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1
A2A Investor Day Milan, 10th April 2015
Annexes
2
Annexes • 2014 FY results
• 2015-2019 Strategic plan
- Generation & Trading
- Energy retail
- Cogeneration and District Heating
- Environment
- Networks
- EPCG
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
FY 2014 Results Consolidated Results: P&L
EBITDA
D&A
Provisions
EBIT
Net Financial Expenses
Associates & JV
Results from non recurring transactions
EBT
Taxes
Minorities
FY 2014 REPORTED
FY 2013 REPORTED
% FY 2013
ORDINARY
FY 2014
ORDINARY %
1,024
(605)
(57)
362
(165)
(45)
9
161
(179)
(19)
(37)
1,133
(736)
(140)
257
(183)
(23)
75
126
(51)
(13)
62
-9.6%
-17.8%
-59.3%
+40.9%
-9.8%
+95.7%
-88%
+27.8%
n.s.
+46.2%
n.s.
1,024
(453)
(57)
515
(165)
9
(3)
356
(162)
(19)
175
1,133
(500)
(140)
493
(183)
7
(7)
309
(141)
(13)
156
-9.6%
-9.4%
-59.3%
+4.5%
-9.8%
+28.6%
-57.1%
+15.2%
+14.9%
+46.2%
+12.2%
REVENUES 4,984 5,604 -11.1% 4,984 5,604 -11.1%
NET INCOME
3
€M
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
FY 2014 Results Consolidated Results: Balance Sheet
Intangible Assets
Shareholdings and Other Non Current Financial Assets
Other Non Current Assets/Liabilities
Deferred Tax Assets and Liabilities
Provisions for Risks, Charges and Liabilities for landfills
Employee Benefits
NET FIXED CAPITAL
Inventories
Trade receivables and other current Assets
Tangible Assets 5,625 5,930 -5.1%
Current tax Assets/Liabilities
WORKING CAPITAL
TOTAL CAPITAL EMPLOYED
Equity
Net Financial Position
TOTAL SOURCES
1,318 1,306 +0.9%
82 196 -58.2%
(287) (379) -24.3%
323 372 -13.2%
(498) (605) -17.7%
(369) (339) 8.8%
6,194 6,481 -4.4%
284 284 0%
1,846 2,272 -18.8%
83 57 45.6%
348 741 -53.0%
6,542 7,222 -9.4%
3,179 3,348 -5.0%
3,363 3,874 -13.2%
6,542 7,222 -9.4%
Trade payables and other current Liabilities (1,865) (1,872) -0.4%
€M FY 2014 FY 2013 %
4
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
2013
REPORTED
2014
REPORTEDCHANGE
2013
ORDINARY
2014
ORDINARYCHANGE
GENERATION &
TRADING374 328 -46 382 310 -72
ENERGY RETAIL 90 87 -3 67 85 18
WASTE 282 222 -60 252 220 -32
DISTRICT
HEATING86 61 -25 87 66 -21
NETWORKS 249 281 32 258 264 6
OTHER
SERVICES & -28 -21 7 -22 -23 -1
EPCG 80 66 -14 80 66 -14
TOTAL 1,133 1,024 -109 1,104 988 -116
FY 2014 Results EBITDA breakdown
5
€M
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
374 3
Provisions forredundancies
5 38216
-18
-68 -1
31033
-15
328
2013Reported
NonRecurring
Items 2013
2013Ordinary
CostSavingChange in
perimeterand other
ElectricityMargin
GasMargin
2014Ordinary
NonRecurring
Items 2014
Provisions forredundancies
2014Reported
FY 2014 Results Focus on Generation & Trading EBITDA
-72
6
€M
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
2013Reported
90
-25
ProvisionsFor
redundancies2013
2 67
RegulatedMarket
108
Others
1 85 2 87
NonRecurring
Items 2013
2013Ordinary
FreeMarket
2014Ordinary
NonRecurring
Items2014
2014Reported
FY 2014 Results Focus on Energy Retail EBITDA
+18
7
€M
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
FY 2014 Results Focus on Waste EBITDA
2013Reported
222
54
5
-30
2013Ordinary
192
54
5
-26
Collection
-14
Other
3
151
59
7
2
153
59
7
1,0
282
NonRecurring
Items2013
1,0
252
Expiry ofCIP 6
5
Urban Treatment
2014Ordinary
3,0
220
NonRecurring
Items2014
2014Reported
3,0
222
Industrial Treatment
Collection
International Projects
Urban Treatment
-32
8
€M
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
2013Reported
16
70
86-1
2013Ordinary
13
74
87
-2
Climate Effect
-26
45
-3
Other
1
10
56
66
-3 -2 9
52
61
NonRecurring
Items 2013PriceEffect
Commercialdevelopment
WhiteCertificates
HeatServices
2014Ordinary
NonRecurring
Items 2014
Provisions forredundancies
2014Reported
FY 2014 Results Focus on District Heating EBITDA
District Heating
Heat Services
-21
9
€M
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
125
-5
6 126
AllowedRevenues
7
-2
Labour
1
Other
3 13512 2 149
2013Reported
NonRecurring
Items 2013
Provisionsfor
redundancies
2013Ordinary
Connectionfees
2014Ordinary
Allowedrev.
Other NonRecurring
Items
2014Reported
FY 2014 Results Focus on Electricity Networks EBITDA
+9
10
€M
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
FY 2014 Results Focus on Gas Networks EBITDA
2013Reported
111
-1
Provisionsfor redundancies
3 113
AllowedRevenues
-6
Other
2 109
Non RecurringItems 2014
3 112
Non RecurringItems 2013
2013Ordinary
2014Ordinary
2014Reported
-4
11
€M
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
FY 2014 Results Focus on Water Cycle EBITDA
2013Reported
113
2013Ordinary
14
-3
Tariffseffect
4
-1
2014Ordinary
14
-1
13
Non RecurringItems 2013
VolumeEffect
Other Non RecurringItems 2014
2014Reported
12
€M
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
FY 2014 Results Focus on EPCG EBITDA
2013Reported
7
69
80
-29
Import/ExportPrice effect
4
-1
CostsSaving
4 46
-2 17
48
664
HydroProduction
EnergyRetail
DistributionRevenues
DistributionCosts
Optimization
Other
2014Reported
1
Energy
Other
Distribution
Energy Networks
-14
13
€M
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
FY 2014 Results 2014 Climate Effects vs ten – year average
EBITDA
FY 2014
ENERGYEPCG
HYDRAULICITY-4
GAS, COGENERATION
AND DISTRICT HEATING
TEMPERATURE
EFFECT-41
SUBTOTAL -45
*
**
EBITDA
FY 2014
ENERGY
A2A
HYDRAULICIT
Y82
37
Negative climate effects (€M)
* vs ten-year average production at 2014 prices
**vs sales based on ten-year average temperature at 2014 margins
Positive climate effects (€M)
Total climate effects (€M)
*
MILAN
DAILY DEGREES
EPCG HYDRAULICITY
HYDRAULICITY
∆ FY ‘13 VS
AVG 10
YRS EPCG
HYDRO
PROD.
GWh
+679
∆ FY ‘14 VS
AVG 10
YRS
-103
BRESCIA
DAILY DEGREES
A2A HYDRAULICITY
HYDRAULICITY
∆ FY ‘13 VS
AVG 10
YRS A2A
HYDRO
PROD.
GWh
~+500
∆ FY ‘14 VS
AVG 10
YRS
~+1,500
Previous Year Current Year
Daily
Deg
ree
s Y
TD
∆ vs 2013: -21,4% ∆ vs 2013: -20,9%
Daily
Deg
ree
s Y
TD
14
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
FY 2014 Results Focus on Operating costs
2013
579
Change inperimeter
-14
Net savings
-21
2014
544
2013
688
Other costs
-7
Change inperimeter
-2
Net savings
-3
2014
676
2013
12,603
Change inperimeter
-40
Net reduction
-264
2014
12,299
2014 OPERATING EFFICIENCY
FTE(1)
LABOUR
COSTS (€M)
OTHER
FIXED
COSTS (€M)
-35
-12
-304
(1)A2A Group’s Full Time Equivalent
15
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
FY 2014 Results Focus on D&A
2013Reported
736
-236
2013Restated
500
-14
StandardD&A
-20
466
2014Impairmentof Assets
153
-14
2014Reported
605
2013Impairmentof Assets
Lower D&Aon 2013ImpairedAssets
2014pre write-down
Reassessmentof CCGT
economic life
-131
16
€M
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
FY 2014 Results Focus on taxes
-179
-48
65
-162
2014Reported
Tax Income
Deferred taxcredits onimpairmentof Assets
Taxes: effect of RHTCancellation
2014pro-forma Ordinary
Tax Income
Tax Rate: 45,5%
17
€M
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
FY 2014 Results Gross debt maturities as of 31/12
119
119
762
101
863
100
100
96
96
750
101
851
98
98
500
88
588
500
88
588
300
82
382
6161
6060
Beyond2025
9869
167
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Bonds Loans
18
€M
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
FY 2014 Results Breakdown of Volumes and Installed Capacity
2013 2014 D
A2A Group Thermal production GWh 8.743 6.863 -1.881
of which
CCGT production GWh 4.031 2.351 -1.680
Coal production GWh 2.092 1.834 -258
Oil production GWh 1.309 1.356 46
EPCG production GWh 1.311 1.322 11
A2A Group Hydro production GWh 7.524 7.809 285of which
A2A and Edipower production GWh 5.026 6.093 1.067
EPCG production GWh 2.498 1.716 -782
Eligibles and wholesale electricity sales GWh 34.555 39.423 4.868
Captive customers electricity sales GWh 2.671 2.329 -342
Ipex sales GWh 5.308 6.084 776
Electricity sales to EPCG customers GWh 2.649 2.716 67
Gas sales Mmc 2.435 3.062 627
Heat volumes sales GWht 2.396 1.951 -445
Cogeneration electricity sales GWh 300 233 -67
Cogeneration plants heat production GWht 1.267 1.035 -232
Collected waste Kton 897 920 22
Waste disposal Kton 2.516 2.594 77
WTE electricity production GWh 1.103 1.095 -8
WTE heat production GWht 1.122 1.020 -103
Electricity distributed GWh 11.098 10.782 -316
Gas distributed Mmc 2.075 1.739 -337
Water distributed Mmc 63 60 -2
2013 2014
CCGT MW 5.285
Coal MW 795
Must Run MW 886
Hydro MW 1.918
Lamarmora MWt 359
Centrale Nord Brescia MWt 167
Famagosta MWt 108
Caldaie Goltara BG MWt 80
Canavese MWt 73
Centrale cia Rossi VA MWt 52
Tecnocity MWt 45
Altro MWt 335
Volumes Installed Capacity
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
FY 2014 Results Energy Scenario
Average data 2013 2014 Δ Δ %
Brent $/bbl 108,7 99,5 -9,2 -8,5%
CO2 - EU ETS cost €/Tonn 4,5 6,0 1,5 33,2%
Green Certificates €/MWh 83,0 94,0 11,0 13,2%
€/$ €/$ 1,33 1,33 0,0 0,1%
Brent € €/bbl 81,9 74,6 -7,3 -8,9%
PSV(1) €/MWh 27,9 23,1 -4,8 -17,2%
AEEGSI Gas Tariff(2) c€/mc 34,0 25,6 -8,3 -24,5%
Coal € (API2) €/Tonn 61,5 56,7 -4,9 -7,9%
PUN baseload(3) €/MWh 63,0 52,1 -10,9 -17,3%
PUN peak(3) €/MWh 70,2 58,9 -11,3 -16,1%
PUN off-peak(3) €/MWh 58,9 48,3 -10,7 -18,1%
CCGT gas cost(4) €/MWh 60,7 49,5 -11,2 -18,5%
Clean Spark spread vs Peakload €/MWh 3,7 4,8 1,1 30,3%
Clean Spark spread vs Baseload €/MWh -3,6 -2,1 1,6 42,8%
Clean Dark Spread vs Baseload(5) €/MWh 21,7 13,1 -8,6 -39,8%
Italian electricity demand TWh 318,5 309,0 -9,5 -3,0%
Gas demand bcm 69,5 61,4 -8,1 -11,6%
(1) Gas at virtual trading point
(2) QE 263/12 Jan 2013-Mar 2013; QE 124/13 Apr 2013-Oct 2013; Pfor 196/13 Oct 2013-Sep 2014; Pfor 162/14 Q4 2014
(3) hourly average
(4) based on gas at virtual trading point with 53% efficiency (transport costs included)
(5) 35% efficiency - spread between energy prices and API2 coal cost (transport cost included)
21
Annexes • 2014 FY results
• 2015-2019 Strategic plan
- Generation & Trading
- Energy retail
- Environment
- Cogeneration and District Heating
- Networks
- EPCG
2015-2019 STRATEGIC PLAN
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
UM 2013 2014 2015 2016 2017 2018 2019
€/$ €/$ 1.33 1.33 1.13 1.14 1.20 1.20 1.20
Inflation (Italy) % 1.5% 0.3% 0.7% 1.3% 1.4% 1.4% 1.4%
ICE Brent €/bbl 81.9 74.9 48.2 54.7 62.5 66.7 70.8
Coal $/tonn 81.7 75.3 57.7 58.4 70.0 75.0 80.0
CO2 €/tonn 4.5 6.0 6.8 6.9 8.0 10.0 10.0
AEEGSI Gas Tariff (Pfor) €c/mc 34.0 25.6 21.9 21.4 24.7 25.4 25.3
PSV €/MWh 27.9 23.1 21.3 21.5 25.0 25.7 25.7
TTF €/MWh 27.0 20.9 19.4 20.0 23.0 23.7 23.7
PUN Base Load €/MWh 63.0 52.1 46.7 48.2 58.0 62.0 62.4
PUN Peak Load €/MWh 70.2 58.9 52.8 56.0 65.7 70.1 71.0
CCGT Gas Cost (PSV) €/MWh 60.7 49.5 45.8 46.0 53.5 55.0 54.9
Peak Spark Spread €/MWh 9.5 9.4 7.1 10.0 12.2 15.2 16.1
Spark Spread (PSV) €/MWh 2.3 2.6 1.0 2.1 4.5 7.0 7.5
Clean Spark Spread (PSV) €/MWh -3.6 -2.1 -1.6 -0.5 1.5 3.3 3.8
Dark Spread €/MWh 30.2 21.3 17.8 19.2 26.3 28.6 27.3
Green Certificates €/MWh 83.0 94.0 96.5 - - -
White Certificates €/Toe 102.1 111.3 99.5 99.4 100.0 103.0 106.0
Feed-in tariff*
(*) Feed-in tariff equal to 101.9 €/MWh in 2016, 100.8 €/Mwh in 2017, 93.1 €/MWh in 2018 and 90.0 €/MWh in 2019
2015-2019 Strategic Plan Energy Scenario
22
23 23
Annexes • 2014 FY results
• 2015-2019 Strategic plan
- Generation & Trading
- Energy retail
- Environment
- Cogeneration and District Heating
- Networks
- EPCG
2015-2019 STRATEGIC PLAN
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
2015-2019 Strategic Plan Generation and Trading - EBITDA evolution
328
-34
16
-78
23246
-16
158 18
-8-34
4 399
2014
2014Non recurring
items
Provisions forredundancies
2014ClimateEffect
2014Ordinary
Generation(cost
saving)
GreenCertificates
IndustrialPortfolio
NetContribution
from theSystem
TradingPortfolio
Gasmargin
Develop.projects
2019
EBITDA 2014-2019
+71
Electricity margin
+4.0% CAGR ’14-’19 (+11.4% net of 2014 non rec. items and climate effect)
+167
24
€M
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
2015-2019 Strategic Plan Generation and Trading – Operating Efficiency
2014
94
71
LowerO&M
-20
2015
74
71
Inflation
8
LowerO&M
-25
2019
55
72
165145
127
2014
20
101
-16
2014Ordinary
4
101
4
Efficiences
-74
98
Labourcost
increase
10
-13
2019
4
94
121
Provision forredundancies
105
Labour costincrease 2015
102
Efficiencies
98
Controllable cost
-17
-38
Other costs
Labour cost
-4 -3
Note: Not included new development initiatives; capitalized labour cost included
25
€M
LABOUR COSTS EXTERNAL FIXED COSTS
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
2015-2019 CAPEX
2015-2019 Strategic Plan Generation and Trading – Capex Plan
13
161
65
34
185
81
2014A
817
17
43
2015
2124
17
61
2016-2019
239
Total Capex2015-2019
Mandatory
Maintenance
Development
2014-2019
CAPEX (€M)
300
CCGT
Flexibilisation 0 1 MAIN DEVELOPMENT
PROJECTS (€M) 34
Hydro 7 13 84 71
Related to hydro relaunch
and Valtellina concessions’
renewal
CCGT 5 8 73 6 20 9 DeNOx on Coal
Hydro 16 15 8 22
MAIN MAINTENANCE
PROJECTS (€M) Cyclical inspections included
Related (and subject) to the
introduction of Capacity
Market
Environmental obligation MAIN MANDATORY
PROJECTS (€M)
35
29
81
26
€M
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
2015-2019 Strategic Plan Generation and Trading – Electricity Volumes
29,390
11,491
27,926
11,530
30,163
16,791
2014 2015 2019
40,881 39,45646,954
IPEX
Wholesalers
Sales
(GWh)
Sources
(GWh) 5,016
5,849
6,046
23,971
4,6584,702
6,221
23,874
9,089
4,579
13,159
20,127
2014 2015 2019
40,881 39,45646,954
HydroelectricProduction
ThermoelectricProduction
WholesalersIPEX
27
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
2015-2019 Strategic Plan Generation and Trading – Gas Volumes
1.963
533
248722
560
1.174
1.449
2014
581
89523
2015
646
141
2019
546
117
3.709
2.339
3.310
RegulatedFinal MarketClients
FreeFinalMarketClients
Wholesale
CCGT Plants
Districtheating
Other
Sales
(Mmc)
Sources
(Mmc) 3.780 342
1.903
3.310
2014
-71
2015
94
2019
3.709
2.339
3.310
to becontractualized
contractualized
stock variation
28
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
OPERATING DATAHistorical
(2014) 2015 2019
Electricity production - hydro and thermal GWh 10.119 9.565 13.668
CCGT GWh 2.354 2.630 6.996
COAL GWh 1.834 2.093 2.094
IDRO GWh 5.931 4.842 4.579
Electricity sales - wholesale GWh 6.643 9.709 11.893
Green certificates €/MWh 94 97 90
Gas sales - wholesale Bcm 3,21 1,78 1,86
Business Plan
(*)
(*) feed-in tariff
2015-2019 Strategic Plan Generation and Trading – Operating data
29
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
2015-2019 Strategic Plan Generation and Trading – Asset Portfolio
30
ASSET PORTFOLIOHistorical
(2014) 2015 2019
Generation capacity by technology and electricity zone MW 9.367 9.367 7.023
Hydro MW 1.950 1.950 1.950
Coal MW 953 953 633
CCGT MW 5.131 5.131 4.141
Other Thermal MW 1.334 1.334 299
Trading activity: Volumes GWh 22.747 18.216 18.270
Business Plan
31
Annexes • 2014 FY results
• 2015-2019 Strategic plan
- Generation & Trading
- Energy retail
- Environment
- Cogeneration and District Heating
- Networks
- EPCG
2015-2019 STRATEGIC PLAN
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
2015-2019 Strategic Plan Energy Retail – EBITDA Evolution
2014
87
-2
ClimateEffect
10 95
RegulatedMarket
-21
74
FixedCosts
-21
12
2019
140
2014Non Recurring
Items2014
OrdinaryFree
Market
SMEnetworks
development
EBITDA 2014-2019
+53
+45
+10,0% CAGR ’14-’19 (+8.1% net of 2014 non rec. items and climate effect)
32
€M
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
2014
22
2
Labourcost
increase
FTEincrease
2015
24
2
Labourcost
increase
FTEincrease
2019
29
124 1 1 263 1 30
LABOUR COSTS (€M) EXTERNAL FIXED COSTS (€M)
+4 +2
Other costs
Labour cost
2014
197
2015
26 1
8 35
Higher volumesto serve Inflation
Higher volumesto serve
2019
+9 +7
2015-2019 Strategic Plan Energy Retail – Operating Efficiency
Note: Not included new development initiatives; capitalized labour cost included
33
€M
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
2015-2019 Strategic Plan Energy Retail – Volumes
1.1041.368
2.020
2014 2015 2019
Intercompany
48%
52%
1.10453%
47%
1.36873%
27%
2.020
2014 2015 2019
Regulated Market
Free Market
GN SALES (Mmc)
71%
29%
8.164
73%
27%
7.60288%
12%
12.095
2014 2015 2019
Acquirente Unico
Intercompany
EE SOURCES (GWh)
GN SOURCES (Mmc)
EE SALES (GWh)
71%
29%
8.164
73%
27%
7.60288%
12%
12.095
2014 2015 2019
RegulatedMarket
Free Market
+12,9% CAGR ’14-’19
+8,2% CAGR ’14-’19
34
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
2015-2019 Strategic Plan Energy Retail – Operating Data 1/2
OPERATING DATAHistorical
(2014A)2015 2019
ENERGY MARKET
Purchases from Acquirente Unico (GWh) 2.329 2.073 1.459
Intercompany purchases (GWh) 5.835 5.529 10.637
Regulated Market sales (GWh) 2.329 2.073 1.459
Free Market sales (GWh) 5.835 5.529 10.637
NATURAL GAS MARKET
Intercompany purchases (Mmc) 1.104 1.368 2.020
Regulated Market sales (Mmc) 575 646 546
Free Market sales (Mmc) 529 722 1.474
Business Plan
35
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
2015-2019 Strategic Plan Energy Retail – Operating Data 2/2
OPERATING DATAHistorical
(2014A)2015 2019
ENERGY MARKET (points of delivery)
Regulated Market ('000) 804 750 577
Free Market ('000) 177 219 514
NATURAL GAS MARKET (points of delivery)
Regulated Market ('000) 990 927 742
Free Market ('000) 137 182 456
Business Plan
36
37 37
Annexes • 2014 FY results
• 2015-2019 Strategic plan
- Generation & Trading
- Energy retail
- Environment
- Cogeneration and District Heating
- Networks
- EPCG
2015-2019 STRATEGIC PLAN
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 2014-2019
2014
153
7
59
222
2014 nonrecurring
items
-2
2014Ordinary
150
7
59
220
Wastecollection
3
WTE
24
Treatment plants,landfills and
international projects
26
36
2019
201
11
62
283
3 3
6
4
9
Wastecollection
Industrialtreatment
Urbantreatment
Internationalprojects
+61
+5.0% CAGR ’14-’19 (+5.2% net of 2014 non rec. items)
+63
2015-2019 Strategic Plan Environment – EBITDA Evolution
38
€M
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
2014
110
12-2
108
12
LowerO&M
-10
100
19
-12 -6
2019
102
7
122
14One Off
2014Ordinary
120
ExtraordinaryAcerra WTEMaintenance
9
2015
119
ExtraordinaryAcerra WTEMaintenance
Inflation
6
Change inperimeter
2
LowerO&M
108
2014
8
239
247-1
9
245
254-9
9
260
269
Labourcost
increase
7
Efficiencies
2015
Labourcost
increase
24
Efficiencies
2019
LABOUR COSTS EXTERNAL FIXED COSTS
+2
+15
Controllable costs Other costs
Labour cost
+7
* *
*Costs covered by revenues hence not taken into consideration
for assessing operating efficiencies
-8
2015-2019 Strategic Plan Environment – Operating Efficiency
Note: Not included new development initiatives; capitalized labour cost included
39
€M
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
16
2014
43
144
18832
302 334
2015 2016-2019 Total Capex2015-2019
Maintenance
Development
2014-2019
CAPEX (€M)
San Filippo del Mela
plant reconversion MAIN
DEVELOPME
NT
PROJECTS
(€M)
120 120 9
External Growth 45 45 50
Wet Waste Plants 5 42 37 17
521
Silla2 WTE Development 8 31 23 25
2015-2019 CAPEX (€M)
41 75
446
New Landfills 30 30 11
9
15
9
9
7
2015-2019 Ebitda
Fully on stream annual Ebitda
2015-2019 Strategic Plan Environment – Capex Plan
40
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
982 1.0341.360
1.202 1.227
1.7448771
153
2014A 2015 2019
WTE Treatment Plants Landfills
75 74 87
147 133 157
100 101 82
2014A 2015 2019
WTE Treatment Plants Landfills
INDUSTRIAL WASTE (Kton) URBAN WASTE (Kton)
+7,5% CAGR ’14-’19 +0,3% CAGR ’14-’19
323 308 327
2.271 2.332
3.258
2015-2019 Strategic Plan Environment – Volumes (1/2)
41
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
727 791 809
198
332541
94
104
121
2014 2015B 2019P
WTE Brescia WTE Silla2 WTE Bergamo
585 541 568
298 290 287
320265 289
132128 122
57
4842
2014 2015B 2019P
WTE BRESCIA WTE ACERRA WTE SILLA2 Other WTE Biogas
HEAT SALES (GWht) ELECTRICITY SALES (GWht)
-1,2% CAGR ’14-’19 +7,6% CAGR ’14-’19
1.393
1.273 1.308
1.020
1.227
1.471
2015-2019 Strategic Plan Environment – Volumes (2/2)
42
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
OPERATING DATAHistorical
(2014A) 2015 2019
Waste collected (Kton) (MI, BS, BG & VA municipality) 920 913 913
Waste disposed of (Kton) 2.594 2.640 3.585
Heat production (GWht) 1.020 1.227 1.471
Electricity production from WTE and biogas plants (GWh) 1.393 1.273 1.308
Business Plan
2015-2019 Strategic Plan Environment – Operating Data
43
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
ASSET PORTFOLIOHistorical
(2014A) 2015 2019
Thermal capacity (MWt) 303 303 303
Electric capacity (MWe) 328 328 328
Treatment capacity (tons) 419 498 1.102
WTE 1.441 1.425 1.848
landfills and biogas plants 468 430 441
mechanical biological treatment plants (ITS) 494 476 411
Business Plan
2015-2019 Strategic Plan Environment – Asset Portfolio
44
45
Annexes • 2014 FY results
• 2015-2019 Strategic plan
- Generation & Trading
- Energy retail
- Environment
- Cogeneration and District Heating
- Networks
- EPCG
2015-2019 STRATEGIC PLAN
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
2014
9
52
61 2413
80
93 16
2019
30
82
113
Non
recurringitems
1
3
Provision for
redundancies
2
2
2014climateeffect
327
2014Ordinary
Commercialdevelopment
14
Priceeffect
1
Environ.markets
-12
Development
projects
2
18
Other
1 -2
-1Cogen. and District Heating
Heat services
EBITDA 2014-2019
+52
+13.2% CAGR ’14-’19 (+3.9% net of 2014 non rec. items and climate effect)
+20
2015-2019 Strategic Plan Cogeneration and DH – EBITDA Evolution
€M
46
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
2015-2019 Strategic Plan Cogeneration and DH – Operating Efficiency
Note: Not included new development initiatives; capitalized labour cost included
LABOUR COSTS (€M) EXTERNAL FIXED COSTS (€M)
2014
6.1
10.5
16.6
2014one off
-0.5
2014Ordinary
6.0
10.1
16.1
LowerO&M
-0.7
2015
6.0
9.4
15.4
Inflation
0.9
LowerO&M
-0.4
2019
6.4
9.5
15.9
Controllable costs
+0.5
-0.2
2.5
24.9
0.6
24.9 25.5
0.8
27.2
2014
27.4
Provisions forredundancies
-1.9
2014Ordinary
25.5
Labourcost
increase
1.1
Efficiencies
-0.5
2015
0.7
26.2
Labourcost
increase
2.1
Efficiencies
-0.5
2019
27.9
Other costs
Labour cost +1.7 +0.7
47
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
2015-2019 Strategic Plan Cogeneration and DH – Capex Plan
2014-2019
CAPEX (€M) 69 78
211
38
2014A
50
712
2015
59
10 9
2016-2019
174
289
Total Capex2015-2019
233
18
Mandatory
Maintenance
Development
Networks and
Plants – Milan area 37 22 MAIN
DEVELOPME
NT
PROJECTS
(€M)
2015-2019
Ebitda
85 63 22
Energy Efficiency 5 7 54 48 24
Other development
projects - 20 67 46 39
290
2015-2019 CAPEX
Networks and Plants –
Bergamo area 4 3 8 11 3
10
9
11
2
Fully on stream annual
Ebitda
€M
48
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
91
798
143
918
1.951110
1.038
178
1.194
2.520113
1.114
193
1.201
2.621 113
1.374
226
1.227
2.940
2014 2014 2015 2019
Brescia
Bergamo
Milan
Varese
HEAT SALES
43%
13%
45%
1.951
47%
11%
42%
2.621
40%
15%
45%
2.940
233 293 207
2014 2015 2019
Electricityproduction
Intercompany
Third parties
BU plants
HEAT SOURCES
+3,1% CAGR ’14-’19 (net of 2014 climate effect)
2014 Heat sales net of climate effects
2015-2019 Strategic Plan Cogeneration and DH – Volumes
GWht GWht
49
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
Historical
(2014A) 2015 2019
OPERATING DATA
Heat production (GWht) 833 1.244 1.180
Purchases from other business units (GWht) 868 1.097 1.320
Purchases from third parties (GWht) 249 280 440
Heat volumes sales (GWht) 1.951 2.621 2.940
Electricity production from cogeneration plants (GWh) 233 293 207
Business Plan
2015-2019 Strategic Plan Cogeneration and DH – Operating Data
50
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
ASSET PORTFOLIO
Historical
(2014) 2015 2019
Thermal capacity (MWt) - property 1.219 1.213 1.373
by geographical area
Milano 489 483 573
Brescia 538 538 607
Bergamo 114 114 114
Varese 78 78 78
Heated volumes per year (Mcm) 3,3 3,1 2,6
Heated volumes cumulated (Mcm) 92,6 95,7 105,6
Electric capacity (MWe) 174 155 91
District heating networks (Km) 1.002 1.014 1.047
Equivalent in terms of housing unit (80 mq) 385.710 398.710 439.835
Main Concessions
Milan Expiry date 2036
Brescia Expiry date 2100
Bergamo Expiry date 2037
Sesto S. Giovanni Expiry date 2022
Business Plan
2015-2019 Strategic Plan Cogeneration and DH – Asset Portfolio
51
52
Annexes • 2014 FY results
• 2015-2019 Strategic plan
- Generation & Trading
- Energy retail
- Environment
- Cogeneration and District Heating
- Networks
- EPCG
2015-2019 STRATEGIC PLAN
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
2014
112
13
149
281-14-17
2014Ordinary
109
13
135
264-2325
9
CostEfficiency
5
-7
Public lightingdevelopment
projects
915
2019
128
38
16
113
295
7
2014
non recurring
items
-3
7
Allowed
revenues
7
Labour
cost
Gas new
development
projects (tenders)
IWC
Gas
Networks
Electricity
Networks
Public
Lighting
+14 +1% CAGR ’14-’19
(+2.2 % net of 2014
non recurring items)
EBITDA 2014-2019 (€M)
+31
2015-2019 Strategic Plan Networks – EBITDA Evolution
53
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
LABOUR COST (€M) EXTERNAL FIXED COSTS (€M)
2014
46
25
71
-7
2014Ordinary
39
25
644
2015
43
25
68
-2
Inflation
4
-7
2019
40
23
63
2014 non
recurr. items
Cost increaseon mandatory
activities
Lowernon controllable
costsLower O&M
2014
3
106
109 5
Efficiencies
-13
110
113
Labour
costincrease
11
-1
2019
3
121
123
Labourcost increase
2015 Efficiencies
-8
-5
Controllable costs Other costs
Labour cost
+10 +4
2015-2019 Strategic Plan Networks – Operating Efficiency
Note: Not included new development initiatives; capitalized labour cost included
54
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
2014-2019 CAPEX (€M)
2014A
5049
115
2015
5562
143
2016-2019
102
218
279
600
Total Capex2015-2019
128
273
341
742
15 26
Mandatory
Maintenance
Development
Electricity Networks 16 17
MAIN DEVELOPM
ENT PROJECTS
(€M)
’15-’19 Ebitda
99 82 19
Gas Networks 9 13 60 47 16
Gas acquisitions 0 0 113 113 27
Public Lighting 21 26 52 26 20
742
2015-2019 CAPEX (€M)
2015-2019 Strategic Plan Networks – Capex Plan
55
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
2015-2019 Strategic Plan Networks – Operating Data
56
OPERATING DATAHistorical
(2014A) 2015 2019
Electricity distributed (GWh) 10.778 10.681 10.862
Gas distributed (Mcm) 1.649 1.801 2.107
Water distributed (Mmc) 43,52 43,24 43,24
Business Plan
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
2015-2019 Strategic Plan Networks – Asset Portfolio
57
ASSET PORTFOLIOHistorical
(2014A) 2015 2019
Electricity distribution networks (km) 13.783 13.902 14.379
POD electrocity (n.) 1.122.934 1.118.089 1.118.089
Gas distribution networks (km) 7.619 7.635 7.698
POD gas (n.) 1.214.128 1.215.074 1.371.965
Water distribution networks (km) 3.536 3.547 3.576
Sewage networks (km) 2.155 2.155 2.175
Public lighting n. of light-points (total) 200.000 200.000 259.500
Public lighting n. of light-points (of which, LED) 90.000 176.400 259.500
Business Plan
58 58
Annexes • 2014 FY results
• 2015-2019 Strategic plan
- Generation & Trading
- Energy retail
- Environment
- Cogeneration and District Heating
- Networks
- EPCG
2015-2019 STRATEGIC PLAN
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
2014
117
48
66
2014lower
Hydraulicity
4
2014Ordinary
117
52
70
GenerationEnergy/ Supply
Cost Saving Distribution 2019
2
44
81
127
23
6
27
EnergyDistributionOther
2015-2019 Strategic Plan EPCG – EBITDA Evolution
EBITDA 2014-2019 (€M)
+61
+57
+13.9% CAGR ’14-
’19
(+12.6 % net of 2014
climate effect)
59
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
2015-2019 Strategic Plan EPCG – Operating Efficiency
2014
345
2015
39 2
Saving
-1
40
O&M andservices costs
Inflation 2019
2014
47 0
Efficiencies
-343
Labour costincrease
2
-5
2019
40
Labour costincrease
2015 Efficiencies
LABOUR COSTS (€M) EXTERNAL FIXED COSTS (€M)
+5 +1 -3 -4
Note: Not included new development initiatives; capitalized labour cost included
60
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
2015-2019 Strategic Plan EPCG – Capex Plan
2014-2019
CAPEX (€M)
2014A
11
25
20151117
30
2016-2019
21
65
43
128
Total Capex2015-2019
31
82
45
158
7
7 2
Mandatory
Maintenance
Development
Piva HPP Reconstruction
and modernization 1 0 MAIN
DEVELOPMENT
PROJECTS (€M)
10 10
Other development
projects 7 2 11 9
158
2015-2019 CAPEX (€M)
0 0 24 24 Perucica HPP Reconstruction
and modernization
10
2
3
1
2015-2019
Ebitda
Fully on
stream
annual
Ebitda
61
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
2015-2019 Strategic Plan EPCG – Volumes
ELECTRICITY SALES (GWh) ELECTRICITY SOURCES (GWh)
+1,0% CAGR
’14-’19
2014
125461
634
707
2,016
3,943
2015
134419
509
735
2,060
3,857
2019
144333
598
836
2,230
4,141
Distributionconsumers
Direct
consumers
Export
Distributionlosses
Trasmission
losses
2014
22%
34%
44%
3,943
2015
18%
36%
46%
3,857
2019
17%
34%
49%
4,141
3.038 3.172 3.454Electricity
production
Hydro
production
Termo
production
Third
parties
62
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
2015-2019 Strategic Plan Financial Plan
63
(1) FFO = Ebitda – provisions for bad debt - net financial interests - current tax expense + dividends received
Debt = gross financial debt net of surplus cash + employee benefits + liabilities for landfills
165145
120
2014 2015 2019
NET DEBT
3.4 3.22.5
2014 2015 2019
-0.8 -0.2 -
3.3x 3.1x
1.9x
2014 2015 2019
NET DEBT/EBITDA
NET INTEREST EXPENSES
-
17.7% 18.3%
>25.0%
2014 2015 2019
FFO/NET DEBT(1)
€B €M
% x
This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
2015-2019 Strategic Plan Reconciliation between R1+R2+R3 and total EBITDA variance
€M
R1
148
R2
215
R3
33
Altro
-65
EBITDA
331
Of which -53
€M related to
2014 non
recurring
items
64
65
Disclaimer: This document has been prepared by A2A solely for investors and analysts. This document does not
constitute an offer or invitation to purchase or subscribe any shares or other securities 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 on which they are made.
Contacts and
Disclaimer
Contacts:
A2A Investor Relations Team
Mail: ir@a2a.eu
Phone: +39 02 7720 3974
http://www.a2a.eu/en/investor/
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