Edison Spa · MIL:EDNR
Edison Spa — Q1 2018 Earnings Presentation
14 slides from Edison Spa's earnings presentation, May 2018
Slide 1: First Quarter 2018 Results
FIRST QUARTER 2018 RESULTS Milan, May 2018 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 80,1 +1.8% 81,5 9,2 +47% 13,5 6,0 (14.1%) 5,2 Pumping 5,3 +15.6% 6,1 Net import 7,7 +11.5% 8,6 Other renewable production Wind production National Generation Hydroelectric production 52,6 (7.1%) 48,8 Thermoelectric production -0,7 = -0,7 1Q2017 1Q2018 Higher
Slide 4: Gas Demand in Italy
GAS DEMAND IN ITALY 25,6 +1.4% 26,0 0,4 0,4 6,8 (10.6%) 6,1 System uses and losses 4,9 4,8 +1.6% Thermoelectric users Industrial users Services and residential users 13,6 7.3% 14,6 1Q2017 1Q2018 Gas demand increased as a combined effect of higher residential consumption supported by cold temperature
Slide 5: Market Reference Scenario
MARKET REFERENCE SCENARIO Avg 1Q2018: 67.1 $/bbl Avg 1Q2018: 23.1 54.6 €/bbl Avg 1Q2017: 21.6 BRENT Avg 1Q2017: 54.7 $/bbl 51.4 €/bbl PSV Avg FY2017: 20.7 Avg FY2017: 54.8 $/bbl (€c/scm) 48.6 €/bbl Avg 1Q2018: -2.0 PUN TWA Avg 1Q2018: 54.3 Avg 1Q2017: 57.4 CSS1 Avg 1Q2017: 6.6 Avg FY2017: 5.2 (€/MWh
Slide 6: First Quarter 2018 Results
FIRST QUARTER 2018 RESULTS • Electric power and hydrocarbons 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) 18,7 (22%) 18,7 (22%) 0,3 0,3 +38% 2,6 14,6 +30% 14,6 4,7 (16%) 0,3 0,5 3,4 3,9 16,1 (30%) (26%) 13,4 11,2 9,9 1Q2017 * 1Q2018 1Q2017 * 1Q2018 Wind & other renewable production Other sales (b) (wholesalers, IPEX, etc.) End customers (c)
Slide 8: Edison Hydrocarbons Volumes - Gas Portfolio in Italy
EDISON HYDROCARBONS VOLUMES GAS PORTFOLIO IN ITALY SOURCES USES (bcm) (bcm) 6,0 (0.3%) 6,0 6,0 (0.3%) 6,0 0,2 0,2 1,8 1,6 +3% 1,6 1,8 +6% 2,1 1,9 (13%) (3%) 3,9 3,8 1,2 1,1 +8% 1,2 +9% 1,3 (15%) 0,1 0,1 1Q2017 1Q2018 1Q2017 1Q2018 Production (a) Imports (pipeline + LNG) Residential uses Industrial u
Slide 9: Edison Hydrocarbons Volumes - E&P Operations
EDISON HYDROCARBONS VOLUMES E&P OPERATIONS GAS PRODUCTION OIL PRODUCTION (mcm) (kbbl) 552 1.023 +24% 97 946 +8% 447 (15%) (14%) 401 114 467 455 +37% 333 +30% 622 479 1Q2017 1Q2018 1Q2017 1Q2018 International production (a) Domestic production (b) International production (a) Domestic production a) I
Slide 10: Group Consolidated Highlights
GROUP CONSOLIDATED HIGHLIGHTS (€ mln) FY2017 a IQ2017 a IQ2018 a-b D Net capex & financial investmentsc) 9.624 Sales revenues 2.706 2.631 (2,8%) 803 EBITDA 229 201 (12,2%) 42 EBIT 8 95 nm 107 (41) Profit (loss) before taxes 4 80 nm 30 (176) Group net income (loss) (19) 42 nm 41 52 496 Net capex & ne
Slide 11: Operating Performance Breakdown
OPERATING PERFORMANCE BREAKDOWN Electric Power Hydrocarbons Corporate and other Total Edison Group a a a a a a (€ mln) IQ2017 IQ2018 ∆ IQ2017 IQ2018 ∆ IQ2017 IQ2018 ∆ IQ2017 a IQ2018 a ∆ Sales revenues 1.295 1.161 (10,3%) 1.636 1.657 1,3% (225) (187) 16,9% 2.706 2.631 (2,8%) EBITDAb 68 93 36,8% 181
Slide 12: From Consolidated EBITDA to Net Result
FROM CONSOLIDATED EBITDA TO NET RESULT (€ mln) IQ2017a) IQ2018a-b) D EBITDA 229 201 (28) Depreciation, amortization and writedowns (122) (106) 16 Edison returned to net profit Net change in fair value of commodity derivatives (98) 2 100 thanks to: Other income (expense), net (1) (2) (1) - The operat
Slide 13: Net Financial Debt and Cash Flow
NET FINANCIAL DEBT AND CASH FLOW (€ mln) Net financial EBITDA Changes in Taxes Acquisition Net Net Other Net financial debt working of GNVI financial investmentsa debt March Dec.31,’17 capital expenses 31,’18 +201 -116 -179 -38 -8 -52 -477 -274 -11 Increase in net financial debt mainly due to the fi
Slide 14: 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