Hera S.p.A. · MIL:HER
Hera — H1 2009 Earnings Presentation
12 slides from Hera's earnings presentation, Aug 27, 2009
Slide 1: First Half 2009 Results
First Half 2009 Results www.gruppohera.it
Slide 2: First Half 2009 Results – Analyst Presentation
First Half 2009 Results Analyst Presentation, 27th August 2009
Slide 3: H1 2009: Maintaining a positive growth
H1 2009: Maintaining a positive growth > Hera achieved positive growth of Ebitda > M&A activities will progress with the in first 2 quarters accounting a double acquisition of 25% stake in Aimag digit growth in H1 Net Profit (post (bid outcome in next weeks) a minorities). multiutility operating in
Slide 4: H1 '09: Double digit growth in Net Profit
H1 ’09: Double digit growth in Net Profit M€ H1 2008 % H1 2009 % Ch.% Mainly driven by Electricity sales and trading development Electricity market expansion Revenues* 1,784.2 100.0% 2,177.9 100.0% +22.1% and positive performance of and higher Gas revenues. Operat. Costs (1,471.7) (82.5%) (1,832.5)
Slide 5: Organic growth achieved despite economic slow down
Organic growth achieved despite economic slow down Ebitda growth Drivers (m€) +6.9 271.3 Ebitda drivers +6.8 257.6 • Synergies (efficiency gains and Organic Growth (regulated tariff progression and market expansion strategy in Electricity) more than offset economic slow down effects. H1 2008 Syn & O
Slide 6: Waste business: Business expansion tackling with economic slow down
Waste business: Business expansion tackling with economic slow down Ebitda M€ H1 2008 % H1 2009 % Ch. % New WTE plants (FE and FC) running at full Revenues 309.9 100.0% 313.3 100.0% +1.1% capacity and WTE Modena is currently close to Operat. Costs (159.1) (51.3%) (163.5) (52.2%) +2.8% run at regime.
Slide 7: Water business: Tariff progression underpin growth
Water business: Tariff progression underpin growth Revenues M€ H1 2008 % H1 2009 % Ch. % Revenues 215.2 100.0% 219.6 100.0% +2.0% Sales growth mainly driven by tariffs increase Operat. Costs (169.1) (78.6%) (161.5) (73.6%) (4.4%) (~4.7%) as agreed with Authorities for regulatory Personnel (52.3) (24
Slide 8: Gas business: "normalized" climate conditions offset downturn effects
Gas business: “normalized” climate conditions offset downturn effects Revenues M€ H1 2008 % H1 2009 % Ch. % Higher volumes sold related trading activities. Revenues 625.4 100.0% 756.6 100.0% +21.0% Better climate conditions almost offset effects of Operat. Costs (551.1) (88.1%) (665.9) (88.0%) +20.8
Slide 9: Electricity business: Visible market expansion
Electricity business: Visible market expansion Revenues M€ H1 2008 % H1 2009 % Ch. % Sales increase underpinned by market expansion Revenues 662.3 100.0% 931.6 100.0% +40.7% (+31% H/H in volume sold to final customers) and to Operat. Costs (637.7) (96.3%) (906.3) (97.3%) +42.1% +205 m€ H/H related t
Slide 10: Other services: Progression in results despite dismissions
Other services: Progression in results despite dismissions Revenues M€ H1 2008 % H1 2009 % Ch. % Revenues 39.2 100.0% 53.0 100.0% +35.2% Sales increased underpinned by good Operat. Costs (22.5) (57.2%) (31.5) (59.4%) +40.4% performance of Public Lighting and of other Personnel (10.1) (25.8%) (12.4)
Slide 11: Capex and Net Financial Debt: In line with expectations
Capex and Net Financial Debt: In line with expectations M€ H1 2008 H1 2009 Capex plan on schedule. Waste 52.2 62.0 ~25% relates to plant development. Water 64.1 52.7 Gas 27.3 31.5 Waste: 41m€ relates to new WTE plants. Electricity 19.0 19.6 Water: capex compliant to ATO agreements, with some Other 1
Slide 12: Closing remarks
Closing remarks • Multi-business growth strategy pursued continued to yield increasing results tackling with economic slow down effects customer consumptions. • Tariff progression growth in line with agreements with Atos and with new regulatory systems for energy distribution activities with positiv