Slide 1: Third quarter and nine months results at September 30th, 2005
Third quarter and nine months results at September 30th, 2005 November 11th, 2005
Slide 2: Agenda
Agenda Shareholding structure Business environment Third quarter and nine months results at September 30th, 2005: Group consolidated results Core business operating performance and financial highlights Debt evolution Update in electricity investment program and gas supply evolution 2
Slide 3: Outcome of the tender offer launched by TdE on Edison shares
Outcome of the tender offer launched by TdE on Edison shares Nr.of shares subject Nr.of shares sold in % of the shares subject to % of Edison ordinary to the tender offer the tender offer the tender offer share capital (b) 1,310,353,184 (a) 1,218,816,750 93.01% 29.28% Nr.of warrants subject Nr.of wa
Slide 4: Capital and shareholding structure after the tender offer
Capital and shareholding structure after the tender offer and the shares and warrants reallocation DELMI (a) CAPITAL STOCK AS OF 26.10.2005 EDF/WGRM - Ordinary shares 4,162,453,154 - Non convertible sav. shares 110,592,420 - TOTAL SHARES 4,273,045,574 50% 50% Transalpina di Energia WARRANTS OUTSTAND
Slide 5: Agenda
Agenda Shareholding structure Business environment Third quarter and nine months results at September 30th, 2005: Group consolidated results Core business operating performance and financial highlights Debt evolution Update in electricity investment program and gas supply evolution 5
Slide 6: Electric power availability mix and gas supply sources in Italy
Electric power availability mix and gas supply sources in Italy Electricity supply mix (TWh) (a) Gas supply mix (bcm) 300 +1.1% (b) 70 59.6 242.2 244.9 56.6 +5.3% 2,2 250 60 1,7 33,0 37,7 5,4 5,4 50 200 38,4 32,6 40 150 52,2 48,3 30 100 185,8 183,0 20 50 10 9,7 9,1 0 0 -17,6 -16,6 -3,1 -3,9 9m2004 9
Slide 7: Agenda
Agenda Shareholding structure Business environment Third quarter and nine months results at September 30th, 2005: Group consolidated results Core business operating performance and financial highlights Debt evolution Update in electricity investment program and gas supply evolution 7
Slide 8: Group 3Q and 9 months statement of income at Sept. 30th, 2005
Group 3Q and 9 months statement of income at Sept. 30th, 2005 (€ mln – IAS compliant) 3rd quarter ‘05 3rd quarter ‘04 ∆% 9 months ‘05 9 months ‘04 ∆% Sales revenues 1,502 1,296 +16% 4,805 4,364 +10% EBITDA 343 333 +3% 949 1,037 -8% % on total sales 22.8% 25.7% 19.8% 23.8% EBIT 203 192 +6% 528 625 -1
Slide 9: Edison group 9 months 2005 operating performance by business
Edison group 9 months 2005 operating performance by business Core Business Non Core Consolidated (€ mln – IAS compliant) 9m2005 9m2004 9m2005 9m2004 9m2005 9m2004 Sales revenues 4,553 3,745 252 619 4,805 4,364 EBITDA 933 1,019 16 18 949 1,037 % on sales 20.5% 27.2% 6.3% 2.9% 19.8% 23.8% Depreciation
Slide 10: Edison Group operating performance in the electricity market - Third quarter 2005
Edison Group operating performance in the electricity market Third quarter 2005 Power availability mix (TWh) (a) Power sales mix (TWh) 13.4 13.4 14 14 +13% 11.9 11.9 12 2,5 12 5,3 10 3,3 10 3,7 +36% 2,4 0,1 8 1,2 1,0 8 0,7 0,7 1,3 1,1 6 6 0,9 1,0 4 4 7,3 7,5 5,3 5,3 2 2 0 0 3Q 2004 3Q 2005 3Q 2004 3
Slide 11: Edison Group operating performance in the electricity market - Nine months 2005
Edison Group operating performance in the electricity market Nine months at September 30th, 2005 Power availability mix (TWh) (a) Power sales mix (TWh) 38.6 38.6 40 37.1 40 37.1 +4% 35 8,1 35 9,3 11,2 +37% 30 30 15,8 2,1 6,4 25 3,0 25 1,7 2,5 4,1 1,9 20 20 4,1 3,8 15 15 2,4 -8% 10 22,7 21,6 10 16,0
Slide 12: Electric power – key financial data (IAS compliant)
Electric power – key financial data (IAS compliant) ∆% ∆% 3Q05 / 9m05 / (€ mln) 1H05 3Q05 9 months 05 1H04 3Q04 9 months 04 3Q04 9m04 Sales Revenues 2,268 1,304 3,572 2,098 989 3,087 + 32 + 16 EBITDA 474 261 735 577 269 846 - 3 - 13 % on sales 20.9 20.0 20.6 27.5 27.2 27.4 Sales revenues in the 3r
Slide 13: Edison Group operating performance in the gas market - Third quarter 2005
Edison Group operating performance in the gas market Third quarter 2005 Gas availability mix (mln cm) Gas sales mix (mln cm) 3000 4000 2,638 +18% 94 2,638 2,241 148 2,241 74 278 +33% 3000 64 2000 209 304 -21% 1.328 385 2000 1.642 1000 +20% 1.814 1000 1511 1.509 772 74 94 0 250 233 0 -497 -528 3Q 200
Slide 14: Edison Group operating performance in the gas market - Nine months 2005
Edison Group operating performance in the gas market Nine months at September 30th, 2005 Gas availability mix (bcm) Gas sales mix (bcm) 11 9.7 9.7 +21% 10 10 0,3 8.0 0,4 9 8.0 8 0,2 8 0,1 2,7 +38% 5,0 7 1,9 6 5,0 6 1,1 -11% 1,3 5 4 4 +14% 3 4,2 5,2 2,7 2 4,5 2 1 0,2 0,3 0,8 0,7 0 0 -0,7 -0,5 -1 9 mo
Slide 15: Hydrocarbons – key financial data (IAS compliant)
Hydrocarbons – key financial data (IAS compliant) ∆% ∆% 3Q05 / 9m05 / (€ mln) 1H05 3Q05 9 months 05 1H04 3Q04 9 months 04 3Q04 9m04 Sales Revenues 1,573 678 2,251 1,093 433 1,526 + 57 + 48 EBITDA 154 105 259 158 80 238 + 31 +9 % on sales 9.8 15.5 11.5 14.5 18.5 15.6 Sales revenues were up around 5
Slide 16: Consolidated net debt evolution in 9 months 2005
Consolidated net debt evolution in 9 months 2005 (4,906) (a) 225 (51) 949 (4,838) (147) (304) 7 (181) Other Disposals, of which: Warrants Lawsuits (430) conversion settlements, Change in - Sidi Krir (36) working - AEM shares (161) of which: Financial capital - Enichem (54), expenses - Oleina/ Cereol
Slide 17: Agenda
Agenda Shareholding structure Business environment Third quarter and nine months results at September 30th, 2005: Group consolidated results Core business operating performance and financial highlights Debt evolution Update in electricity investment program and gas supply evolution 17
Slide 18: Edison growth strategy – progress in the investment program
Edison growth strategy – progress in the investment program 30/09/2005 FY2005 2008 800 MW ~ 10.0 GW 800 MW Torviscosa (UD) 1Q 2006 800 MW Simeri Crichi (CZ) (a) 1H 2007 200 MW Wind farms 2008 7.7 GW Planned project 250 MW Merchant line 2008 800 MW out of the EDISON 6.9 GW Altomonte (CS) end 2005 aut
Slide 19: Development of Edison gas sources in Italy
Development of Edison gas sources in Italy Edison gas supply mix at 2008 (bcm) Edison signed a memorandum ~17.0 Other IGI of understanding with Sonatrach for gas imports imports The Italian and Greek Governments ~2.0 from Algeria, subject to the have signed an agreement which improvement of the Tran
Slide 20: Disclaimer
Disclaimer This document has been prepared by EDISON solely for the use at investors and analysts meetings. This document does not constitute an offer or invitation to purchase or subscribe any shares and neither it nor any part of it shall form the basis of or be relied upon in connection with any