Investor Presentation • May 25, 2017
Investor Presentation
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Power demand decreased by 2.1% due to exceptional temperatures recorded in Q3 2015. The reduction in net imports was balanced by the increase in national generation (+1.2%), enhanced by higher thermal and wind generation.
Gross of lossesSource: Terna and Edison estimates
Gas demand remained weak, despite the 5.2% increase due to:
higher thermal generation, linked to lower hydro and coal power production
higher consumption of industrial users
b) Excluding trading portfolio c) Gross of losses
a) Including production from Izabela concession in Croatia imported in Italy
USES
b) Including production from Izabela concession in Croatia imported in Italy
(mcm) (kbbl)
| F Y 2 0 1 5 |
a F Y 2 0 1 6 |
| Ne & t c t ap ex ne |
f in ia l inv tm ts an c es en |
|
|---|---|---|---|---|---|
| les Sa r ev en ue s |
11 .31 3 |
11 .03 4 |
( ) 2, 5 % |
||
| EB ITD A |
1.2 61 |
65 3 |
( ) 48, 2% |
5 4 1 |
|
| EB IT |
( ) 79 5 |
( ) 260 |
67, 3 % |
6 | |
| fit ( los ) be for Pro e t s ax es |
( ) 86 2 |
( ) 34 7 |
7% 59, |
1 3 9 |
|
| inc ( los ) Gr et ou p n om e s |
( ) 98 0 |
( ) 389 |
% 60, 3 |
8 8 3 7 9 6 6 8 |
|
| b & fin ia l inv Ne t t est nts c ap ex ne an c me |
54 1 |
37 9 |
3 4 6 |
1 9 6 |
|
| 3 2 0 De 1, 1 5 c |
a De 3 1, 2 0 1 6 c |
| 5 0 |
1 0 9 |
|
| d l Ne inv ita t est e c ap |
7.0 23 |
7.3 27 |
4, 3 % |
F Y 2 0 1 5 |
F Y 2 0 1 6 |
| fin l de bt Ne ia t an c |
1.1 47 |
1.0 62 |
( ) 7, 4% |
||
| l ha ho l de ' e To ity ta s re rs qu |
5.8 76 |
6.2 65 |
6, 6 % |
Ele ic p ctr ow er Ex lor ati p on |
Hy dro rbo ca ns Co nd oth rat rpo e a er |
| f w hic h 's n Gro int et st o up ere |
5.4 39 |
5.9 55 |
9, 5 % |
dis ls po sa |
|
| / bt ity io De Eq rat u |
0, 20 |
0, 17 |
a) FY2016 figures include the full consolidation of Fenice from April 1, the swap of Edison participations in Hydros and Sel Edison with 100% of Cellina Energy, fully consolidated from June 1, the acquisition of Idreg Piemonte assets on May 25, the sale of Termica Milazzo on Aug. 1 and the sale of Fenice Russia in September
| 10 Full Year 2016 results | Feb.'17
b) Including additions to non–current financial assets, net price paid on business combinations and net of proceeds from the sale of intangibles and property, plant and equipment
| Ele ic ctr P ow er |
dro bo Hy car ns |
Co nd oth rat rpo e a er |
tal Edi Gro To son up |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (€ m ln) |
FY2 01 5 |
FY 20 16 |
∆ | FY2 01 5 |
FY 20 16 |
∆ | FY2 01 5 |
FY 20 16 |
∆ | FY2 01 5 |
FY 20 16 |
∆ |
| les Sa r eve nu es |
6.5 29 |
5.6 82 |
( ) 13, 0% |
5.5 12 |
6.0 31 |
9, 4% |
( 8) 72 |
( 9) 67 |
6, 7% |
11 .31 3 |
11 .03 4 |
( ) 2, 5% |
| Ad ted ( *) jus EBI TD A |
27 6 |
24 2 |
( ) 12, 3% |
1.0 79 |
50 5 |
( ) 53, 2% |
( ) 94 |
( ) 94 |
0, 0% |
1.2 61 |
65 3 |
( ) 48, 2% |
EBITDA decreased as a result of:
Further 5% reduction in OPEX**, after a 12% decrease in 2015
Full Year 2016 results | Feb.'17 | 11 (*) Adjusted EBITDA reflect the effect of the reclassification from the Hydrocarbons Operations to the Electric Power Operations of the portion of the results of commodity and foreign exchange hedges executed in connection with contracts to import natural gas attributable to the Electric Power Operations. This reclassification is being made to provide a consistent operational presentation of industrial results. Adjusted EBITDA include central staff and technical services. (**) at the same scope of consolidation
| (€ m ln) |
2 0 F Y 1 5 |
2 0 6 F Y 1 |
|
|---|---|---|---|
| E B I T D A |
1. 2 6 1 |
6 5 3 |
( ) 6 0 8 |
| d w do De iat ion iza ion ite t t p rec am or an r wn s , |
( ) 2. 1 9 4 |
( ) 7 3 4 |
1. 4 6 0 a) |
| of w hich : W rite dow ns Exp lora tion ts cos |
(1.5 34) (13 9) |
(25 6) (68 ) |
1.2 78 71 |
| ha fa lue f c d de Ne in ir v ity iva ive t t c ng e a o om mo r s |
1 6 1 |
( ) 1 6 6 |
( ) 3 2 7 |
| he ( ), Ot inc t r om e ex p en se ne |
( ) 2 3 |
( ) 1 3 |
1 0 |
| E B I T |
( ) 7 9 5 |
( ) 2 6 0 |
5 3 5 |
| f l ( ) Ne ina ia inc t nc om e ex p en se |
( ) 2 9 |
( ) 9 4 |
( ) 6 5 b) |
| fro ( ) Inc Ex ity inv tm ts om e m p en se on eq u es en |
( ) 3 8 |
7 | 4 5 |
| f ( los ) be fo Pr it tax o s re es |
( ) 8 6 2 |
( ) 3 4 7 |
5 1 5 |
| Inc tax om e es |
( ) 9 7 c) |
( ) 2 5 |
7 2 |
| f ( los ) Pr it o s |
( ) 9 5 9 |
( ) 3 7 2 |
5 8 7 |
| of w hich : |
|||
| f ( los ) M ino ity int in it st r ere p ro s |
2 1 |
1 7 |
( ) 4 |
| f ( los ) Gr int in it t ou p er es p ro s |
( ) 9 8 0 |
( ) 3 8 9 |
5 9 1 |
| G f l € 3 8 9 l € 9 8 0 l t r o u p o s s o m n r o m m n l f t a s a r e s u o : |
|---|
| L i d d l i t t o e r r e o n s a n e p o r a o n w w w x - t c o s s |
| f L D & A l i t o e r r e s n g r o m w u - |
| i d d d i 2 0 1 5 t w r e o w n s r e c o r e n |
| E i l l i i f i t t x c e p o n a y p o s v e o r e g n - |
| h f f i 2 0 1 5 t e x c a n g e e e c s n |
| N i f f f h t t t e g a e e e c s o e v - |
| f i i l i h R b i H d t t t t t n c o n s o n a o e o n o o u u y |
| f d h d i h t t t t a x a n e r e u c o n o e |
| i ( I R E S ) f t t c o r p o r a e n c o m e a x r o m |
| f € l d d i 2 0 1 7 8 5 2 0 1 5 o r m n r e c o r e n |
a) Reclassification of the non current portion of loans receivable from Elpedison Sa among Other Financial Assets, following the renewal in Sept. 2016
b) Consolidated since April 1, 2016
c) Including capex , disposals, net financial investments and changes in perimeter.
d) Of which dividends paid to third parties €77mln and non cash items included in EBITDA €76mln
| 13 Full Year 2016 results | Feb.'17
| 9 M 2 0 1 5 |
9 M 2 0 1 6 |
| 4 Q 2 0 1 5 |
4 Q 2 0 1 6 |
| F Y 2 0 1 5 |
F Y 2 0 1 6 |
| |
|---|---|---|---|---|---|---|---|---|---|
| \$ / ( b b l ) I C E Bre nt sw ap |
5 6, 7 |
4 3, 0 |
( ) 2 4 % |
4 4, 7 |
5 1, 2 |
1 4 % |
5 3, 7 |
4 5, 1 |
( ) 1 6 % |
| \$ ha ( / ) Ex € ate c ng e r |
1, 1 1 |
1, 1 2 |
0 % |
1, 0 9 |
1, 0 8 |
( ) 1 % |
1, 1 1 |
1, 1 1 |
( ) 0, 3 % |
| ( / ) b b l I C E Bre € nt sw ap |
5 0, 9 |
3 8, 5 |
( ) % 2 4 |
4 0, 8 |
4 7, 5 |
% 1 6 |
4 8, 4 |
0, 8 4 |
( ) % 1 6 |
| / lea ( ) ) Ga Re 2 € 0 0 0 s s se cm a |
3 4 0, 5 |
2 0 5, 6 |
( ) 4 0 % |
2 6 4, 8 |
2 1 2, 5 |
( ) 2 0 % |
3 2 1, 6 |
2 0 7, 3 |
( ) 3 6 % |
| ( / ) P S V € 0 0 0 s cm |
2 4 2, 0 |
1 5 4, 1 |
( ) 3 6 % |
2 0 5, 6 |
1 9 8, 6 |
( ) 3 % |
2 3 2, 9 |
1 6 5, 3 |
( ) 2 9 % |
| ( / ) € 0 0 0 s T T F cm |
2 1 9, 3 |
1 3 6, 6 |
( ) 3 8 % |
1 9, 9 7 |
1 8 1, 1 |
1 % |
2 0 9, 5 |
1 4 7, 7 |
( ) 2 9 % |
| / ( h ) P U N T W A € M W |
5 2, 1 |
3 8, 3 |
( ) 2 6 % |
5 2, 8 |
5 5, 9 |
6 % |
5 2, 3 |
4 2, 7 |
( ) 1 8 % |
| k ( / h ) P U N Pe € M W a |
5 7, 1 |
4 2, 3 |
( ) 2 6 % |
6 3, 5 |
6 5, 7 |
4 % |
5 8, 7 |
4 8, 2 |
( ) 1 8 % |
| f f ( / ) U N O k € W h P Pe M a |
4 9, 3 |
3 6, 2 |
( ) 2 % 7 |
4 6, 9 |
0, 6 5 |
8 % |
4 8, 7 |
3 9, 8 |
( ) 1 8 % |
| / k d ( h ) T W A € M W |
5 | 4 | 7 5 % |
2 | 1 9 |
4 4 % |
9 | 2 | 5 9 % |
| Sp Sp ar rea |
2, | 4, | 8, | 1, | 3, | 6, | |||
| / k d k ( h ) Sp Sp Pe € M W ar rea a |
7, 5 |
8, 3 |
1 2 % |
1 8, 9 |
2 1, 7 |
1 5 % |
1 0, 3 |
1 1, 7 |
1 3 % |
| k d f f k ( / h ) Sp Sp O Pe € M W ar rea a |
‐0, 3 |
2, 2 |
n.m | 2, 3 |
6, 6 |
n.m | 0, 4 |
3, 3 |
n.m |
| ( / ) C O 2 € to n |
4 7, |
3 5, |
( ) 2 9 % |
8, 4 |
5, 5 |
( ) 3 4 % |
7, 7 |
4 5, |
( ) 3 0 % |
Source:Edison
a) At PSV of Snam Rete Gas
| 9 M 1 5 |
9 M 1 6 |
| 4 Q 1 5 |
4 Q 1 6 |
| F Y 1 5 |
F Y 1 6 |
| |
|---|---|---|---|---|---|---|---|---|---|
| he lec du T ic ion tr t rm oe p ro c |
1 3 4, 6 |
1 3 2, 1 |
( ) 1, 9 % |
4 8, 2 |
5 5, 5 |
1 5, 0 % |
1 8 2, 9 |
1 8 7, 5 |
2, 5 % |
| dr lec du Hy ic ion tr t oe p ro c |
3 7, 3 |
3 3, 8 |
( % ) 9, 5 |
9, 2 |
8, 5 |
( % ) 6, 5 |
4 6, 4 |
4 2, 3 |
( % ) 8, 9 |
| he b le du ion O t t r r en ew a p ro c |
3 5, 2 |
3 6, 6 |
% 4, 0 |
7, 9 |
9, 1 |
% 1 5, 2 |
4 3, 1 |
4 5, 9 |
% 6, 3 |
| du Ne io t t p ro c n |
2 0 1 7, |
2 0 2, 5 |
( ) 2, 2 % |
6 3 5, |
3, 1 7 |
1 2, 0 % |
2 2, 4 7 |
2 7 5, 7 |
1, 2 % |
| Ne im t t p or |
3 2, 9 |
3 1, 5 |
( ) 4, 2 % |
1 3, 4 |
5, 6 |
( ) 5 8, 6 % |
4 6, 4 |
3 7, 0 |
( ) 2 0, 2 % |
| Pu ing mp |
( ) 1, 3 |
( ) 1, 6 |
( ) 2 1, 3 % |
( ) 0, 5 |
( ) 0, 8 |
( ) 4 1, 4 % |
( ) 1, 9 |
( ) 2, 4 |
2 7, 0 % |
| l To ta s ou rce s |
2 3 8, 7 |
2 3 2, 4 |
( ) 2, 6 % |
7 8, 2 |
7 7, 9 |
( ) 0, 4 % |
3 1 6, 9 |
3 1 0, 3 |
( ) 2, 1 % |
Grossof losses
Source: Ternadata and Edison estimates
| 9 1 M 5 |
9 1 6 M |
| 4 Q 1 5 |
4 Q 1 6 |
| Y 1 F 5 |
Y 1 6 F |
| |
|---|---|---|---|---|---|---|---|---|---|
| ice & i de ia l u Se t rv s re s n se rs |
1 8, 8 |
1 8, 1 |
( ) % 3, 7 |
9, 5 |
1 0, 2 |
% 7, 1 |
2 8, 3 |
2 8, 3 |
( ) % 0, 1 |
| du l In ia tr s u se rs |
1 1, 9 |
1 2, 3 |
2, 7 % |
4, 0 |
4, 5 |
1 1, 3 % |
1 5, 9 |
1 6, 7 |
4, 9 % |
| he lec T ic tr rm oe us er s |
1 5, 2 |
1 6, 2 |
% 6, 8 |
5, 6 |
7, 1 |
% 2 7, 6 |
2 0, 8 |
2 3, 3 |
% 1 2, 4 |
| d los Sy te s m us es an se s |
1, 4 |
1, 4 |
2, 5 % |
0, 6 |
0, 7 |
1 4, 4 % |
2, 0 |
2, 1 |
6, 2 % |
| l de d To ta m an |
4 7, 3 |
4 8, 0 |
% 1, 5 |
1 9, 7 |
2 2, 4 |
% 1 4, 0 |
6 6, 9 |
7 0, 4 |
% 5, 2 |
Source:Ministry of Economic Development, SRG and Edison estimates
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 contained in this presentation is consistent with the data in the Company's documents, books of accounts and other accounting records.
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