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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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