Presentazione di PowerPoint · WTE electricity production GWh 1.103 1.095 -8 WTE heat production...

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


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


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


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


2014Reported

FY 2014 Results Focus on Generation & Trading EBITDA

-72

6

€M


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


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


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


2014Reported

FY 2014 Results Focus on District Heating EBITDA

District Heating

Heat Services

-21

9

€M


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


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


2013Ordinary

2014Ordinary

2014Reported

-4

11

€M


FY 2014 Results Focus on Water Cycle EBITDA

2013Reported

113

2013Ordinary

14

-3

Tariffseffect

4

-1

2014Ordinary

14

-1

13


VolumeEffect

Other Non RecurringItems 2014

2014Reported

12

€M


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


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


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


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


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


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




- Energy retail

- Environment


- Networks

- EPCG

2015-2019 STRATEGIC PLAN


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




- Energy retail

- Environment


- Networks

- EPCG



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


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


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


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


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


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


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


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




- Energy retail

- Environment


- Networks

- EPCG



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


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


33

€M


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


2015-2019 Strategic Plan Energy Retail – Operating Data 1/2


(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


2015-2019 Strategic Plan Energy Retail – Operating Data 2/2


(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




- Energy retail

- Environment


- Networks

- EPCG



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


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


39

€M


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


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


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



(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



(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




- Energy retail

- Environment


- Networks

- EPCG



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


2015-2019 Strategic Plan Cogeneration and DH – Operating Efficiency



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


-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


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


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


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


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


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




- Energy retail

- Environment


- Networks

- EPCG



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


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


54


2014-2019 CAPEX (€M)

2014A

5049

115

2015

5562

143

2016-2019

102

218

279

600


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


2015-2019 Strategic Plan Networks – Operating Data

56


(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


2015-2019 Strategic Plan Networks – Asset Portfolio

57


(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




- Energy retail

- Environment


- Networks

- EPCG



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


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


+5 +1 -3 -4


60


2015-2019 Strategic Plan EPCG – Capex Plan

2014-2019

CAPEX (€M)

2014A

11

25

20151117

30

2016-2019

21

65

43

128


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


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


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


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

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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: [email protected]

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