Iren S.p.a. · MIL:IRE
Iren — FY2015 Earnings Presentation
16 slides from Iren's earnings presentation, Mar 15, 2016
Slide 1: 2015 – FY Results
15th March 2016 2015 – FY Results
Slide 2: 2015 FY Results in line with BP@2020 objectives
2015 FY Results in line with BP@2020 objectives…. ORGANIC - Organic growth of approximately 45m€, in line with BP estimates led by the performance GROWTH reported in electricity and gas sales and in DH networks expansion. 20m€ of synergies achieved (higher than 2015 targets) thanks to: - Centralizat
Slide 3: ….in spite of several non-recurrent elements
….in spite of several non-recurrent elements. GREEN The residual part of GCs on DH expired at the end of 2014, negatively impacting 2015 for 20m€ CERTIFICATES NEGATIVE NON- 2015 margins were negatively impacted by approximately 50 m€ non-recurrent elements RECURRENT (of which approximately 30m€ link
Slide 4: FY 2015: Significant growth in all the operating key indicators
FY 2015: Significant growth in all the operating key indicators. Income statement Ebitda Bridge 25 678 m€ FY '141 FY '15 Δ Δ% 15 638 46 22 623 (53) Revenues 2,902 3,094 192 6.6% Ebitda 623 678 55 8.8% Ebit 325 347 22 6.6% Net profit 69 118 49 71.4% EBITDA RE Fund/ FY 2014 GCs & non- Organic Synergie
Slide 5: Generation and DH – Stable EBITDA results in spite of non-recurring elements
GENERATION AND DH – Stable EBITDA results in spite of a number of non-recurring elements. m€ FY '14 FY '15 Δ Δ% The higher contribution coming from the improved utilization of the generation fleet and higher volumes Revenues 827 813 -14 -2% produced offset the 20m€ GCs expiry and the absence of Eb
Slide 6: Market – Client-base exceeding 1.5mln
MARKET – Client-base exceeding 1.5mln. The growth in volumes led by the enhanced market m€ FY '14 FY '15 Δ Δ% strategies together with the awarding of CONSIP tender (expect. 2016 positive contribution of approx. 1.4 TWh) Revenues 2,388 2,377 -11 0% together with the improved profitability allowed
Slide 7: Networks – Positive results partly offset by significant one-offs
NETWORKS – Positive results partly offset by significant one-offs m€ FY '14 FY '15 Δ Δ% • Electricity networks: The positive results of the sector is Revenues 341 373 32 9% linked to cost-saving and the equalization for previous years. Ebitda 152 148 -4 -3% • Gas networks: In spite of the significan
Slide 8: Waste – EBITDA growth driven by AMIAT consolidation
WASTE – EBITDA growth driven by AMIAT consolidation m€ FY '14 FY '15 Δ Δ% The strong increase in the BU’s margins is linked Revenues 238 463 225 95% principally to the contribution of AMIAT (approximately 20m€) partially offset by were the temporary negative Ebitda 48 65 17 36% effect of the shut
Slide 9: From EBITDA to Net Profit
From EBITDA to Net Profit. FY '14 FY '15 Δ Δ% EBITDA 622,7 677,8 55,1 8,8% Higher D&A impacting mainly on Waste BU. D&A -247,9 -267,6 Higher provision due to the absence of the Provisions -49,4 -63,3 ~13m€ funds release reported in FY 2014. EBIT 325,4 346,8 21,4 6.6% Financial charges for loans
Slide 10: Cash-flow and NFP Bridge
Cash-flow and NFP Bridge. 2,286 81 1 2,169 275 26 (140) (12) (257) (91) NFP 31 .12 .14 Net Profit D&A and other NWC Variation Capex Cha nge in Dis posals and Div idends paid Others NFP 31 .12 .15 ope rat ing consol. perim . dividends change s The last quarter of the year confirmed the positive tre
Slide 11: Interest rate and debt structure
Interest rate and debt structure. Gross debt interest rate 17% of gross debt at variable interest rate. Average long-term debt duration of about 5.1 years. Significant reduction in cost of debt (3.4% compared to 3.8% in FY 2014). Debt structure More than 40% of Iren’s total debt is funded th
Slide 12: Closing remarks
Closing remarks. The 2015 results are the starting points from which to achieve the key strategic elements outlined in the business plan pushing on with actions already put in place - Synergies: the start of several performance-improvement projects and the IRETI set-up (which took place on the 29th
Slide 13: Annexes
ren Annexes Pag. 13
Slide 14: Market Scenario
Market Scenario. FY '14 FY '15 Δ% Brent USD/bbl 99,2 52,5 -47% €/USD 1,3 1,1 -17% Brent €/bbl 74,7 47,3 -37% Gas Demand (bcm) 61 67 +9% PSV €/000 scm 273 255 -6% Energy Demand (Twh) 309 315 +2% PUN (€/Mwh) 52,1 52,3 0% CO2 €/Ton 5,9 7,7 +30% Green Cert. Hydro (€/Mwh) 98,0 100,1 +2% • The normalizati
Slide 15: Balance Sheet
Balance Sheet. FY '14 FY '15 Net fixed assets 4.619 4.648 Net Working Capital 238 154 Funds -550 -526 Other assets and liabilities -28 -46 Net invested capital 4.279 4.231 Group Sharholders' equity 1.993 2.062 Net Financial Position 2.286 2.169 Total Funds 4.279 4.231 Pag. 15
Slide 16: 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