Edison Spa · MIL:EDNR
Edison Spa — H1 2018 Earnings Presentation
14 slides from Edison Spa's earnings presentation, Jul 27, 2018
Slide 1: First Half 2018 Results
FIRST HALF 2018 RESULTS Milan - July 27, 2018 Full Year 2016 results | Feb.’17 | 1
Slide 2: Business Environment
BUSINESS ENVIRONMENT €. oo? WEN EDISON
Slide 3: Electric Power Availability Mix in Italy
ELECTRIC POWER AVAILABILITY MIX IN ITALY (TWh) 157,4 +0.8% 158,6 18,3 30,2% 23,8 15,6 (8,8%) 14,3 Pumping 8,8 9,2% 9,6 Net import 19,1 36,5% 26,0 Other renewable production Wind production National Generation Hydroelectric production Thermoelectric production 96,9 (11,0%) 86,2 -1,3 = -1,3 1H2017 1H2
Slide 4: Gas Demand in Italy
GAS DEMAND IN ITALY (bcm) 39,1 (1,7%) 38,5 0,9 (3,4%) 0,9 12,3 (13,7%) 10,6 System uses and losses Thermoelectric users 9,1 1,9% 9,3 Industrial users Services and residential users 5,3% 16,8 17,7 1H2017 1H2018 Gas demand decreased by 1.7%. Lower thermoelectric uses (-14%) were partly compensated by
Slide 5: Market Reference Scenario
MARKET REFERENCE SCENARIO BRENT Avg 1H2018: 71,0 $/bbl 58,8 €/bbl PSV Avg 1H2018: 23.7 Avg 1H2017: 20.4 Avg 1H2017: 52,8 $/bbl (€c/scm) Avg FY2017: 20.7 48,9 €/bbl Avg FY2017: 54.8 $/bbl 48.6 €/bbl PUN TWA Avg 1H2018: 53.8 CSS1 Avg 1H2018: -3.7 Avg 1H2017: 3.6 (€/MWh) Avg 1H2017: 51.2 Avg FY2017: 5.
Slide 6: First Half 2018 Results
FIRST HALF 2018 RESULTS • Edison electric power and hydrocarbons sources and uses • Consolidated financial highlights and capital expenditures • Operating performance • Net financial debt and cash flow | 6
Slide 7: Edison Electric Power Volumes in Italy
EDISON ELECTRIC POWER VOLUMES IN ITALY SOURCES USES (TWh) (TWh) 27,7 (23,8%) 27,7 (23,8%) 0,6 1,0 (2,3%) 21,1 5,2 +29,8% 21,1 8,4 0,5 +61,5% 1,7 6,7 6,6 (21,7%) 22,5 17,7 (36,1%) (30,5%) 14,4 12,3 1H2017 * 1H2018 1H2017 * 1H2018 Wind & other renewable production Other sales (b) (wholesalers, IPEX, e
Slide 8: Edison Hydrocarbons Volumes
EDISON HYDROCARBONS VOLUMES GAS PORTFOLIO IN ITALY SOURCES USES (bcm) 10,7 10,3 (bcm) (3,1%) 10,7 (3,1%) 10,3 2,9 +9% 3,1 3,4 +2,9% 3,5 3,7 (17,3%) 3,0 7,6 7,0 (7,1%) 2,2 +2,1% 2,3 (16,0%) 1,4 +11,5% 1,5 0,2 0,2 1H2017 1H2018 1H2017 1H2018 Production (a) Imports (pipeline + LNG) Residential uses Ind
Slide 9: Edison Hydrocarbons Volumes
EDISON HYDROCARBONS VOLUMES E&P OPERATIONS GAS PRODUCTION OIL PRODUCTION (mcm) (kbbl) +9,0% (2,7%) 1.104 1.013 2.096 2.039 191 227 (16,0%) 948 (8,9%) 864 913 786 +16,1% +2,3% 1.175 1.148 1H2017 1H2018 IH2017 IH2018 International production (a) Domestic production (b) International production (a) Dom
Slide 10: Group Consolidated Highlights
GROUP CONSOLIDATED HIGHLIGHTS (€ mln) FY2017a IH2017a IH2018a-b D Net capex & financial investmentsc) 8.783 Sales revenues 4.377 4.425 1,1% 803 EBITDA 426 407 (4,5%) 42 EBIT 19 160 nm 43 GNVI and 452 (41) Profit (loss) before taxes (57) 149 nm Attiva (176) Group net income (loss) (140) 62 nm 291 496
Slide 11: Operating Performance Breakdown
OPERATING PERFORMANCE BREAKDOWN Electric Power Hydrocarbons Corporate and other Total Edison Group (€ mln) IH2017 a IH2018 a ∆ IH2017 a IH2018 a ∆ IH2017 a IH2018 a ∆ IH2017 a IH2018 a ∆ Sales revenues 1.953 1.823 (6,7%) 2.821 2.914 3,3% (397) (312) 21,4% 4.377 4.425 1,1% EBITDAb 131 182 38,9% 347 2
Slide 12: From Consolidated EBITDA to Net Result
FROM CONSOLIDATED EBITDA TO NET RESULT (€ mln) IH2017a) IH2018a-b) D EBITDA 426 407 (19) Depreciation, amortization and writedowns (240) (234) 6 In IH2018 Edison recorded a net profit Net change in fair value of commodity thanks to: (161) 0 161 - the positive operating performance derivatives Other
Slide 13: Net Financial Debt and Cash Flow
NET FINANCIAL DEBT AND CASH FLOW Net financial EBITDA Changes in Taxes Net Net Other Net financial (€ mln) debt working financial investmentsa debt Dec.31,’17 capital expenses June 30,’18 57 -72 -7 -161 GNVI and +407 Attiva -291 -116 -203 -20 The good operating performance of the period balanced the
Slide 14: 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