Slide 1: 9M Results 2010
9M Results 2010 12th November 2010 1
Slide 2: 9M-2010 Market Scenario
9M-2010 MARKET SCENARIO 9M 2009 9M 2010 Δ% • Brent reached an average price of 77.2 USD/bbl: an increase in the region of 34% compared to 9M 2009. Brent USD / bbl 57.6 77.2 34% • USD/€ exchange rate stood at 1.32 in the first 9 USD / € 1.36 1.32 -4% months of 2010. 3% less compared to the same Brent
Slide 3: 9M '10 Key Figures
9M ‘10 KEY FIGURES (*) EURm 9M 2009 9M 2010 ∆ ∆% Revenues 2,414 2,385 (29) -1.2% EBITDA 420*** 411 (9) -2.2% EBIT 248 210 (38) -15.5% NET PROFIT 15 110 95 n.s. NET PROFIT adj. 119 110 (9) -7.1% NFP 2,056** 2,384 328 16.0% • REVENUES down by 1% due to higher volumes that offset the decrease in prices
Slide 4: EBITDA Bridge
EBITDA BRIDGE Unregulated activities Regulated activities 420 6 5 411 15 9 2 5 14 -47 -18 9M '09 Hydro- Cogen. Market Power Gas DH Water Waste Services 9M '10 gen Infr. Infr. Infr. and Others 4
Slide 5: Generation of Electricity and Heat
GENERATION OF ELECTRICITY AND HEAT 9M ‘10 vs 9M ‘09 9M '09 9M '10 Δ€MLN Δ% Significant decrease in Hydro contribution to Ebitda Revenues 498 449 (49) -10% due to planned unavailability of Valle Orco (repowering) EBITDA 131 98 (33) -25% and Pont Ventoux plants and to lower water availability in compa
Slide 6: Market
MARKET 9M ‘10 vs 9M ‘09 9M '09 9M '10 Δ€MLN Δ% Gas and Heat Sales: The temporary mismatch of purchase Revenues 2,042 1,996 (46) -2% and sale formulas was partially offset by the increase in EBITDA 36 18 (18) -50% volumes sold. Electricity 19 3 (16) -85% Power Sales: the decrease in EBITDA is due mai
Slide 7: Energy Infrastructures
ENERGY INFRASTRUCTURES 9M ‘10 vs 9M ‘09 9M '09 9M '10 Δ€MLN Δ% Energy Networks: Significant increase in profitability thanks Revenues 258 289 31 12% mainly to higher revenues, to positive impact of equalization EBITDA 139 164 26 18% and to the extraordinary contributions of the “bonus for Electricit
Slide 8: Water
WATER 9M ‘10 vs 9M ‘09 9M '09 9M '10 Δ€MLN Δ% Revenues 241 255 14 6% 6% growth in Revenues and EBITDA pushed up by tariffs EBITDA 78 83 5 6% increase in all the IREN reference areas that more than offset the decrease in volumes sold. EBIT 36 30 (6) -15% Ebit down by 15% mainly due to higher D&A and
Slide 9: Waste
WASTE 9M ‘10 vs 9M ‘09 9M '09 9M '10 Δ€MLN Δ% EBITDA up by ~ 7 €m mainly due to tariffs‟ increase, as agreed with local authorities, corresponding to an increase in Revenues 158 171 13 8% service level. EBITDA 32 38 7 21% The growth of EBITDA includes higher collection costs, caused by the extension
Slide 10: Cash Flow & Investments
CASH FLOW & INVESTMENTS CAPEX €m 9M ‘09 9M ‘10 Changing in NFP 30.09.2010 Generation 60 133 (m€) Networks 117 110 111 20 2,384 341 2,056 Water 72 65 119 -116 -147 Waste 20 22 Others 23 26 TOTAL 292 356 09 10 n ex ds it &A s ti o of er 20 20 ap en D ia pr th 2. 9. C ar id O et .1 .0 iv et V N 31 30 D
Slide 11: Balance Sheet & Debt Structure
BALANCE SHEET & DEBT STRUCTURE €m 31.12. 2009 30.09.2010 Debt Structure and Interest rate Net fixed assets 4,288 4,466 Net Working Capital 122 241 19% Funds (324) (341) 42% Other activities and (51) (110) liabilities 4,314 39% Net invested Capital 3,976 Net Financial Position 2.056 2,384 Fixed Varia
Slide 12: 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