EBITDA TO NET RESULT (€ mln) 1H2019a 1H2020a-b D Despite Covid 19 economic effects, Edison’s EBITDA 341 380 39 performance from continuing operations was Depreciation, amortization and writedowns (162) (200) c) (38) of which: writedowns 0 (24) (24) quite resilient in IH2020. Net ch
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) +108 624 516 Dec 31, 2019 June 30, 2020 b Net financial debt rose to €624 mln mainly due to the increase in working capital, the payment of CO2 emissions rights to fulfil requirements for 2019 and the inv
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