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Q2 2015 Earnings Call – ERG SPA

ERG SPA · Aug 7, 2015 · 30 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q2 2015 Earnings Call – ERG SPA – slide 1
    SECOND QUARTER 2015 RESULTS 7 AUGUST 2015 LUCA BETTONTE, CEO
  2. Q2 2015 Earnings Call – ERG SPA – slide 2
    AGENDA 2Q 2015 Highlights Acquisition of Hydro Business Other Developments in 2Q 2015 Results Review Business Environment 2Q 2015 Group EBITDA Results by Segments Key Financials Profit & Loss Investments Cash Flow…
  3. Q2 2015 Earnings Call – ERG SPA – slide 3
    HIGHLIGHTS: KEY FIGURES RC Ebitda Adj ( mn) RC Net Profit ( mn) 198 183 57 52 47 POWER 40 RENEWABLES CORPORATE 157 86 149 75 23 19 30 10 63 62 (14) (11) (6) (5) 1H 2014 1H 2014 1H 2015 Pro-forma 1H 2015 2Q 2014 Pro-forma…
  4. Q2 2015 Earnings Call – ERG SPA – slide 4
    ACQUISITION OF HYDRO BUSINESS 5
  5. Q2 2015 Earnings Call – ERG SPA – slide 5
    ACQUISITION OF HYDRO BUSINESS - KEY FIGURES Positioning Installed hydro capacity in Italy (GW) Key Transaction Terms 50% 11.2 1.9 9% On August 6, 2015 ERG signed an agreeement with E.ON. Italia to 7% 1.5 acquire through its…
  6. Q2 2015 Earnings Call – ERG SPA – slide 6
    ACQUISITION OF HYDRO BUSINESS - FINANCING 700mn corporate acquisition loan Pool of 7 international banks involved at very competitive cost conditions (leveraging on current financial markets) 7 Acquisition of Hydro Business
  7. Q2 2015 Earnings Call – ERG SPA – slide 7
    ACQUISITION OF HYDRO BUSINESS - RATIONALE Asset Positioning and Value Creation through Asset Diversification Production Profile Energy Management Main European Players total Renewables capacity breakdown 1.2% 0.6% 0.9% 1.9% 2.2%…
  8. Q2 2015 Earnings Call – ERG SPA – slide 8
    OTHER DEVELOPMENTS IN 2Q 2015 9
  9. Q2 2015 Earnings Call – ERG SPA – slide 9
    FURTHER CONSOLIDATION IN FRENCH WIND GENERATION ERG Renew - pro-forma(1) MW installed as of 30.6.15 27 42 2% 3% 77 86 5% 6% 127 GERMANY 9% Deal description FRANCE ITALY 1,087 ROMANIA 75% On June 17, 2015 ERG Renew signed an…
  10. Q2 2015 Earnings Call – ERG SPA – slide 10
    LUKERG ASSETS SPLIT Key figures of the deal On June 25, 2015 ERG and LUKOIL agreed to close the JV LUKERG Renew and to break up the assets ERG Renew will take Tcherga wind farm (40MW) and Hrabrovo (14MW) in Bulgaria, Gebeleisis…
  11. Q2 2015 Earnings Call – ERG SPA – slide 11
    RESULTS REVIEW PAOLO MERLI CFO 12
  12. Q2 2015 Earnings Call – ERG SPA – slide 12
    BUSINESS ENVIRONMENT Electricity Prices (/MWh) in Italy - PUN Renewables: Electricity Prices (/MWh) 149 144 71 54 97 97 97 96 91 92 48 48 80 46 45 46 71 41 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 2Q 2014 3Q 2014 4Q…
  13. Q2 2015 Earnings Call – ERG SPA – slide 13
    2Q 2015 GROUP EBITDA 11 2 86 75 (1) 1,292 2Q 2014 Renewables Power Corporate 2Q 2015 Pro-forma 14 Results Review
  14. Q2 2015 Earnings Call – ERG SPA – slide 14
    RENEWABLES RESULTS RC Ebitda ( mn) Volumes (GWh) 1,482 157 1,408 149 148 8 131 5 71 7 6 72 5 82 7 77 1,181 1,128 138 602 620 131 63 62 57 58 3 1 2925 33 27 3 2 32 501 491 57 54 1H 2014 1H 2015 2Q 2014 2Q…
  15. Q2 2015 Earnings Call – ERG SPA – slide 15
    POWER RESULTS RC Ebitda ( mn) Volumes (GWh) 52 1,211 1,185 47 30 585 597 19 1H 2014 Pro-forma 1H 2015 2Q 2014 Pro-forma 2Q 2015 1H 2014 Pro-forma 1H 2015 2Q 2014 Pro-forma 2Q 2015 Results benefiting from cost…
  16. Q2 2015 Earnings Call – ERG SPA – slide 16
    ADJUSTED INVESTMENTS 52 ( mn) 3 39 2 48 POWER 19 RENEWABLES (1) CORPORATE 37 6 7 13 3 0.8 4 0.8 0.5 0.5 1H 2014 1H 2015 2Q 2014 Pro-forma 2Q 2015 Pro-forma (1) Renewables adjusted for LUKERG Renew (50%).…
  17. Q2 2015 Earnings Call – ERG SPA – slide 17
    TOTALERG: KEY FIGURES(1) Industry Retail Fuels Volumes (M tons) EMC Margin (/bbl) 4.0 5.71 5.65 (2.3) 2Q 2015 1Q 2015 2Q 2015 3Q 2014 4Q 2014 1Q 2015 3Q 2014 4Q 2014 2Q 2014 2Q 2014 1H 2015 1H 2014 Euro millions 2Q 2015…
  18. Q2 2015 Earnings Call – ERG SPA – slide 18
    KEY FINANCIALS 19
  19. Q2 2015 Earnings Call – ERG SPA – slide 19
    PRO-FORMA REPLACEMENT COST P&L 1H 2014 2Q 2014 1H 2015 Euro millions 2Q 2015 Pro-forma Pro-forma 198 183 RC Adjusted EBITDA 86 75 (81) (80) Amortization and depreciation (41) (41) 116 102 RC Adjusted EBIT 46 34 (31) (26) Net…
  20. Q2 2015 Earnings Call – ERG SPA – slide 20
    2Q 2015 ADJUSTED CASH FLOW STATEMENT 83 (75) 71 477 15 39 402 (86) 20 335 22% 19% 16% Adj. Net NFP 50% Net Debt Adj. Net Debt Working Financial Taxes EBITDA CAPEX Dividends Debt LUKERG 30/06/2015 31/03/2015…
  21. Q2 2015 Earnings Call – ERG SPA – slide 21
    2015 GUIDANCE AND CONCLUSIONS LUCA BETTONTE CEO 22
  22. Q2 2015 Earnings Call – ERG SPA – slide 22
    2015 GUIDANCE AND (1) CONCLUSIONS 350 EBITDA: 198 Guidance revised upwards from 330mn to 350mn including: French wind assets as of 2H 2015 1H 2015 2015 FCST Improvement in ERG Power figures POWER RENEWABLES CORPORATE 230…
  23. Q2 2015 Earnings Call – ERG SPA – slide 23
    APPENDIX 24
  24. Q2 2015 Earnings Call – ERG SPA – slide 24
    1H 2015 GROUP EBITDA 198 4 3 183 8 1,292 1H 2014 Renewables Power Corporate 1H 2015 Pro-forma Growth driven by Renewables and Power 25 Appendix
  25. Q2 2015 Earnings Call – ERG SPA – slide 25
    1H 2015 ADJUSTED CASH FLOW STATEMENT 84 (75) 477 71 7 (198) 31 409 52 402 20 22% 19% 19% Adj. Net NFP 50% Net Debt Adj. Net Debt Working Financial Taxes EBITDA CAPEX Dividends M&A(1) Debt LUKERG 30/06/2015…
  26. Q2 2015 Earnings Call – ERG SPA – slide 26
    1H AND 2Q 2015 RESULTS 1H 2014 2Q 2014 1H 2015 Euro millions 2Q 2015 Pro-forma Pro-forma 497 529 Adjusted Revenues 222 249 198 183 RC EBITDA Adjusted 86 75 (1) 157 149 - Renewables 62 63 52 47 - Power 30 19 (11) (14)…
  27. Q2 2015 Earnings Call – ERG SPA – slide 27
    RENEWABLES: KEY FIGURES (1/2) 1H 2015 1H 2014 2Q 2015 2Q 2014 1,383 1,341 Installed capacity (end-period, MW) 1,383 1,341 of which: 1,087 1,087 - Italy 1,087 1,087 86 86 - Germany 86 86 64 64 - France 64 64 27 27 - Bulgaria (1)…
  28. Q2 2015 Earnings Call – ERG SPA – slide 28
    RENEWABLES: KEY FIGURES (2/2) 1H 2015 1H 2014 Euro millions 2Q 2015 2Q 2014 RC EBITDA: 138 131 Italy 54 57 6 7 Germany 3 3 5 5 France 2 1 8 7 LUKERG (1) 4 3 of which: 3 2 - Bulgaria (1) 1 1 5 5 - Romania (1) 3 2 157 149…
  29. Q2 2015 Earnings Call – ERG SPA – slide 29
    ERG POWER: KEY FIGURES 1H 2015 1H 2014 Euro millions 2Q 2015 2Q 2014 1,211 1,185 Electricity Production (GWh) 597 585 52 47 RC EBITDA 30 19 (15) (14) Depreciation (7) (7) 37 33 RC EBIT 22 11 30 Appendix
  30. Q2 2015 Earnings Call – ERG SPA – slide 30
    INVESTMENTS 1H 2014 2Q 2014 1H 2015 Euro millions 2Q 2015 Pro-forma Pro-forma 48 13 Renewables 37 4 3 6 Power 2 3 1 1 Corporate 0 0 52 19 Adjusted Total 39 7 31 Appendix

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