Slide 1: H1 2020 Financial Results
H1 2020 FINANCIAL RESULTS “ Solid resilience “ Analyst presentation July 29th, 2020
Slide 2: Last 4 quarters milestones
Last 4 quarters milestones Q2 ‘20 100% activity, tackling with “lock down” Q1 ‘20 • AGM confirmed DPS 10c€ • AGM confirms Governance “+” in all P&L lines • +2% stake of Ascopiave • EstEnergy integration • 2 months of “lock down” • New business plan ‘23 • 2.5% stake of Ascopiave Q4 ‘19 • • Warm winte
Slide 3: Solid resilience to Covid '19 lock down
H1 results 560 296 166 166 546 289 158 2.74x 524 274 2.62x 2.35x '18 '19 '20 '18 '19 '20 '18 '19 '20* '18 '19 '20^ Debt/Ebitda (x) Ebitda (M€) Ebit (M€) Net Profit (M€) Rolling +2.5% +2.4% Confirmed 1H ’19/‘20 1H ’19/‘20 1H ’19/‘20 Solid resilience to Covid ‘19 “lock down” * H1 2020 Net profit post
Slide 4: Growth based on organic drivers and coming from all activities
Growth based on organic drivers and coming from all activities +32.1 560 546 +18.9 (29.8) (37.3) (37.3) (7.5) H1'19 Negatives Org. Growth M&A H1'20 Warm winter Covid'19 H1 '20 Negatives Ebitda growth drivers Negative drivers (M€) (M€) +14 M€ +2.5% All growth drivers at work GRUPPOHERA 03
Slide 5: Growth despite all: +14mln EBITDA increase
H1 2020 FINANCIAL RESULTS Growth despite all +14mln EBITDA increase
Slide 6: COVID '19 and CLIMATE impacts
COVID ’19 and CLIMATE impacts 1Q 1H 1Q 1H (9.5m€) (29.8m€) (7.5m€) (7.5m€) 100% in Energy business 100% in Energy business 80% in Energy business 58% in Energy business Covid 19 effect Mild winter effect (Ebitda impact M€) (Ebitda impact M€) Covid ‘19 impacts mainly affected 2Q results GRUPPOHERA 04
Slide 7: Networks
Networks Lock down & Climate impact +11.6 • Mainly affecting new connections in gas 233.9 226.9 distribution and District Heating (3.8) (6.1) (8.7) Tariff review • Mainly related to Gas Distrib. (Opex) and water (Wacc) Growth • Efficiency gains and other positives H1'19 Negatives Tariff Growth M&A H
Slide 8: Waste
Waste Covid ‘19 126.3 +4.8 122.4 • Impacts on special waste volumes and +3.4 electricity prices (9.4) (2.7) Incentives • Expired in Ferrara WTE Organic Growth • “Special” waste prices trend and confirmed volumes 1H/1H fully offset 100k tons reduction shortcome in “urban” waste volumes H1'19 Covid '1
Slide 9: Energy
Energy Covid’19 +36.0 193.5 • Negative impact was significantly reduced from the increase of Ancillary services (“MSD”). 170.9 157.5 +10.2 Warm winter • Impacted during winter season (1Q) (17.2) (6.4) Organic growth • Underpinned by Electricity customer base expansion (+55.7k in 1H ‘20) and synergie
Slide 10: Sound cash generation 2.35x
H1 2020 FINANCIAL RESULTS Sound cash generation 2.35x NET DEBT/EBITDA rolling (without Ascopiave deal)
Slide 11: Good 6 month cash generation
Good 6 month cash generation +93 +410 (27.7) +191 (248.7) (20.5) (16.4) (164.5) Op. CF NWC Provision Capex Dividends M&A and Ch. in "Cash" DPS paid Buy back Debt 8th July 2nd Free Cash Flow (M€) +190 M€ Solid cash generation reduced to 2.35x 1H Debt/Ebitda* GRUPPOHERA 08 * On like for like basis, no
Slide 12: Closing remarks
H1 2020 FINANCIAL RESULTS Closing remarks «+» All the way down to the bottom in 1H P&L
Slide 13: Closing remarks
Closing remarks In H2 EstEnergy will Estenergy continue to underpin growth Results on track Outperforming 1H Q1 2020 2020 Deleveraging Strong cash flows Phase 2 of Covid 19 Financial soundness A solid set of results GRUPPOHERA 09
Slide 14: Q&A and Appendix
H1 2020 FINANCIAL RESULTS Further details on Q&A and Appendix H1 2020 are available in this section
Slide 15: Annex: P&L
Annex: P&L Profit & Loss (M€) H1 ’19 H1 ’20 REVENUES 3,620.6 3,620.6 +0.1% EBITDA 545.9 559.7 +2.5% Ebitda margin 15.1% 15.4% Depreciation and provisions (257.0) (264.0) EBIT 288.9 295.7 +2.4% Financial costs (40.6) (37.9) Figurative interests (IAS) & Leasing (10.8) (22.0) Income from Associates & J
Slide 16: Annex: Waste and Water
Annex: Waste and Water Waste: Profit & Loss Water: Profit & Loss (m€) H1 2019 H1 2020 Ch. (m€) H1 2019 H1 2020 Ch. Revenues 595.1 580.0 (15.1) Revenues 430.8 415.6 (15.3) Ebitda 126.3 122.4 (3.9) Ebitda 122.8 122.7 (0.1) Waste: KPIs Water: KPIs Data H1 2019 H1 2020 Ch. Data H1 2019 H1 2020 Ch. Urban
Slide 17: Annex: Gas and Electricity
Annex: Gas and Electricity Gas: Profit & Loss Electricity: Profit & Loss (m€) H1 2019 H1 2020 Ch. (m€) H1 2019 H1 2020 Ch. Revenues 1,502.0 1,634.6 +132.6 Revenues 1,208.4 1,097.3 (111.1) Ebitda 195.6 200.8 +5.2 Ebitda 86.3 97.0 +10.7 Gas: KPIs Electricity: KPIs Data H1 2019 H1 2020 Ch. Data H1 2019