1Q 2012 Consolidated Results (May 15, 2012)
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Transcript of 1Q 2012 Consolidated Results (May 15, 2012)
1Q12 CONSOLIDATED RESULTS MAY 15th 2012
1Q12 Consolidated Results
Investor Relations 1
Giuseppe Saponaro Chief Financial Officer
MAY 15th, 2012
1Q12 CONSOLIDATED RESULTS MAY 15th 2012
� HIGHLIGHTS 3
� 1Q12 RESULTS 4
� ANNEXES 10
Agenda
Investor Relations 2
1Q12 CONSOLIDATED RESULTS MAY 15th 2012
Highlights1Q12 at a Glance
+12.2% yoy
at 432€mn
Total Revenues
P&L RESULTS BALANCE SHEET INVESTMENTS
Total Group Capex
246€mn
-22€mn vs. 1Q11
Net Debt Continuing Operations
5,273€mn
+150€mn vs. FY11
Investor Relations 3
EBITDA
+15.3% yoy
at 340€mn
Net Income Cont.Op.
+19.8%* yoy
at 114€mn
* Vs Net Income 1Q11 adjusted applying Robin Hood Tax
Rating
Single A Area
1Q12 CONSOLIDATED RESULTS MAY 15th 2012
12 3 142 -1
1Q12 ResultsConsolidated Revenues
Total Revenues
Revenues Evolution *
+12.2% yoy
at 432€mn
Grid Fee
Revenues Breakdown*
Other Activities
+9.3% yoy
at 384€mn
432
Stable yoy at 15€mn
+47
Investor Relations 4
352384
19
3310
12
4
3
1Q11 1Q12Grid Fee Other Energy ItemsNon Regulated Revenues Other Revenues
385
43233
14
1Q11 Grid Fee Other Energy Items
Non Regulated Revenues
Other Revenues
1Q12
Other Activities
385
In € mn
47
* In resolution n° 11/07 the Regulator redefined the perimeter of Terna’s activities for the Fourth Regulatory Period, moving the Energy Operation
Activities from Transmission to Dispatching
1Q12 CONSOLIDATED RESULTS MAY 15th 2012
1Q12 ResultsConsolidated Costs & EBITDA
Costs Evolution
Total Operating Costs
+2mn yoy
at 92€mn
EBITDA
Costs Breakdown
EBITDA Margin
+15.3% yoy
at 340€mn
92
78.7%
2 -1+2
Investor Relations 5
52 52
31 33
8 7
1Q11 1Q12
Salaries
Services
Other
9092
In € mn
90 92
02 -1
1Q11 Salaries Services Other 1Q12
+2
1Q12 CONSOLIDATED RESULTS MAY 15th 2012
1Q12 ResultsFrom EBIT to Net Income
EBIT
+20% yoyat 239€mn
Profit Before Taxes
+19% yoy
€ mn 1Q11 1Q12 ∆ ∆ %
D&A 95 101 6 6.3%
EBIT 200 239 39 19.6%
Net Financial Expenses 25 31 6 23.5%PBT 174 208 33 19.0%
Investor Relations 6
Net Income Continuing Operations 114 114 0 0.2%
Net Income Adj. Continuing Operations 95 114 19 19.8%
Net Income Discontinued Operations 59 0 -59
Group Net Income 173 114 -59 -34.1%
+19% yoy
at 208€mn
Tax Rate Impacted by
Robin Hood Tax
Net Income Cont. Op.
+20% yoy2
at 114€mn
PBT 174 208 33 19.0%
Tax Rate 34.6% 45.0% +10.4 pp
Taxes 60 93 33 54.6%
1 Including 0.4 €mn restated for redemption of goodwill
2 Vs Net Income 1Q11 adjusted applying Robin Hood Tax
1
1
2
1Q12 CONSOLIDATED RESULTS MAY 15th 2012
1Q12 ResultsCapex Breakdown
Total Regulated Capex
Capex Regulated Activities€ mn 1Q11 1Q12 ∆ yoy ∆ % yoy
Incentivized Capex
82% of Reg. Capex
at 192€mn
€mn
Stable yoy at 232€mn
Investor Relations 7
18%
45%
37%
I1 I2 I3
232€mn
€ mn 1Q11 1Q12 ∆ yoy ∆ % yoy
I3 127 87 -40 -32%
I2 63 105 42 68%
I1 41 41 0 -1%
Total Regulated Capex 231 232 2 1%
Other* 37 13 -23
Total Group Capex 267 246 -22 -8%
*Not included in RAB + Capitalized Financial Charges + Non Traditional Capex
1Q12 CONSOLIDATED RESULTS MAY 15th 2012
15%
Terna SpA Bonds
EIB Loans
Banks LT+ST
Net Debt Evolution & Financial Structure
Net Debt Evolution
Net Debt
5,273€mn
Fix/Floating Ratio
73/27%
+150
Financial Indebtedness€mn
Avg. Maturity
9 years
1Q12 Results
Investor Relations 8
67%
18%
* Including Other Fixed Assets Changes
Dec.31, 2011
Operating Cash Flow
∆ WC & Other
Capex * March 31, 2012
Rating4923 4923 5026
5,273 5,123
201 106 245
S&P
Moody's
Fitch
Outlook
Negative
Negative
Negative
M/L Term
A-
A3
A
1Q12 CONSOLIDATED RESULTS MAY 15th 2012
THANK YOU.QUESTIONS?
Investor Relations 9
Giuseppe Saponaro Chief Financial Officer
1Q12 Consolidated ResultsMAY 15th, 2012
QUESTIONS?
1Q12 CONSOLIDATED RESULTS MAY 15th 2012
ANNEXES
Investor Relations 10
1Q12 CONSOLIDATED RESULTS MAY 15th 2012
AnnexesElectricity Market Trends
1Q12 Energy Demand
-1.9% yoy -0.3% 12 months rolling
TWh
1Q11 1Q12 ∆ % Demand TWh 84.7 83.0 -1.9%
YtD ∆ %
Demand TWh -2.9%Jan/Apr 11 Jan/Apr 12
110.8 107.6
31
32 Range last 5 years
12 Months Rolling
Yr -1
Investor Relations 11
24
25
26
27
28
29
30
May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
Yr -1
May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar AprYoY Chg% 2.1% 1.1% -3.9% 4.5% 6.1% -1.3% -1.9% -5.0% -2.6% 2.2% -5.2% -6.2%
1Q12 CONSOLIDATED RESULTS MAY 15th 2012
€ mn 1Q11 1Q12 ∆mn ∆%
Operating Revenues 385 432 47 12.2%of which
Grid Fee 352 384 33 9.3%Other Energy Items 19 33 14 70.8%
Other Activities 14 15 1 3.6%
Operating Expenses 90 92 2 2.0%of which
Salaries 52 52 0 0.2%Services 31 33 2 7.1%
AnnexesConsolidated Income Statement
Investor Relations 12
Services 31 33 2 7.1%Other 8 7 -1 -6.7%
EBITDA 295 340 45 15.3%
D&A 95 101 6 6.3%
EBIT 200 239 39 19.6%
Financial Income & Equity Inv. 11 16 6 53.3%
Financial Charges 36 47 12 32.4%
Pre Tax Profit 174 208 33 19.0%
Taxes 60 93 33 54.6%
Tax Rate (%) 34.6% 45.0%
Net Income Continuing Operations 114 114 0 0.2%
Net Income Discontinued Operations 59 0
Total Net Income 173 114 -59 -34.1%
*
*
* Including 0.4 €mn restated for redemption of goodwill
1Q12 CONSOLIDATED RESULTS MAY 15th 2012
IFRIC 12 Annexes
€ mn 1Q11 1Q12 ∆
Operating Revenues 385 432 47of which
Grid Fee 352 384 33Other Energy Items 13 27 14Other Activities 14 15 1IFRIC 12 6 5 -1
Investor Relations 13
IFRIC 12 6 5 -1Operating Expenses 90 92 2
of whichSalaries 50 50 0Services 27 30 2Other 7 7 0IFRIC 12 6 5 -1
1Q12 CONSOLIDATED RESULTS MAY 15th 2012
AnnexesConsolidated Balance Sheet
*
€ mn FY11 1Q12 ∆mn
AssetsPP&E 8,618 8,767 149Intangible Asset, net 471 465 -6Financial Inv. And Other 74 75 1
Total Fixed Assets 9,163 9,308 144Net WC -724 -621 103
Investor Relations 14
Net WC -724 -621 103Funds -565 -551 14
Total Net Invested Capital 7,874 8,136 262
Financed by
Consolidated Net Debt 5,123 5,273 150
Total Shareholder's Equity 2,751 2,863 112
D/E Ratio Continuing Operations 1.86 1.84
Number of Shares ('000) 2,010 2,010
1Q12 CONSOLIDATED RESULTS MAY 15th 2012
€ mn 1Q11 1Q12
Net Income 114 114Depreciation 94 100Net Change in Funds -13 -14
Operating Cash Flow 196 201
Change in Working Capital 42 -103
Cash Flow from Operating Activities 237 97
AnnexesConsolidated Cash Flows
*
Investor Relations 15
Cash Flow from Operating Activities 237 97
Capital Expenditures -267 -246
Other Fixed Asset Changes -35 1
Free Cash Flow -65 -148
Dividends 0 0Change in Capital and Other 30 -3PV Disposal 209 0
Change in Net Cash (Debt) 173 -150
* Net of assets’ disposal
1Q12 CONSOLIDATED RESULTS MAY 15th 2012
THIS DOCUMENT HAS BEEN PREPARED BY TERNA S.P.A. (THE “COMPANY”) FOR THE SOLE PURPOSE DESCRIBED HEREIN. IN NOCASE MAY IT BE INTERPRETED AS AN OFFER OR INVITATION TO SELL OR PURCHASE ANY SECURITY ISSUED BY THE COMPANYOR ITS SUBSIDIARIES.
THE CONTENT OF THIS DOCUMENT HAS A MERELY INFORMATIVE AND PROVISIONAL NATURE AND THE STATEMENTS CONTAINEDHEREIN HAVE NOT BEEN INDEPENDENTLY VERIFIED. NEITHER THE COMPANY NOR ANY OF ITS REPRESENTATIVES SHALLACCEPT ANY LIABILITY WHATSOEVER (WHETHER IN NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY FROM THE USE OF THISDOCUMENT OR ITS CONTENTS OR OTHERWISE ARISING IN CONNECTION WITH THIS DOCUMENT OR ANY MATERIAL DISCUSSEDDURING THE PRESENTATION.
THIS DOCUMENT MAY NOT BE REPRODUCED OR REDISTRIBUTED, IN WHOLE OR IN PART, TO ANY OTHER PERSON. THEINFORMATION CONTAINED HEREIN AND OTHER MATERIAL DISCUSSED AT THE CONFERENCE CALL MAY INCLUDE FORWARD-LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS ABOUT THE COMPANY’S BELIEFS AND
Disclaimer
Investor Relations 16
EXPECTATIONS. THESE STATEMENTS ARE BASED ON CURRENT PLANS, ESTIMATES, PROJECTIONS AND PROJECTS, ANDCANNOT BE INTERPRETED AS A PROMISE OR GUARANTEE OF WHATSOEVER NATURE.
HOWEVER, FORWARD-LOOKING STATEMENTS INVOLVE INHERENT RISKS AND UNCERTAINTIES AND ARE CURRENT ONLY AT THEDATE THEY ARE MADE. WE CAUTION YOU THAT A NUMBER OF FACTORS COULD CAUSE THE COMPANY’S ACTUAL RESULTS ANDPROVISIONS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN ANY FORWARD-LOOKING STATEMENT. SUCH FACTORSINCLUDE, BUT ARE NOT LIMITED TO: TRENDS IN COMPANY’S BUSINESS, ITS ABILITY TO IMPLEMENT COST-CUTTING PLANS,CHANGES IN THE REGULATORY ENVIRONMENT, DIFFERENT INTERPRETATION OF THE LAW AND REGULATION, ITS ABILITY TOSUCCESSFULLY DIVERSIFY AND THE EXPECTED LEVEL OF FUTURE CAPITAL EXPENDITURES. THEREFORE, YOU SHOULD NOTPLACE UNDUE RELIANCE ON SUCH FORWARD-LOOKING STATEMENTS. TERNA DOES NOT UNDERTAKE ANY OBLIGATION TOUPDATE FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGES IN TERNA’S EXPECTATIONS WITH REGARD THERETO ORANY CHANGES IN EVENTS.
EXECUTIVE IN CHARGE OF THE PREPARATION OF ACCOUNTING DOCUMENTS “LUCIANO DI BACCO” DECLARES, PURSUANT TOPARAGRAPH 2 OF ARTICLE 154-BIS OF THE CONSOLIDATED LAW ON FINANCE, THAT THE ACCOUNTING INFORMATIONCONTAINED IN THIS PRESENTATION, FOR WHAT CONCERNS THE ACTUAL FIGURES, CORRESPONDS TO THE DOCUMENTRESULTS, BOOKS AND ACCOUNTING RECORDS.
1Q12 CONSOLIDATED RESULTS MAY 15th 2012
Investor Relations 17Investor RelationsInvestor Relations 17
Head of Investor Relations – Antonio Colombi – [email protected] Assistant to the CEO – Elisabetta Colacchia – [email protected]