Slide 1: 2012 – 1Q Results
15th of May 2012 2012 – 1Q Results
Slide 2: 1Q 2012 – Key figures
1Q 2012– Key figures 1Q ‘11 – 1Q ’12 EBITDA (€m) Net of some non-recurrent elements reported in 1Q -7.3% 2011, EBITDA would have been substantially stable (-2.0%): the increase in heat and electricity volumes almost offset the weakness in energy scenario. 205 190 Stable regulated activities. 1Q ‘11
Slide 3: 1Q 2012 – Higher revenues but lower profitability
1Q 2012 – Higher revenues but lower profitability. EURm 1Q ‘11 1Q ‘12 ∆ ∆% REVENUES 973 1,317 344.7 +35.4% EBITDA 205 190 -14.9 -7.3% EBITDA adj. 194 190 -4.0 -2,0% EBIT 148 125 -22.8 -15.4% NET PROFIT 84 55 -28.7 -34.3% CAPEX 108 60 -48.3 -44.7% NFP 2,653* 2,893 +239.9 +9.0% Revenues up by 35.4%: T
Slide 4: EBITDA Bridge: Gloomy scenario and one-offs
EBITDA BRIDGE: Gloomy scenario and one-offs. EBITDA BRIDGE 205 190 0 0 (4) (3) (5) (3) EBITDA bridge - Key Elements: Higher electricity, gas and heat volumes, generated and sold didn’t completely offset lower margins in thermoelectric production. Decrease in infrastructures is completely attributabl
Slide 5: Generation of electricity and heat: Higher volumes partially offset squeeze in margins
GENERATION OF ELECTR. AND HEAT: Higher volumes partially offset squeeze in margins in cogen. 1Q ’12 vs. 1Q ’11 Higher volumes and profitability in Hydro. IREN’s hydro 1Q '11 1Q '12 Δ€m Δ% production stood at 174 Gwh (+21% IREN vs -35% at Revenues 230 325 95 41% national level) thanks also to the con
Slide 6: Market: Improvement in gas sector didn't completely offset electricity market
MARKET: Improvement in gas sector didn’t completely offset the performance in electricity market. 1Q ’12 vs. 1Q ’11 Gas and Heat Sales: The growth in gas margins and 1Q '11 1Q '12 Δ€m Δ% volumes is due to an optimization of procurement and Revenues 907 1,373 466 51% trading policy. EBITDA 34 31 (3)
Slide 7: Energy Infrastructure: stable margins net of one-off in electricity networks
ENERGY INFR.: stable margins net of one-off in electricity networks. 1Q ’12 vs. 1Q ’11 Gas networks: Positive trend maintained thanks mainly to 1Q '11 1Q '12 Δ€m Δ% synergies. Revenues 106 104 (2) -2% Electricity networks: the absence of 1Q 2011 positive EBITDA 60 55 (5) -9% one-off (4 m€) is the ma
Slide 8: Water: stable performance in spite of growth in electricity costs
WATER: stable performance in spite of growth in electricity costs. 1Q ’12 vs. 1Q ’11 1Q '11 1Q '12 Δ€m Δ% Revenues up by 4% thanks to tariff increase in all the ATOs. Revenues 102 107 5 4% EBITDA 31 31 0 -1% Ebitda substantially stable. The tariff growth and synergies were offset by the negative imp
Slide 9: Waste: maintaining good profitability in spite of decrease in volumes
WASTE: maintaining good profitability in spite of decrease in volumes. 1Q ’12 vs. 1Q ’11 REVENUES up by 4% thanks to higher electricity volumes 1Q '11 1Q '12 Δ€m Δ% sold and collateral services. Revenues 53 55 2 4% EBITDA down by 4%: The slight decrease in EBITDA is EBITDA 12 12 0 -4% mainly attribu
Slide 10: From EBIT to Net Profit
From EBIT to Net Profit 1Q ‘11 1Q ‘12 ∆% EBIT 147.5 124.7 -15.4% Financial charges (14.6) (24.9) Companies consolidated with E.M. 4.0 6.0 EBT 137.0 105.8 -22.7% Taxes (51.8) (49.7) Net profit from ceased activities 0.5 0.3 Minorities (2.0) (1.5) Group net profit 83.7 55.0 -34.3% 10
Slide 11: Cash-flow & Debt Structure
CASH-FLOW & DEBT STRUCTURE NFP Bridge 31.03.2012 Interest rate* and Debt Structure** 285 73 2,893 2,653 (1) (9) (57) (53) 35% 34% 31% Fixed Variable Swap The NWC variation is mainly driven by the growth in revenues (volumes 35%, price 65%) and by the seasonal NWC trend. 18% Average long-term deb
Slide 12: Annexes
ren Annexes 12
Slide 13: Market Scenario
Market Scenario 1Q ‘11 1Q ‘12 Δ% • In 1Q 2012 Brent average price stood at Brent USD / bbl 105.0 118.6 13% 118.6 $/bbl, up by 13% compared to 1Q 2011. USD / € 1.37 1.31 -4% • USD/€ exchange rate was 1.31, -4% YoY. Brent € / bbl 76.7 90.5 18% • Gas demand fell by 2%, mainly because of Gas Demand (bcm
Slide 14: Balance Sheet
Balance Sheet €m 31.03.2012 31.12.2011 Net fixed assets 4,657 4,653 Net Working Capital 573 288 Funds (403) (417) Other assets and liabilities (32) (27) Net invested Capital 4,795 4,497 Net Financial Position 2,893 2,653 Group shareholders’ equity 1,902 1,844 Total Funds 4,795 4,497 14
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