a2a company presentation august 2012 · 2017. 2. 7. · total nfp 4,021 4,860 +839 €m data. ......
TRANSCRIPT
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A2A Company Presentation
August, 2012
• Results• Assets & Strategy
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This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 2
Index
This document has been prepared by A2A solely for the use at investor and analyst meetings. This document does not constitute an offer or invitation to purchase or subscribe any shares and neither it
nor any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Some information contained herein and other material discussed at the meetings
may include forward-looking information based on A2A’s current beliefs and expectations. These statements are based on current plans, estimates, projections, and projects and therefore you should
not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially
from those contained in any forward-looking statement. Such factors include, but are not limited to: changes in global economic business, changes in the price of certain commodities including
electricity, gas and coal, the competitive market and regulatory factors. Moreover, forward-looking statements are current only at the date they are made.
Last results released (H1’12)
Company back-up:
→ annual results
→ assets & strategy
Appendix
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This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
- Edipower NFP +959
- Share of Edipower
acquisition +125
3
H12012 - Main financial highlights
NET SALES
EBITDA
EBIT
NET INCOME
OLD PERIMETER
NFP
H12011
3,290
484
280
116
3,011
465
219
120
H12012 Change Change %
+4.1%
279
+19
+61
+9.3%
+27.9%
3,776
2011 H1 2012
4,021
Change
-245
-3.3%-4
NET CAPITAL
EMPLOYED
EQUITY
7,614
3,593
8,478
3,618
+864
+25
Coriance reclassified according to IFRS5
EDIPOWER ACQUISITION IMPACT
ON NFP - 1,084 +1,084
TOTAL NFP 4,021 4,860 +839
€M data
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This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
EBITDA
H12011
EBITDA
H12012∆ vs 2011
ENERGY 150 171 21
COGENERATION AND
DISTRICT HEATING 36 44 8
WASTE 152 140 -12
NETWORKS 124 127 3
OTHER SERVICES
& CORPORATE-12 -1 11
TOTAL (EPCG not
included)450 481 31
EPCG 15 3 -12
TOTAL 465 484 19
KEY POINTS
Analyzed as follows
4
H12012 vs H12011 - EBITDA breakdown
EBITDA BREAKDOWN
H12011
H12012
Energy
34%
Cogeneration
and District Heating
9%
Networks
28%
Waste
29%
Energy
34%
Cogeneration and
District Heating
8%
Networks
27%
Waste
31%
Higher margins of Hydro and Coal plants
Steady margins of CCGT plants
Margins on electricity and gas end-users
in line
Lower trading portfolio margins
Increase in the number of customers
(+8% heated volumes)
Environmental markets
Expiry of Cip6 subsidies of WTE plants
Bergamo WTE plant halt for extraordinary
maintenance
Higher margins on Italian and int’l projects
Positive regulatory impact on gas and
water revenues
Cost saving
Non-current items
€M data KEY POINTS
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This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 5
H1 2012 - Operating highlights
ENERGY (Italy) EPCG (Montenegro) DISTRICT HEATING AND COGENERATION(5)
WASTE NETWORKS
(1) From 1st June 2012, 77% of Edipower production included
(previously, 20%)
(2) Intermediated Ipex volumes and sleeve
(3) Withdrawals from stock and internal consumption
(4) H1'11 volumes adjusted for Coriance disposal
(5) Coriance figures not included
(6) The figure includes heat production of Nord Brescia, Canavese and Novate cogeneration plants
and other minor cogeneration and thermal plants located in Milan, Brescia and Bergamo areas
(7) The figure refers to heat production of WTE plants and Cassano plant
(8) Partenope Ambiente not included
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This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 6
H1 2012 - Energy and Regulatory Scenarios
ELECTRICITY – TREND OF HOURLY PUNELECTRICITY SCENARIO
NETWORKS - REGULATORY SCENARIO
* “X-Factor” does not include inflation rate
Source : AEEG
ELECTRICITY
• Regulatory period: 2012-2015
• New tariff not linked to change in unit
volumes consumption
• WACC: 7.6% (distribution, metering) – under
review in 2013
• WACC: +1% for new investments
• Price cap*: 2.8% (distribution),
7.1%(metering)
GAS
• Regulatory period: 2009-2012 (Consultation in
progress for next regulatory period)
• Tariff not linked to change in unit volumes
consumption
• WACC: 7.6% (distribution), 8.0% (metering)
• Price cap*: 3.2% (distribution), 3.6%(metering)
• Newly acquired by AEEG – Consultation in
progress for tariffs
• Currently:
- 7% return on invested capital- Efficiency factor
WATER
Regulatory Body: the Energy Authority (AEEG)
* based on Gas Release 2007 adjusted on the basis of market gas contracts renegotiations (i.e. 3.8 €cent/cm in H12011,
5.5 €cent/cm in H12012)
Ratio between average hourly PUN and PUN baseload
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This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
H12011
15
15
Thermoelectric
production
Other
2
H12012
3
Hydroelectric
production
-5
7
H12012 vs H12011 – EPCG: EBITDA analysis
€M
Plant halt for
extraordinary
maintenance in Q2
Positive performance in
Q2 (+271 GWh vs Q2
2011)
∆ Q1 = -24 €M ∆ Q2 = +12 €M
-17% 672 471 -30%HYDROELECTRIC
PRODUCTION (GWh)907 749
THERMOELECTRIC
PRODUCTION (GWh)
H12011 H12012 ∆ % H12011 H12012 ∆ %
-12
• Lower hydroelectric production
• Higher import needs• Increase in thermoelectric
production
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This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 8
H1 2012 - From EBITDA to Net Income
€M data H12011 H12012 Change Key points
EBITDA 465 484 +19
D&A, Write Downs and Provisions -246 -204 +42
Associates and JV and others +16 +16 -
EBT 165 200 +35
Others -4 +4
Financial charges -91 -78 +13
Fair value derivatives +25 -18 -43
D&A +14
Fund release +12; Bad debt provision +16
Bond fair value -19
Other derivatives -24
TAXES -73 -91
IFRS 5
NET INCOME
+12
120
+13
116
-18
+1
-4
MINORITIES +16 -6 -22
ROBIN HOOD TAX EFFECT:
Rate increase from 6.5% to 10.5% and
change in perimeter, as of September 2011
H12012 e-Utile Capital gain +8; H12011 TdE
Result -30 and Metroweb capital gain +36
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This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 9
1%
13%
45%
41%
Bonds
Loans
Committed
Lines
Uncommitted
Lines & other
9
DEBT MATURITY DEBT BREAKDOWN BY INTEREST
30/06/2017 15% 10%
35%
40%
Fixed
Variable
Swap
3%2%
TOTAL DEBT: 5,093 €M - AVG. MATURITY: 4.1 YEARS – UNDRAWN LINES*: 2,205 €M – H12012 AVG. RATE 3.31%
1%
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COMPANY’S CREDIT RATING DEBT BREAKDOWN
BBB/A-2
Outlook Negative
Baa2 under review
Note: EPCG not included* of which 2,165 €M committed lines, 40 €M BEI loan
H12012 - Group Financial structure Total debt - Maturity
50%
14%
36%
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This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 10
Index
Last results released (H1’12)
Company back-up:
→ annual results
→ assets & strategy
Appendix
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This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 11
2011 Highlights
(1) 2008 financial highlights haven't been restated according to IFRIC 12
(2) Adjusted for the impact of extraordinary items (2011: Metroweb capital gain and net write-
downs relative to the Edison/Edipower shareholding reorganization; 2010: Alpiq capital gain;
2009: the so-called "Fiscal Moratorium")
(3) of which 0.060 euro for ordinary dividend and 0.036 euro for additional not recurrent
dividend
Focus: 2011 non recurring and extraordinary items
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This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 12
2011 - EBITDA breakdown
€M data EBITDA
2010
EBITDA
2011∆ vs 2010
EBITDA
Bdg 2011
∆ vs Bdg
2011
ELECTRICITY 321 252 -69 252 0
GAS 82 94 12 65 29
COGENERATION AND
DISTRICT HEATING 70 85 15 82 3
WASTE 262 287 25 253 34
NETWORKS 276 253 -23 260 -7
OTHER SERVICES
& CORPORATE-31 -26 5 -35 9
CONSOLIDATION
ADJUSTMENTS-2 2 0
TOTAL (EPCG not
included)978 945 -33 877 68
EPCG 62 -3 -65 59 -62
TOTAL 1,040 942 -98 936 6
€M data EBITDA BREAKDOWN
2010
2011
Energy
36%
Cogeneration
and District Heating
9%
Networks
26%
Waste
29%
Energy
40%
Cogeneration
and District Heating
7%
Networks
27%
Waste
26%
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This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 13
Energy Scenario
� Blue figures refer to the factors which more directly impacted the results of the Group
(1) Italian National Price of the electricity
(2) CCGT Gas Cost based on Gas Release 2007
(3) Load factor of CCGT plants not subject to dispatching constraints
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This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 14
Business Units - Operating data: Energy
(1) The Scandale plant came into operation during 2010 year; Note: 2009, 2008 and 2007 data reclassified
� 2011 electricity results were negativelyaffected by1. lower margins in the sales of electricity2. lower contribution of the value of
environmental certificates
� 2011 gas results:1. benefited from the efficient purchasing
policy2. were negatively impacted by tariff
indexation and lower volumes
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This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 15
Business Units - Operating data: Heat and Services
(1) The figure includes heat production of Nord Brescia, Canavese
and Novate cogeneration plants and other minor
cogeneration and thermal plants located in Milan, Brescia and
Bergamo areas
(2) This figure refers to heat production of WTE plants and
Cassano plant
Note: 2009, 2008 and 2007 data reclassified
� 2011 results benefited from thecommercial development and thepositive trend of the plantsmanagement
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This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
� 2011 electricity distribution resultswere lower than 2010 because:
1) 2010 had benefited from the record ofadjustments relative to the “companyspecific equalization”
2) the Networks Sector of the EPCGGroup was negatively affected by thereduction of the distribution tariffsdecided by the local regulatoryAuthority in April 2011
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Business Units - Operating data: Environment and Networks
(1) Partenope Ambiente not included
(2) Related to main municipalities (Milan, Brescia, Bergamo,
Varese)
(3) The 2010 and 2009 figures have been reclassified to
reflect the BAS SII deconsolidation and its allocation in
"Non-current assets held for sale"
Note: 2009, 2008 and 2007 data reclassified
� 2011 results benefited from thegood performance of the waste toenergy plants and the increasedrevenues from the sale ofelectricity produced by theseplants
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This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 17
Group Financial structure
Statistics relative to Debt at 31 December, 2011
• Total gross debt: 4.4 € bn
• Average cost of debt: 3.3%
• Average maturity: 4 years
• Undrawn credit lines: 1.83 € bn, of which 1,785 €M committed,
45 €M BEI loan
� 2011 showed an increase of the debt by 128 million – 120 of which due to an increase in tax receivables to beabsorbed in the year in progress.
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This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 18
Index
Last results released (H1’12)
Company back-up:
→ annual results
→ assets & strategy
Appendix
-
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 19
A2A “LOCAL” PARTNERS
DELMI
MUNICIPALITY OF BERGAMO
(1.7%)
MUNICIPALITY OF MILAN
(27.5%)
MUNICIPALITY OF BRESCIA
(27.5%)
MARKET & OTHER SHAREHOLDERS
(∼38%)
SHAREHOLDERS
STRATEGIC PARTNERSHIPS
20%
70%
21.9%
90%
PROARIS
CAMUNA ENERGIA
50%
48.9%
7.9%
60%
74.5%
33.3%
Share capital: 3,132,905,277 shares (par value = 0,52 €/share)
Treasury shares: 26,917,609 shares
43.7%
ASM NOVARA
• A2A originates from the merger among AEM, ASM and Amsa, three companies that date back to over 100 years ago
• 1st Local Utility in Italy by revenues, margins and market cap
• A2A is an energy-focused player with a deeply rooted customer base in Northern Italy and a solid asset base across the country. A2A selectivelygrows its international presence in Montenegro (power production and distribution), France (cogeneration and district heating), UK, Greece &
Spain (waste treatment plant development) and Europe (energy trading)
A2A Group in a snapshot
MUNICIPALITY OF VARESE
(0.7%)
On basis of the final
contracts relating to the
shareholding
reorganisation of
Edison and Edipower,
signed on February
15th, 2012. More
details in the Appendix
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This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 20
Total 2011 EBITDA 942 €M spread among 4 major business areas
A2A Group in a snapshot: presence in diversified and complementary business areas
COGENERATION& DISTRICT HEATING
Cogenerationplants
Networks
85 M€ 9%
WASTE
Collection
Treatment
287 M€ 29%
NETWORKS(EPCG included)
Water
Electricity networks
Gas networks
259 M€ 26%
Note: 2011 results represented do not include -25 M€ negative Ebitda from “Other services & Corporate”
ENERGY (EPCG included)
Fuel sourcing
Powergener.
Whole-sale &Trading
336 M€ 36%
PORTFOLIO MANAGEMENT
DisposalHeat/Electr.sale
Heat/Electricitysale
Electricity/Gassale
2011EBITDA
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This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 21
BALANCED BUSINESS MIX
FLEXIBLE AND
ENVIRONMENT-FRIENDLY
POWER PRODUCTION
MULTI-UTILITY IN
NORTHERN ITALY
• High diversification between deregulated and regulated businesses• Capital employed spread among different business areas with a sound
risk/return model
• Balanced exposure to external factors (GDP, weather conditions, etc.)
• Primary role in “environmentally sustainable” energy production and services
• Cost-based competitive advantage vs. market peers• Power plants characterized by low emission rates
• Long-lasting presence in Northern Italy, richest area of the country, with a multi-business approach
• Strong customer loyalty• Primary player in all “local” businesses managed
A2A Group in a snapshot: key competitive advantages
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This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 22
Balanced business mix - Exposure to exogenous risk factors
Labour and
maintenance of the
power production
plants
Labour and
maintenance of (waste
treatment plants and
collection)
Labour and maintenance
of the production plants
Accounted for in tariff
formulas
Accounted for in tariff
formulas
District
Heating
Gas
Power
Gas
Networks
Water
Electricity
Networks
Business areas with diversified risks/opportunitiesMost impacted
No impact
Strong relevance of
concession
durations and
remuneration
criteria
GDP WEATHER COMMODITIES
Power demand
strongly affected
by GDP growth
Hydro production
impacted by
snow/rain falls
Margins deriving
from residential
customers
Results strongly
affected by winter
cold temperatures
Industrial waste
volumes affected
by macroeconomic
downturn
WTE revenues and
margins linked to
commodity price
level
Concessions and
rules impacting
regulated
segments
New tariffs
decoupled from
volumes
Revenues and
margins depending
on volumes
COMPETITION
Competition
increases in each
step of the value
chain
Increasing
competition in free
market
FIXED COST INFLATIONREGULATION
Sources and
uses prices
indexed at
commodities
price partially
“off-set”
Waste
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This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 23
A2A generation mix
• A2A power plants’ flexibility higher than market average (hydro vs. other
renewables and CCGT vs. conventional thermal); moreover, most hydro capacity is
reservoir (i.e. storage proxy)
• Capability to effectively face future market swings due to growing renewables shareof overall production and increasing peak-load consumptions
• WTE and cogeneration production with lower CO2 emissions
KEY A2A COMPETITIVE ADVANTAGES
(*) please, see the appendix for details
Note: 1) cogeneration includes plants connected to DH networks
A2A generation mix (100% of Edipower capacity included*)
Thermal 9.9 GW
- CCGT: 7.0 GW (71%)
- Fuel oil: 1.9 GW (19%)
- Coal: 1.0 GW (10%)
A2A PLANTS IN ITALY
� With the acquisition of
43.7% of Elektroprivreda
Crne Gore (EPCG) A2A has
become a strategic
industrial partner of the
largest electricity player in
the Republic of
Montenegro
� EPCG operates in electricity
generation (3 main plants
and 7 “small hydro”),
distribution (~20,000 km),
and sale of electricity
(320,000 users)
INSTALLED CAPACITY (MW)
75%
25%
A2A
Edipower
Hydro 2.0 GW
Cogeneration 0.2 GW
WTE 0.2 GW
Photovoltaic 0.003 GW
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This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 24
A2A District Heating & Cogeneration – Assets base
ITALY
• Thermal installed capacity: 1,558 MWt- cogeneration and thermal plants: 1,077 MW
- third-parties thermal plants(*): 481 MW
Heat pump
Coal
Biomass
Oil
Electricity
Commercial
Residential
Industrial
Thermal
Storage
Distr. Infr.
Centralized
Heating and
Cooling Plant
Natural
Gas
BUSINESS MODEL
(*) The figure includes the thermal capacity of Cassano plant and WTE plants (Milan, Brescia, Bergamo)
• District heating network: ~912 Km
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This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 25
PLANTS• Waste to energy plants: 5
(property plants)
- electricity capacity: 205 MW- thermal capacity: 275 MWt- treatment capacity: 1,565 Kton/y
A2A Waste – Assets base
• Acerra waste to energy plant
(management only):
- electricity capacity: 107.5 MW- treatment capacity: 600 Kton/y
• Mechanical biological treatment
plants: 5
• Landfills in operation: 8, of which 5
with biogas plants (plus 3 in other
sites)
• Other waste treatment facilities:
12, of which 1 management only
ITALIAN OPERATIONS
(1) MBT: Mechanical Biological Treatment
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This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 26
Green Activities
A2A business model includes a significant mix of green activities, which represent a growing reality. A2A green activities are focused on electricity production
from renewable sources and energy saving through the development of cogeneration and network efficiency. The purpose is to further optimize A2A asset
portfolio through green operations with high industrial content. Below a summary table with supporting rationale.
(*) EUA (European Allowance Unit), CER (Certified Emission Reduction) and ERU (Emission Reduction Unit) traded also on international markets
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This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 27
Remuneration Committee
• assists the Supervisory Board:- in the definition of the compensation of the
Management Board and the Supervisory
Board members invested with special
offices
- in giving advice about incentivation andloyalty schemes of the Management Board
members, managers of the Group,
employees and groups of employees
Internal Control Committee
• Its roles are set by the legislative framework,the Code of Conduct of the listed companies, the
company By-Laws as well as company
regulations and/or Supervisory Board
deliberations
• provides assistance in the internal controlsystem evaluation, with particular regard to the
control of risk , the information and accounting
system and the Internal Audit. In particular the
Committee supports the Supervisory Board in
the control and auditing activities set by the
legislative framework and by the company by-
Laws
• assists the Supervisory Board in the approval ofthe Annual Report, the Consolidated Financial
statement, the half-yearly financial report and
every interim report transmitted by the
Management Board
Community Committee
• assists the Supervisory Board in the definition ofthe guidelines for cultural and charitable
activities, in managing relations with the AEM
and ASM foundations, in promoting the image of
the company and the Group
• evaluates the impact of A2A’s business on thecommunities in which it operates and makes
proposals concerning corporate social and
environmental responsibility
Appointments Committee
• assists the Supervisory Boards in theappointment of the managing and control
bodies, as written in the company by-Laws
Corporate Governance
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This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 28
A2A in Europe
TRADING ACTIVITIES
POWER
Italy
- Import/Export- Load balancing Terna- IPEX Spot GME- MTE GME- IDEX Future Borsa Italiana
France
- Import/Export- Load balancing RTE- EPEX Spot Day-Ahead- EPEX Spot Continuous trading- EEX Future
Switzerland
- Import/Export- Load Balancing SwissGrid- EPEX Spot Day-Ahead
Germany
- Import/Export - Load balancing RWE, EnBW- EPEX Spot Day-Ahead- EPEX Spot Continuous trading- EEX Future
Austria
- Import/Export- Load balancing APG- EPEX Spot Day-Ahead
Slovenia
- Import/Export- Load balancing with BORZEN
(expected by the end of 2012)
- BSP South Pool Spot Day-Ahead (expected by the end of 2012)
Greece
- Import/Export- Load balancing HTSO- DESMIE Day-Ahead
Montenegro
- via EPCG
GAS
Italy
- OTC trading (PSV)- P-Gas platform - PB-Gas platform France
- Powernext Spot- Powernext Futures- OTC trading (PEG Nord and PEG Sud)Netherlands
- Endex Futures- TTF OTC tradingGermany
- NCG OTC trading (expected 2012)- EEX Futures (expected 2013)Austria
- CEGH OTC trading (CEGH - Baumgarten)- ImportSwitzerland
- Import
ENVIRONMENTAL MARKETS
Italy
- GME
France
- Bluenext
Germany
- EXX
UK
- ICE-ECX
USA
- Green Exchange
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This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 29
Index
Last results released (H1’12)
Company back-up:
→ annual results
→ assets & strategy
Appendix
-
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 30
What next: Edipower
Shareholding reorganisation of Edison and Edipower / Swap deal
• Following, the main points of the deal (on the basis of the agreement dated May 5th, 2012)
1. acquisition of the whole of Edipower by the Italian shareholders of Edison: they will buy 50% stake from Edison at Euro 683.7 million and 20% stake from Alpiq at Euro 200 million. In the
end, 70% of Edipower will be held by Delmi, 20% by A2A and 10% by Iren. The total purchase price equals Euro 883.7 million
2. exit from Edison by the Italian shareholders: EdF will acquire a 50% stake in TdE from Delmi at Euro 783.7 million, implying Euro 0.89 per Edison share (assuming TdE net financial debt of
Euro 1.26 billion), consequently controlling 80.7% of the share capital of Edison
3. mandatory tender offer as a result of the change of control in Edison: on the back of CONSOB opinion, EdF will launch a PTO on Edison. Delmi undertook to pay to EDF a maximum amount of
Euro 25.1 million for the expenses connected to the PTO if higher than what expected when the agreement was first signed at the end of 2011
4. signing of a supply gas contract: Edison and Edipower would enter a contract whereby Edison would supply gas to Edipower at market terms(1), which would cover a minimum of 50% of
Edipower’s needs for the next six years (total volume estimated at about 1 billion scm of gas)
• On May 14th, 2012 a banking syndicate composed of 9 banks undertook to conclude a Euro 1,250 million funding contract with Delmi. The aim of this contract is to allow Delmi to buy
Edipower and to repay the shareholder loan taken out by Edipower. The funding should be closed by the end of May
• On May 24th, 2012, execution date of the deal, A2A, Iren and the other shareholders of Delmi entered into agreements relating to the governance and functioning of Delmi and Edipower, as
well as the possible minority shareholders exit
(1) Gas price will be monthly defined on the basis of a formula indexed to prices of gas oil, fuel oil and mainly brent
Sources: A2A, Edison, EdF press releases, Consob Communication n. 12027130 (04/04/2012), Antitrust approval (30/04/2012)
Edipower shareholders post-deal
(through Delmi):
- A2A 56.2%- Iren 21%- SEL 6.7%- Dolomiti Energia 6.7%- Financial Investors 9.4%
(Mediobanca 4%, Fondazione
CRT 3.4%, Banca Popolare di
Milano 2%)
Financial
investors
Dolomiti
EnergiaSEL
Edipower post-deal shareholding structure
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This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 31
Italian power generation: ranking and A2A positioning
(*) The figures don’t include the generation capacity dispatched by GSE
2011 installed capacity (GW)*
A2A: second player in the Italian power generation sector thanks to
full Edipower consolidation