Slide 1: FY 2010 - Results
FY 2010 - Results 25th of March 2011 1
Slide 2: FY 2010 - Market Scenario: a challenging environment
FY 2010 - MARKET SCENARIO: a challenging environment • Brent reported an average price of 79.3 USD/bbl: 2009 FY 2010 FY ∆% an increase in the region of 27% compared to FY 2009. In the 4Q the Brent price rose significantly (Dec. Brent USD / bbl 62.6 79.5 27% monthly average price was over 90 USD/bbl)
Slide 3: FY 2010 - Key Figures: performing over targets
FY 2010 - KEY FIGURES: performing over targets ‘09-’10 EBITDA GROWTH (€m) 603 +7% EBITDA growth (+39 m€): 564 Thanks to IREN’s ability to optimize its role in regulated activities and to remarkable performances in unregulated activities '09 FY '10 FY ‘09-’10 NET PROFIT adj. (€m) EBIT up by 9 % in sp
Slide 4: FY 2010 – Strong results supports a 0.085 Dps
FY 2010 – Strong results supports a 0.085 Dps (*) EURm 2009 FY 2010 FY ∆ ∆% REVENUES 3,273 3,381 108 3% EBITDA 564** 603 39 7% EBIT 312 339 27 9% NET PROFIT 42 178 136 n.s. NET PROFIT adj. 145 178 33 23% NFP 2,056 2.260 204 10% • REVENUES up by 3% thanks to increase in gas volumes sold and tariff va
Slide 5: EBITDA Bridge & Breakdown: increasing performances in all SBUs
EBITDA BRIDGE & BREAKDOWN: increasing performances in all SBUs EBITDA BRIDGE Regulated activities +30€m EBITDA BREAKDOWN Unregulated Waste Others 2% activities +9€m 7% 7 603 Generation 13 3 2 30% 6 -1 4 5 Water 564 18% Market 8% Energy infr. 35% 2009FY Generation Market Power Gas DH Water Waste Serv
Slide 6: Generation of Electricity and Heat: flexibility and high performing plants
GENERATION OF ELECTRICITY AND HEAT: flexibility and high performing plants as a key for profitability ‘10 FY – vs. ’09 FY '09 FY '10 FY ∆€m ∆% Strong growth in Cogen because of significantly higher margin compared to the average national level, thanks both to Revenues 672 687 15 2% the efficiency of
Slide 7: Market: increasing margins in a challenging environment
MARKET: increasing margins in a challenging environment ‘10 FY – vs. ’09 FY '09 FY '10 FY ∆€m ∆% Gas and Heat Sales: higher margin thanks to Company’s low Revenues 2,823 2,865 42 1% exposition to LT and to concluded re-negotiations. EBITDA 44 49 5 11% Electricity 13 10 (3) (23%) Ability of taking ad
Slide 8: Energy Infrastructures: efficiency and activity expansion
ENERGY INFRASTRUCTURES: efficiency and activity expansion lead to outstanding performance in the group’s main contributing SBU ‘10 FY - vs ’09 FY '09 FY '10 FY ∆€m ∆% Electr. Networks: significant increase in profitability thanks Revenues 399 428 29 7% mainly to higher revenues, improved efficiency,
Slide 9: Water: positive performance thanks to tariff increase
WATER: positive performance thanks to tariff increase ‘10 FY - vs ’09 FY '09 FY '10 FY ∆€m ∆% Revenues up by 9% for the combined effect of IFRIC12 Revenues 398 434 36 9% International accounting policy and tariffs increase. EBITDA 106 108 2 2% Ebitda up by 2% thanks to growth in tariffs agreed with
Slide 10: Waste: results improved thanks to increased service level
WASTE: results improved thanks to increased service level and commercial activities ‘10 FY - vs ’09 FY '09 FY '10 FY ∆€m ∆% EBITDA up by ~ 7 €m mainly due to tariffs increase, corresponding to an increase in service level: Revenues 212 222 10 5% extension of the door-to-door collection system that b
Slide 11: Cash Flow & Investments
CASH FLOW & INVESTMENTS OPERATING CAPEX €m ’09 FY ’10 FY Changing in NFP 31.12.2010 Generation 90 181 (m€) 515 111 23 2,260 2,056 Networks 182 171 -97 23 -186 Water 107 105 -185 Waste 34 47 Others 41 32 09 10 . s n ex ds oj it r. er tio of cc 20 20 pr ap en th pr ia A 2. 2. o O TOTAL 536 C id ar 454
Slide 12: Balance Sheet & Debt Structure
BALANCE SHEET & DEBT STRUCTURE €m 31.12. 2009 31.12.2010 Debt Structure and Interest rate Net fixed assets 4,296 4,566 Net Working Capital 114 137 Funds (324) (325) 23% 42% Other activities and (36) (110) liabilities Net invested Capital 3,976 4,342 35% Net Financial Position 2.056 2,260 Group share
Slide 13: 2010 – A Remarkable Year
2010 – A REMARKABLE YEAR JULY THE 1ST AUGUST Iren is the first Successful conclusion of the multiregional «San Giacomo Operation» utility in Italy DECEMBER THE 13TH DECEMBER THE 31ST The first 5 year plan of the 10 m € synergies group : Ebitda + 7% Doubling enterprise value by Ebit + 22% 2015 +3% cu
Slide 14: 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