Terna presented its 2015-2019 strategic plan focused on free cash flow generation to drive sustainable shareholder returns. Key elements include capex discipline with €3.2 billion planned, optimization of non-regulated activities like interconnectors and services to contribute €1.4 billion in revenues, and opex savings of €30 million annually by 2019. The plan aims to reduce net debt starting in 2017/2018 and maintain a dividend of €0.20 per share in 2015 as a basis for future dividends.
- The document provides consolidated results for 9M16 for an energy company. It includes sections on 9M16 results, strategic updates, and next catalysts.
- Key highlights from 9M16 results include total revenues of €1,551 million, a 2.3% increase over 9M15. EBITDA was €1,176 million and group net income was €487 million, up 1.3% and 7% respectively versus 9M15.
- The strategic update section outlines initiatives regarding grid integration, corporate simplification, and efficiency improvements.
- Terna reported its consolidated financial results for fiscal year 2015, with total revenues increasing 4.3% to €2,082 million driven by growth in both regulated and non-regulated activities. EBITDA rose 3.2% to €1,539 million.
- Key highlights included record electricity demand of 315 TWh and a peak demand of 59.4 GW. Renewable energy sources accounted for 40% of total generation.
- Total capex was €1,103 million, with €834 million spent on network development and €201 million on maintenance. Net debt increased to €8,003 million due to acquisitions and dividend payments.
1Q 2015 Consolidated Results (6 Maggio 2015)Terna SpA
Terna presented its 2015-2019 strategic plan focused on free cash flow generation to drive sustainable shareholder returns. Key elements include capex discipline with €3.2 billion planned, optimization of non-regulated activities like interconnectors and services to contribute €1.4 billion in revenues, and opex savings of €30 million annually by 2019. The plan aims to reduce net debt starting in 2017/2018 and maintain a dividend of €0.20 per share in 2015 as a basis for future dividends.
Terna reported its consolidated results for the first half of 2016. Revenues increased 3.8% to €1,040 million driven by higher regulated transmission activities. EBITDA rose 1.4% to €777 million and group net income increased 4.8% to €325 million. Total capex was €347 million, down from €439 million in 1H15. Net debt was €8.172 billion as of June 30, 2016. For the full year 2016, Terna expects EBITDA of approximately €1.53 billion, EPS of around €0.29, and capex of approximately €0.9 billion.
This document provides a summary of Terna S.p.A.'s consolidated results for the first quarter of 2016. Key highlights include revenues of €517 million, an increase of 0.8% compared to the first quarter of 2015. EBITDA was €395 million and Group Net Income was €162 million. Total capex for the quarter was €158 million, an 11% decrease year-over-year. Net debt was €7,687 million as of March 31, 2016, down from €8,003 million at the end of 2015. Presenters Matteo Del Fante and Pierpaolo Cristofori provided additional details on financial and operating metrics.
Terna reported its consolidated results for the first half of 2015. Revenues increased 5.5% to €1,002 million driven by growth in regulated transmission activities. Net profit was up 13.1% to €310 million due to cost control and lower taxes. Capex totaled €439 million, focusing on development projects to support grid infrastructure. Net debt was €6,876 million and key financial metrics were in line with targets.
This document provides an overview and strategic plan for Terna from 2016-2019. It summarizes that Terna will invest 2.6 billion euros in regulated domestic infrastructure projects over this period. It also aims to strengthen its low risk profile through stable regulated revenues while pursuing limited international expansion and other non-regulated opportunities with capital allocation of up to 200 million euros and an EBITDA target of 240 million euros from these efforts. Financial targets include maintaining solid financial ratios and reducing net debt starting in 2018/2019 while providing sustainable dividend growth.
1H 2014 Consolidated Results (24 luglio 2014)Terna SpA
This document provides a summary of Terna's consolidated financial results for the first half of 2014. Some key highlights include:
- Total revenues increased 3.4% to €950 million driven by growth in non-traditional activities.
- EBITDA grew 2.8% to €753 million with an EBITDA margin of 79.2%.
- Group net income increased 4.1% to €275 million.
- Net debt stood at €7.083 billion as of June 30, 2014.
- Total capex was €386 million, a decrease of 23% year-over-year.
- The document provides consolidated results for 9M16 for an energy company. It includes sections on 9M16 results, strategic updates, and next catalysts.
- Key highlights from 9M16 results include total revenues of €1,551 million, a 2.3% increase over 9M15. EBITDA was €1,176 million and group net income was €487 million, up 1.3% and 7% respectively versus 9M15.
- The strategic update section outlines initiatives regarding grid integration, corporate simplification, and efficiency improvements.
- Terna reported its consolidated financial results for fiscal year 2015, with total revenues increasing 4.3% to €2,082 million driven by growth in both regulated and non-regulated activities. EBITDA rose 3.2% to €1,539 million.
- Key highlights included record electricity demand of 315 TWh and a peak demand of 59.4 GW. Renewable energy sources accounted for 40% of total generation.
- Total capex was €1,103 million, with €834 million spent on network development and €201 million on maintenance. Net debt increased to €8,003 million due to acquisitions and dividend payments.
1Q 2015 Consolidated Results (6 Maggio 2015)Terna SpA
Terna presented its 2015-2019 strategic plan focused on free cash flow generation to drive sustainable shareholder returns. Key elements include capex discipline with €3.2 billion planned, optimization of non-regulated activities like interconnectors and services to contribute €1.4 billion in revenues, and opex savings of €30 million annually by 2019. The plan aims to reduce net debt starting in 2017/2018 and maintain a dividend of €0.20 per share in 2015 as a basis for future dividends.
Terna reported its consolidated results for the first half of 2016. Revenues increased 3.8% to €1,040 million driven by higher regulated transmission activities. EBITDA rose 1.4% to €777 million and group net income increased 4.8% to €325 million. Total capex was €347 million, down from €439 million in 1H15. Net debt was €8.172 billion as of June 30, 2016. For the full year 2016, Terna expects EBITDA of approximately €1.53 billion, EPS of around €0.29, and capex of approximately €0.9 billion.
This document provides a summary of Terna S.p.A.'s consolidated results for the first quarter of 2016. Key highlights include revenues of €517 million, an increase of 0.8% compared to the first quarter of 2015. EBITDA was €395 million and Group Net Income was €162 million. Total capex for the quarter was €158 million, an 11% decrease year-over-year. Net debt was €7,687 million as of March 31, 2016, down from €8,003 million at the end of 2015. Presenters Matteo Del Fante and Pierpaolo Cristofori provided additional details on financial and operating metrics.
Terna reported its consolidated results for the first half of 2015. Revenues increased 5.5% to €1,002 million driven by growth in regulated transmission activities. Net profit was up 13.1% to €310 million due to cost control and lower taxes. Capex totaled €439 million, focusing on development projects to support grid infrastructure. Net debt was €6,876 million and key financial metrics were in line with targets.
This document provides an overview and strategic plan for Terna from 2016-2019. It summarizes that Terna will invest 2.6 billion euros in regulated domestic infrastructure projects over this period. It also aims to strengthen its low risk profile through stable regulated revenues while pursuing limited international expansion and other non-regulated opportunities with capital allocation of up to 200 million euros and an EBITDA target of 240 million euros from these efforts. Financial targets include maintaining solid financial ratios and reducing net debt starting in 2018/2019 while providing sustainable dividend growth.
1H 2014 Consolidated Results (24 luglio 2014)Terna SpA
This document provides a summary of Terna's consolidated financial results for the first half of 2014. Some key highlights include:
- Total revenues increased 3.4% to €950 million driven by growth in non-traditional activities.
- EBITDA grew 2.8% to €753 million with an EBITDA margin of 79.2%.
- Group net income increased 4.1% to €275 million.
- Net debt stood at €7.083 billion as of June 30, 2014.
- Total capex was €386 million, a decrease of 23% year-over-year.
1) Terna reported solid results for the first half of 2017, with revenues increasing 0.7% to €1,047 million and net income growing 8.2% to €351 million compared to the same period last year.
2) Regulated transmission and dispatching activities drove revenue growth, increasing 2.1% to €962 million, while costs remained well controlled.
3) Positive cash flow was generated over the period, covering both capital expenditures of €326 million and dividend payments, while maintaining a solid financial position with net debt of €7,959 million.
Terna 2017>2021 Enabling Energy TransitionTerna SpA
Terna presented its investment plan to enable Italy's energy transition over the period 2017-2021. Key points include:
- Total capex of €4 billion to support renewable energy integration and grid reinforcements, 30% higher than the previous plan.
- RAB expected to grow 2% annually to €15.6 billion by 2021 to accommodate new investments.
- Revenue guidance of €2.25 billion for 2017, up 7% over 2016. EBITDA guidance of €1.58 billion for 2017, up 3% over 2016.
- EPS CAGR target of 3% through 2021 with increased visibility from the regulatory framework.
- Continued focus on the regulated business while selectively
Terna reported consolidated results for fiscal year 2016, with revenues increasing 1.0% to €2,103 million. EBITDA rose slightly by 0.4% to €1,545 million, while group net income increased 6.3% to €633 million. Capital expenditures decreased 23% to €854 million due to lower regulated capex. Net debt was reduced to €7,959 million compared to €8,003 million in 2015.
The document provides consolidated financial results for 9M15 (January to September 2015). Key highlights include total revenues increasing 4.8% to €1,517 million driven by growth in both regulated and non-regulated activities. EBITDA was up 2.3% to €1,161 million and group net income increased 8.9% to €455 million. Total capex for 9M15 was €702 million, up 8% year-over-year. Net debt stood at €6,561 million as of September 30, 2015.
9M 2014 Consolidated Results (12 novembre 2014)Terna SpA
The document summarizes the 9M14 consolidated results of an unnamed company. Key highlights include:
- Revenues increased 3.3% to €1.448 billion driven by growth in non-traditional activities. EBITDA was up 0.2% at €1.135 billion.
- Net income grew 1.5% to €418 million despite higher financial expenses. Capex was €652 million, down 14% year-over-year.
- Net debt increased slightly to €6.688 billion with 66% in bonds and 20% from EIB loans. The outlook for 2014 remains in line with 2013.
The document summarizes Terna's consolidated results for the first quarter of 2017. Key highlights include total revenues increasing 1.3% year-over-year to €524 million. EBITDA grew 1.9% to €403 million and group net income increased 10.6% to €179 million. Capital expenditures were €100 million. Net debt decreased to €7.445 billion from €7.959 billion at the end of 2016 due to positive free cash flow. Regulated activities revenues increased 3.5% to €488 million.
Terna reported its consolidated results for the first 9 months of 2017. Revenues increased 5% to €1.627 billion driven by growth in regulated and international activities. EBITDA rose 3% to €1.207 billion due to solid performance of domestic regulated business. Capex was €545 million, in line with full year guidance. Net income increased 9% to €529 million, reflecting revenue and cost control. Cash flow covered investments and dividends. Terna confirmed its targets for 2017.
Snam reported solid financial results for the first half of 2015. Revenues increased 3.1% to €1.8 billion while EBITDA rose slightly to €1.4 billion. Net profit was up 9.1% to €612 million. Operational performance was also positive, with gas consumption increasing 0.8% and gas injected into the network rising 7.9% compared to the prior year period. The company generated €587 million in free cash flow for the first half of 2015. Snam remains focused on sound growth and cash flow generation while continuing investment in its gas infrastructure network.
Snam reported its third quarter 2014 results. Revenues increased slightly to 2.648 billion euros while EBITDA rose 1.3% to 2.111 billion euros. Net income increased 28% to 863 million euros. Capex also increased to 856 million euros. Snam acquired an 84.47% stake in TAG GmbH, the operator of the Trans Austria Gas pipeline, for 505 million euros. The acquisition enhances Snam's international strategy.
Snam’s Board of Directors, chaired by Carlo Malacarne, yesterday approved the consolidated half-year report at 30 June 2016 (subjected to a limited audit) and the consolidated results for the second quarter of 2016 (unaudited).
Operating highlights
New regulatory period with adjustments to WACC from 1 st January 2016
Gas injected into the transportation network: 34.07 billion cubic metres (+4.0%)
Number of active meters: 6.525 million (6.518 million at 30 June 2015)
Available storage capacity: 11.8 billion cubic metres (+0.4 billion cubic metres compared with 30 June 2015)
Financial highlights
Regulated revenue: €1,644 million 1 (-€78 million; -4.5%); reduction due to WACC adjustment
EBIT: €867 million (-14.3%)
Net profit: €526 million (-14.1%)
Technical investments: €526 million
Free cash flow: €508 million
Significant events
Separation of Italgas from Snam approved on 28 June 2016 by Snam Board of Directors. The closing of the entire transaction, which is subject to certain conditions precedent being met, will likely take effect by 31 December 2016
The Snam Board of Directors proposed a share buyback programme to the shareholders’ meeting called for 1 August 2016 for up to 3.5% of Snam’s share capital for a maximum amount of up to €500 million over 18 months
Snam's interim review for 2017 shows steady progress. Gas demand recovery in Italy continued in the first half of 2017, driven by increases in the thermoelectric and industrial sectors. Snam's financial results for the first half of 2017 show increases in revenues, EBIT, net profit and cash flow compared to the same period in 2016. This was achieved through higher volumes transported, cost efficiencies, and optimization of debt costs. Snam also continued investments in Italian gas infrastructure and acquired additional gas transportation assets. The external regulatory environment is increasingly supportive of gas and Snam's strategic focus.
This document provides a summary of Snam's 2014 full year results and strategy update. Some key points:
- 2014 revenues were €3.566 billion, up 1.0% while EBITDA was €2.776 billion, down 1.0%. Net profit increased 30.6% to €1.198 billion.
- The acquisition of TAG was completed and the TIGF asset was effectively managed.
- A dividend of €0.25 per share is proposed for 2014.
- The 2015-2018 strategy will focus on sustainable returns through selective portfolio management, operational excellence and financial discipline.
- Priority investments in Italy include increasing transport capacity and developing new balancing services. International investments will focus
Terna reported its consolidated results for the first quarter of 2018. Key highlights include:
- Revenues increased 3% to €538 million driven by growth in non-regulated activities.
- EBITDA increased 2% to €409 million due to positive contributions from Tamini and other non-regulated businesses.
- Capex was €142 million for the quarter, well on track to meet 2018 targets.
- Net income increased 2% to €183 million, with solid results achieved across all financial lines.
Snam reported its 2013 full year results on February 28th, 2014. Key highlights included revenues of €3.529 billion, down 2.5% from 2012, and EBITDA of €2.803 billion, down 0.5% from the previous year. Net profit increased 17.7% to €917 million compared to 2012. Operationally, gas injected into Snam's network decreased 8.9% to 69 billion cubic meters for the year. Snam also paid a dividend of €0.25 per share for 2013 and continued investing in its gas infrastructure, spending over €1.29 billion on capital expenditures.
Snam reported its third quarter 2016 results, with the following highlights:
- Weather-adjusted gas demand was up 2.3% driven by a moderate recovery in industrial production and higher thermoelectric demand.
- Capex was in line with targets at €842 million, up 5% from the first nine months of 2015.
- Revenues were €2.469 billion, down 4.2% due to a new regulatory framework.
- Net profit was €783 million, down 11.8% compared to the first nine months of 2015.
- Snam confirmed its full-year 2016 guidance and announced the acquisition of a 49% stake in Gas Connect Austria GmbH.
Snam presented its full-year 2016 results and 2017-2021 strategic plan update. Key highlights include:
- 2016 results met guidance with adjusted net profit of €845 million.
- The 2017-2021 plan increases investments to €5 billion, improves contributions from new activities, and maintains a solid financial structure.
- The plan focuses on innovation, efficiency initiatives, and strengthening operational excellence to support higher performance.
Snam reported lower revenues, earnings, and profits in the first quarter of 2016 compared to the same period in 2015. Revenues decreased 8.3% to €852 million, earnings before interest and taxes (EBIT) declined 15.9% to €429 million, and net profit decreased 18.2% to €266 million. Operating expenses were down slightly while capital expenditures increased. Despite lower results, free cash flow was positive at €251 million due to changes in working capital. Italian gas consumption and injections into the transportation network were up on a weather-adjusted basis.
The Hera Group Board of Directors approved the consolidated results for the first half of 2016, which showed rising profits, positive cash flows, and reduced borrowing. Key highlights included a 2.4% increase in EBITDA to €470.1 million and a 12.8% rise in net profits for shareholders to €121 million, driven by growth in electricity and waste businesses as well as acquisitions and cost efficiencies. The financial position also improved, with net debt decreasing from €2,651.7 million to €2,624.4 million.
The annual results document summarizes Transnet's performance for the year ended 31 March 2015. Key highlights include an 8% increase in revenue to R61.2 billion, an 8.2% increase in EBITDA to R25.6 billion, capital investment of R33.6 billion, and overall rail volumes growth of 7.7% to 226.6 million tons. Safety performance was stable with a DIFR of 0.69.
FY2013 and 2014-2018 Strategic Plan (March 25, 2014)Terna SpA
The document is an analyst presentation providing an overview of a company's FY13 results and 2014-2018 strategic plan. Some key highlights:
- FY13 revenues increased 5% to €1,896 million driven by a 7.4% increase in other activities revenues. EBITDA increased 6.5% to €1,481 million.
- The 2014-2018 strategic plan confirms a "dual strategy" focusing on both traditional regulated activities and new non-traditional opportunities. Key targets include cumulative capex of €3.6 billion and a blended return of 7.7% by 2018.
- Storage projects and international interconnections represent over €400 million in non-traditional activity deals already
The document provides an overview of Snam's consolidated results for the first half of 2021. Key highlights include:
- EBITDA of €1.163 billion, up 5.1% from the first half of 2020.
- Net profit of €635 million, up 9.9% compared to the first half of 2020, driven by lower debt costs and strong contributions from associates.
- Capex of €566 million focused on core business infrastructure and the energy transition.
- Progress on energy transition initiatives including hydrogen projects and the opening of the first digitalized gas distribution district in Bologna.
1) Terna reported solid results for the first half of 2017, with revenues increasing 0.7% to €1,047 million and net income growing 8.2% to €351 million compared to the same period last year.
2) Regulated transmission and dispatching activities drove revenue growth, increasing 2.1% to €962 million, while costs remained well controlled.
3) Positive cash flow was generated over the period, covering both capital expenditures of €326 million and dividend payments, while maintaining a solid financial position with net debt of €7,959 million.
Terna 2017>2021 Enabling Energy TransitionTerna SpA
Terna presented its investment plan to enable Italy's energy transition over the period 2017-2021. Key points include:
- Total capex of €4 billion to support renewable energy integration and grid reinforcements, 30% higher than the previous plan.
- RAB expected to grow 2% annually to €15.6 billion by 2021 to accommodate new investments.
- Revenue guidance of €2.25 billion for 2017, up 7% over 2016. EBITDA guidance of €1.58 billion for 2017, up 3% over 2016.
- EPS CAGR target of 3% through 2021 with increased visibility from the regulatory framework.
- Continued focus on the regulated business while selectively
Terna reported consolidated results for fiscal year 2016, with revenues increasing 1.0% to €2,103 million. EBITDA rose slightly by 0.4% to €1,545 million, while group net income increased 6.3% to €633 million. Capital expenditures decreased 23% to €854 million due to lower regulated capex. Net debt was reduced to €7,959 million compared to €8,003 million in 2015.
The document provides consolidated financial results for 9M15 (January to September 2015). Key highlights include total revenues increasing 4.8% to €1,517 million driven by growth in both regulated and non-regulated activities. EBITDA was up 2.3% to €1,161 million and group net income increased 8.9% to €455 million. Total capex for 9M15 was €702 million, up 8% year-over-year. Net debt stood at €6,561 million as of September 30, 2015.
9M 2014 Consolidated Results (12 novembre 2014)Terna SpA
The document summarizes the 9M14 consolidated results of an unnamed company. Key highlights include:
- Revenues increased 3.3% to €1.448 billion driven by growth in non-traditional activities. EBITDA was up 0.2% at €1.135 billion.
- Net income grew 1.5% to €418 million despite higher financial expenses. Capex was €652 million, down 14% year-over-year.
- Net debt increased slightly to €6.688 billion with 66% in bonds and 20% from EIB loans. The outlook for 2014 remains in line with 2013.
The document summarizes Terna's consolidated results for the first quarter of 2017. Key highlights include total revenues increasing 1.3% year-over-year to €524 million. EBITDA grew 1.9% to €403 million and group net income increased 10.6% to €179 million. Capital expenditures were €100 million. Net debt decreased to €7.445 billion from €7.959 billion at the end of 2016 due to positive free cash flow. Regulated activities revenues increased 3.5% to €488 million.
Terna reported its consolidated results for the first 9 months of 2017. Revenues increased 5% to €1.627 billion driven by growth in regulated and international activities. EBITDA rose 3% to €1.207 billion due to solid performance of domestic regulated business. Capex was €545 million, in line with full year guidance. Net income increased 9% to €529 million, reflecting revenue and cost control. Cash flow covered investments and dividends. Terna confirmed its targets for 2017.
Snam reported solid financial results for the first half of 2015. Revenues increased 3.1% to €1.8 billion while EBITDA rose slightly to €1.4 billion. Net profit was up 9.1% to €612 million. Operational performance was also positive, with gas consumption increasing 0.8% and gas injected into the network rising 7.9% compared to the prior year period. The company generated €587 million in free cash flow for the first half of 2015. Snam remains focused on sound growth and cash flow generation while continuing investment in its gas infrastructure network.
Snam reported its third quarter 2014 results. Revenues increased slightly to 2.648 billion euros while EBITDA rose 1.3% to 2.111 billion euros. Net income increased 28% to 863 million euros. Capex also increased to 856 million euros. Snam acquired an 84.47% stake in TAG GmbH, the operator of the Trans Austria Gas pipeline, for 505 million euros. The acquisition enhances Snam's international strategy.
Snam’s Board of Directors, chaired by Carlo Malacarne, yesterday approved the consolidated half-year report at 30 June 2016 (subjected to a limited audit) and the consolidated results for the second quarter of 2016 (unaudited).
Operating highlights
New regulatory period with adjustments to WACC from 1 st January 2016
Gas injected into the transportation network: 34.07 billion cubic metres (+4.0%)
Number of active meters: 6.525 million (6.518 million at 30 June 2015)
Available storage capacity: 11.8 billion cubic metres (+0.4 billion cubic metres compared with 30 June 2015)
Financial highlights
Regulated revenue: €1,644 million 1 (-€78 million; -4.5%); reduction due to WACC adjustment
EBIT: €867 million (-14.3%)
Net profit: €526 million (-14.1%)
Technical investments: €526 million
Free cash flow: €508 million
Significant events
Separation of Italgas from Snam approved on 28 June 2016 by Snam Board of Directors. The closing of the entire transaction, which is subject to certain conditions precedent being met, will likely take effect by 31 December 2016
The Snam Board of Directors proposed a share buyback programme to the shareholders’ meeting called for 1 August 2016 for up to 3.5% of Snam’s share capital for a maximum amount of up to €500 million over 18 months
Snam's interim review for 2017 shows steady progress. Gas demand recovery in Italy continued in the first half of 2017, driven by increases in the thermoelectric and industrial sectors. Snam's financial results for the first half of 2017 show increases in revenues, EBIT, net profit and cash flow compared to the same period in 2016. This was achieved through higher volumes transported, cost efficiencies, and optimization of debt costs. Snam also continued investments in Italian gas infrastructure and acquired additional gas transportation assets. The external regulatory environment is increasingly supportive of gas and Snam's strategic focus.
This document provides a summary of Snam's 2014 full year results and strategy update. Some key points:
- 2014 revenues were €3.566 billion, up 1.0% while EBITDA was €2.776 billion, down 1.0%. Net profit increased 30.6% to €1.198 billion.
- The acquisition of TAG was completed and the TIGF asset was effectively managed.
- A dividend of €0.25 per share is proposed for 2014.
- The 2015-2018 strategy will focus on sustainable returns through selective portfolio management, operational excellence and financial discipline.
- Priority investments in Italy include increasing transport capacity and developing new balancing services. International investments will focus
Terna reported its consolidated results for the first quarter of 2018. Key highlights include:
- Revenues increased 3% to €538 million driven by growth in non-regulated activities.
- EBITDA increased 2% to €409 million due to positive contributions from Tamini and other non-regulated businesses.
- Capex was €142 million for the quarter, well on track to meet 2018 targets.
- Net income increased 2% to €183 million, with solid results achieved across all financial lines.
Snam reported its 2013 full year results on February 28th, 2014. Key highlights included revenues of €3.529 billion, down 2.5% from 2012, and EBITDA of €2.803 billion, down 0.5% from the previous year. Net profit increased 17.7% to €917 million compared to 2012. Operationally, gas injected into Snam's network decreased 8.9% to 69 billion cubic meters for the year. Snam also paid a dividend of €0.25 per share for 2013 and continued investing in its gas infrastructure, spending over €1.29 billion on capital expenditures.
Snam reported its third quarter 2016 results, with the following highlights:
- Weather-adjusted gas demand was up 2.3% driven by a moderate recovery in industrial production and higher thermoelectric demand.
- Capex was in line with targets at €842 million, up 5% from the first nine months of 2015.
- Revenues were €2.469 billion, down 4.2% due to a new regulatory framework.
- Net profit was €783 million, down 11.8% compared to the first nine months of 2015.
- Snam confirmed its full-year 2016 guidance and announced the acquisition of a 49% stake in Gas Connect Austria GmbH.
Snam presented its full-year 2016 results and 2017-2021 strategic plan update. Key highlights include:
- 2016 results met guidance with adjusted net profit of €845 million.
- The 2017-2021 plan increases investments to €5 billion, improves contributions from new activities, and maintains a solid financial structure.
- The plan focuses on innovation, efficiency initiatives, and strengthening operational excellence to support higher performance.
Snam reported lower revenues, earnings, and profits in the first quarter of 2016 compared to the same period in 2015. Revenues decreased 8.3% to €852 million, earnings before interest and taxes (EBIT) declined 15.9% to €429 million, and net profit decreased 18.2% to €266 million. Operating expenses were down slightly while capital expenditures increased. Despite lower results, free cash flow was positive at €251 million due to changes in working capital. Italian gas consumption and injections into the transportation network were up on a weather-adjusted basis.
The Hera Group Board of Directors approved the consolidated results for the first half of 2016, which showed rising profits, positive cash flows, and reduced borrowing. Key highlights included a 2.4% increase in EBITDA to €470.1 million and a 12.8% rise in net profits for shareholders to €121 million, driven by growth in electricity and waste businesses as well as acquisitions and cost efficiencies. The financial position also improved, with net debt decreasing from €2,651.7 million to €2,624.4 million.
The annual results document summarizes Transnet's performance for the year ended 31 March 2015. Key highlights include an 8% increase in revenue to R61.2 billion, an 8.2% increase in EBITDA to R25.6 billion, capital investment of R33.6 billion, and overall rail volumes growth of 7.7% to 226.6 million tons. Safety performance was stable with a DIFR of 0.69.
FY2013 and 2014-2018 Strategic Plan (March 25, 2014)Terna SpA
The document is an analyst presentation providing an overview of a company's FY13 results and 2014-2018 strategic plan. Some key highlights:
- FY13 revenues increased 5% to €1,896 million driven by a 7.4% increase in other activities revenues. EBITDA increased 6.5% to €1,481 million.
- The 2014-2018 strategic plan confirms a "dual strategy" focusing on both traditional regulated activities and new non-traditional opportunities. Key targets include cumulative capex of €3.6 billion and a blended return of 7.7% by 2018.
- Storage projects and international interconnections represent over €400 million in non-traditional activity deals already
The document provides an overview of Snam's consolidated results for the first half of 2021. Key highlights include:
- EBITDA of €1.163 billion, up 5.1% from the first half of 2020.
- Net profit of €635 million, up 9.9% compared to the first half of 2020, driven by lower debt costs and strong contributions from associates.
- Capex of €566 million focused on core business infrastructure and the energy transition.
- Progress on energy transition initiatives including hydrogen projects and the opening of the first digitalized gas distribution district in Bologna.
Enel presented its 2013 results and 2014-2018 strategic plan. Key points include:
- 2013 EBITDA of €15.8 billion, up 7.6% from 2012, driven by growth in Latin America and Enel Green Power.
- Net debt was reduced to €39.9 billion as of December 31, 2013, below the targeted €42 billion.
- The 2014-2018 plan focuses on growing in emerging markets, renewables, distribution and retail, leveraging existing platforms.
- Regulatory trends, technology innovation and customer focus will reshape the energy industry, with emerging markets and downstream activities becoming more important drivers of value.
Terna reported its consolidated results for the first quarter of 2023. Revenues increased 11% to €713 million driven by growth in regulated transmission and dispatching activities. EBITDA rose 8% to €500 million and group net income increased 4% to €200 million. Capex was up 7% to €315 million, with investments focused on development projects. Net debt stood at €8.847 billion, an increase of €271 million primarily due to capital expenditures exceeding operating cash flow. Overall, Terna delivered solid financial results in 1Q 2023 and continued progress on its investment plan.
Banca IFIS reported net income of €30 million for 1Q 2019. Net banking income was €130 million, down from €173 million in 4Q 2018 due to lower trading revenues and a model update for the NPL segment. Cost of risk was €13 million. Customer loans were stable at €7.3 billion. Capital ratios remained strong with a CET1 ratio of 13.53% for Banca IFIS Group Scope.
In the 1Q 2019 results document:
- ERG reported adjusted EBITDA of €164 million, up slightly from €162 million in 1Q 2018.
- Net debt increased to €1.514 billion from €1.343 billion at the end of 2018, due to investments and acquisitions totaling €233 million in the quarter.
- Guidance for 2019 was confirmed, with expected adjusted EBITDA of €495-515 million and net debt of €1.36-1.44 billion.
Snam reported its consolidated results for the first 9 months of 2021. Key highlights include EBITDA of €1.716 billion, a 2.8% increase over the same period in 2020. Net profit increased 7.4% to €938 million driven by higher contributions from associates. Snam also improved its methane emissions reduction target to 55% by 2025 and increased its sustainable financing to around 60% of total funding.
Results driven by growth in power generation and Acciona Windpower in international markets. Earnings before tax (EBT) increases 69.5% to €248 million. Ebitda increases by 14.4% to €883 million. Consolidated revenues grow 4.6% to €4,946 million.
Terna Capital Markets Day 2024 PresentationTerna SpA
This document outlines Terna's investment plan and financial targets for 2024-2028. It discusses Terna's role in enabling Italy's energy transition through investments to integrate renewable energy and ensure grid flexibility/resilience. Key plans include over €15B in regulated investments and increasing non-regulated EBITDA to €600M cumulatively. Financial targets show increasing revenues, EBITDA, EPS and dividends while maintaining a balanced focus on yield and growth. Regulatory updates are expected in 2026 and 2028.
Ferrovial: Investor Presentation Jan Jun 2014 | Presentación Inversores Ene J...Ferrovial
Ferrovial is a leading infrastructure company based in Spain. The document provides an overview of Ferrovial's business segments and key financial information. It summarizes that in the first half of 2014, Ferrovial experienced growth across most of its business segments, including a 25.7% revenue increase in services and double digit EBITDA growth at its airports division. Ferrovial also has record backlogs in construction and services of over 26 billion euros and maintains a strong financial position with over 3.7 billion euros in liquidity and a net cash position excluding infrastructure projects.
1. ERG reported results for 1Q 2020, with adjusted EBITDA of €156 million, down slightly from €164 million in 1Q 2019 due to weaker wind conditions in Italy and a tough price environment exacerbated by Covid-19.
2. In response to Covid-19, ERG implemented remote working for over 70% of employees and safety measures at production sites while continuing operations as an essential service. ERG also allocated €2 million to local healthcare systems.
3. Guidance for 2020 was revised downward with adjusted EBITDA expected between €480-500 million compared to the original €500-520 million range, and CAPEX lowered to €150-180 million from €
The document provides preliminary 2019 results for Banca Ifis. Key highlights include:
- Net income of €123.1 million, driven by a reversal of PPA of €47 million.
- CET1 ratio increased to 10.96%, above SREP requirements.
- Customer loans totaled €7.651 billion, with the NPL business representing €1.28 billion.
- Funding sources remained stable, with customer deposits of €5.286 billion.
Snam reported positive results for the first nine months of 2019, with earnings before interest and taxes (EBIT) increasing 3.2% compared to the same period in 2018. Regulated revenues excluding pass-through items grew 4.1% due to higher tariffs. Net income increased 9.3% to 867 million euros. Snam also continued progressing on international expansion and optimization of its financial structure. Full-year 2019 guidance was confirmed.
This document provides an agenda and summary of Telecom Italia Group's 1Q15 results presentation. The presentation covers Telecom Italia's financial results for 1Q15, including revenues, EBITDA, capex and other key metrics. It also discusses performance trends in domestic and international markets, with a focus on innovations in mobile and fixed networks. The document contains forward-looking statements and disclaimers about the financial data presented.
Terna reported its consolidated results for the first half of 2021. Key highlights include:
- Electricity demand recovered by 7.8% compared to the first half of 2020.
- Revenues increased 6.4% to €1.259 billion, driven by growth in regulated and non-regulated activities.
- EBITDA rose 3.9% to €910 million.
- Capex increased 41% to €602 million to support Italy's energy transition goals and grid investments outlined in Terna's 10-year plan.
Metka is a leading contractor of power plants in the MENA region. It has a strong backlog of €1.1 billion providing visibility until 2015. Over 90% of the backlog is located in growing markets like Algeria, Iraq, and Jordan with energy demand increasing over 50% in the past decade. The analyst maintains an Overweight rating and €13.30 price target, expecting 39% upside, citing the company's consolidation phase with stable earnings and dividends over 2013-2015. Risks are to the upside from further contract wins to fuel growth in the region.
The document reports on Snam's 2020 interim results. Key points include:
- Gas demand in Italy fell 7% in Q1 and 18% in Q2 due to the impacts of weather and lockdown measures. Industrial sector demand is recovering.
- Snam invested €457 million in capital expenditures in H1 2020 and maintained its dividend policy.
- H1 2020 EBITDA was up 8.4% to €12.9 billion compared to H1 2019, while net profit was stable at €1.1 billion.
- Snam continues investing in energy transition opportunities including hydrogen and energy efficiency.
Snam reported strong results for the first nine months of 2020, with EBITDA of €1.67 billion, a slight increase over the same period last year. While gas demand decreased 8.5% due to the impacts of COVID-19, efficiency measures helped offset costs. New investments in renewable gas and hydrogen contributed to revenue growth. Looking ahead, Snam confirmed its full-year 2020 net profit guidance and continues progressing on its energy transition strategy.
- ERG reported strong second quarter 2015 results, with adjusted EBITDA of €86 million, up 15% compared to the second quarter of 2014.
- In August, ERG acquired E.ON's Italian hydro business for €0.95 billion, adding 527MW of hydro capacity. The acquisition improves the complementarity of ERG's generation portfolio.
- ERG also acquired 6 wind farms in France for €72 million, doubling its capacity in the country to 127MW. For 2015, ERG increased its EBITDA guidance to €230 million and net debt guidance to €600 million to reflect these acquisitions.
Snam reported strong financial results for the first quarter of 2019, with net profits up 11% compared to the same period last year. Key highlights included higher regulated revenues, ongoing efficiency programs, and lower interest costs. Snam also continued progress on its strategic priorities, including expanding into new markets like hydrogen transportation. For the full year, Snam confirmed its previous financial guidance.
Similar to FY2014 and 2015-2019 Strategic Plan (26 marzo 2015) (20)
Terna reported its consolidated results for the first nine months of 2023. Revenues increased 13% to €2,247 million driven by higher contributions from regulated transmission and dispatching activities. EBITDA grew 10% to €1,556 million due to growth in regulated activities. Capex increased 39% to a record €1,434 million as Terna continues significant investments to support energy transition goals. Net debt rose to €9,486 million due to capex outpacing cash flow, though financial ratios remained solid. The company reaffirmed its sustainability leadership and progress on key infrastructure projects.
Terna reported its financial results for the first half of 2023. Revenues increased 12% to €1.485 billion driven by growth in both regulated and non-regulated activities. EBITDA rose 8% to €1.019 billion. Capex was up 26% as Terna accelerated investment in the Italian power grid to support the energy transition. Net income increased slightly to €411 million. Terna maintained a strong financial position with net debt of €9.458 billion as of June 30, 2023.
Terna reported its consolidated results for fiscal year 2022. Revenues increased 13.8% to €2.964 billion driven by growth in regulated and non-regulated activities. EBITDA rose 11% to €2.059 billion and group net income increased 15.5% to €1.757 billion. Capex was €1.668 billion, funding investments to enable the energy transition. For 2023, Terna expects further revenue growth to €3.11 billion and EBITDA of €2.12 billion, with planned capex of €2.2 billion to support the national development plan's investments of over €21 billion through 2032.
Terna reported its consolidated results for the first nine months of 2022. Revenues increased 5% to €1.99 billion driven by growth in regulated transmission activities. EBITDA rose 3.5% to €1.41 billion and net income increased 1% to €587 million. Capex was up 12% to €1.03 billion, well on track to meet annual targets. Net debt declined to €8.65 billion due to positive cash flow generation. Management affirmed 2022 guidance and that execution remains on track.
Terna reported its consolidated results for the first half of 2022. Revenues increased 6% to €1.331 billion driven by higher regulated transmission and dispatching activities. EBITDA grew 4% to €947 million and group net income increased 4% to €398 million. Capex was up 10% to €661 million, primarily directed towards development projects. Net debt declined to €8.994 billion due to strong operating cash flow. Terna reaffirmed all its 2022 targets and continues progress on its 2021-2025 industrial plan.
The document provides a summary of Terna's consolidated results for fiscal year 2021. Key highlights include:
- Revenues increased 5% to €2.605 billion, driven by growth in both regulated and non-regulated activities.
- EBITDA grew 2% to €1.855 billion due to contributions from regulated activities.
- Group net income was in line with the previous year at €789 million.
- Capex increased 13% to €1.521 billion to support Italy's energy transition goals.
- Net debt rose to €10.003 billion but key financial ratios remained solid.
Terna reported its consolidated results for the first quarter of 2022. Revenues increased 5% to €644 million driven by growth in regulated transmission activities. EBITDA rose 3% to €461 million. Capex was up 21% to €293 million as Terna accelerates investments to support energy transition goals. Net debt declined to €8.7 billion due to positive operating cash flow covering investment needs. Management reconfirmed targets for 2022 with regulated revenue and EBITDA expected to increase compared to 2021.
2021 2025 Industrial Plan Update PresentationTerna SpA
Terna is Italy's transmission system operator and plays a key role in driving Italy's energy transition. The document outlines Terna's strategy and investment plan to support Italy's decarbonization targets and renewable energy integration goals through 2030. Key points include that Terna plans over €22 billion in investments from 2021-2025 to modernize and expand Italy's grid, with a focus on enabling over 60-70 GW of new renewable capacity. Terna's strategy also involves developing new market designs and digital technologies to manage Italy's changing energy landscape.
Terna presented its consolidated results for 9M 2021. Key highlights include revenues increasing 7% driven by regulated and non-regulated activities, EBITDA growing 4%, capex up 23% to support decarbonization, and net debt of €9.573 billion. Electricity demand was higher than pre-Covid levels. Regulated activities contributed significantly to financial results, with transmission and dispatching revenues up 5.9% and 3.8% respectively. The presentation included analysis of financials, operating metrics, capital expenditures and cash flows.
Terna reported its financial results for the first quarter of 2021. Revenues increased 9.6% to €622 million driven by growth in regulated and non-regulated activities. EBITDA rose 4.5% to €454 million and capex increased 11% to €242 million. Net income grew 2% to €190 million. Demand returned to pre-Covid levels in March 2021 and capex acceleration will support the energy transition. Overall, Terna delivered solid financial results in 1Q 2021 and remains on track to achieve its targets.
2021-2025 Terna Industrial Plan PresentationTerna SpA
The document is Terna S.p.A.'s industrial plan for 2021-2025. It outlines Terna's strategy to further accelerate grid investments to support Italy's energy transition, enable greater renewable energy integration, and contribute to decarbonization targets. Key aspects of the plan include increasing regulated capital expenditures and the regulated asset base to over 21 billion euros by 2025, supporting over 55% renewable energy in the electricity mix by 2030, and adopting new sustainability and decarbonization commitments. Financially, the plan forecasts increased revenues, EBITDA, and EPS through 2025 while maintaining a solid financial profile and dividend policy.
Terna reported its consolidated results for the first nine months of 2020. Revenues increased 7% to €1,781 million driven by growth in regulated and non-regulated activities. EBITDA rose 4% to €1,323 million and group net income increased 3% to €569 million. Capex was up 12% at €749 million as Terna accelerated investments to develop and maintain the transmission grid. Despite the challenges of COVID-19, Terna was able to ensure security of supply and remains on track to meet its targets for the full year.
Terna presented its consolidated results for the first half of 2020. Key highlights included revenues increasing 7.8% to €1,183 million driven by regulated investments and the Brugg Cables consolidation. EBITDA grew 3.5% to €876 million. Capex increased 8% to €428 million to support ongoing investments. Group net income increased 3% to €378 million. Terna maintained a solid financial position with net debt of €8,846 million and is well positioned to meet its targets.
Terna reported its consolidated results for the first quarter of 2020. Key highlights include:
- Revenues increased 6% to €567 million driven by growth across all business lines.
- EBITDA rose 3.3% to €434 million due to higher revenues partially offset by rising costs.
- Capex increased 32% to €218 million, accelerating Terna's investment plan.
- Net debt rose slightly to €8.4 billion while financial ratios remained solid.
The document provides consolidated results for Terna for the first 9 months of 2019. Key highlights include:
- Revenues increased 4% to €1.66 billion driven by higher regulated transmission activities.
- EBITDA rose 4% to €1.28 billion due to cost efficiencies.
- Capex increased 19% to €670 million as execution of investment plan accelerated.
- Net income grew 2% to €553 million, reflecting strong operating performance.
The document provides a summary of Terna S.p.A.'s consolidated financial results for the first half of 2019. Some key highlights include:
- Revenues increased 3.3% to €1,098 million driven by growth in all business lines.
- EBITDA grew 3.8% to €846 million.
- Capex accelerated significantly up 17% to €396 million, in line with Terna's strategic plan.
- Net income increased slightly by 1.8% to €367 million.
- The financial structure remains solid with a net debt of €8.294 billion and debt duration of 5.1 years.
This document provides a summary of Terna S.p.A.'s consolidated results for the first quarter of 2019. Key highlights include:
- National energy demand was 80 TWh, with 32% covered by renewable energy sources, up from 30% in Q1 2018.
- Revenues increased 3% to €537 million, driven by higher revenues from regulated transmission activities.
- EBITDA grew 3% to €420 million due to increased contributions from regulated, Tamini, and international activities.
- Group net income increased 2% to €186 million, with capex up 16% to €164 million, well on track for 2019 targets.
This document discusses Terna's strategy and results. It outlines Terna's plans to invest over €15 billion in infrastructure from 2019-2023 to support the energy transition in Italy, including grid reinforcement and interconnectors. Terna reported 2018 revenues of €2.2 billion, EBITDA of €1.6 billion, and net income of €688 million. It provides guidance for 2019 revenues of €2.3 billion and EBITDA of €1.72 billion.
The document provides consolidated results for 9M18 (January-September 2018). Key highlights include:
- National demand was 242 TWh, with renewable sources covering 36% of demand compared to 34% in 9M17.
- Revenues increased 3% to €1,625 million driven by growth across all business lines.
- EBITDA increased 2% to €1,230 million.
- Group net income increased 2% to €542 million.
- Capex was well on track at €561 million.
- Net debt was reduced to €7,592 million providing solid financial results and confirming full year guidance.
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Methanex is the world's largest producer and supplier of methanol. We create value through our leadership in the global production, marketing and delivery of methanol to customers. View our latest Investor Presentation for more details.
3. Investor Relations 3
Terna Today
309TWh energy demand
51.5GW highest peak of demand (12th June 2014)
Terna is...
...the largest independent Transmission System
Operator (TSO) in Europe
...the owner of the National High Voltage Transmission Grid
...responsible for the transmission and dispatching of
the electricity all over the Country with ~3,5001
employees
...listed on the Italian Stock Exchange since 2004
… 3.8€bn cumulated dividends since IPO2 and Total
Shareholder Return >300%
~ 63,900Km of three-phase conductors
21 interconnections3
491 substations
Our Grid
Electricity
Market4
1.Excluding Tamini
2. Including 2014 final dividend. BoD proposal, subject to AGM approval.
3. Owned by Terna
Focus on safety and technological innovation for sustainable Grid development
4. 2014 provisional figures - Italy
5. Investor Relations 5
Highlights
FY2014 at a Glance
KEY FIGURES
CAPEX, FREE CASH FLOW AND NET DEBT
1,096€mn
Total capex
6,968€mn
Net Debt
1,996€mn
Revenues
+5.3%yoy
545€mn
Net profit
+6.0%yoy
1,491€mn
EBITDA
+0.2%yoy
260€mn
Free Cash Flow
20€cents 2014 Dividend per share1
1. BoD proposal, subject to EGM approval. Equal to 13€cents as a final dividend to be paid in June (ex date June 22nd
2015, Payment date June 24th 2015)
13. Investor Relations 13
Unchanged Values and Focus
Very Conservative approach to risk
&
Attractive shareholder returns
Infrastructural gap filled
Very relevant energy cost savings
Excellent results for shareholders
WITH UNCHANGED VALUES & FOCUS
LEGACY ISSUES SOLVED
NEW CHALLENGES
……
73
73
73
80
75
Pool Price
71€/MWh
2007
68
8€bn Capex in 8 years
Critical Zones
Pool Price
52€/MWh
50
50
49
81
52
2014
47
14. Investor Relations 14
Free Cash Flow
to drive
Sustainable and Attractive Shareholder Returns
Strategic Focus on Free Cash Flow
MANAGEMENT ACTIONSCHALLENGES
MacroEconomic scenario
Electricity market
Regulation
Capex and Opex Discipline
Selective Grid Expansion
Non Regulated Activities
16. Investor Relations 16
Energy security, solidarity and trust
A fully integrated energy grid
Energy efficiency
Renewables integration
Research, Innovation, Environment
European Electricity Market
THE “ENERGY UNION” IS MOVING FORWARD
TSOs
fundamental to
promote change
LOOKING BEYOND ITALY
17. Investor Relations 17
AEEGSI 2015-2018 STRATEGIC GUIDELINES
Secure, efficient and flexible electricity market
Integration with other EU markets
Review kicked off
More selective approach on Capex
Increase public financing attractiveness
NEW REGULATORY PERIOD
A Changing Regulatory Framework
Review Timeline - 2015
January
Consultation
Document
5/2015/eel
By Spring
Consultation
Docs
By September
Consultation
Docs
By November
Final
Resolutions
18. Investor Relations 18
Framework
Enhancing Cash Flows
Capex
Discipline
Optimization
Non Traditional
REGULATED NON REGULATED
Grid
Expansion
RAB and third
party financing
Interconnectors
Services
Tamini
Italian railway
HV network
Energy
efficiency
Interconnectors
Potential
Upside not
included in
the Plan
4 PILLARS
Opex
Discipline
Excellence
EPC, BOOT
19. Investor Relations 19
2015-2019 Targets
1. 2015-2019 cumulated Capex
2. 2015-2019 cumulated Revenues
Capex
Discipline1
Capex 3.2€bn
Non Traditional2
Opex Discipline
REGULATED NON REGULATED
Grid
Expansion
Tariff RAB CAGR 3%
up to 13.4€bn
~30€mn
annual savings
by 2019
Interconnectors
~400€mn
Services
~400€mn
Tamini
~600€mn
Free Cash Flow >2.0€bn cumulated
20€cents DIVIDEND for 2015, a solid basis for future dividends
Net Debt reduction starting from 2017/2018
Old Plan 3.6€bn
Old Plan CAGR 5% area
20. Investor Relations 20
Reduction vs Old Plan driven by
Roll-over effect
More selective approach
00
00
01
01
01
02
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
Capex Discipline
1. Including Capitalized Financial Charges and Non Regulated Activities (~0.2€bn).
80% of regulated Capex considered as incentivized, based on current regulation.
5.1€bn Ten Years NDP
1.6€bn beyond
6.7€bn
NATIONAL DEVELOPMENT PLAN (NDP)
3.2€bn
2015-2019
Capex 1
2015-2019 CAPEX
21. Investor Relations 21
Continue to develop the Grid
Terna and third party financing
Tariff RAB 14 Tariff RAB 19
Incentivized
Ordinary
Grid Expansion
TARIFF RAB EVOLUTION
€bn
11.6
13.4
38%
54%
62% 46%
3.9BN TOTAL EFFORT FOR THE GRID
3.2
0.4
0.3
Interconnectors
(EPC business
model)
EU Financing
THIRD PARTY FINANCING
No impact on RAB and Net Debt
2015-2019
Capex
€bn
1
1. Based on current regulation
22. Investor Relations 221. The possibility to switch part of the capacity on interconnector regime (law 99/09) is under evaluation
Regulated
Interconnections
Development
Reinforcements
Non Regulated (merchant lines)
Interconnectors ongoing
EPC for energy-intensive third-parties
~ 400mn cumulated revenues
~ 10% EBITDA Margin
Main Projects included in the Plan
Rationalization Metropolitan Areas
Authorized / Work in progress
Authorization ongoing
Legend
-
- Avellino Rinforzi Nord Calabria
Italy - France
Udine -
Redipuglia
Cassano - Chiari
Colunga -
Calenzano
Italy – Montenegro1
Montecorvino -
Avellino
Villanova - Gissi
Gissi - Foggia
Deliceto -
Bisaccia
Reinforcement North
Calabria
Sorgente - Rizziconi
Paternò – Pantano - Priolo
Melilli Priolo Cables
Chiararamonte
Gulfi - Ciminna
Reinforcement HV Grid
Interconnections
Note: Italy–France and Sorgente – Rizziconi are projects
Milan
Turin
Rome
Naples
Palermo
Campania Islands
connections
Interconnectors – law 99/09
Strategic for Country's Economic Growth
23. Investor Relations 23
Potential Acquisition of Italian Railway HV Network
Signed Non-Binding MoU on Dec.30, 2014
All assets to be included in the NTG
Authority to publish regulatory parameters
Negotiations subject to due diligence
Rationalization of the Grid
European best practice
No headcount transfer
STRATEGIC RATIONALE
ASSETS EARMARKED
~ 9,300km Lines of high voltage grid
~ 420# primary stations
TRANSACTION PROCESS
Not Included in the Plan
24. Investor Relations 24
2014 2015 2016 2017 2018 2019
Services
Tamini
Interconnectors
~0.4
~0.4
~0.6
1
Non Regulated - Capital Light to Sustain Growth
EPC
Energy
Efficiency
Revenues breakdown and EBITDA Margins
DIVERSIFIED PORTFOLIO ALREADY CONTRACTED
~50% Margin
~10% Margin
~10% Margin
target
UPSIDE POTENTIAL
Rigorous discipline for capital allocation across different projects
143
>300 ~1.4
2015-2019
Cumulated revenues
Identified opportunities
In Italy and abroad
TaminiInterconnectorsServices
€mn €bn
BOOT
25. Investor Relations 25
Housing of optical fiber
Design and development of
electricity infrastructures
O&M of HV and PV assets
TLC
EPC
O&M
Update on Services
Consistency with Group risk profile
Limited capital absorption
Cumulated revenues1 ~ 400€mn
EBITDA margin ~ 50%
LEVERAGE ON CORE TECHNOLOGY AND SKILLS
1. 2015-2019
26. Investor Relations 26
Appointment of new experienced CEO
Power transformers for generation plants and networks
Specialized products for major Industrial energy users
> 8,300 transformers sold in over 90 countries
> 60% of revenues abroad
WELL POSITIONED FOR TURNAROUND IN GROWING GLOBAL MARKETS
2015-2019 BUSINESS TARGETS
Update on Tamini
Growth driven by emerging markets and investments in new
technology
Margin enhancement through industrial and operating synergies
~ 600€mn
Cum. Revenues
~ 10%
EBITDA Margin
Target
27. Investor Relations 27
Restructuring of staff and middle mgmt
Clear role for companies in the Group
Centralized services
Unlocking Potential from Terna’s People
~ 20€mn additional annual savings by 2019
~3,500
~200 ~300
~3,400
2015 Hirings Voluntary
Exit
2017
37€mn accrued reserve already booked in
2014 to address voluntary exits
VOLUNTARY TURNOVER PROGRAMMENEW ORGANIZATION
Headcount
Operational activities optimization
Insourcing
6€mn savings already achieved in 2014 from Governance and Top Management
28. Investor Relations 28
External Costs Savings
DISCIPLINE ON EXTERNAL COSTS
Facilities services revised
Fleet management optimized
Information Technology simplified
Contracts renegotiated
2014 2015 2016 2017 2018 2019
With actions
With no action
Up to 10€mn annual savings by 2019
29. Investor Relations 29
Summary Targets
Group Revenues and Opex
REVENUES
OPEX
1. Total Opex excluding Tamini, Interconnectors , IFRIC 12 and provision for voluntary turnover
Change in mix
Non Regulated >2X 2019 vs 2014
Opex1 in control
Broadly stable in real terms
With actions
With no action
<10%
Regulated
Non Regulated
2014
>10%
2019
EBITDA supported by Non Regulated Activities and cost savings
2014 2015 2016 2017 2018 2019
~ 30mn
30. Investor Relations 30
Summary Targets
Free Cash Flow
Dividends
Debt Service
Free Cash Flow
Delta Net Financial Position
CUMULATED 2015-2019EVOLUTION
2015 2016 2017 2018 2019
Improving FCF generation
Healthy Cash Flow to sustain dividends
€bn €bn
3.2
Operating
Cash Flow
Capex1
Free
Cash Flow
1. Including Capitalized Financial Charges and Non Regulated Activities, net of EU financing
Financial
Charges
Dividends
TO
SERVE>2.0
>5.2
Net Debt reduction from 2017/2018
31. Investor Relations 31
2014 2015 2016 2017 2018 2019
NET DEBT/CALENDAR RAB
Maintain a solid financial structure
Average kd in the period at 2% area
54%
56%
60%
0
300
600
900
1,200
1,500
2015 2016 2017 2018 2019 2020
FFO/NET DEBT
DEBT MATURITIES (€mn)
Already covered
Summary Targets
Financial KPIs
58%
2015 2016 2017 2018 2019
13%
15%
33. Investor Relations 33
Closing Remarks
Attractive and
sustainable
shareholder returns
Further upside from growth of Non Regulated
Business and potential new opportunities
New business plan, based on clear management
actions, will drive Free Cash Flows
Terna has significantly modernized the Italian
electricity Grid and has become a leading
European TSO
36. Investor Relations 36
Transmission
Dispatching
+
~ 0.121
€bn
~1.64 €bn
1.82€bn
Resolution 636/2013
Resolution 607/2013
2015 Total Grid Fee
1. Including other allowed costs and premia not directly attributable to dispatching activities
2015 Tariff
Transmission
Dispatching
+
1.76€bn
2015 2014
= =
~ 0.121
€bn
~1.7 €bn
Resolution 658/2014
Resolution 653/2014
Annex
37. Investor Relations 37
311
321
325
330
337
328
317
320
330
335
325
318
309
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Assumptions
1. Energy Demand “bull case” scenario CARG14-19 at +1.2%
2. 2014 provisional figures
3. 2014: as per Resolution 653/2014; 2015-18 assumptions based on main statistical data providers
Energy
Demand1
Macro
Scenario
CPI/Deflator3
Actual
Base case
2
TWh
2015: tariff deflator at 0.1%; inflation at 0.7%
2016-2019: average deflator at 0.7%, inflation
at 0.8%, back-end loaded
Annex
Fiscal
Scenario
No Robin Hood Tax from 2015
38. Investor Relations 38
Annex
Electricity Market Trends – Last 12 Months
DEMAND ADJUSTED1 (TWh)
26.2
24.0
25.2
26.3
28.3
23.7
26.2
26.4
25.2
25.6
26.4
25.2
23
25
27
29
31
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
Monthy energy demand
Prior Year
26.0
24.8 24.7
26.8
28.0
23.8
26.3
25.7 25.9 25.6
26.5
27.3
23
25
27
29
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
Montly Energy Demand (normalized)
Prior Year
TWh
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
YoY Chg% -2.7% -2.6% -2.0% -0.6% -2.7% -3.5% -0.2% -1.4% -3.0% -2.9% -1.1% -0.7%
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
YoY Chg% -3.6% -2.7% -2.6% -0.1% -4.8% -5.9% 0.4% -1.4% -3.7% -3.4% -2.0% 0.7%
TWh
FY13 FY14 Δ %
318 309 -3.0%
FY13 FY14 Δ %
319 312 -2.1%
YtD Δ %
-0.7%
Jan-Feb 2014 Jan-Feb 2015
52.0 51.6
YtD Δ %
-0.9%
Jan-Feb 2014 Jan-Feb 2015
54.3 53.8
DEMAND AS REPORTED (TWh)
NOTE: 2013 final figures, 2014 provisional figures (as of February 2015)
1. for temperature and number of days
39. Investor Relations 39
Technology evaluation
Storage
Ginestra and Flumeri among the biggest installations in Europe
Excellence in technological Know-how
Ciminna
Installed Power: ≈ 8 MW
Status: 3.2 MW completed
Codrongianos
Installed Power: ≈ 8 MW
Status: 5.4 MW completed
Power Intensive Energy Intensive
Scope: Safe management of the grid
Total Capacity: 40 MW
Number of Sites: (Phase I) : 2
Scope: Solve Grid congestion / bottlenecks
Total Capacity: 35 MW
Number of Sites: 3
Scampitella
Installed Power: ≈ 12 MW
Status: building in progress
Ginestra
Installed Power: ≈ 12 MW
Status: completed
Flumeri
Installed Power: ≈ 12 MW 12 MW
Status: 6.0 MW completed
Casuzze and Codrongianos: to be started
Phase II: 24 MW
Phase I: 16 MW Storage Lab
Annex
40. Investor Relations 40
FY14 - Consolidated Income Statement1
Annex
NOTE: 2014 figures include Tamini
1. Managerial Accounting
2. Quality of Service + Other Revenues
€ mn FY13 FY14 Δmn Δ%
Transmission 1,644 1,651 6 0.4%
Dispatching 114 117 3 2.5%
Other 2
43 55 12 27.9%
Regulated Activities 1,802 1,823 21 1.2%
Non Regulated Act. 64 143 79 124%
IFRIC12 31 30 0 -1.3%
Total Revenues 1,896 1,996 100 5.3%
Labour Costs 191 236 45 23.8%
Services 128 129 1 0.7%
Other 41 35 -7 -16.3%
Regulated Activities 360 400 39 11.0%
Non Regulated Act. 17 75 58 338%
IFRIC12 31 30 0 -1.3%
Total Costs 408 505 97 23.7%
EBITDA 1,488 1,491 3 0.2%
D&A 450 481 30 6.7%
EBIT 1,038 1,011 -27 -2.6%
Net Financial Charges 100 128 28 27.6%
Pre Tax Profit 938 883 -55 -5.8%
Taxes 424 338 -85 -20.1%
Tax Rate (%) 45.2% 38.3%
Group Net Income 514 545 31 6.0%
43. Investor Relations 43
FY14 - Consolidated Balance Sheet
Annex
NOTE: 2014 figures include Tamini
€ mn Dec. 31,2013 Dec. 31,2014 Δmn
PP&E 10,120 10,779 659
Intangible Asset 462 453 -9
Financial Inv. and Other 83 91 8
Total Fixed Assets 10,665 11,322 658
Net WC -573 -821 -247
Funds -453 -441 12
Total Net Invested Capital 9,638 10,061 422
Financed by
Consolidated Net Debt 6,698 6,968 270
Total Shareholder's Equity 2,941 3,093 152
Total 9,638 10,061 422
D/E Ratio 2.3 2.3
D/D+E Ratio 0.69 0.69
Number of Shares ('000) 2,010 2,010
44. Investor Relations 44
€ mn FY13 FY14 Δmn
Net Income 514 545 31
D&A 1
450 481 30
Net Financial Charges 100 128 28
Net Change in Funds -29 -14 16
Operating Cash Flow 1,035 1,139 104
∆ Working Capital & Other 2
-109 217 326
Cash Flow from Operating Activities 926 1,356 430
Capital Expenditures -1,212 -1,096 116
Free Cash Flow -287 260 547
Dividends -402 -402 0
Debt Service -100 -128 -28
Change in Net Cash (Debt) -789 -270
FY14 - Consolidated Cash Flow
Annex
NOTE: 2014 figures include Tamini
1. Net of assets’ disposal
2. Including Other Fixed Assets Changes, Change in Capital & Other
45. Investor Relations 45
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