ACEA Group Acea Group 2019 Results Rome, 9 March 2020
Performance and delivery Acea Group Growth, consistency, reliability, sustainability CONSTANT GROWTH SINCE THE NEW BOARD OF DIRECTORS TOOK OFFICE (27 APRIL 2017) 2019: SHARE PRICE AT ALL-TIME HIGH, AS ACEA OUTPERFORMS THE MARKET (FTSE ITALIA ALL SHARE +27.2%) 2019 FROM 27 APRIL 2017 TO 31 DECEMBER 2019 ( € ) ( € ) +38.6% +53.5% (Source: Bloomberg) (Source: Bloomberg) BEST EVER RESULTS, BEATING ALL OUR TARGETS EBITDA (€m) DEBT/EBITDA (x) NET WORKING CAPITAL (€m) CAPEX (€m) EFFICIENCY AND SOLID FINANCIAL REDUCED WORKING CAPITAL FOCUS ON INFRASTRUCTURE, COMMUNITY ENGAGEMENT STRUCTURE DEMANDS INNOVATION AND SUSTAINABILITY 1,042 933 840 793 2019 2017 2018 631 532 2.9x 2.9x -16 2.8x -35 -117 2017 2018 2019 2017 2018 2019 2017 2018 2019 2019 Results 2 MIL 190401 - Piano Industriale 201 ...
Delivery Acea Group Business Plan and acquisitions NEW BUSINESS PLAN 2019-2022 APPROVED ON 2 APRIL 2019, BRINGING FORWARD TARGETS ANNOUNCED TO THE MARKET IN NOVEMBER 2017 BY MORE THAN TWELVE MONTHS EBITDA (€m) PLAN 2019-2022 1,042 933 972 840 Targets in existing Plan: 916 • EBITDA in 2022: € 1,270m (+36% versus 2018) • RAB in 2022: € 4.8bn (+28% versus 2018) Old PLAN 2018-2022 • Capex : € 4bn (in the period 2018-2022) • Dividends : € 800m over life of the Plan 2017 2018 2019 BUSINESS PLAN CONFIRMS GROWTH IN FUNDAMENTALS ASSOCIATED WITH CONCRETE SUSTAINABILITY GOALS (environmental impact, circular economy, reduced water loss , customer care…..). ACEA WAS CREATED TO BE SUSTAINABLE. ACEA’S CEO WINS TOP UTILITY 2020 AWARD FOR SUSTAINABILITY. AN EVOLVING BUSINESS MIX: ACQUISITIONS IN THE GAS, ENVIRONMENT AND PHOTOVOLTAIC SECTORS AND CONSOLIDATION OF ACQUEDOTTO DEL FIORA MARCH 2019 JULY 2019 OCTOBER 2019 ACQUISITION OF 51% ACQUISITION OF 90% OF AGREEMENTS REACHED FOR ACQUISITION OF 60% AMENDMENT OF ACQUEDOTTO DEL INTEREST IN PESCARA DEMAP, OWNER OF A ACQUISITION OF INTEREST IN BERG, A FIORA’S ARTICLES OF ASSOCIATION PHOTOVOLTAIC PLANTS DISTRIBUZIONE GAS PLASTIC TREATMENT PROVIDER OF LIQUID WASTE AND SHAREHOLDER AGREEMENTS TO WITH TOTAL CAPACITY OF COMPLETED PLANT TREATMENT SERVICES ENABLE THE COMPANY’S APPROXIMATELY 25 MWp CONSOLIDATION BY THE ACEA GROUP 2019 Results 3 MIL 190401 - Piano Industriale 201 ...
2019 financial highlights Acea Group 2019 2018 % change (€m) (a) (b) (a/b) Consolidated revenue 3,186.1 3,028.5 +5.2% EBITDA +12% : well ahead of guidance EBITDA 1,042.3 933.2 +11.7% • Initial guidance : +5%/+6% • Guidance provided in H1 2019: ≥ +7% EBIT 518.1 478.6 +8.3% • Guidance provided in 9M 2019: ≥ +10% 283.7 271.0 +4.7% Group net profit 0.78 0.71 +9.9% Dividend per share (€) Capex 792.8 630.8 +25.7% Net debt : below lower end of guidance 31 Dec 2019 30 Sept 2019 31 Dec 2018 % change % change (€m) (€2.85 -2.95bn). (a) (b) (c) (a/b) (a/c) €2.83bn excluding impact of IFRS 16, M&A and consolidation of Acquedotto del Fiora Net debt 3,062.8 2,960.3 2,568.0 +3.5% +19.3% GUIDANCE 2020: FURTHER GROWTH EXPECTED EBITDA +6%/+8% versus 2019 (€ 1,042m) in line with the CAGR in Business Plan 2019-2022 CAPEX broadly in line with 2019 and the Business Plan 2019-2022 NET DEBT € 3.45-3.55bn 2019 Results 4 MIL 190401 - Piano Industriale 201 ...
EBITDA Acea Group EBITDA 2019 48% Water 81% EBITDA from regulated 37% Energy Infrastructure businesses 7% Commercial & Trading 19% EBITDA from non- 5% Environment regulated businesses 2% Overseas 1% Engineering & Services EBITDA (€m) Contribution to EBITDA from consolidation of Gori, Acquedotto del 1,042.3 31.3 2.1 24.3 72.0 Fiora and new acquisitions (€m) 933.2 (13.6) (7.0) 2019 2018 Gori 68.6 14.7° Acquedotto del Fiora 18.1 4.6°° Pescara Distribuzione Gas 1.7 - Fotovoltaico 3.6 - 2018 Water Energy Commercial & Environment Overseas Other* 2019 Demap 1.8 - Infrastructure Trading Berg 0.5 - EBITDA (€m) 505.0 392.0 69.1 52.0 16.9 7.3 * Engineering & Services, Corporate ° Includes contribution from consolidation of equity- accounted investments, totalling €3m °° Contribution from consolidation of equity-accounted investments 2019 Results 5 MIL 190401 - Piano Industriale 201 ...
EBITDA and quantitative data Acea Group 2019 financial highlights Water Including gas distribution business (€m) 2019 2018 % change KEY HIGHLIGHTS (a) (b) (a/b) October 2019: line-by-line consolidation of EBITDA 505.0 433.0 +16.6% Acquedotto del Fiora March 2019: acquisition of Pescara Distribuzione Acea ATO2 356.1 357.4 -0.4% Gas Acea ATO5 24.4 20.8 +17.3% Gori 68.6 11.7 n/s EBITDA GROWTH Acquedotto del Fiora 18.1 - n/s Line-by-line consolidation of Gori Equity-accounted water companies 36.2 39.9 -9.3% (from November 2018): +€53.9m Other consolidated water companies (0.1) 3.2 n/s Line-by-line consolidation of Acquedotto del Fiora Pescara Distribuzione Gas 1.7 - n/s (from October 2019): +€13.5m Capex 380.1 329.7 +15.3% Acquisition of Pescara Distribuzione Gas (March 2019): +€1.7m EBITDA ATO2: commercial quality bonus +€2.2m main drivers Volumes of water Equity-accounted companies: - €3.7m distributed ( M m 3 ) 538 440 2018 2019 2019 Results 6 MIL 190401 - Piano Industriale 201 ...
EBITDA and quantitative data Acea Group 2019 financial highlights Energy Infrastructure (€m) 2019 2018 % change (a) (b) (a/b) KEY HIGHLIGHTS Acquisition of new photovoltaic plants EBITDA 392.0 360.7 +8.7% with total capacity of 28MWp - Distribution 345.4 317.1 +8.9% EBITDA GROWTH - Generation 44.6 49.0 -9.0% of which: Photovoltaic 3.6 - n/s Distribution: +€28.3m - Public Lighting 1.9 (5.4) n/s Public Lighting: +€7.3m (new lighting points EBITDA and cuts to external costs) Capex 287.8 238.3 +20.8% main drivers Generation: - €4.4m: - p hotovoltaic contribution +€3.6m - recognition in 2018 of an extraordinary component of €5m - reduction in volume produced and less price Total electricity Number of customers Total electricity distributed ( G W h ) produced ( G W h ) ( ‘ 0 0 0 s ) 9,792 9,849 1,641 1,629 550 530 2018 2019 2018 2019 2018 2019 2019 Results 7 MIL 190401 - Piano Industriale 201 ...
EBITDA and quantitative data Acea Group 2019 financial highlights Commercial & Trading KEY HIGHLIGHTS Improvement in sales channels with resulting increase in number of free market customers for electricity (+20.5%) and gas (+11.0%) Improvement in collections (€m) 2019 2018 % change (a) (b) (a/b) EBITDA EBITDA 69.1 -9.2% Increased sales of electricity and gas to 76.1 EBITDA free market customers main Capex 42.5 24.6 +72.8% Reduced margins essentially due to revised drivers mechanism for compensating for delinquent accounts and to cut in enhanced protection market tariff (RCV component) Enhance… Total energy sold ( G W h ) 6,454 Number of electricity 6,055 Number of gas Total gas sold ( M m 3 ) customers customers (‘000s) 2,219 ( ‘ 0 0 0 s ) 2,370 1,177 1,185 192 173 140 786 128 4,235 846 3,685 331 399 2018 2019 2018 2019 2018 2019 2018 2019 2019 Results 8 MIL 190401 - Piano Industriale 201 ...
EBITDA and quantitative data Acea Group 2019 financial highlights Environment KEY HIGHLIGHTS July 2019: acquisition of Demap (plastics (€m) 2019 2018 % change treatment) (a) (b) (a/b) October 2019: acquisition of Berg (liquid waste treatment) EBITDA 52.0 65.6 -20.7% October 2019: Monterotondo Marittimo Demap 1.8 - n/s composting plant opened Berg 0.5 - n/s EBITDA Capex 51.9 20.0 +159.5% Acquisitions of Demap and Berg (+€2.3m) EBITDA main End of CIP6 incentives from 1 August 2019 drivers (- €16.7m) Electricity sold ( G W h ) Treatment and disposal* ( K t o n n e s ) 1,219 1,120 355 327 2018 2019 2018 2019 * Includes ash disposed of 2019 Results 9 MIL 190401 - Piano Industriale 201 ...
EBIT and net profit Acea Group EBIT (€m) NET PROFIT ( €m) 518.1 478.6 283.7 271.0 Non-recurring components (€m): Non-recurring components (€m): Release of provisions by Gori -44.2 Overvaluation of cancellation of TWS gain -8.9 Antitrust fine -16.2 +10% Antitrust fine +16.2 Release of provisions by Gala adjusted approx. -9 increase 258.5 234.1 2018 2019 2018 2019 TAX RATE 30.4% 28.6% Adjusted net profit DIVIDEND HISTORY (€m) 2019 2018 % change 2017 2018 2019 Consolidation of Gori and Acquedotto del Fiora DPS (€) 0.63 0.71 0.78^ Depreciation 409.6 366.8 +11.7% Increased capex Impact of IFRS 16 T otal dividend (€m) 134.2 151.2 166.1 Write-downs 66.8 75.1 -11.1% Dividend yield* 4.7% 5.3% 4.7% Release in 2018 of provisions for Provisions 47.8 12.8 n/s Payout** 74% 56% 59% risks by Gori (€44m) 524.2 454.7 +15.3% T otal * Based on the average price for the year ** Based on consolidated net profit after non-controlling interests ^ The Board of Directors will propose the dividend for 2019 at the Annual General Meeting called for 28 and 29 April 2020, in first and second call, respectively 2019 Results 10 MIL 190401 - Piano Industriale 201 ...
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