Acea Group Presentation Rome, 28 September 2017
ACEA Group Strategic Guidelines 2018-2022 TITOLO PRESENTAZIONE / Luogo e data
ACEA Group Operating segments ENERGY INFRASTRUCTURE WATER • IntegratedWater • Electricity Distribution Service in Italy • Public Lighting • Electricity Generation • "Industrial" Energy Efficiency COMMERCIAL AND TRADING • Energy Management ENVIRONMENT • Sale of Electricity and Gas • Sludge management • Energy Efficiency for Group • Waste treatment, recovery, household customers recycling and disposal OVERSEAS ENGINEERING AND SERVICES • Expansion outside of Italy • Laboratory testing • Internal engineering & consultancy Acea Group presentation 3
ACEA Group ACEA Group’s position EBITDA 2016* POSITION (€m) No. 1 in WATER SECTOR 1% 2% 7% 12% 43% TOTAL No. 3 in ELECTRICITY DISTRIBUTION €785m 35% No. 3 in PUBLIC LIGHTING Regulated markets 80% Water No. 6 in SALE of Electricity Energy Infrastructure Commercial and Trading Environment Overseas No. 6 in WASTE sector Engineering and Services * Approx. €896m including impact of accounting for electricity distribution (€111m) Acea Group presentation 4
ACEA Group Pillars of the new Business Plan Technology, Operational Growth Local focus Innovation Efficiency and Quality • Capex discipline • Infrastructure • Sustainable • Research & innovation development development applied to industrial • Operational processes • Customer-oriented • Dialogue and improvements • Improved customer and service-based collaboration • Supply chain optimisation approach experience • Balanced organisational • Group-wide Innovation model Strategy Acea Group presentation 5
ACEA Group Water segment Organic growth Basket of "extraordinary initiatives" Basket of "extraordinary initiatives" Infrastructure development to manage water emergency Consolidation in areas where Group and network upgrade to ensure sustainable use of this is already present resource - Tuscany - Lazio - Umbria - ... Extraordinary plan to repair aging distribution network Strengthening and enhancing security of supply through one-off projects: Development and refurbishment of - Water purification treatment plants and clean-up of discharge - Doubling size of infrastructure systems - Identification of new sources - ... Removal of obsolete meters and installation of smart meters Acea Group presentation 6
ACEA Group Energy Infrastructure segment Organic growth Basket of "extraordinary initiatives" Basket of "extraordinary initiatives" Entry strategy for energy • Upgrade of LV network and installation efficiency and development of pilot of new meters (2G) projects for captive market (e.g. Water, Grids, etc.) Development of distributed generation in local areas and • Enablement of new services using Roma development of flexibility services Capitale’s smart grid (development of (Virtual Power Plant) Major Smart Project) Entry into Gas Distribution market and other infrastructure businesses outside local area (e.g. Public Lighting) Tactical assessment of M&A opportunities for renewable plants (e.g. Biomass) Acea Group presentation 7
ACEA Group Commercial and Trading segment Basket of “extraordinary initiatives” Basket of “extraordinary initiatives” Organic growth Leading role in consolidation in • Growth of retail customer base and electricity market , including new value proposition for business M&A activity customers • Performance improvement to cut costs to serve and boost efficiency of processes • Development of value added services (VAS) as part of a cross-selling strategy (e.g. energy efficiency, info-energy services) Acea Group presentation 8
ACEA Group Environment segment Organic growth Basket of “extraordinary initiatives” Basket of “extraordinary initiatives” “Systemic” consolidation of waste treatment Development and testing of innovative • Development of composting plants for captive technologies for recovering materials processing of sludge and sorted waste (expected to increase) • Growth of presence in treatment of multi-material Assessment of new strategic waste, taking advantage of opportunities linked to: opportunities - trends and goals of the circular economy • Consolidation of “waste management” - related needs in local areas presence in central Italy • Stronger presence in special waste EU “Circular Economy” Directive management 1 • Development of biomass plants in 1 Resource efficiency collaboration with Energy Reduction Infrastructure business Reuse Protect and develop 3 Recycling 3 natural capital Waste-to-Energy Smart regulation Promote effectiveness of the system by minimising 2 2 negative externalities Acea Group presentation 9
ACEA Group Overseas segment Organic growth Basket of “extraordinary initiatives” Basket of “extraordinary initiatives” Expansion into new geographical areas Strengthening of position through + LATAM MEDITERRANEAN acquisition of overseas operators (Peru, Colombia, etc.) ( Balkans, North Africa, Middle East) Distinctive value proposition Eastern Europe (Balkans) Build, operate Consultancy & Middle East (e.g. Iran) Service & transfer EPC North Africa (e.g. Libya) Development of ‘‘infrastructure’’ businesses Renewable Electricity and Water Waste Public Lighting Generation Service (e.g. Hydro) networks Colombia Peru Development of successful business model ... • Development & Origination • Construction & Execution Acea Group presentation 10
ACEA Group Engineering and Services segment Organic growth Basket of “extraordinary initiatives” Basket of “extraordinary initiatives” • High-quality technical/specialist services Sale of specialist and engineering for other operating segments: services in the market (capped at 20% of turnover due to restrictions • Design, project management, safety linked to “joint undertakings”) • Specialist services (e.g. studies, consultancy, etc.) • Laboratory testing • Development of advanced operating systems for plant controls and modelling (IoT, Big Data, etc.) For routine operations • (preventive/predictive maintenance) For identifying development needs and • planning investment Acea Group presentation 11
ACEA Group Economics and Debt Structure TITOLO PRESENTAZIONE / Luogo e data
H1 2017 financial highlights ACEA Group H1 2016 H1 2017 % change H1 2016 H1 2017 % change (€m) adjusted* adjusted* a b b/a c d d/c Consolidated revenue 1,372.5 -1.0% 1,323.4 1,372.5 +3.7% 1,386.7 EBITDA 414.1 -6.7% 380.4 414.1 +8.9% 443.7 EBIT 194.9 -28.9% 210.8 213.9 +1.5% 274.1 Profit/(Loss) before tax 164.4 -29.2% 169.0 183.4 +8.5% 232.3 Group net profit/(loss) (before non- 110.3 -28.5% 111.6 124.3 +11.4% 154.3 controlling interests) Group net profit/(loss) (after non- 103.5 -30.8% 106.9 117.5 +9.9% 149.5 controlling interests) Capex 220.8 252.2 +14.2% * The adjusted results do not include: for H1 2017, the negative impact resulting from: • restored ownership of a property that houses a car park for company vehicles (€9.5m); • the provision for the reduction in the amount due to Areti from GALA (€9.5m). for H1 2016, the positive impact (amounting to €63.3m before tax) of elimination of the regulatory lag. 30 June 31 Dec 30 June % change % change (€m) 2016 (a) 2016 (b) 2017 (c) (c/a) (c/b) Net Debt 2,131.9 2,126.9 2,401.4 +12.6% +12.9% Adjusted Net Debt ** 2,131.9 2,126.9 2,377.4 +11.5% +11.8% Equity 1,631.4 1,757.9 1,744.1 +6.9% -0.8% Invested Capital 3,763.3 3,884.8 4,145.5 +10.2% +6.7% ** Adjusted net debt for 2017 does not include the impact of the reduced amount due from GALA. Acea Group presentation 13
ACEA Group Financial Debt and Maturity Profile 2.982 486 M€ 115 489 TOTAL 87 80 72 666 28,33 65,00 101,67 2.474,06 2.359,46 - 228 1.870,80 1.783,84 1.703,97 1.631,97 567 966,09 738,10 170,68 0 69 37 37 28 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 NET DEBT/ EQUITY NET DEBT/ EQUITY 31 Dec 2016 30 June 2017 1.2x 1.4x Rating Debt structure (maturity and interest rates at 30 June 2017) 2% 32% > Fixed rate 68% 68% > Average overall cost 2.65% 98% > Average term to maturity ~7 years BBB+ Baa2 Stable Outlook Stable Outlook Debt falling due in 2017 Floating rate Debt falling due from 2018 on Fixed rate Acea Group presentation 14
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