Iren S.p.a. · MIL:IRE
Iren — FY2013 Earnings Presentation
15 slides from Iren's earnings presentation, Mar 28, 2014
Slide 1: 2013 – FY Results
28th of March 2014 2013 – FY Results
Slide 2: 2013 – Main achievements
2013 – Main achievements Very positive results both in regulated and unregulated activities, despite a persistently Operating results difficult economic scenario, confirm Iren’s well-balanced business portfolio. • 2013 marks the end of IREN’s strategic investments cycle, with the completion of the O
Slide 3: FY 2013 – Growing EBITDA and lower Net Debt
FY 2013 – Growing EBITDA and lower Net Debt EURm FY ‘12 FY ‘13 ∆ ∆% REVENUES 4,328 3,448 -879.9 -20.3% EBITDA 630 646 +16.4 +2.6% EBITDA (margin) 14.5% 18.7% EBIT 334 313 -21.1 -6.3% NET PROFIT 153 81 -72.0 -47.2% NET PROFIT (from operations) 125 134 +8.5 +6.8% GROSS CAPEX* 340 338 -1.8 -1.0% NFP 2,
Slide 4: EBITDA Bridge – Confirming the positive trend both in unregulated and regulated activities
EBITDA BRIDGE – Confirming the positive trend both in unregulated and regulated activities. EBITDA BRIDGE (m€)* 18 5 6 19 646 630 (7) (3) (22) Unreg. Activities +37m€ Reg. Activities +8m€ FY '12 Generation Market Infrastruct. Water Waste Other Capital gain FY '13 and DH 2012 EBITDA bridge - Key Elem
Slide 5: Generation and DH – Growth in volumes and spark spread
GENERATION AND DH – Growth in volumes and spark spread. FY ’13 vs. FY’12 Positive operating performances in Electr. Cogen.: higher FY '12 FY '13 Δ€m Δ% spark-spread arising from the optimization of the gas Revenues 983 1,010 27 3% procurement policy and higher profitability in MSD market. Worth noti
Slide 6: Market – Gas sector and a strong improvement in electricity sales
MARKET – Gas sector and a strong improvement in electricity sales drove the outstanding performances. FY ’13 vs. FY’12 FY '12 FY '13 Δ€m Δ% Gas and Heat Sales: The significant results reported in the Revenues 4,052 3,098 (954) -24% sectors derive mainly from an optimized procurement portfolio which
Slide 7: Distribution – extraordinary items and changes in regulatory framework
DISTRIBUTION – extraordinary items and changes in regulatory framework. FY ’13 vs. FY’12 ENERGY INFRASTRUCTURE FY '12 FY '13 Δ€m Δ% Electricity networks: The results are positively impacted mainly by cost savings and a number of extraordinary items, Revenues 385 388 3 1% reported in the Parma and Tu
Slide 8: Waste - Negative impact of the shutdown of the WTE in Reggio Emilia
WASTE - Negative impact of the shutdown of the WTE in Reggio Emilia. FY ’13 vs. FY’12 FY '12 FY '13 Δ€m Δ% Stable revenues: the tariffs increase offset the absence of revenues from heat production due to the shutdown of the Revenues 211 214 3 2% Reggio Emila WTE. EBITDA 39 36 (3) -7% EBIT 16 6 (10)
Slide 9: From EBITDA to Net Profit from operations
From EBITDA to Net Profit from operations . FY 2012 FY 2013 Non-recurrent growth in bad debt provision. EBITDA 629.6 646.0 2.6% D&A (205.5) (219.7) Provisions (90.0) (113.2) Lower Financial charges, due EBIT 334.1 313.1 -6.3% to the decrease in NFP. Financial Charges (98.8) (89.4) Companies cons. wi
Slide 10: Cash-Flow & Debt Structure
CASH-FLOW & DEBT STRUCTURE. NFP Bridge 31.12.2013 Interest rate* and Debt Structure** 2,555 76 2,525 63 338 (20) (92) (14) Including ~138m€ for the 25% (240) completion of OLT, Parma (140) 49% WTE and Torino Nord plant. 26% Fixed Variable Swap A wise financial management allowed the Group to signi
Slide 11: Guidelines for the future
Guidelines for the future Through stronger Through selective integration of consolidation and structures, then a growth on processes, ICT core areas and on systems and business fitting Group Opex/Capex expertise discipline Multiutility leader in quality, efficient and innovative services, with a spe
Slide 12: Annexes
ren Annexes Pag. 12 of 16
Slide 13: Market Scenario
Market Scenario. FY ‘12 FY ‘13 Δ% Brent USD / bbl 111.7 108.7 -2.7% USD / € 1.28 1.33 3.8% Brent € / bbl 86.9 81.8 -5.9% Gas Demand (bcm) 74.3 69.5 -6.5% PSV €/000 scm 304 296 -2.6% Energy demand (Twh) 328.2 317.1 -3.4% PUN (€ /MWh) 75.5 63.0 -16.6% CO2 (€ /Ton.) 7.4 4.5 -39.6% Green Cert. Hydro (€
Slide 14: Balance Sheet
Balance Sheet. €m 31.12.2012 31.12.2013 Net fixed assets 4,735 4,871 Net Working Capital 235 121 Funds (457) (481) Other assets and liabilities (4) 3 Net invested Capital 4,509 4,514 Net Financial Position 2,555 2,525 Group shareholders’ equity 1,954 1,989 Total Funds 4,509 4,514 Pag. 14 of 16
Slide 15: 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