Business Plan Wholesale and Retail

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					INDEX
2010-2014 Business Plan:Operating Highlights
ENERGY
• Power Volumes Trends
• Gas Volumes Trends
DISTRICT HEATING & COGERATION
• Physical Data Evolution
WASTE
• Physical Data Evolution
NETWORKS
• Electricity Volumes Trends
• Gas Volumes Trends
• Water Volumes Trends

Annual Financial Statements
CONSOLIDATED
• Balance Sheet
• Income Statement
• Cash Flow
• Net Debt
• Debt Structure
BUSINESS AREAS
- Financial Highlights
• Energy
• District Heating & Cogeneration
• Waste
• Networks
• Corporate & Services
- Operating Highlights
• Energy
• District Heating & Cogeneration
• Waste
• Networks
Electricity Volumes - SOURCES                 Electricity Volumes - USES
(TWh)             2009    2014E               (TWh)
Single Buyer       3.5      1.3               Retail
Ipex + I/E         3.9      4.9               Wholesale
Wholesale          2.2      6.0               Ipex
Hydro              3.2      2.6               TOTAL
Thermal            9.9     13.4
Other                       1.1
TOTAL             22.6     29.4

  30
                                             29.4
                                              1.1


                 22.6
                                             13.4
  20
                  9.9

                                              2.6
                  3.2
  10
                                              6.0
                  2.2

                  3.9
                                              4.9
                  3.5
   0                                          1.3

                  2009            Sources    2014E




                                                     29.4
  30
                                                      4.0

                   22.6
                                                      8.1
  20                4.7

                    2.9



  10
                                                     17.4
                   15.0



   0
                   2009               Uses           2014E
ectricity Volumes - USES               Back to index
                 2009    2014E
                 15.0     17.4
                  2.9      8.1
                  4.7      4.0
                 22.6     29.4




              Other
              Thermal
              Hydro
              Wholesale
              Ipex + I/E
              Single Buyer




                           Ipex
                           Wholesale
                           Retail
Gas Volumes - USES
(Bcm)             2009   2014E
Wholesale          2.0    2.1
Retail             1.9    2.7
Power              1.6    2.6
TOTAL              5.5    7.4

 8                               7.4


 6            5.5                 2.6

              1.6
 4
                                  2.7
              1.9
 2                                       Power
                                         Retail
              2.0                 2.1
                                         Wholesale
 0
              2009       Uses    2014E
Back to index
DISTRICT HEATING
                                      2009        2014E        delta
Heat sales (GWht)                     2,672       3,800        42%
Heat production (GWht)                1,595       2,745        72%
Installed capacity (MWt)              1,802       2,621        45%
Power production (Gwhe)                581         707         22%
               3,800




      2,672                          2,745
                                                                2,621



                                                      1,802
                             1,595




                                                                                           707
                                                                                  581




     Heat sales (GWht)   Heat production (GWht)   Installed capacity (MWt)   Power production (Gwhe)
                       Back to index




          707

                         2009
                         2014E


er production (Gwhe)
WASTE
                                                2009             2014E        delta
WTE volumes (Ktons)                             1,249            1,842        47%
Waste treated (Ktons)                           1,048            1,243        19%
Waste landfilled (Ktons)                         361              809         124%
Electricity produced (GWhe)                     1,037            1,704        64%
Heat produced (GWht)                             706             1,000        42%

              1,842
                                                                              1,704



      1,249                        1,243
                           1,048                                      1,037                      1,000
                                                       809
                                                                                           706


                                                 361




  WTE volumes (Ktons) Waste treated (Ktons)   Waste landfilled    Electricity produced   Heat produced
                                                 (Ktons)                 (GWhe)             (GWht)
       Back to index




       1,000           2009
                       2014E




Heat produced
   (GWht)
(TWh)                           2009         2014E        CAGR%   (Bcm)                2009
Electricity distributed         11.3          12.8         3%     Gas distributed       2.1

                  Electricity distributed (TWh)                                      Gas distributed (Bcm)

                                                  12.8




               11.3                                                           2.1




               2009                               2014E                       2009
                                                                                   Back to index
                2014E          CAGR%   (Mcm)          2009       2014E     CAGR%
                 2.3            2%     Water           102        109       1%

Gas distributed (Bcm)                                        Water (Mcm)

                                                                            109
                         2.3




                                               102




                        2014E
                                               2009                        2014E
Summary Consolidated Balance Sheet
(million euros)
Non-current assets
Current assets
Non-current assets held for sale
TOTAL ASSETS
Shareholders Equity of the Group
Minority interests
Total Shareholders Equity
Non-current liabilities
Current liabilities
Total liabilities
Liabilities directly associated to non current assets held for sale
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES


TOTAL ASSETS
NON-CURRENT ASSETS
Tangible assets
Intangible assets
Shareholdings carried according to equity method
Other non-current financial assets
Deferred tax assets
Other non-current assets
Total non-current assets
CURRENT ASSETS
Inventories
Trade receivables
Other current assets
Current financial assets
Current tax assets
Cash and cash equivalents
Total current assets
Non-current assets held for sale
SHAREHOLDERS EQUITY
Share capital
(Treasury shares)
Reserves
Net Profit for the year
Shareholders Equity of the Group
Minorities
Total shareholders equity


TOTAL LIABILITIES
NON-CURRENT LIABILITIES
Non-current financial liabilities
Deferred tax liabilities
Employee benefits
Provisions for risks, charges and liabilities for landfills
Other non-current liabilities
Total non-current liabilities
CURRENT LIABILITIES
Trade payables
Other current liabilities
Current financial liabilities
Tax liabilities
Total current liabilities
                                                    Back to index
12/31/2009    12/31/2008        12/31/2007
                             pro-forma restated
      9,327         8,116                   7,851
      2,454         2,339                   2,350
        419           692                     725
     12,200        11,147                 10,926
      3,690          3,874                 3,880
        905            848                   825
      4,595          4,722                 4,705
      5,520          4,242                 3,914
      2,074          2,180                 2,303
      7,594          6,422                 6,217
         11              3                     4
     12,200        11,147                 10,926


 12/31/2009

      4,968
        689
      3,126
         41
        458
         45
      9,327

        191
      1,770
        368
          6
         94
         25
      2,454
        419
12/31/2009
     1,629
       -61
     2,042
        80
     3,690
       905
     4,595


12/31/2009

     4,152
       484
       278
       419
       187
     5,520

     1,074
       445
       542
        13
     2,074
Summary Consolidated Income Statement
(million euros)
Sales revenues
Other operating income
Total Revenues
Operating costs
Labour costs
Gross Profit from Operations (EBITDA)
Depreciation, Amortization and Writedowns
Net Operating Income (EBIT)
Net financial charges
Affiliates
Other non-operating income (costs)
Profit before taxes
Charges from income taxes
Profit (Loss) from continuing operations net of taxes
Net result from current assets held for sale
Net Profit
Minorities
Group Net Profit for the year
2009            2008                   2007           Back to index
                                pro-forma restated
        5,762           5,963                 4,970
          148             131                   205
        5,910           6,094                 5,175
       -4,391          -4,573                -3,732
         -487            -453                  -430
       1,032           1,068                  1,013
        -423            -369                   -329
         609             699                    684
        -278            -200                   -135
          68              60                    147
        -166              13                     -3
         233             572                    693
        -145            -227                   -170
          88             345                    523
          19               2                     80
         107             347                    603
         -27             -31                    -82
          80             316                    521
Summary Consolidated Cash Flow Statement
(million euros)
OPENING NET FINANCIAL POSITION
Net profit for the year (including Minority interests)
Depreciation and amortization
Writedowns of shareholdings and fixed assets
Result from affiliates
Changes in assets and liabilities (1)
Net cash flows from operating activities
Net cash flows absorbed by investment activities
FREE CASH FLOW
Dividends paid by the parent company
Dividends paid by subsidiaries to third parties
Cash flow from distribution of dividends
A2A Produzione Srl Debt(2)
Changes in financial assets/liabilities in return of shareholders' equity
CLOSING NET FINANCIAL POSITION
(1) Cleared of balances in return of shareholders' equity
(2) Connected to the demerger operation of E.On Produzione S.p.A in favour of A2A Produzione S.r.l
Note: with reference to Cash Flow Statement, 2007 Pro-forma restated figures are not available
                                                     Back to index
                   12/31/2009      12/31/2008
                          -3,484          -3,264
                             107             347
                             363             308
                              17              31
                             -68             -60
                            -181            -100
                             238             526
                            -886            -455
                            -648              71
                            -301            -299
                              -2             -14
                            -303            -313
                            -206
                              -9                22
                          -4,650          -3,484

Produzione S.r.l
Net Debt
(million euros)                                                12/31/2009

Non-current financial liabilities(1)                                         4,177
Current financial liabilities                                                  542
Total financial liabilities                                                  4,719

Non-current financial assets                                                     36
Current financial assets                                                          8
Cash and cash equivalents                                                        25
Total financial assets                                                           69
Net Financial Position                                                       4,650
(1) Comprising other non-current liabilities equal to 25 million euros (4 million euros at 31/12/2008 and 10 million euros a
restated)

(2) Includes the extraordinary dividend of 85 million euros awarded to ASM S.p.A. shareholders due to the agreements co
for incorporation into AEM S.p.A..
                                                                                  Back to index
                                                    12/31/2007
                     12/31/2008                  pro forma restated

                                     3,200                                2,751
                                       449                                  734
                                     3,649                                3,485

                                        41                                  26
                                        37                                   8
                                        87                                 102
                                       165                                 136
                                                                    (2)
                                     3,484                                3,349
million euros at 31/12/2008 and 10 million euros at 31/12/2007 pro-forma


SM S.p.A. shareholders due to the agreements connected to the merger project
Debt Structure (million euros)
                                          Portions          Portions
                         Accounting       maturing          maturing
                          balance         within 12        beyond 12
                         31/12/2009        months            months
Debt items

Bonds                          2,125                   -         2,125

Due to other providers
                                 149                  43           106
of finance

Finance lease payables            39                  11               28

Other                                 3               3                 -

Bank loans                     2,378              485            1,893

TOTAL                          4,694              542            4,152
                                                                     Back to index



                    Portions maturing in

12/31/2011   12/31/2012   12/31/2013       12/31/2014   beyond


         -            -           531            498       1,096

       42           43             21               -            -

       12            8              4              2             2

         -            -             -               -            -

      255          536            722             63         317

      309          587          1,278            563       1,415
Energy Performance
                                            2009       2008
(million euros)
Revenues                                       4,707      4,865
EBITDA                                           532        433
  * Electricity                                  398        365
  * Gas                                          134         68
Depreciation, Amortization and Writedowns       -152       -102
EBIT                                             380        331
CAPEX                                             67         70
Tangible assets                                2,029      1,162
Intangible assets                                 52         55
                        Back to index


       2007
pro-forma restated
                 n.a.
                 447
                 349
                   98
                 n.a.
                 n.a.
                 n.a.
                 n.a.
                 n.a.
District Heating and
Cogeneration Performance
                                            2009         2008
(million euros)
Revenues                                           360          299
EBITDA                                             76           67
Depreciation, Amortization and Writedowns          -42          -33
EBIT                                               34           34

CAPEX                                              74           63
Tangible assets                                    529          450
Intangible assets                                  31           18
                       Back to index



       2007
pro forma restated

                n.a.
                 49
                n.a.
                n.a.

                n.a.
                n.a.
                n.a.
Waste Performance
                                            2009         2008
(million euros)
Revenues                                           734          796
EBITDA                                             221          320
Depreciation, Amortization and Writedowns          -94          -75
EBIT                                               127          245
CAPEX                                              80           61
Tangible assets                                    548          556
Intangible assets                                  40           41
                       Back to index


      2007
pro forma restated
                n.a.
                308
                n.a.
                n.a.
                n.a.
                n.a.
                n.a.
Networks Performance
                                            2009          2008
(million euros)
Revenues                                           558           583
EBITDA                                             227           275
  * Electricity Distribution                       127           170
  * Gas Distribution                                83            81
  * Water                                           17            24
Depreciation, Amortization and Writedowns          -123          -136
EBIT                                               104           139

CAPEX                                              142           139
Tangible assets                                1,871         1,851
Intangible assets                                  546           539
                       Back to index


       2007
pro forma restated
                n.a.
                258
                147
                 88
                 23
                n.a.
                n.a.

                n.a.
                n.a.
                n.a.
Corporate & Services Performance
                                            2009
(million euros)
Revenues                                           271
EBITDA                                             -24
Depreciation, Amortization and Writedowns          -23
EBIT                                               -47
CAPEX                                               24
Tangible assets                                    232
Intangible assets                                   88
                                    Back to index


2008                2007
             pro forma restated
       262                   n.a.
       -27                    -49
       -37                   n.a.
       -64                   n.a.
        59                   n.a.
       237                   n.a.
        88                   n.a.
ELECTRICITY VOLUMES
Sources
GWh                                     2009       2008       2007
                   (1)
Net Production                            13,084     11,961     11,491
 - thermoelectric                          9,909      9,580      9,695
 - hydroelectric                           3,175      2,381      1,796
 - Purchases                              13,828     14,769     14,786
 *   Single Buyer                          3,456      3,923      4,755
 *   IPEX                                  2,529      1,991      4,190
 *   Foreign Markets                       5,690      5,777      3,049
 *   Domestic Purchases                    2,153      3,078      2,792
 - IPEX intermediated volumes              8,816      7,937      3,759
TOTAL SOURCES                             35,728     34,667     30,036

Uses
GWh                                     2009       2008       2007
 -   Captive Customers                     3,456      3,923      4,641
 -   Eligible, Wholesale                  14,467     12,891     13,889
 -   IPEX                                  4,672      5,669      5,974
 -   Foreign Markets                       4,317      4,247      1,773
 -   IPEX intermediated volumes            8,816      7,937      3,759
TOTAL USES                                35,728     34,667     30,036
(1) 20% Edipower included




GAS VOLUMES
Sales
Mcm                                     2009       2008       2007
 - Retail                                  1,903      1,859      1,797
 - Wholesale                               1,963      1,565      1,057
 - Power                                   1,635      1,728      1,879
TOTAL SALES                                5,501      5,152      4,733
Note: 2008 and 2007 data reclassified
Back to index
HEAT PRODUCTION AND SALES
Sources
GWht                                                                  2009             2008
Net Production                                                               1,595            1,095
 - Lamarmora                                                                  615               567
 - Famagosta                                                                  137               129
 - Tecnocity                                                                   66                71
               (1)
 - other plants                                                               202               143
 - Coriance plants                                                            503               185
 - Varese Risorse plants                                                       72                 -
Purchases from third parties                                                  471               258
Purchases from other sector(2)                                                606               552
TOTAL SOURCES                                                               2,672            1,905
Uses
GWht                                                                  2009             2008
Sales to final clients                                                       2,672            1,905
TOTAL USES                                                                   2,672            1,905
(1) The figure includes heat production of Nord Brescia and Canavese cogeneration plants and other minor cogeneratio
thermal plants located in Milan, Brescia and Bergamo areas
(2) This figure refers to heat production of WTE plants and Cassano plant



ELECTRICITY PRODUCTION
GWh                                                                   2009             2008
Net Production                                                                581               472
 * of which related to Coriance                                               278               105
 * of which related to Aspem                                                   11                 -

Note: 2008 and 2007 data reclassified
                                  Back to index




                   2007
                           857
                           587
                           118
                            52
                           100
                             -
                             -
                           122
                           496
                        1,475


                   2007
                          1,475
                          1,475
nd other minor cogeneration and




                   2007
                           438
                              -
                              -
ELECTRICITY AND HEAT PRODUCTION
GWh                                                  2009              2008
WTE electricity production                               1,037             1,134
GWht                                                 2009              2008
WTE heat production                                          706              651


WASTE TREATMENT
Kton                                                 2009              2008
Volumes collected(1)                                         970             980
Volumes treated                                            2,657           2,860
 - WTE                                                     1,249           1,318
 - landfill                                                  361             377
 - treatment                                               1,048           1,165
(1) related to main municipalities (Milan, Brescia, Bergamo, Varese)
Note: 2008 and 2007 data reclassified
               Back to index


2007
       1,171
2007
        589




2007
         968
       3,002
       1,330
         429
       1,243
NETWORKS VOLUMES
ELECTRICITY
GWh                                     2009         2008         2007
Electricity distributed                   11,321       12,160       12,027

GAS
Mcm                                     2009         2008         2007
Gas distributed                            2,049        1,859        1,790
  * of which related to Aspem                  103            -            -
Gas transported                                373          380          374

WATER
Mcm                                     2009         2008         2007
Water distributed                              102          85           88
  * of which related to Aspem                   19            -            -

Note: 2008 and 2007 data reclassified
Back to index

				
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