Iren S.p.a. · MIL:IRE
Iren — 9M 2017 Earnings Presentation
13 slides from Iren's earnings presentation, Nov 14, 2017
Slide 1: 2017 – 9M Results
14th November 2017 2017 – 9M Results
Slide 2: 9M 2017: Double digit growth in all the operating KPIs
9M 2017: Double digit growth in all the operating KPIs. KPIs Ebitda Bridge m€ 9M '16* 9M '17 Δ Δ% 622 36 14 13 559 Revenues 2,228 2,614 386 17.3% Ebitda 559 622 63 11.3% Ebit 281 341 60 21.4% Net profit 126 180 53 42.3% EBITDA 9M '16 Scenario and Synergies Consolid. EBITDA 9M '17 Organic Growth Tech
Slide 3: Generation and DH – Positive results confirmed
GENERATION AND DH – Positive results confirmed. m€ 9M '16 9M '17 Δ Δ% Strong growth in operating performance thanks to the capacity of the Group to exploit its balanced generation fleet and the Revenues 547 755 208 38% scenario conditions. Ebitda 140 178 38 27% Generation sector confirms and sli
Slide 4: Market – Negative scenario still affecting the electricity sector
MARKET – Negative scenario still affecting the electricity sector. m€ 9M '16 9M '17 Δ Δ% The higher than expected growth in PUN (+38%) halved the electricity sector margin, confirming the trend already reported Revenues 1,467 1,689 222 15% in the first half of the year. This element was partially of
Slide 5: Networks – synergies, consolidation and balances for previous years drove the growth
NETWORKS – synergies, consolidation and balances for previous years drove the growth m€ 9M '16 9M '17 Δ Δ% • Energy networks: Achieved synergies, in line with Revenues 591 668 77 13% expectations, more than offset higher costs for “white certificates”. Ebitda 220 242 22 10% Electricity 51 53 2 4% Ga
Slide 6: Waste – Further improvement in organic growth
WASTE – Further improvement in organic growth. m€ 9M '16 9M '17 Δ Δ% Higher margins coming from WTE (higher saturation and Revenues 382 408 26 7% persistent high drove the significant growth in the sector. REI, the new landfill in Collegno (Turin) for special waste Ebitda 96 116 20 21% came on s
Slide 7: From EBITDA to Net Profit
From EBITDA to Net Profit. 9M '16* 9M '17 Δ Δ% EBITDA 558.9 622.2 63.3 11.3% • Higher D&A linked mainly to ATENA and SAP D&A -220.8 -233.5 consolidation. • Provision in line with expectations (2016 3Q Provisions -57.6 -48.0 was impacted by a negative one-off) • Lower financial charges thanks mainly
Slide 8: Cash-flow and NFP Bridge
Cash-flow and NFP Bridge. -79m€ 2,457 89 2,378 200 25 (7) (7) (201) 42 (221) NFP 31 .12 .16 Net Profit D&A, NWC Capex Consolidation Dis posals and Div idends FV Derivatives NFP 30 .09 .17 provisions Variation dividends paid and other received Continuous debt reduction (-79m€ in the first nine mont
Slide 9: Interest rate and debt structure
Interest rate and debt structure. Gross debt interest rate 85% of gross debt at fixed interest rate. Average long-term debt duration of about 4.8 years (5.8 years including the Green Bond and the liability management operations). Slight reduction in cost of debt (3.2% vs. 3.4% in 9M 2016) Debt
Slide 10: Annexes
ren Annexes Pag. 10
Slide 11: Market Scenario
Market Scenario. 9M '16 9M '17 Δ% Gas Demand (bcm) 48 52 8% TTF €/000 scm 139 176 26% PSV €/000 scm 159 198 24% Energy Demand (Twh) 232 234 1% PUN (€/Mwh) 37.0 51.3 38.0% CO2 €/Ton 5.7 5.3 -7% Green Cert. Hydro (€/Mwh) 100.1 107.3 7% Pag. 11
Slide 12: Balance Sheet
Balance Sheet. 9M '17 FY '16* Net fixed assets 5,245 5,233 Net Working Capital 213 171 Funds -548 -562 Other assets and liabilities -110 -88 Net invested capital 4,800 4,754 Group Sharholders' equity 2,422 2,297 Net Financial Position 2,378 2,457 Total Funds 4,800 4,754 *Restated ex IFRS 3 Pag. 12
Slide 13: 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