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Terna Investor Presentation 2022
4300_rns_2022-05-11_0d93299b-ed2e-441a-949e-9b5480099174.pdf
Investor Presentation
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1Q 2022 Consolidated Results
Rome, May 11th 2022
7
Latest main achievements
Demand Evolution – Last 12 months
▪ Net Total Production at 71 TWh, o/w ~33% covered by RES
1Q 2022 Key Numbers
| 1Q 2021 |
∆ vs 1Q 2021 1Q 2022 restated |
|||
|---|---|---|---|---|
| Actual €mn |
Restated €mn |
Actual €mn |
||
| Revenues | 622 | 616 | 644 | +5% |
| EBITDA | 454 | 448 | 461 | +3% |
| Group Net Income1 |
190 | 190 | 192 | +1% |
| Capex | 242 | 242 | 293 | +21% |
| 1Q 2022 |
FY 2021 |
|||
| Net Debt | 8,683 | 10,003 |
Reconfirmed capex acceleration
Revenues
Revenues increase driven by Regulated Activities
Note: figures may not add up due to rounding 1. Including IFRIC12
Revenues Analysis
NON REGULATED AND INTERNATIONAL
€mn
Regulated investments as growth driver
Opex
Operating costs evolution driven by business acceleration
Note: figures may not add up due to rounding 1. Including IFRIC12
EBITDA
3% EBITDA growth
From EBITDA to Net Income
€mn
In line with updated targets
Note: figures may not add up due to rounding 1. Attributable to Terna.
Capex
Over 21% capex acceleration
Note: figures may not add up due to rounding
1. Of which about 4 €mn of Capitalized Financial Charges in 2022 and 2 €mn in 2021
Cash Flow & Net Debt Evolution
Operating cash flow covering investment needs
1. Including Other Fixed Assets Changes
2. Including Assets Held for Sale, Cash Flow Hedge reserve, Hybrid Green Bond and other
Note: figures may not add up due to rounding
Net Debt Evolution & Financial Structure
Solid and diversified financial structure
1. Percentages and key ratios calculated on Gross Debt nominal value 2. IAS value
Consolidated Income Statement1
| € mn | 1Q22 | 1Q21 | Δmn | Δ% |
|---|---|---|---|---|
| Total Revenue | 644 | 616 | 29 | 4.7% |
| Regulated Activities | 562 | 537 | 25 | 4.7% |
| Transmission | 485 | 498 | -13 | -2.7% |
| Dispatching | 58 | 27 | 31 | 112.4% |
| Other² | 9 | 4 | 5 | 104.7% |
| IFRIC12 | 10 | 6 | 3 | 50.8% |
| Non Regulated Activities | 82 | 79 | 4 | 4.6% |
| International Activities | 0 | 0 | 0 | -100.0% |
| Total Costs | 183 | 167 | 16 | 9.4% |
| Regulated Activities | 114 | 104 | 10 | 9.6% |
| Labour Costs | 63 | 56 | 7 | 12.0% |
| External Costs | 35 | 35 | -1 | -2.5% |
| Other² | 6 | 5 | 1 | 14.6% |
| IFRIC12 | 10 | 6 | 3 | 50.8% |
| Non Regulated Activities | 68 | 62 | 6 | 9.8% |
| International Activities | 1 | 1 | 0 | -21.4% |
| EBITDA | 461 | 448 | 13 | 2.9% |
| D&A | 168 | 163 | 5 | 2.9% |
| EBIT | 294 | 286 | 8 | 2.8% |
| Net Financial Charges | 24 | 18 | 6 | 35.6% |
| Pre Tax Profit | 269 | 268 | 2 | 0.6% |
| Taxes | 76 | 78 | -1 | -1.9% |
| Tax Rate (%) | 28.3% | 29.0% | - | -0.7 pp |
| Net Income | 193 | 190 | 3 | 1.7% |
| Net Financial Charges (Profit)/Loss From Discontinued Operations |
-1 | 1 | -2 | - |
| Total Net Income | 192 | 191 | 1 | 0.7% |
| Minority Interest | 0 | 0 | 0 | -33.3% |
| Group Net Income | 192 | 190 | 1 | 0.7% |
2. Including Quality of Service
Consolidated Income Statement1
| € mn | 1Q 21 Reported | Restatement | 1Q 21 Restated | Δ% |
|---|---|---|---|---|
| Total Revenue | 622 | -6 | 616 | -1.0% |
| Regulated Activities | 537 | 0 | 537 | 0.0% |
| Transmission | 498 | 0 | 498 | 0.0% |
| Dispatching | 27 | 0 | 27 | 0.0% |
| Other² | 4 | 0 | 4 | 0.0% |
| IFRIC12 | 6 | 0 | 6 | 0.0% |
| Non Regulated Activities | 79 | 0 | 79 | 0.0% |
| International Activities | 6 | -6 | 0 | -96.8% |
| Total Costs | 168 | -1 | 167 | -0.5% |
| Regulated Activities | 104 | 0 | 104 | 0.0% |
| Labour Costs | 56 | 0 | 56 | 0.0% |
| External Costs | 35 | 0 | 35 | 0.0% |
| Other² | 5 | 0 | 5 | 0.0% |
| IFRIC12 | 6 | 0 | 6 | 0.0% |
| Non Regulated Activities | 62 | 0 | 62 | 0.0% |
| International Activities | 2 | -1 | 1 | -39.1% |
| EBITDA | 454 | -5 | 448 | -1.1% |
| D&A | 163 | 0 | 163 | 0.0% |
| EBIT | 291 | -5 | 286 | -1.8% |
| Net Financial Charges | 22 | -4 | 18 | -17.1% |
| Pre Tax Profit | 269 | -1 | 268 | -0.5% |
| Taxes | 78 | -1 | 78 | -0.8% |
| Tax Rate (%) | 29.1% | -0.1 pp | 29.0% | |
| Net Income | 191 | -1 | 190 | -0.4% |
| (Profit)/Loss From Discontinued Operations | 0 | 1 | 1 | 100.0% |
| Total Net Income | 191 | 0 | 191 | 0.0% |
| Minority Interest | 0 | 0 | 0 | -15.2% |
| Group Net Income | 190 | 0 | 190 | 0.2% |
2. Including Quality of Service
Consolidated Balance Sheet
| € mn | Mar. 31,2022 | Dec. 31,2021 | Δmn |
|---|---|---|---|
| PP&E | 15,422 | 15,317 | 105 |
| Intangible Asset | 670 | 657 | 13 |
| Financial Inv. and Other | 433 | 380 | 53 |
| Total Fixed Assets | 16,524 | 16,353 | 171 |
| Net WC | -1,902 | -1,707 | -196 |
| Funds | -60 | -48 | -12 |
| Net Capital Invested | 14,561 | 14,598 | -36 |
| Net Assets Held for Sale | 134 | 118 | 16 |
| Total Net Capital Invested | 14,695 | 14,716 | -20 |
| Financed by: | |||
| Consolidated Net Debt | 8,683 | 10,003 | -1,319 |
| Total Shareholder's Equity | 6,012 | 4,713 | 1,299 |
| Total | 14,695 | 14,716 | -20 |
Consolidated Cash Flow
| € mn | 1Q22 | 1Q21 |
|---|---|---|
| Total Net Income | 192 | 191 |
| D&A¹ | 167 | 157 |
| Net Change in Funds | 12 | -15 |
| Operating Cash Flow | 371 | 333 |
| Δ Working Capital & Other² | 151 | -265 |
| Cash Flow from Operating Activities | 522 | 68 |
| Capital Expenditures | -293 | -242 |
| Free Cash Flow to Equity | 228 | -174 |
| Net Assets Held for Sale | -16 | |
| Dividends & Equity³ | 1,107 | 26 |
| Change in Net Cash (Debt) | 1,319 | -148 |
2022 Total Grid Fee*
THIS DOCUMENT HAS BEEN PREPARED BY TERNA S.P.A. (THE "COMPANY") FOR THE SOLE PURPOSE DESCRIBED HEREIN. IN NO CASE MAY IT BE INTERPRETED AS AN OFFER OR INVITATION TO SELL OR PURCHASE ANY SECURITY ISSUED BY THE COMPANY OR ITS SUBSIDIARIES.
THE CONTENT OF THIS DOCUMENT HAS A MERELY INFORMATIVE AND PROVISIONAL NATURE AND THE STATEMENTS CONTAINED HEREIN HAVE NOT BEEN INDEPENDENTLY VERIFIED. NEITHER THE COMPANY NOR ANY OF ITS REPRESENTATIVES SHALL ACCEPT ANY LIABILITY WHATSOEVER (WHETHER IN NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY FROM THE USE OF THIS DOCUMENT OR ITS CONTENTS OR OTHERWISE ARISING IN CONNECTION WITH THIS DOCUMENT OR ANY MATERIAL DISCUSSED DURING THE PRESENTATION.
THIS DOCUMENT MAY NOT BE REPRODUCED OR REDISTRIBUTED, IN WHOLE OR IN PART, TO ANY OTHER PERSON. THE INFORMATION CONTAINED HEREIN AND OTHER MATERIAL DISCUSSED AT THE CONFERENCE CALL MAY INCLUDE FORWARD-LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS ABOUT THE COMPANY'S BELIEFS AND EXPECTATIONS. THESE STATEMENTS ARE BASED ON CURRENT PLANS, ESTIMATES, PROJECTIONS AND PROJECTS, AND CANNOT BE INTERPRETED AS A PROMISE OR GUARANTEE OF WHATSOEVER NATURE.
HOWEVER, FORWARD-LOOKING STATEMENTS INVOLVE INHERENT RISKS AND UNCERTAINTIES AND ARE CURRENT ONLY AT THE DATE THEY ARE MADE. WE CAUTION YOU THAT A NUMBER OF FACTORS COULD CAUSE THE COMPANY'S ACTUAL RESULTS AND PROVISIONS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN ANY FORWARD-LOOKING STATEMENT. SUCH FACTORS INCLUDE, BUT ARE NOT LIMITED TO: TRENDS IN COMPANY'S BUSINESS, ITS ABILITY TO IMPLEMENT COST-CUTTING PLANS, CHANGES IN THE REGULATORY ENVIRONMENT, DIFFERENT INTERPRETATION OF THE LAW AND REGULATION, ITS ABILITY TO SUCCESSFULLY DIVERSIFY AND THE EXPECTED LEVEL OF FUTURE CAPITAL EXPENDITURES. THEREFORE, YOU SHOULD NOT PLACE UNDUE RELIANCE ON SUCH FORWARD-LOOKING STATEMENTS. TERNA DOES NOT UNDERTAKE ANY OBLIGATION TO UPDATE FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGES IN TERNA'S EXPECTATIONS WITH REGARD THERETO OR ANY CHANGES IN EVENTS.
EXECUTIVE IN CHARGE OF THE PREPARATION OF ACCOUNTING DOCUMENTS "AGOSTINO SCORNAJENCHI" DECLARES, PURSUANT TO PARAGRAPH 2 OF ARTICLE 154-BIS OF THE CONSOLIDATED LAW ON FINANCE, THAT THE ACCOUNTING INFORMATION CONTAINED IN THIS PRESENTATION, FOR WHAT CONCERNS THE ACTUAL FIGURES, CORRESPONDS TO THE DOCUMENT RESULTS, BOOKS AND ACCOUNTING RECORDS.
Notes
