1Q 2012 Consolidated Results (May 15, 2012)

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1Q 2012 Consolidated Results (May 15, 2012)

  1. 1. 1Q12 CONSOLIDATED RESULTS MAY 15th 20121Q12 Consolidated ResultsGiuseppe Saponaro Chief Financial OfficerMAY 15th, 2012 Investor Relations 1
  2. 2. 1Q12 CONSOLIDATED RESULTS MAY 15th 2012Agenda HIGHLIGHTS 3 1Q12 RESULTS 4 ANNEXES 10 Investor Relations 2
  3. 3. 1Q12 CONSOLIDATED RESULTS MAY 15th 2012 Highlights 1Q12 at a Glance P&L RESULTS BALANCE SHEET INVESTMENTSTotal Revenues Net Debt Continuing Operations Total Group Capex+12.2% yoy 5,273 €mn 246 €mnat 432€mn +150€mn vs. FY11 -22€mn vs. 1Q11EBITDA Rating+15.3% yoy Single A Areaat 340€mnNet Income Cont.Op.+19.8%* yoyat 114€mn* Vs Net Income 1Q11 adjusted applying Robin Hood Tax Investor Relations 3
  4. 4. 1Q12 CONSOLIDATED RESULTS MAY 15th 20121Q12 ResultsConsolidated RevenuesTotal Revenues Grid Fee Other Activities+12.2% yoy +9.3% yoy Stable yoyat 432€mn at 384€mn at 15€mnRevenues Breakdown* Revenues Evolution* +47 432 2 -1 12 3 14 432 385 33 33 4 10 385 19 47 384 352 Other Activities 1Q11 1Q12 1Q11 Grid Fee Other Non Other 1Q12 Energy Regulated Revenues Grid Fee Other Energy Items Items Revenues Non Regulated Revenues Other Revenues * 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 In € mn Investor Relations 4
  5. 5. 1Q12 CONSOLIDATED RESULTS MAY 15th 20121Q12 ResultsConsolidated Costs & EBITDATotal Operating Costs EBITDA EBITDA Margin+2mn yoy +15.3% yoy 78.7%at 92€mn at 340€mnCosts Breakdown Costs Evolution +2 92 2 -1 90 0 8 7 31 33 90 92 Salaries Services 52 52 Other 1Q11 1Q12 1Q11 Salaries Services Other 1Q12 In € mn Investor Relations 5
  6. 6. 1Q12 CONSOLIDATED RESULTS MAY 15th 2012 1Q12 Results From EBIT to Net IncomeEBIT € mn 1Q11 1Q12 ∆ ∆%+20% yoy D&A 95 101 6 6.3%at 239€mn EBIT 200 239 39 19.6%Profit Before Taxes Net Financial Expenses 25 31 6 23.5%+19% yoy PBT 174 208 33 19.0%at 208€mnTax Rate Impacted by 1 Tax Rate 34.6% 45.0% +10.4 ppRobin Hood Tax 1 Taxes 60 93 33 54.6%Net Income Cont. Op. Net Income Continuing Operations 114 114 0 0.2% 2 Net Income Adj. Continuing Operations 95 114 19 19.8%+20% yoy 2 Net Income Discontinued Operations 59 0 -59at 114€mn Group Net Income 173 114 -59 -34.1% 1 Including 0.4 €mn restated for redemption of goodwill 2 Vs Net Income 1Q11 adjusted applying Robin Hood Tax Investor Relations 6
  7. 7. 1Q12 CONSOLIDATED RESULTS MAY 15th 20121Q12 ResultsCapex BreakdownTotal Regulated Capex Incentivized CapexStable yoy 82% of Reg. Capexat 232€mn at 192€mn €mn Capex Regulated Activities € mn 1Q11 1Q12 ∆ yoy ∆ % yoy I3 127 87 -40 -32% 18% I2 63 105 42 68% 37% 232 I1 41 41 0 -1% €mn Total Regulated Capex 231 232 2 1% Other* 37 13 -23 45% Total Group Capex 267 246 -22 -8% I1 I2 I3*Not included in RAB + Capitalized Financial Charges + Non Traditional Capex Investor Relations 7
  8. 8. 1Q12 CONSOLIDATED RESULTS MAY 15th 20121Q12 ResultsNet Debt Evolution & Financial StructureNet Debt Fix/Floating Ratio Avg. Maturity 5,273€mn 73/27% 9 yearsNet Debt Evolution €mn Financial Indebtedness Terna SpA Bonds +150 EIB Loans 15% Banks LT+ST 245 201 106 18% 67% 5,123 5,273 4923 4923 5026 Rating M/L Term Outlook S&P A- Negative Dec.31, Operating ∆ WC & Capex* March 31, Moodys A3 Negative 2011 Cash Flow Other 2012 Fitch A Negative * Including Other Fixed Assets Changes Investor Relations 8
  9. 9. 1Q12 CONSOLIDATED RESULTS MAY 15th 2012THANK YOU.QUESTIONS?Giuseppe Saponaro Chief Financial Officer1Q12 Consolidated ResultsMAY 15th, 2012 Investor Relations 9
  10. 10. 1Q12 CONSOLIDATED RESULTS MAY 15th 2012ANNEXES Investor Relations 10
  11. 11. 1Q12 CONSOLIDATED RESULTS MAY 15th 2012 Annexes Electricity Market Trends1Q12 Energy Demand 1Q11 1Q12 ∆ % YtD Jan/Apr 11 Jan/Apr 12 ∆% -1.9% yoy Demand TWh 84.7 83.0 -1.9% Demand TWh 110.8 107.6 -2.9% -0.3% 12 months rolling TWh 32 Range last 5 years 31 12 Months Rolling Yr -1 30 29 28 27 26 25 24 May Jun Jul Aug Sep Sep Oct Nov Dec Dec Jan Jan Feb Feb Mar Mar Apr 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% Investor Relations 11
  12. 12. 1Q12 CONSOLIDATED RESULTS MAY 15th 2012AnnexesConsolidated Income Statement € 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% 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 Investor Relations 12
  13. 13. 1Q12 CONSOLIDATED RESULTS MAY 15th 2012AnnexesIFRIC 12 € mn 1Q11 1Q12 ∆ Operating Revenues 385 432 47 of which Grid Fee 352 384 33 Other Energy Items 13 27 14 Other Activities 14 15 1 IFRIC 12 6 5 -1 Operating Expenses 90 92 2 of which Salaries 50 50 0 Services 27 30 2 Other 7 7 0 IFRIC 12 6 5 -1 Investor Relations 13
  14. 14. 1Q12 CONSOLIDATED RESULTS MAY 15th 2012AnnexesConsolidated Balance Sheet * € mn FY11 1Q12 ∆mn Assets PP&E 8,618 8,767 149 Intangible Asset, net 471 465 -6 Financial Inv. And Other 74 75 1 Total Fixed Assets 9,163 9,308 144 Net WC -724 -621 103 Funds -565 -551 14 Total Net Invested Capital 7,874 8,136 262 Financed by Consolidated Net Debt 5,123 5,273 150 Total Shareholders Equity 2,751 2,863 112 D/E Ratio Continuing Operations 1.86 1.84 Number of Shares (000) 2,010 2,010 Investor Relations 14
  15. 15. 1Q12 CONSOLIDATED RESULTS MAY 15th 2012AnnexesConsolidated Cash Flows € mn 1Q11 1Q12 Net Income 114 114 Depreciation * 94 100 Net Change in Funds -13 -14 Operating Cash Flow 196 201 Change in Working Capital 42 -103 Cash Flow from Operating Activities 237 97 Capital Expenditures -267 -246 Other Fixed Asset Changes -35 1 Free Cash Flow -65 -148 Dividends 0 0 Change in Capital and Other 30 -3 PV Disposal 209 0 Change in Net Cash (Debt) 173 -150 * Net of assets’ disposal Investor Relations 15
  16. 16. 1Q12 CONSOLIDATED RESULTS MAY 15th 2012Disclaimer THIS DOCUMENT HAS BEEN PREPARED BY TERNA S.P.A. (THE “COMPANY”) FOR THE SOLE PURPOSE DESCRIBED HEREIN. IN NO CASE MAY IT BE INTERPRETED AS AN OFFER OR INVITATION TO SELL OR PURCHASE ANY SECURITY ISSUED BY THE COMPANY OR ITS SUBSIDIARIES. THE CONTENT OF THIS DOCUMENT HAS A MERELY INFORMATIVE AND PROVISIONAL NATURE AND THE STATEMENTS CONTAINED HEREIN HAVE NOT BEEN INDEPENDENTLY VERIFIED. NEITHER THE COMPANY NOR ANY OF ITS REPRESENTATIVES SHALL ACCEPT ANY LIABILITY WHATSOEVER (WHETHER IN NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY FROM THE USE OF THIS DOCUMENT OR ITS CONTENTS OR OTHERWISE ARISING IN CONNECTION WITH THIS DOCUMENT OR ANY MATERIAL DISCUSSED DURING THE PRESENTATION. THIS DOCUMENT MAY NOT BE REPRODUCED OR REDISTRIBUTED, IN WHOLE OR IN PART, TO ANY OTHER PERSON. THE INFORMATION 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 EXPECTATIONS. THESE STATEMENTS ARE BASED ON CURRENT PLANS, ESTIMATES, PROJECTIONS AND PROJECTS, AND CANNOT BE INTERPRETED AS A PROMISE OR GUARANTEE OF WHATSOEVER NATURE. HOWEVER, FORWARD-LOOKING STATEMENTS INVOLVE INHERENT RISKS AND UNCERTAINTIES AND ARE CURRENT ONLY AT THE DATE THEY ARE MADE. WE CAUTION YOU THAT A NUMBER OF FACTORS COULD CAUSE THE COMPANY’S ACTUAL RESULTS AND PROVISIONS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN ANY FORWARD-LOOKING STATEMENT. SUCH FACTORS INCLUDE, 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 TO SUCCESSFULLY DIVERSIFY AND THE EXPECTED LEVEL OF FUTURE CAPITAL EXPENDITURES. THEREFORE, YOU SHOULD NOT PLACE UNDUE RELIANCE ON SUCH FORWARD-LOOKING STATEMENTS. TERNA DOES NOT UNDERTAKE ANY OBLIGATION TO UPDATE FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGES IN TERNA’S EXPECTATIONS WITH REGARD THERETO OR ANY CHANGES IN EVENTS. EXECUTIVE IN CHARGE OF THE PREPARATION OF ACCOUNTING DOCUMENTS “LUCIANO DI BACCO” DECLARES, PURSUANT TO PARAGRAPH 2 OF ARTICLE 154-BIS OF THE CONSOLIDATED LAW ON FINANCE, THAT THE ACCOUNTING INFORMATION CONTAINED IN THIS PRESENTATION, FOR WHAT CONCERNS THE ACTUAL FIGURES, CORRESPONDS TO THE DOCUMENT RESULTS, BOOKS AND ACCOUNTING RECORDS. Investor Relations 16
  17. 17. 1Q12 CONSOLIDATED RESULTS MAY 15th 2012Head of Investor Relations – Antonio Colombi – antonio.colombi@terna.itExecutive Assistant to the CEO – Elisabetta Colacchia – elisabetta.colacchia@terna.it Investor Relations 17

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