terna 9m2013 consolidated results

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  • 1. NOVEMBER 13th 2013 9M13 CONSOLIDATED RESULTS 9M13 Consolidated Results Flavio Cattaneo Chief Executive Officer Giuseppe Saponaro Chief Financial Officer November 13th, 2013 Investor Relations 1
  • 2. 9M13 CONSOLIDATED RESULTS NOVEMBER 13th 2013 Agenda Strategic Update 3 9M13 Results 5 Annexes 13 Investor Relations 2
  • 3. 9M13 CONSOLIDATED RESULTS NOVEMBER 13th 2013 Strategic Update Traditional Activities Traditional Capex Regulator confirmed the extra remuneration on 2011 and 2012 Work in Progress1 Milestones met Incentives recognized starting from 2014 tariff Storage 3 Sites fully authorized 2 Energy Intensive, 1 Power Intensive Entered into the construction phase In 9M13 spent already 31mn 1. Resolution 469/2013 (only I3 Category). Regulator still to complete the assessment Investor Relations 3
  • 4. 9M13 CONSOLIDATED RESULTS NOVEMBER 13th 2013 Strategic Update Non Traditional Activities Working hard to convert the Potential into a Pipeline, to guarantee a steady contribution from NTAs during the Plan period Tangible steps forward on renewable projects abroad Investor Relations 4
  • 5. NOVEMBER 13th 2013 9M13 CONSOLIDATED RESULTS 9M13 Results At a Glance OPERATING PERFORMANCE CAPEX & NET DEBT NET INCOME Total Revenues Total Group Capex Group Net Income +7.9% 758 +15.8% yoy mn at 1,401mn at 412mn Net Debt EBITDA +10.1% yoy yoy 6,340 mn at 1,133mn EBITDA Margin 80.8% +1.6pp yoy Investor Relations 5
  • 6. NOVEMBER 13th 2013 9M13 CONSOLIDATED RESULTS 9M13 Results Consolidated Revenues Total Revenues Grid Fee +7.9% +9.4% yoy at 1,401mn 58mn Revenues Evolution +103 36 117 at yoy at 1,242mn Revenues Breakdown 1,299 Other Activities 11 1,401 44 102 11 13 107 -15 1,401 1,299 1,135 9M12 Grid Fee Non Traditional Activities 1,242 9M13 Other Energy Items Other Revenues 9M12 Grid Fee Other Energy Items Other Activities 9M13 In mn Investor Relations 6
  • 7. NOVEMBER 13th 2013 9M13 CONSOLIDATED RESULTS 9M13 Results Consolidated Costs & EBITDA Total Operating Costs Stable yoy EBITDA = +10.1% at 269mn EBITDA Margin 80.8% yoy at 1,133mn Costs Breakdown +1.6pp yoy Costs Evolution Stable 270 28 269 31 95 94 3 -2 -2 270 146 144 9M12 9M13 265.9 Salaries Services Other 9M12 Salaries Services 269 Other 9M13 In mn Investor Relations 7
  • 8. NOVEMBER 13th 2013 9M13 CONSOLIDATED RESULTS 9M13 Results From EBIT to Net Income EBIT mn % EBITDA 1,029 1,133 104 10.1% 311 322 11 3.6% EBIT at 811mn 9M13 D&A +12.9% yoy 9M12 718 811 93 12.9% NetFinancial Income & Equity inv. - Financial Expenses PBT 72 71 646 71 0 740 -1 -71 94 -1.5% 14.5% 45.0%1 44.4%2 Profit Before Taxes +14.5% yoy at 740mn Group Net Income Tax Rate +15.8% yoy Taxes 291 328 38 12.9% at 412mn Group Net Income 356 412 56 15.8% 1. 2. At 45.2% excluding the recovery of past years taxes At 45% excluding the recovery of past years taxes Investor Relations 8
  • 9. NOVEMBER 13th 2013 9M13 CONSOLIDATED RESULTS 9M13 Results Capex Breakdown Storage Business Total Regulated Capex Construction Phase 726mn Total Regulated Capex Capex Breakdown mn Category % yoy -37 -9% 203 217 13 7% 601 577 -24 -4% Base Return 135 149 14 10% Total Regulated Capex 736 726 -10 -1% 42 32 -10 Total Group Capex +1.5% 360 Other 1 Base Return 398 Incentivized Capex 30% 9M13 +1.5% 726 50% mn 9M12 +2% 20% 778 758 -20 yoy -3% +2% NOTE: Figures in accordance with resolution AEEG 40/2013 1. Capitalized Financial Charges + Non Traditional Capex Investor Relations 9
  • 10. NOVEMBER 13th 2013 9M13 CONSOLIDATED RESULTS 9M13 Results Net Debt Evolution & Financial Structure Fixed/Floating Ratio 6,340 mn Avg. Maturity 71/29 Net Debt 7 years +485mn vs. Dec. 31, 2012 Net Debt Evolution mn Financial Indebtedness Terna SpA Bonds +485 EIB Loans 14% Banks 161 16% 261 696 70% 758 6,340 5,917 5,855 Rating M/L Term 2 Sovereign +1 notch Negative Negative Baa2 +1 notch Negative Negative Operating Cash Flow BBB+ +1 notch Negative Negative BBB+ BBB Moody's Dec.31, 2012 Sovereign Baa1 A- 5,159 Capex Dividends WC & Other1 Sep. 30, 2013 Fitch Outlook Terna2 Terna S&P 5,159 Delta As of November, 13 2013 1. Including Other Fixed Assets Changes, Change in Capital & Other 2. Government Related Entity Investor Relations 10
  • 11. NOVEMBER 13th 2013 9M13 CONSOLIDATED RESULTS 9M13 Results Closing Remarks 2013 Outlook Proceeding in line with the Strategic Plan 2013 Interim Dividend 7cents Ex Dividend Date: November 18th 2013 Payment Date1: November 21st 2013 1. Record Date: November 20th 2013 Investor Relations 11
  • 12. 9M13 CONSOLIDATED RESULTS NOVEMBER 13th 2013 THANK YOU. QUESTIONS? Flavio Cattaneo Chief Executive Officer Giuseppe Saponaro Chief Financial Officer 9M13 Consolidated Results NOVEMBER 13th, 2013 Investor Relations 12
  • 13. 9M13 CONSOLIDATED RESULTS NOVEMBER 13th 2013 ANNEXES Investor Relations 13
  • 14. NOVEMBER 13th 2013 9M13 CONSOLIDATED RESULTS Annexes Electricity Market Trends 9M13 Energy Demand 9M12 9M13 -3.7% yoy Demand TWh 248 239 % -3.7% YtD Jan/Oct 2012 Jan/Oct 2013 % Demand TWh 275 265 -3.6% -3.7% 12 months rolling TWh 32 Range last 5 years 12 Months Rolling Yr -1 30 28 26 24 Nov Nov YoY Chg% Dec Dec Jan Jan Feb Feb Mar Mar Apr Apr May May Jun Jun Jul Jul Aug Aug Sep Sep Oct Oct -5.3% -3.5% -1.5% -7.3% -1.4% -1.6% -3.0% -6.6% -3.5% -5.7% -2.6% -2.8% 2012 final figures, 2013 provisional figures (as of October 2013) Investor Relations 14
  • 15. NOVEMBER 13th 2013 9M13 CONSOLIDATED RESULTS Annexes Overview on Storage Power Intensive Line Energy Intensive Line Scope: Safe management of the grid Scope: Solve Grid congestion / bottlenecks Total Capacity: 40 MW Technology: Li-Ion Lithium , Zebra Total Capacity: 35 MW Technology: NaS Sodium Sulfur Number Of Projects: 2 Number Of Projects: 3 Project 1 Authorized Capacity: 12 MW Status: Construction Phase Project 2 Authorized Capacity: 12 MW Status: Construction Phase Authorized Capacity: 8 MW Project 3 Status: Building Authorization Phase Ready to Built Investor Relations 15
  • 16. NOVEMBER 13th 2013 9M13 CONSOLIDATED RESULTS Annexes Consolidated Income Statement mn 9M12 Operating Revenues mn 9M13 % D&A EBIT Net Financial Charges Pre Tax Profit Taxes 1,242 102 58 107 -15 11 9.4% -12.6% 22.3% 270 269 -1 -0.4% 144 94 31 -2 -2 3 -1.3% -2.0% 9.3% 1,133 104 10.1% 322 11 3.6% 811 93 12.9% 72 71 -1 -1.5% 646 740 94 14.5% 38 12.9% 56 15.8% 291 Tax Rate (%) Group Net Income 1. 2. 3. 1,135 117 47 718 EBITDA 7.9% 311 of which Salaries Services Other 103 1,029 Operating Expenses 1,401 146 95 28 of which Grid Fee Other Energy Items Other Activities 1 1,299 Other Revenues + Non Traditional Revenues At 45.2% excluding the recovery of past years taxes At 45% excluding the recovery of past years taxes 328 2 45.0% 44.4% 356 412 3 Investor Relations 16
  • 17. NOVEMBER 13th 2013 9M13 CONSOLIDATED RESULTS Annexes Consolidated Balance Sheet mn Dec. 31,2012 Sep. 30,2013 mn Assets PP&E Intangible Asset, net Financial Inv. And Other 9,342 470 81 9,796 458 83 454 -12 2 9,894 10,337 443 -770 -480 -578 -443 192 37 8,643 9,315 672 Consolidated Net Debt 5,855 6,340 485 Total Shareholder's Equity 2,788 2,976 187 2.1 2.1 2,010 2,010 Total Fixed Assets Net WC Funds Total Net Invested Capital Financed by D/E Ratio Continuing Operations Number of Shares ('000) Investor Relations 17
  • 18. NOVEMBER 13th 2013 9M13 CONSOLIDATED RESULTS Annexes Consolidated Cash Flow mn 9M12 9M13 356 308 -41 412 321 -37 622 696 -19 -192 603 504 -778 -758 17 -7 -158 -261 Dividends Change in Capital and Other -261 -34 -261 37 Change in Net Cash (Debt) -453 -485 Net Income Depreciation 1 Net Change in Funds Operating Cash Flow Change in Working Capital Cash Flow from Operating Activities Capital Expenditures Other Fixed Asset Changes Free Cash Flow 1. Net of assets disposal Investor Relations 18
  • 19. NOVEMBER 13th 2013 9M13 CONSOLIDATED RESULTS Annexes Quarterly Analysis 1Q12 1Q13 2Q12 2Q13

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