Edison Spa · MIL:EDNR
Edison Spa — Q1 2021 Earnings Presentation
12 slides from Edison Spa's earnings presentation, June 2021
Slide 1: 1Q2021 Results
1Q2021 RESULTS Milan, June 2021 | 1
Slide 2: Business Environment
BUSINESS ENVIRONMENT € oo? win EDISON
Slide 3: Italian Energy Market
ITALIAN ENERGY MARKET ELECTRIC POWER AVAILABILITY MIX GAS DEMAND (TWh) (bcm) Pumping 77,0 +2.2% 78,6 25,2 System uses and 23,9 +5.7% Net import +6.1% losses 0,4 11,3 12,0 0,4 +6.6% (5.6%) 6,4 5,0 1,4 (3.6%) 4,8 1,4 6,3 +3.0% Geothermal 6,2 Thermoelectric 5,8 +7.4% users production 9,0 +15.9% 10,5 4,
Slide 4: Market Reference Scenario
MARKET REFERENCE SCENARIO BRENT1 PSV (€c/scm) Avg 1Q2021: 19.8 Avg 1Q2021: 61.0 $/bbl Avg 1Q2020: 12.0 50.7 €/bbl Avg FY2020: 11.0 Avg 1Q2020: 51.0 $/bbl 46.3 €/bbl Avg FY2020: 43.2 $/bbl 37.9 €/bbl PUN TWA Avg 1Q2021: 59.3 CSS2 Avg 1Q2021: -1.6 (€/MWh) Avg 1Q2020: 39.6 (€/MWh) Avg 1Q2020: -0.7 Avg
Slide 5: 1Q2021 Results
1Q2021 RESULTS • Key facts 1Q2021 and after 31/03/2021 • Edison electric power and gas sources and uses • Consolidated financial highlights and capital expenditures • Operating performance • Net financial debt and cash flow | 5
Slide 6: Key Facts 1Q2021 and after 31/03/2021
KEY FACTS 1Q2021 AND AFTER 31/03/2021 A SELECTION FROM QUARTERLY PRESS RELEASE EXIT FROM Feb 21_Edison completes the acquisition of 70% of E2i (already financially consolidated) E&P AND and consolidates its role of second wind operator in Italy. FOCUS ON March 21_Sale of Edison Norge to Sval Energi.
Slide 7: Edison Electricity and Gas Balances
EDISON ELECTRICITY AND GAS BALANCES ELECTRICITY GAS (TWh) SOURCES USES (bcm) SOURCES USES 1Q2021 1Q2021 1Q2021 1Q2021 ∆ 1Q2021 ∆ 1Q2021 ∆ 1Q2021 ∆ 1Q2021 vs. 1Q2020 vs. 1Q2020 vs. 1Q2020 vs. 1Q2020 9,3 -0.4 9,3 -0.4 EESM = 5,1 = = = 5,1 0.2 EESM 0.2 Purchases Wholesale 1.9 markets +0,2 Wholesale & -
Slide 8: Group Consolidated Highlights
GROUP CONSOLIDATED HIGHLIGHTS (€ mln) 1Q2020a 1Q2021 D Net capex & net financial investments Sales revenues 1.821 2.131 17,0% EBITDA 187 252 34,8% 77 72 1 EBIT 112 144 28,6% Profit (loss) from Continuing Operations 46 98 113,0% Profit (loss) from Discontinued Operations (52) 0 nm 18 Group net income
Slide 9: Operating Performance Breakdown
OPERATING PERFORMANCE BREAKDOWN Electric Power operations Gas operations & E&P Corporate and eliminations Total Edison Group (€ mln) 1Q2020 1Q2021 ∆ 1Q2020 1Q2021 ∆ 1Q2020 1Q2021 ∆ 1Q2020 1Q2021 ∆ Sales revenues 973 1.014 4,2% 1.050 1.267 20,7% (202) (150) 25,7% 1.821 2.131 17,0% EBITDA 115 186 61,7
Slide 10: From Consolidated EBITDA to Net Result
FROM CONSOLIDATED EBITDA TO NET RESULT (€ mln) 1Q2020a 1Q2021 D EBITDA 187 252 65 Depreciation, amortization and writedowns (90) (89) 1 of which: writedowns 0 0 0 Net change in fair value of commodity derivatives 16 (18) (34) Other income (expense) from Non Energy activities (1) (1) 0 EBIT 112 144 3
Slide 11: Net Financial Debt and Cash Flow
NET FINANCIAL DEBT AND CASH FLOW NET FINANCIAL DEBT NET CASH FLOW OF THE PERIOD (€ mln) (€ mln) o/w 117 mln€ advance payment for take or pay long-term gas contracts o/w: • 72 mln€ net capex • 276 mln€ purchase of 70% E2i • 264 mln€ sale of Edison Norge (a) 1Q2021 results | 11
Slide 12: Statement
STATEMENT As required by Article 154-bis, Section 2, of the Uniform Finance Law (Legislative Decree No 58/1998), Didier Calvez and Roberto Buccelli, in their capacity as “Dirigenti preposti alla redazione dei documenti contabili societari” of Edison S.p.A., attest that the accounting information con