1q2020 consolidated results 1q2020 mercato_uso... · 2020. 5. 13. · apr may jun jul aug sep oct...
TRANSCRIPT
1
1Q20 CONSOLIDATED RESULTS MAY 13th 2020
May 13th 2020
1Q2020 Consolidated Results
2
1Q20 CONSOLIDATED RESULTS MAY 13th 2020
Agenda
1Q20 Results 6
Highlights 3
Annexes 16
3
1Q20 CONSOLIDATED RESULTS MAY 13th 2020
Highlights
4
1Q20 CONSOLIDATED RESULTS MAY 13th 2020
24.025.3
27.6
31.2
26.4
26.626.3 25.8
25.6
27.525.8
23.7
20
22
24
26
28
30
32
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Monthly energy demand
Previous Year
Demand Evolution – Last 12 months
DEMAND AS REPORTED (TWh)
Highlights (1/2)
Note: 2018 final figures, 2019 and 2020 preliminary figures
Strong contribution from hydro production
1Q2020 data:
▪ National Demand at 77 TWh, o/w 33% covered by RES
▪ Net Total Production at 66 TWh
❖ Hydro increased by 19%
YoY
Change
1Q2020
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
-1.7% -3.6% 2.5% 3.5% 0.4% -1.1% -0.9% -1.1% -3.0% -4.0% 0.7% -10.2%
Δ %
-4.5%
1Q20 1Q19
77.0 80.6
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1Q20 CONSOLIDATED RESULTS MAY 13th 2020
Results driven by ongoing capex acceleration
1Q 2020 Key Figures
Note: excluding Brugg contribution
1. Attributable to Terna
1Q 2019€mn
Revenues
EBITDA
Group Net Income1
Capex
Δ vs 1Q191Q 2020
567 537
434 420
187 186
218 164
Highlights (2/2)
+6%
+3%
+0.3%
+32%
8,409 8,259Net Debt
FY 20191Q 2020
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1Q20 CONSOLIDATED RESULTS MAY 13th 2020
1Q20 Results
7
1Q20 CONSOLIDATED RESULTS MAY 13th 2020
500 517
334447
53717 11 3
567
1Q19 ∆Regulated
Activities
∆Non Regulated
Activities
∆International
Activities
1Q20
Revenues
Note: figures may not add up due to rounding
1. Including IFRIC12
2. Construction margin, including IFRIC12
Insourcing attività di O&M Rete FS Revenues +6% YoY
1 2
€mn
Regulated Activities1
Non Regulated Act.
International Act.2
1Q 2020 results
+31
+5.7%
8
1Q20 CONSOLIDATED RESULTS MAY 13th 2020
3344
4
737
11 3 51
1Q19 ∆Non Regulated
Activities
∆International
Activities
1Q20
493 502
5
10 5 210
2 4
500 517
1Q19 ∆ Transmission &
Dispatching
∆ Other
∆ IFRIC12
1Q20
Revenues Analysis
€mn
REGULATED€mn
NON REGULATED AND INTERNATIONAL
+17
+3.3% +14
+37.2%
Revenues increase in all business lines
Transmission & Dispatching
Other
IFRIC 12
Note: figures may not add up due to rounding
Non Regulated Act.
International Act.
1Q 2020 results
9
1Q20 CONSOLIDATED RESULTS MAY 13th 2020
95 98
21
332
24
13 0117
133
1Q19 ∆Regulated
Activities
∆Non Regulated
Activities
∆International
Activities
1Q20
1
+17
+14.1%
€mn
Opex
Note: figures may not add up due to rounding
1. Including IFRIC12
Insourcing attività di O&M Rete FS Rising volumes effect on Opex increase
Regulated Activities1
Non Regulated Act.
International Act.
1Q 2020 results
10
1Q20 CONSOLIDATED RESULTS MAY 13th 2020
21
33
2
13 0
2
22
35
1Q19 ∆Non Regulated
Activities
∆International
Activities
1Q20
57 57
35
-1 2 2
37
2 495 98
1Q19 ∆ Labour
Costs
∆ External Costs
& Other
∆ IFRIC12
1Q20
Opex Analysis
Insourcing attività di O&M Rete FS Regulated Activities costs substantially in line
€mn
REGULATED€mn
NON REGULATED AND INTERNATIONAL
+4
+3.9%+13
+54.7%
Labour CostsExternal Costs & Other
IFRIC 12
Note: figures may not add up due to rounding
Non Regulated Act.
International Act.
1Q 2020 results
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1Q20 CONSOLIDATED RESULTS MAY 13th 2020
420 434
1Q19 1Q20
EBITDA
Insourcing attività di O&M Rete FS Investment acceleration driving EBITDA growth
€mn
TOTAL EBITDA€mn
REGULATED
€mn
NON REGULATED AND INTERNATIONAL
+14
+3.3%
Note: figures may not add up due to rounding
1Q 2020 results
405 418
13
1Q19 ∆ 1Q20
15 16
1
1Q19 ∆ 1Q20
12
1Q20 CONSOLIDATED RESULTS MAY 13th 2020
434
282
187 186
152
19
76
EBITDA D&A EBIT NetFinancialExpenses
Taxes GroupNet Income
GroupNet Income
1Q19
From EBITDA to Net Income
Note: figures may not add up due to rounding1. Attributable to Terna. Excluding Minorities
Maintaining Net Income level vis-à-vis higher D&A
1
€mn
1
1Q 2020 results
13
1Q20 CONSOLIDATED RESULTS MAY 13th 2020
36%
19%
45%Development
Defence
Asset Renewal & Efficiency144
206
20
11164
218
1Q19 1Q20
Regulated Non Regulated and Other
Capex
Insourcing attività di O&M Rete FS Robust Capex acceleration
TOTAL CAPEX€mn
1
REGULATED CAPEX
Note: figures may not add up due to rounding
1. Of which about 2 €mn of Capitalized Financial Charges in 1Q2020 and 3 €mn in 1Q2019
206
€mn
1Q 2020 results
+32%
14
1Q20 CONSOLIDATED RESULTS MAY 13th 2020
8,259 8,409
306 191 218
47
Dec.31,2019
OperatingCash Flow
Δ WC & Other Capex Dividends&
Equity
Mar.31,2020
Note: figures may not add up due to rounding1. Including Other Fixed Assets Changes2. Including Cash Flow Hedge reserve and other
Cash Flow & Net Debt Evolution
Operating cash flow generation to support capex plan
€mn
2
+150
1
1Q 2020 results
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1Q20 CONSOLIDATED RESULTS MAY 13th 2020
80%
17%3%
Terna SpA Bonds
EIB
Banks
Net Debt Evolution & Financial Structure
1. Percentages and key ratios calculated on Gross Debt nominal value2. IAS value
Maintaining a solid financial structure
GROSS DEBT BREAKDOWN KEY RATIOS1 1
Fixed/Floating Ratio
Calculated on Gross Debt
81% Fixed
Duration
4.8 years
9.9€bn 2
1Q 2020 results
16
1Q20 CONSOLIDATED RESULTS MAY 13th 2020
Annexes
17
1Q20 CONSOLIDATED RESULTS MAY 13th 2020
€ mn 1Q20 1Q19 Δmn Δ%
Total Revenue 567 537 31 5.7%
Regulated Activities 517 500 17 3.3%
Transmission 475 464 11 2.3%
Dispatching 27 28 -1 -2.8%
Other 10 5 5 90.6%
IFRIC12 4 2 2 110.0%
Non Regulated Activities 44 33 11 33.4%
International Activities 7 4 3 66.7%
Total Costs 133 117 17 14.1%
Regulated Activities 98 95 4 3.9%
Labour Costs 57 57 -1 -1.4%
External Costs 34 34 1 1.8%
Other 3 1 2 121.4%
IFRIC12 4 2 2 110.0%
Non Regulated Activities 33 21 13 61.7%
International Activities 2 2 0 5.9%
EBITDA 434 420 14 3.3%
D&A 152 140 12 8.4%
EBIT 282 280 2 0.8%
Net Financial Charges 19 16 3 21.4%
Pre Tax Profit 263 264 -1 -0.5%
Taxes 76 78 -1 -1.9%
Tax Rate (%) 29.1% 29.5% -0.4 pp
Total Net Income 186 186 0 0.2%
Minority Interest 0 0 0
Group Net Income 187 186 1 0.3%
1. Managerial Accounting2. Including Quality of Service
Consolidated Income Statement1
Annex
2
2
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1Q20 CONSOLIDATED RESULTS MAY 13th 2020
Consolidated Balance Sheet
Annex
€ mn
PP&E
Intangible Asset
Financial Inv. and Other
Total Fixed Assets
Net WC
Funds
Net Capital Invested
Financed by:
Consolidated Net Debt
Total Shareholder's Equity
Total
D/E Ratio
D/D+E Ratio
Number of Shares (mn)
Mar. 31,2020 Dic. 31,2019 Δmn
13,922 13,864 58
541 543 -1
473 502 -28
14,937 14,908 28
-1,979 -2,208 229
-178 -210 32
12,780 12,490 289
8,409 8,259 150
4,371 4,232 139
12,780 12,490 289
1.9 2.0
0.7 0.7
2,010 2,010
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1Q20 CONSOLIDATED RESULTS MAY 13th 2020
1. Net of assets’ disposal
2. Including Other Fixed Assets Changes3. Including Cash Flow Hedge accruals and other
Consolidated Cash Flow
Annex
€ mn 1Q20 1Q19
Total Net Income 186 186
D&A 151 140
Net Change in Funds -32 -29
Operating Cash Flow 306 297
Δ Working Capital & Other -191 -110
Cash Flow from Operating Activities 115 187
Capital Expenditures -218 -164
Free Cash Flow to Equity -103 23
Dividends & Equity -47 -42
Change in Net Cash (Debt) -150 -19
1
2
3
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1Q20 CONSOLIDATED RESULTS MAY 13th 2020
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Disclaimer
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1Q20 CONSOLIDATED RESULTS MAY 13th 2020
Notes
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1Q20 CONSOLIDATED RESULTS MAY 13th 2020
Notes
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1Q20 CONSOLIDATED RESULTS MAY 13th 2020
Notes