Iren S.p.a. · MIL:IRE
Iren — Q1 2013 Earnings Presentation
14 slides from Iren's earnings presentation, May 15, 2013
Slide 1: 2013 – 1Q Results
15th of May 2013 2013 – 1Q Results
Slide 2: 1Q 2013 – Strong improvement both in economic and financial performances
1Q 2013 – Strong improvement both in economic and financial performances. EURm 1Q ‘12 1Q ‘13 ∆ ∆% REVENUES 1,317 1,121 -196.7 -14.9% EBITDA 190 244 +53.2 +27.9% EBITDA (margin) 14.5% 21.7% EBIT 125 173 +48.6 +38.9% NET PROFIT 55 81 +26.1 +47.4% GROSS CAPEX 72 46 -26.3 -36.4% NFP 2,555* 2,504 -51.0 -
Slide 3: EBITDA Bridge - Increase in EBITDA driven by free-market sectors
EBITDA BRIDGE - Increase in EBITDA driven by free-market sectors. EBITDA BRIDGE (m€) 36 2 1 244 17 (2) 0 190 Unreg. Activities +53m€ 1Q '12 Generation Market Infrastruct. Water Waste Other 1Q '13 and DH EBITDA bridge - Key Elements: Positive performance in unregulated activities thanks mainly to the
Slide 4: Generation and DH – Higher volumes and spark-spread drove the growth in the sector
GENERATION AND DH – Higher volumes and spark-spread drove the growth in the sector. 1Q ’13 vs. 1Q ’12 Strong improvements in Cogen, thanks mainly to higher 1Q '12 1Q '13 Δ€m Δ% spark-spread, deriving from a sound management of the Revenues 341 328 (13) -4% gas procurement policy. Noticeably the ther
Slide 5: Market – Very good performance in gas sector, confirming the soundness of the Group's commercial policy
MARKET - Very good performance in gas sector, confirming the soundness of the Group’s commercial policy. 1Q ’13 vs. 1Q ’12 Gas and Heat Sales: The positive trend reported in 2012 1Q '12 1Q '13 Δ€m Δ% continues thanks both to an optimized procurement portfolio Revenues 1,373 1,105 (268) -20% which ex
Slide 6: Energy Infr. – Positive results in a stable scenario
ENERGY INFR. – Positive results in a stable scenario. 1Q ’13 vs. 1Q ’12 Electricity networks: The results are positively impacted by 1Q '12 1Q '13 Δ€m Δ% a non-recurrent item linked to previous years (2007-2012) Revenues 88 89 1 1% EBITDA 43 45 2 4% Gas networks: Stable results in gas networks deriv
Slide 7: Water – Good results in a clearer regulatory framework
WATER – Good results in a clearer regulatory framework. 1Q ’13 vs. 1Q ’12 Slight decrease in Revenues: Tariff increase in all the 1Q '12 1Q '13 Δ€m Δ% ATOs partially offset the negative effect of IFRIC 12 (-8m€). Revenues 107 101 (6) -5% EBITDA 31 32 1 4% Growth in EBITDA thanks to tariff increase a
Slide 8: Waste: The shutdown of the WTE in Reggio Emilia negatively affected sector's performances
WASTE: The shutdown of the WTE in Reggio Emilia negatively affected sector’s performances. 1Q ’13 vs. 1Q ’12 Slight decrease in revenues: the change in consolidation 1Q '12 1Q '13 Δ€m Δ% perimeter (deconsolidation of Undis Servizi) and the shut- Revenues 55 53 (2) -4% down of the WTE in Reggio Emili
Slide 9: From EBIT to Net Profit
From EBIT to Net Profit. 1Q ‘12 1Q ‘13 ∆% EBIT 124.7 173.3 +38.9% • Stable financial Financial charges (24.6) (25.4) charges. Companies consolidated with E.M. 4.8 0.4 Adj. in participations - - EBT 104.9 148.3 +41.4% 1Q 2013 tax rate in line Taxes (49.7) (64.3) with FY 2012. Profit from discontinued
Slide 10: Cash-Flow & Debt Structure
CASH-FLOW & DEBT STRUCTURE. NFP Bridge 31.03.2013 Interest rate* and Debt Structure** 2,555 46 2,504 54 (84) (4) (13) (51) 30% 41% 29% Fixed Variable Swap The steady reduction in NFP, already reported in the last 3 quarters is the combined effect of better operating results, a wise NWC management
Slide 11: Annexes
ren Annexes 11
Slide 12: Market Scenario
Market Scenario. 1Q ‘12 1Q ‘13 Δ% • In the 1Q 2013 Brent average price stood at Brent USD / bbl 118.6 112.6 -5% 112.6 $/bbl, scoring a 5% decrease vs. 1Q 2012. USD / € 1.31 1.32 1% • USD/€ exchange rate was substantially Brent € / bbl 90.5 85.2 -6% stable. • Gas demand fell by 5%, mainly because of
Slide 13: Balance Sheet
Balance Sheet. €m 31.12.2012 31.03.2013 Net fixed assets 4,735 4,430 Net Working Capital 235 289 Funds (457) (454) Other assets and liabilities (4) 286 Net invested Capital 4,509 4,551 Net Financial Position 2,555 2,504 Group shareholders’ equity 1,954 2,047 Total Funds 4,509 4,551
Slide 14: 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