Acea S.p.A. · MIL:ACE
Acea — FY2019 Earnings Presentation
15 slides from Acea's earnings presentation, Mar 9, 2020
Slide 1: Acea Group 2019 Results
ACEA Group Acea Group 2019 Results Rome, 9 March 2020
Slide 2: Performance and delivery
Acea Group Performance and delivery Growth, consistency, reliability, sustainability CONSTANT GROWTH SINCE THE NEW BOARD OF DIRECTORS TOOK OFFICE (27 APRIL 2017) 2019: SHARE PRICE AT ALL-TIME HIGH, AS ACEA OUTPERFORMS THE MARKET (FTSE ITALIA ALL SHARE +27.2%) 2019 FROM 27 APRIL 2017 TO 31 DECEMBER 2
Slide 3: Delivery: Business Plan and acquisitions
Acea Group Delivery Business Plan and acquisitions NEW BUSINESS PLAN 2019-2022 APPROVED ON 2 APRIL 2019, BRINGING FORWARD TARGETS ANNOUNCED TO THE MARKET IN NOVEMBER 2017 BY MORE THAN TWELVE MONTHS EBITDA (€m) PLAN 2019-2022 1,042 933 972 840 916 Targets in existing Plan: • EBITDA in 2022: €1,270m (
Slide 4: 2019 financial highlights
2019 financial highlights Acea Group (€m) 2019 2018 % change (a) (b) (a/b) Consolidated revenue 3,186.1 3,028.5 +5.2% EBITDA +12%: well ahead of guidance EBITDA 1,042.3 933.2 +11.7% • Initial guidance : +5%/+6% • Guidance provided in H1 2019: ≥ +7% EBIT 518.1 478.6 +8.3% • Guidance provided in 9M 20
Slide 5: EBITDA
EBITDA Acea Group EBITDA 2019 Water 48% EBITDA from regulated 81% Energy Infrastructure 37% businesses Commercial & Trading 7% EBITDA from non- 19% Environment 5% regulated businesses Overseas 2% Engineering & Services 1% EBITDA (€m) Contribution to EBITDA from 1,042.3 consolidation of Gori, Acquedo
Slide 6: EBITDA and quantitative data: Water
EBITDA and quantitative data Acea Group 2019 financial highlights Water Including gas distribution business (€m) 2019 2018 % change KEY HIGHLIGHTS (a) (b) (a/b) October 2019: line-by-line consolidation of Acquedotto del Fiora EBITDA 505.0 433.0 +16.6% March 2019: acquisition of Pescara Distribuz
Slide 7: EBITDA and quantitative data: Energy Infrastructure
EBITDA and quantitative data Acea Group 2019 financial highlights Energy Infrastructure (€m) 2019 2018 % change KEY HIGHLIGHTS (a) (b) (a/b) Acquisition of new photovoltaic plants EBITDA 392.0 360.7 +8.7% with total capacity of 28MWp - Distribution 345.4 317.1 +8.9% EBITDA GROWTH - Generation 44.6
Slide 8: EBITDA and quantitative data: Commercial & Trading
EBITDA and quantitative data Acea Group 2019 financial highlights Commercial & Trading KEY HIGHLIGHTS Improvement in sales channels with resulting increase in number of free market customers for electricity (+20.5%) and gas (+11.0%) Improvement in collections (€m) 2019 2018 % change (a) (b) (a/b
Slide 9: EBITDA and quantitative data: Environment
EBITDA and quantitative data Acea Group 2019 financial highlights Environment KEY HIGHLIGHTS July 2019: acquisition of Demap (plastics (€m) 2019 2018 % change treatment) (a) (b) (a/b) October 2019: acquisition of Berg (liquid waste treatment) EBITDA 52.0 65.6 -20.7% October 2019: Monterotondo
Slide 10: EBIT and net profit
EBIT and net profit Acea Group EBIT (€m) NET PROFIT (€m) 478.6 518.1 271.0 283.7 Non-recurring components (€m): Non-recurring components (€m): Release of provisions by Gori -44.2 Overvaluation of cancellation of TWS gain -8.9 +10% Antitrust fine -16.2 Antitrust fine +16.2 adjusted Release
Slide 11: Capex
Capex Acea Group Strong capex growth across all areas of business, with focus on regulated activities Investment in 81% regulated businesses Investment in non- 19% regulated businesses Capex (€m) +25.7% 17.9 31.9 0.4 11.9 792.8 50.4 49.5 630.8 2018 Water Energy Commercial & Environment Overseas Othe
Slide 12: Cash flow
Cash flow Acea Group Continued improvement in working capital 2019 2018 EBITDA 1,042 933 Change in working capital (16) (35) Capex (793) (631) Excellent performance of collections with regard to Acea Energia FREE CASH FLOW 233 267 Net finance income/(costs) (90) (83) Working capital demands due
Slide 13: Net debt
Acea Group Net debt Below lower end of guidance Net debt 64 IFRS 16 31 Dec 2019 30 Sept 2019 31 Dec 2018 Change Change (€m) 3,062.8 (a) (b) (c) (a-b) (a-c) 83 M&A 2,568.0 Net debt 3,062.8 2,960.3 2,568.0 102.5 494.8 90 Consolidation of AdF Medium/long-term 3,523.3 3,467.5 3,341.4 55.8 181.9 2,826 Ad
Slide 14: Q&A session
Acea Group Acea Group 2019 Results Rome, 9 March 2020 Q&A session MIL 190401 - Piano Industriale 201 ... 2019 Results 14
Slide 15: Disclaimer
Acea Group Disclaimer THIS PRESENTATION CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS THAT REFLECT THE COMPANY’S MANAGEMENT’S CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND FINANCIAL AND OPERATIONAL PERFORMANCE OF THE COMPANY AND ITS SUBSIDIARIES. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON ACEA S.