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A2A STRATEGIC PLAN• 2016 RESULTS & BUSINESS PLAN UPDATE
• H1 2017 RESULTS
September 2017
2
2016 CONSOLIDATED RESULTS
2014-16, HOW WE DID IT
STRATEGIC PLAN2017-2021
H1 2017 RESULTS
This document gathers the most relevant slides of the followingpresentations:
• A2A STRATEGIC PLAN - 2016 RESULTS & BUSINESS PLAN UPDATE• A2A H1 2017 CONSOLIDATED RESULTS
The full presentations, together with the conference calls mp3 files, are available on A2A website at the following link: https://www.a2a.eu/en/investors/presentations-conference
3
* Excluding extraordinary items equal to 205 €M in 2015 and 153 €M in 2016
2.8x 2.5xNFP / EBITDA
2015
73
2016
224
5,093
EBITDAREVENUES
GROUP NET INCOME
GROUP ORDINARY NET INCOME *
NET FINANCIAL POSITION
2015
4,921
2016
5,093
2015
1,048
2016
1,231
+3%+17%
+151
2015
278
2016
377
+36%
2015
2,897
2016 Adjusted
2,667
LGH priceand NFP at closing
469
2016
3,136
-230
+239
FY 2016 vs. FY 2015 Results
2016 Consolidated Results
2014-16, how we did it
Strategic plan 2017-2021
Financials
H1 2017 Results
€M
San Filippo del Mela “Merchant”
+
Retail Regulated Components
LGH acquisition
Fixed Costs reduction
Non-recurring items
Positive CCGT Ebitda
Energy Scenario
San Filippo del Mela
“Must Run”
Trading portfolio
Gas and Electricityallowed revenues
-
4
2015
1,048
-26
2015Ordinary
1,022
Waste
25 30
Networksand
DistrictHeating
-5
19
SmartCity
1 11
2016Ordinary
1,103
128
2016
1,231
2015Non-recurring
ItemsEnergyRetail Generation & trading
EPCGand other
2016Non-recurring
Items
+81
+183€M
FY 2016 vs. FY 2015 Results
Group EBITDA
2016 Consolidated Results
2014-16, how we did it
Strategic plan 2017-2021
Financials
H1 2017 Results
5
+153 +36%
46
145
-38
FY 2016 vs. FY 2015 Results
2016 Consolidated Results
2014-16, how we did it
Strategic plan 2017-2021
Financials
H1 2017 Results
From Group Net Income to Group Net Ordinary Income
Group Net Income
Reported
Impairmentof assets andshareholdings
Monfalconewrite-offNet effect
Edipower non-proportionaldemerger
Group Net Ordinary
Income 2015
Group Net Ordinary
Income 2016
€M
From Group EBITDA to Group Net Income
2016 EBITDA D&A
Write-offOf Assets
RiskProvisions
Non-recurr.transactions
Net Financial Expenses
EBT NetIncome
TaxesNet result
fromdiscontinuedoperations
MinoritiesEquity
1,231
- 434
- 256- 85
56
- 4
- 154
354
- 117 -15
2242
1,048 - 404 - 350 - 79 - 1 - 4 - 134 76 - 133 130 73-2015 A
6
BREAKDOWN BY NATURE BREAKDOWN BY BUSINESS
2015
57
133
154
344
2016
48
46
159
171
424
Maintenance
Development
Mandatory
M&A*
2015
59
52
64
129
344
2016
102
61
36
167
424
4
2 27
7
8
6 27
17
Generation &trading
Energy retail
Waste
Districtheating
Networks
Corporate
Smart city
Epcg
+80 +80
€M
*M&A Capex related to LGH not included
FY 2016 vs. FY 2015 Results
CAPEX
2016 Consolidated Results
2014-16, how we did it
Strategic plan 2017-2021
Financials
H1 2017 Results
7
(1) Funds from operations after change in working capital
€M
FY 2016 vs. FY 2015 Results
Net Free Cash Flow
2016 Consolidated Results
2014-16, how we did it
Strategic plan 2017-2021
Financials
H1 2017 Results
8
* From the appointment of the new Board of Directors, 17/06/2014, to 28/3/2017
VISION/STRATEGY
Achievements on key R3D points:
RESTRUCTURECost reduction, company simplification, flexibilization, capacity optimization
RELAUNCH
Consistent industrial growthSelective external growth
RESHAPE
Public lighting, smart city, energy efficiency
RESULTS
3 years of growing results exceeding plan
12 quarters with continuous debt reduction
Dividend (+50%) and stock price growth (+61%)*
82 €M savings vs. 2014 cost base
RESULTS AND STRATEGIC
GOALS DELIVERED
2014-2016, how we did it
2016 Consolidated Results
2014-16, how we did it
Strategic plan 2017-2021
Financials
H1 2017 Results
9
DISCIPLINE DIALOGUE DIGITAL
3Rs & 3Ds 2014-2016 achievements
GENERATION & TRADING
• 20 €M cost savings inCCGT plants in 2 years
• Market/seasonal opportunities
• Leadership in ancillary services
• Chivasso already best in class, other plants under way
• A2A Energiefuture, thermal plant re-conversion
• A2A gencogas, single vehicle for A2A CCGTs
RESHAPERELAUNCHRESTRUCTURE
ENVIRONMENT+8% waste treated (2,800 ktons in 2016)+26% inhabitants served (3.4 M in 2016)
ENERGY RETAIL+117% free market customers (694,000 POD in 2016)
NETWORKS & HEAT+13% District Heating network expansion in Milan(299 km in 2016)
Selective external growth9 deals completed in 2 years• industrial partnership (51%) signed with LGH
• +50% of DPS increase in three years
• FFO/Debt, key rating indicator, improved up to 24%
• Implementation of Enterprise Risk Management structure
• 15 Lean Thinking pilot projects
• A2A's first sustainability plan& integrated report
• 4 multi-stakeholder forum and territorial sustainability reports
• People and organization: Smart working, Organizational Compass Project, Futura2a, ABC Project, Melograno, ...
• New digital platform for customer base • Digitalization of networks processes
(WFM, IDMS, …)• Digitalization of CCGT Chivasso plant• New solar thermodynamic plant at San
Filippo del Mela site
PUBLIC LIGHTING+125% LED relamping (196k lighting points in 2016)
ENERGY EFFICIENCY1st Italian independent ESCo acquired (Consul System)
SMART CITYA2A Smart City company: set-up completed and first pilot projects
E-MOBILITY1st Italian Fast Charge public network (90k recharges in 2016)
completed
10
STRATEGIC PLAN2017-2021
11
STRATEGY UPDATE
REGENERATION RESHAPE
Active role in the energymarket transformation
Flexible fleet to serveshortening EU markets
Re-alignmentwith EU Winter Package
Development by adjacencies
Buying options in smart city
and green economy
From pilot projectsto market solutions
RELAUNCH
Growth in environment, smart networks
and energy services
Focus on low-riskbusinesses
FOCUS TRANSFORM ACCELERATE
12
ASSETDEVELOPMENT
Additional investments (+600 €M vs. previous plan) in core, growing, low-risk businesses
REGULATED
BUSINESS
WASTE
TREATMENT
DEVELOPMENT
COST REDUCTION
EFFICIENCY
AND
OPTIMIZATION
En&A project on track and launch of a new operational excellence program
MARKETGROWTH
Consistent growth in retail, waste collection and DH
ORGANIC
DEVELOPMENT
M&A AND
SYNERGIES
Prudent M&A targets
Conservative targeted synergies
Relaunch
2016 Consolidated Results
2014-16, how we did it
Strategic plan 2017-2021RelaunchRe-generationReshape
Financials
H1 2017 Results
13
(1) Including M&A and gas distribution tenders
0
20
40
60
80
100%
+50% CAPEX per year vs. average 2014-2016(1)
Almost 90% CAPEX in regulated/quasi-regulated markets
~70% of net invested capital in 2021 related to Regulated/ Quasi-Regulated assets
€M
Regulatedbusiness
Higher Capex inregulated/quasi-regulated
Strategic plan 2017-2021
Relaunch
Re-generation
Reshape
Asset Development
Market Growth
Cost reduction
40% CAPEXin sustainability
14
Increase in Gas and Electricity distribution RAB
Gas and Electricity distribution tariffs stable over the period 2017–2021
Water distribution tariffs increase by 8.5% YoY according to Regulatory Framework 2016-2019
€B
Regulatedbusiness
RAB increase
Strategic plan 2017-2021
Relaunch
Re-generation
Reshape
Asset Development
Market Growth
Cost reduction
EE & GAS RAB2017
EE & GAS RAB2021
2.01.8
15
Limited volume risk, mostly internal waste flows integration
Focus on A2A industrial sites in Northern Italy
* LGH, Rieco, Bedizzole full year contribution; public tenders excluded
860Ktons/year
waste materialrecycling
Ktonstreated
Waste treatment development
Strategic plan 2017-2021
Relaunch
Re-generation
Reshape
Asset Development
Market Growth
Cost reduction
2014 2015TARGET
2015ACTUAL
2016TARGET
2016ACTUAL
FULLYEAR
CONSOLI-DATION*
NEW PLANTS 2021
2,594 2,626 2,558 2,634 2,800
687
500 155 4,249
Authorized/ authorizations
in progress
Authorizations to be
requested
ACHIEVABLE TARGETACHIEVED
EXISTINGPLANTS
UPGRADE
107
16
Note: Includes LGH
2021 target consistent with 2014-16 average organic growth
67% avg.sorted
collection
Minhabitants
Organic development
Waste collection
Strategic plan 2017-2021
Relaunch
Re-generation
Reshape
Market Growth
Cost reduction2014 2015
TARGET2015
ACTUAL2016
TARGET2016
ACTUAL2021BP
2.70 2.81 2.80 2.90
3.38
3.94
~ +100Kinhab./year~ +300K
inhab./year
ACHIEVABLE TARGETACHIEVED
17
Growth planned in core geographical areas
Free market customer base in 2019 4x vs. 2014
Note: Includes LGH* Free market**Electricity mass market
Organic development
Energy and gas retail
Strategic plan 2017-2021
Relaunch
Re-generation
Reshape
Market Growth
Cost reduction2014 2015
TARGET2015
ACTUAL2016
TARGET2016
ACTUAL2021
TARGET
320419 444
577694
1,438
~ +180KPOD/year
90% EE customerswith green
energy sold**
POD*‘000
ACHIEVABLE TARGETACHIEVED
~ +150KPOD/year
18
>60% of M&A contribution to business plan already completed
Only new M&A deals in advanced stage included
M&A and synergiesM&A
Strategic plan 2017-2021
Relaunch
Re-generation
Reshape
Market Growth
Cost reduction
Note: LGH not included
2016 EBITDAOF ALREADY
CLOSED DEALS
ALREADYCLOSED
DEALS FULLPOTENTIAL
NEW M&A DEALSUNDER
NEGOTIATION
SYNERGIES TOTALINCREMENTAL
EBITDA
2
4
15
10 31SYNERGIES
ENERGY EFFICIENCY
NETWORKS
WASTE
ACHIEVABLE TARGETACHIEVED
EBITDA€M
19
EBITDA synergies 12 €M (~16% of 2016 LGH EBITDA)
Further savings under assessment
€M
M&A and synergiesLGH synergies
Strategic plan 2017-2021
Relaunch
Re-generation
Reshape
Market Growth
Cost reduction
EBITDASAVINGS
FINANCIALSAVINGS
CAPEXSAVINGS
TOTALSAVINGS@2020
12
72 21
20
EBITDA€M
Lean and 6 sigma initiatives, Business Process Modeling
Change management
Creation of an internal competence center devoted to continuous performance improvement
Plan impacts not included in the business plan (additional projects)
2017 NEW OPERATIONALEXCELLENCE
PROGRAM
EN&A2015-2021
Operating efficiencycontinuous journey
Cost reduction
Market Growth
12
2016 2021
82+108
LGH
A2A178
12
190
Strategic plan 2017-2021
Relaunch
Re-generation
Reshape
21
Traditional thermal plant reconversions
Organic and inorganic growth in RES and in new market opportunities
VA
LU
E F
RO
M
DIV
ER
SIFIC
ATIO
N
5-year SFM plant must-run
Hydro and baseload stable production
MEDIUM
TERM
STABILITY
ACTIVE
MANAGEMENT
OF CCGT
GROWING
OPTIONS
RES/DERs NEW
SOURCES OF
GROWTH
Re-generation
2016 Consolidated Results
2014-16, how we did it
Strategic plan 2017-2021RelaunchRe-generationReshape
Financials
H1 2017 Results
Short-term market opportunities
Additional medium-term market space from European trends
Capacity market and generation margins upside
Possible moderate addressable demand increase
22
'13
532
'14
500
'15
469
'16
494
Avg.13-16
499
Avg.17-21
459
33 -401 -30 -5Delta vs. avg.
7% -8%0% -6% -1%Delta % vs. avg.
Thermal
Hydro incentives
Hydro market
PLANTS CONTRIBUTION MARGIN
DELTA vs. 13-16 AVG.
Historical‘13- ‘16 volatility maximum
+/-7%
Natural hedging between hydro
and thermal
€M
33
33
Value from diversification
Strategic plan 2017-2021
Relaunch
Re-generation
Reshape
Value from diversification
Medium-term stability
Active mgmt of CCGT
RES/DERs sources of growth
23
14 15 16 17 18 19 20 21
49
2,9
14 15 16 17 18 19 20 21
14 15 16 17 18 19 20 21
55
Conservative scenario assumptions, lower than previous plan
14 15 16 17 18 19 20 21
12,2
Clean spark spread
Clean dark spread
PUN Baseload
PUN Peak Load
16-20 BP
17-21 BP
€/MWh
Medium-term stability
Strategic plan 2017-2021
Relaunch
Re-generation
Reshape
Medium-term stability
Active mgmt of CCGT
RES/DERs sources of growth
2.9
12.2
24
Pl. 1
63%
Pl. 2
57%
Pl. 3
45%
Pl. 4
42%
Pl. 5
42%
Pl. 6
32%
A2A
25%
Pl. 7
17%
3.10.8 3.1 0.81.1 2.20.80.8GW
Slow growth in market demand
-30 baseload GW in Europe by ’21*
New RES not covering entire additional net demand
A2A CCGTs positioned to catch market opportunities
GROWING MARKET SPACEFOR A2A CCGTs
CAPACITY MARKET REVIEWEDCONSERVATIVELY
* A2A elaboration based on GER, FRA, SPA, UK, SWI, BEL, AUT nuke/coal phase-out plans
** MGP load factor of Northern zone CCGTs in peak hours (2016)
K€/MW
LF %**
Active management of CCGT growing options
Capacity market and growing market space
Strategic plan 2017-2021
Relaunch
Re-generation
Reshape
Active mgmt of CCGT
RES/DERs sources of growth
2 YEARSAGOFCST
23.5
15.713.3
1 YEARSAGOFCST
TODAY’SFCST
START-UP 2017 2018 2018
Average on A2A total
generation portfolio
Capacity auctions expected to set premium in a 18-20 k€ range
25
0.8
2.3
2.0
1.9
0.5
1.0
2021
0.8
3.6
1.9
0.5
1.0
Today
8.47.6
Must-run
Baseload
RES
Flexible CCGT
Standard CCGT
Demothballed (TSOrequest)
Mothballing
Shut down/sold
Must run, baseload and hydro stable
~4 GW CCGTs running, 90% of which planned to be flexible
A2ACAPACITY
GW
Active management of CCGT growing options
A2A installed capacity evolution
Strategic plan 2017-2021
Relaunch
Re-generation
Reshape
Active mgmt of CCGT
RES/DERs sources of growth
26
THERMAL PLANTS RE-
CONVERSION
Evolution into “integrated renewable poles”
Projects design in SFM, BR and Monfalcone
Solutions for environment/renewable synergies
Exploration of potential inorganic growth in PV/Wind
Potential new greenfield/brownfield developments
New developments as additional projects
DEVELOPMENT ON A2A SITES
RESPV development in Group industrial sites (SEU/SSP)
Hydro developments in Calabria
MARKET DEVELOPMENT
RESM&A and
GREENFIELD/BROWNFIELD
Storage systems development
Demand Response Management System
Innovative distributed energy services
DISTRIBUTED ENERGY
RESOURCES
RES/DERs newsources of growth
Strategic plan 2017-2021
Relaunch
Re-generation
Reshape
RES/DERs sources of growth
27
SMART CITY
Strong pipeline of business development agreements
A2A SMART
CITY
MOBILITY
SOLUTIONS
Catching the key trends in the mobility evolution: green, shared and connected
ENERGYEFFICIENCY
Higher targets also thanks to selective M&A deals already ongoing
PUBLIC
LIGHTING
ESCo PROJECTS New M&A deals in pipeline
Reshape
2016 Consolidated Results
2014-16, how we did it
Strategic plan 2017-2021RelaunchRe-generationReshape
Financials
H1 2017 Results
28
E.E. Certificates (TEE)
LED relamping almost completed
Growth achieved with a mix of organic growth and selective M&A
Energy Efficiency
Analysis of M&A opportunities
in complementary segments
Palazzo della LoggiaBrescia
RE
GU
LA
TE
D/
QU
AS
I-R
EG
ULA
TE
DFR
EE
MA
RK
ET
Lighting pointsDistrict cooling plantsLed public lighting
and ESCo projects
Strategic plan 2017-2021
Relaunch
Re-generation
Reshape
Energy Efficiency
~2x
209
418
2016 2021
196
OTHERLED
Consultancy TEEEnergy consumption analysis
Industrial Design & installationMonitoringCombined Heat & PowerEPC
Horizon 2020 projects, Demand Side Management & Demand Response Metering
29
DISCIPLINE DIALOGUE DIGITAL
Operational excellenceproject adoption
Further deleveraging, withhigher Capex and DPS
Dividend target of 7.5 €cent in 2019 confirmed
Extension of multi-stakeholder forum and territorial sustainability reports
Sustainability targetin management MBO
People: ageing policy, welfare, managerial development,
talent management, employer branding
Further Business Unitsprocess digitalization
New HR ERP
Strong fiber development
New IT and digital services to municipality
Strong investments in automation
30
30 actions by 2020
Piano Industriale 2015-2019
Piano di Sostenibilità
2014
GOALS and TARGETS 2030
ACTION and ENABLING DRIVERS - 2020
2030 10/17 goals
The sustainability policy and the 2030 commitments
SDG vs.
VALUE CHAIN
CIRCULAR ECONOMY
DECARBONIZATIONSMART GRID AND
SERVICESPEOPLE
INNOVATION
OUR
2030PATH
FROM TO
2016 Consolidated Results
2014-16, how we did it
Strategic plan 2017-2021
People & Sustainability
Financials
H1 2017 Results
A2A 2030 sustainabilitypolicy
Develop a sustainable waste management
approach for the entire life cycle
Contribute to the achievement of the
national and European objectives to reduce
GHG emissions
Increase the reliability of grids and services by increasing
the investments in technological innovation
Actively contributing to community welfare and
improved working conditions
31
CIRCULAR ECONOMY
DECARBONIZATION
SMART GRID AND SERVICES
PEOPLEINNOVATION
2016 results2020 goals
99.0%
67.0%
80.0%
56.2%
84%
98.86%Urban waste sent for recycling or energy recovery
Separated waste collection in the communities served
Impact of the recovery capacity of the material in the Group's plants on the urban waste collected
392.5
-234
1,260
Carbon intensity in electricitygeneration (gCO2/kWh)
CO2 avoided thanks to the extension of the district heating network (ktonnes/year)
Green electricity sold (GWh)
417
769
- 161
The CSI Total in “multi-client of reference” surveys (CERVED DataBank) with a value never below90%
customers with online A2A Energia services400,000
Million euro invested in the Smart City area10
268,818
1.9
92.4%
regional workshops with 30 actionsto be implemented
inspections/year at the roadwork sites of the A2A Group
Target employees involved in SmartWorking projects
15
4,000
20%
2 workshop (11 actions)
1,406
5%
A2A 2020 sustainabilityplan goals
2016 Consolidated Results
2014-16, how we did it
Strategic plan 2017-2021
People & Sustainability
Financials
H1 2017 Results
2020 goalalready achieved
32
1,103
Waste
31 15
Networks&
DistrictHeating
46
-88
SmartCity
2
-3
2017Ordinary
1,10629
20172016Ordinary
Energyretail
Generation& Trading
EPCG &other
Non RecurringItems
1,135*
1,120 – 1,150
~300
~0 – 100
EBITDA
2017F
NET INCOME
CAPEX
CASH FLOW
~550 – 600
1,120 – 1,150
~ +3%
€M
EBITDA
2016 – 2017
2016 Consolidated Results
2014-16, how we did it
Strategic plan 2017-2021
Financials
H1 2017 Results 1,165 – 1,185EBITDA
NEW 2017 OUTLOOK, REVISED UPWARDAFTER Q1’17 RESULTS
AND CONFIRMED AFTER H1’17
CASH FLOW ~100
* Central value of the range 1,120 €M – 1,150 €M considered as the reference value for EBITDA 2017. The range was revised upward to 1,165 €M – 1,185 €M after H1’17 Results presentation (for further information go to slide 64): one-offs amount to 60 €M.
33
1,135*
1,3801,380
66
422
263
141
268
78 51 3434 6
31 12
97
457
341
192
301
22%
13%
2017 WASTE ENERGYRETAIL
NETWORKSAND
DISTRICTHEATING
GENERATION & TRADING
SMART CITY
EPCG OTHER 2021 2021REGULATED /FREE MKT MIX
REGULATED
QUASI REGULATED
MERCHANT LOW VOLATILITY
MERCHANT HIGH VOLATILITY
OTHER
EPCG
NETWORKS
GENERATION & TRADING
WASTE
ENERGY RETAIL
SMART CITY
BYBU
BYMIX
+245
- 34- 22
8
14
* New central value of the range, excluding one-offs, is equal to 1,115 €M.
** Moreover, put option on EPCG was exercised last July.
€M
EBITDA
2017 – 2021
30%
35%2016 Consolidated Results
2014-16, how we did it
Strategic plan 2017-2021
Financials
H1 2017 Results
**
**
34
317*
245
- 48
24
41
- 80- 29
470
EBITDA D&A PROVISIONS NETFINANCIALEXPENSES
TAXES MINORITIES2017GROUP
NET INCOME
2021GROUP
NET INCOME
+153
€M
Net Income
2017 – 2021
2016 Consolidated Results
2014-16, how we did it
Strategic plan 2017-2021
Financials
H1 2017 Results
* This number does not take into account the changes in EBITDA guidance and the exercise of put option on EPCG - more info on slide 63.
35
M&A
DEVELOPMENT
MAINTENANCE
MANDATORY
2017 - 2021TOTAL CAPEX
2,750
3%
57%
36%
5%
2017 - 2021TOTAL CAPEX
2,750
9%
47%
25%
8%
6%
1%
2%
GEN.& TRADING
RETAIL
WASTE
DISTRICTHEATING
NETWORKS
CORPORATEEPCG*
1% SMART CITY
2017 - 2021TOTAL CAPEX
2,750
12%
34%
1%
53%
MERCHANT
MERCHANT LOW VOLATILITY
QUASI REGULATED
REGULATED
€M
CAPEX
2017 – 2021
2016 Consolidated Results
2014-16, how we did it
Strategic plan 2017-2021
Financials
H1 2017 Results
* Please note, put option on EPCG was exercised last July.
36
NFP2016
3.1
Ebitda
-6.3
Change inNWC
& other asset/liab.
0.3
Use ofFunds
0.2
Tax
1.0
NetFinancialExpenses
0.5
CAPEX
2.8
Dividends& Other
0.9
NFP2021
2.5
2.5x 1.8x
* Cash flow waterfall does not take into account the effects of the put option exercised on EPCG – more info on slides 34, 63
** Inclusive of net write-offs (256 €M). By excluding net write-offs, Return on Investments is equal to 11%
-0.6
€B
~7,1%** RETURN ON INVESTMENTS ~12%
Cash flow generation
2017 – 2021
2016 Consolidated Results
2014-16, how we did it
Strategic plan 2017-2021
Financials
H1 2017 Results
*
37
(1) FFO = Ebitda – provisions for bad debt - net interest expense - current tax expense + dividends receivedDebt = gross financial debt net of surplus cash + employee benefits + liabilities for landfills
DPS and FFO/Debt
2017 – 2021
2013 2014 2015 2016 … 2019 2021
A2A DIVIDEND PER SHARE (€c)
3.3 3.6 4.1 4.92 ~ 7.5
Min60%
pay-outratio
FFO / DEBT 1 17% 18% ~21% ~24% > 25% > 25%
CO
NF
IRM
ED
CO
NF
IRM
ED
~ +50%2016 Consolidated Results
2014-16, how we did it
Strategic plan 2017-2021
Financials
H1 2017 Results
38
(1) Electrical connection from road level to user’s individual apartment
LOCAL AGGREGATIONS
HEAT TRANSPORTATION BACKBONE CASSANO-MILANO
POTENTIAL DEVELOPMENT ABROAD
DISTRIBUTED ENERGYRESOURCES (DER)
PLANT RECONVERSIONS
GAS NETWORKS: FURTHER GROWTH THROUGH GAS TENDER
OPERATIONAL EXCELLENCE
REHABILITATION OF“COLONNE MONTANTI” (1)
EPCG EXIT OPTION
FEASIBILITY
Exercised in July 2017
EBITDA IMPACT
10-20
50-75
10-20
50-60
5-8
5-20
5-10
tbd
PROJECT LIST
135-210
Additional projects
€M
2016 Consolidated Results
2014-16, how we did it
Strategic plan 2017-2021
Financials
H1 2017 Results
MoU with “Utilities of Lombardy” signed in April 2017
«Mistral» projectlaunched in July2017
39
Waste, Retail and Networks to lead the growth
More options for generation and a more conservative energy scenario
Resilience of net income growth to commodity prices
Dividend target of 7.5 €cent in 2019 confirmed
Positive free cash flow generation with increasing Capex and dividends
Key takeaways
2017 – 2021
NO LONGERA GEN.CO.
Growth mainly driven by non-generation
businesses
Higher option value from generation assets and
Winter Package
Strong CAPEX increase in regulated/
quasi-regulated markets
Annual investments 50% higher than past three years’ average
Further optimization from operational excellence
Local aggregations, M&A, RES/DER
and other projects to strengthen A2A
positioning and to mitigate risk
Updated Project Pot
BOOST IN BUSINESSES WITH PROVEN TRACK RECORD
ROOM FORUPSIDES
OUR FUTURE IS SUSTAINABLE, GREEN, OPEN, SMART
A2A: what kind of company going forward?
40
40
ANNEXES
FY 2016 vs. FY 2015
2017B-2021 STRATEGIC PLAN
41
41
*P&L includes 5 months (August-December2016) of LGH consolidation
FY 2016 vs FY 2015 RESULTS CONSOLIDATED RESULTS: P&L*
€M
FY 2015 FY 2016 CHANGE %
42
42
€M
FY 2016 vs FY 2015 RESULTS CONSOLIDATED RESULTS: BALANCE SHEET
Intangible Assets
Shareholdings and Other Non Current Financial Assets
Other Non Current Assets/Liabilities
Deferred Tax Assets and Liabilities
Provisions for Risks, Charges and Liabilities for landfills
Employee Benefits
NET FIXED CAPITAL
Inventories
Trade receivables and other current Assets
FY 2015FY 2016 Restated %
Tangible Assets 5,129
Current tax Assets/Liabilities
WORKING CAPITAL AND OTHER CURRENT ASSETS/LIABILITIES
TOTAL CAPITAL EMPLOYED
Equity
Net Financial Position
TOTAL SOURCES
1,704
80
(82)
341
(671)
(365)
6,136
159
2,210
37
278
6,415
3,279
3,136
6,415
Trade payables and other current Liabilities (2,128)
Non current Assets /Liabilities held for sale 1
5,067 1.2%
1,348 26.4%
80 0.0%
(66) 24.2%
308 10.7%
(576)
(332) 9.9%
5,829 5.3%
184 -13.6%
1,652 33.8%
28 32.1%
180 54.4%
6,156 4.2%
3,259 +0.6%
2,897 +8.2%
6,156 +4.2%
(1,684) 26.4%
16.5%
147 n.s.
43
43
(1) FY2015 Hydro production includes 269 GWh related to Asta Cellina(2) Net of intermediated Ipex volumes
(1)
(2)
FY 2016 vs FY 2015 RESULTS VOLUMES
44
44
UM 2015 2016 2017 2018 2019 2020 2021
Exchange rate €/$ €/$ 1.11 1.11 1.06 1.08 1.11 1.13 1.16
ICE Brent €/bbl 48.4 40.7 54.5 56.5 57.7 61.1 60.3
Coal API 2 €/tonn 51.2 54.0 65.0 60.2 56.8 55.8 54.3
CO2 (EUA ETS) €/tonn 7.7 5.4 5.3 5.6 6.4 7.2 8.0
AEEGSI Gas Tariff (Pfor) €c/mc 22.9 15.6 19.6 18.0 17.3 17.2 17.7
PSV €/MWh 22.0 15.6 19.8 18.5 18.4 18.3 18.2
TTF €/MWh 19.8 14.0 18.1 16.8 16.2 16.1 16.5
PUN Base Load €/MWh 52.3 42.7 46.9 47.6 48.2 49.2 49.2
PUN Peak Load €/MWh 58.7 48.2 50.9 53.6 54.2 55.2 55.2
CCGT Gas Cost (PSV) €/MWh 49.8 37.6 46.8 43.9 43.7 43.5 43.3
Peak Spark Spread €/MWh 8.9 10.5 4.1 9.7 10.5 11.7 11.9
Spark Spread (PSV) €/MWh 2.5 5.1 0.1 3.7 4.5 5.7 5.9
Clean Spark Spread (PSV) €/MWh -0.4 3.1 -1.8 1.6 2.1 3.0 2.9
Dark Spread €/MWh 23.3 12.5 13.1 15.8 17.9 19.3 20.0
White Certificates €/Toe 104.2 145.5 130.0 150.0 150.0 150.0 150.0
2017B-2021 STRATEGIC PLANSCENARIO AND MAIN ASSUMPTIONS
45
45
2016Ordinary
231
2017
262
Urban wastetreatment
72
Other treatmentand collection
7
2021
341
* 2016 excluding one-off equal to 9€M and including LGH consolidated only for 5 months ** 2017 excluding one-off equal to 1€M
2016Ordinary
231
2017
262
Collection
5
Existing treatmentplants
(price and efficiency)
24
Volumesof new
treatment plants
61
Costs(mainly Labour)
-11
2021
341
*
**
*
**
CAGR +6.8%
CAGR +8.1%
Breakdown by BU sub-segment
Breakdown by growth driver
2017B-2021 STRATEGIC PLANBU ENVIRONMENT
Urban wastetreatment
Other treatmentand collection
CollectionExisting treatment plants (price and
efficiency)
Costs(mainly labour)
Volumesof new
treatment plants
46
46
Existing treatment
plants
• Limited volume increase, cost efficiencies and better flow management
• Full exploitation of 2016 acquisition
• About +0.5% p.a. of price increases due to Italian lack of availability oflandfills
New treatment
plants
Business Plan assumptionsDriver
• ~0.7 ktons of growing capacity on new sites, mainly related to organic andplastic treatment
• Administrative authorization on 500/700 ktons in progress
• Plant roll-outs spread through plan timespan
• Most of economic benefits from internal waste flows integration
2017B-2021 STRATEGIC PLANBU ENVIRONMENT – Drivers & Assumptions
47
47
2016Ordinary
120
2017
135
PowerMarket
44
GasMarket
33
Fixedcosts
-27
ValueAdded
Services
7
2021
192
*2016 excluding one-off equal to 24€M and including LGH consolidated only for 5 months** 2017 excluding one-off equal to 6€M
***
CAGR+9.9%
CAGR+9.2%
***Breakdown by BU
sub-segment
Breakdown by growth driver
2017B-2021 STRATEGIC PLANBU RETAIL
Regulatedmarket
48
48
Customer Base
• Free market customer base +150K avg p.a.(1) leveraging upon:
• Gradual territory expansion
• SME segment development (new dedicated sales force)
• Brand equity
• Proven track record (average past 2 yrs growth +120K. Incl. M&A: +180K)
• No growth from M&A in the plan
Unitary Margin • Expected to reduce ~3% avg p.a. on growing competition(2)
Fixed costs
• Cost-to-Acquire, per unit, planned to grow ~5% avg p.a. on growing competition
• Steady Cost-to-Serve, per unit, thanks to strong focus on operating performance
Business Plan AssumptionsDriver
(1) Assuming current regulatory and market structure continuity(2) Mass market unitary margin – Residential and small business customers – excluding regulated components
2017B-2021 STRATEGIC PLANBU RETAIL – Drivers & assumptions
49
49
2016Ordinary
117
124
33
69
354
2017Ordinary
126
126
40
90
17
399
EE
-4
GAS
22
IWC
22
DH
10
PL
8
2021P
148
122
62
100
25
457
..
11
BU NETWORKS & HEATING
2016Ordinary
285
69
354
2017Ordinary
309
90
399
Tariffs(Gas/El./Water)
10
Gas tender
30
PublicLighting
8
CommercialDevelopment
9
EnergyEfficiency
3
Scenario
-2
2021 P
357
100
457
Networks
District Heating
*
CAGR +6.6%
CAGR +5.2%
* 2016 excluding one-off equal to 43€M and including LGH consolidated only for 5 months ** 2017 excluding one-off equal to 23€M
**
HeatingNetworks
*
**
Breakdown by BU sub-segment
Breakdown by growth driver
2017B-2021 STRATEGIC PLAN
50
50
Gas tenders
Public Lighting
• #PoD: +180k (+12%)
• RAB: +200€M
• #ATEMs: 10-15 (target @ 2021)
• Capex: +320€M
• Lighting points 2x (over 400K)
• New Tenders
• 1 M&A transaction (H2 2017)
Commercial development
• DH development mainly in eastern Milan area (saturation of Silla 2 WTE plant thermal capacity)
• New connections: 44 MW/Yr (vs. 60 MW/Yr average past 3 yrs)
Energy Efficiency
• Full potential exploitation of 2016 acquisition
• Synergies between A2A technical skills and Consul System market leadership in “white certificate” origination
Business Plan AssumptionsDriver
2017B-2021 STRATEGIC PLANBU NETWORKS & HEATING – Drivers & Assumptions
51
51* 2016 excluding one-off equal to 52€M and including LGH consolidated only for 5 months ** 2017 excluding one-off equal to 5€M
*
**
*
CAGR -3%
CAGR +2.8%
**
Ordinary
Breakdown by BU sub-segment
Breakdown by growth driver
2017B-2021 STRATEGIC PLANBU GENERATION & TRADING
52
52
Hydro & Coal
• Production in line with 10-year average
• PUN baseload 2021: 49 €/MWh
• Achieved price vs. PUN BL same as historical average (6 €/MWh)
• Higher Dark Spread to 12 €/MWh
CCGT plants
• 2 TWh Increase in MGP production due to:
‒ Expected increase of “thermal” demand of ~10 TWh, to be supplied by CCGT
‒ Best positioned CCGT :
‒ Located in the North
‒ With spare capacity
Capacity & AncillaryMarkets
• MSD in line with average historical margins
• Capacity market reduced to 13 €K/MW due to elimination of flexibility segment by EU
Business Plan AssumptionsDriver
SFM• Contractualized as “must run” up to 2021
2017B-2021 STRATEGIC PLANBU GENERATION & TRADING– Drivers & Assumptions
53
53
H1 2017CONSOLIDATED
RESULTS
54
54
1H 2016
614
1H 2017
649
1H 2016
2,323
1H 2017
2,918
FY 2016
3,136
1H 2017
3,047
1H 2016
254
1H 2017
157
1H 2016
212
1H 2017
252
REVENUES EBITDA
GROUP NET INCOMENET FINANCIAL
POSITION
€M
+26%
-38%
+6%
GROUP ORDINARY NET INCOME*
+19% -89€M
* Excluding extraordinary items
1H 2017 HIGHLIGHTS AND KEY FINANCIAL INDICATORS
+ -
Hydro volumesCCGT performance,
MGP and MSD
LGH: standalone growthand FY consolidation
Non recurringYoY comparison
Organic growth in DH, Networks and Waste
EPCG put option exercise effects
1st Plastic Treatment Plantin construction
ASVT and Patavina Techacquisitions
MoU with “Utilitiesof Lombardy”
extended to September
Project Mistral on operating excellence
Kicked off
With impact on
2017 1H economics
2nd Plastic TreatmentPlant construction
authorisation granted
55
55
2016
614
-80
2016Ordinary
53429 6
2234 0 2
-23
604
45
2017
649
2016Non
RecurringItems/
redundancyschemes
Gener&
Trading
EnergyRetail
Waste Networks&
DistrictHeating
SmartCity
Corporate EPCG 2017Ordinary
2017Non
RecurringItems/
redundancyschemes
€M+35
+70
1H CONSOLIDATED RESULTSGROUP EBITDA
56
56
2016
170
2016Non
RecurringItems
-14
2016Ordinary
156
-17
27 4 2 3
-9
13
LGH
4
2017Ordinary
185 1
2017
186
Environ.Market
Plants'Hedging
andDispatching
TradingPortfolio
Other Fixedcosts
SFMEBITDA
GasMargin
2017Non
RecurringItems
+16
+29
1H CONSOLIDATED RESULTSGENERATION & TRADING EBITDA
€M
• CCGT performance more than offsetting low hydro production• Excellent results on Gas optimization• Lower environmental markets margin
57
57
2016
73
-7
2016Ordinary
66
PowerMarket
-3
GasMarket
2
FixedCosts
-2
Other
0
LGH
9
2017Ordinary
725
2017
77
2016Non
RecurringItems
2017Non
RecurringItems
+4
+6
• Free market customer base more than 100K• Reduction in Unitary Margins mainly due to higher
unbalancing costs (price effect)
1H CONSOLIDATED RESULTSENERGY RETAIL EBITDA
€M
58
58
2016
36
80
119
2016Non
RecurringItems
-8
2016Ordinary
36
72
111
Collection
-3
UrbanWaste
TreatmentPlants
5
OtherTreatment
Plants
3
InternationalProjects
0
LGH
17
2017Ordinary
17
77
33
1334
2017
18
80
33
137
21
21
1
5
2017Non
RecurringItems
1
5
+18
Other Treatment Plants
Collection
Urban Waste Treatment Plants
+22
• Positive treatment plants margins thanks to higherprices and quantities
1H CONSOLIDATED RESULTSWASTE EBITDA
International Projects
€M
Collection +2.9€M
Treatment +14.7€M
59
59
2016
53
60
66
42
6
227
2016
Ordinary
52
60
14
44
6
176
Electricity
Networks
2
Gas
Networks
4
Water
Cycle
3
District
Heating
10
Public
Lighting
1
LGH
14
2017
Ordinary
17
56
62
14
54
7
210
2017
16
58
64
15
85
7
245
2016
NonRecurring
Items
51
2017
NonRecurring
Items
35
+18
+34
Gas Networks
ElectricityNetworks
Water Cycle Public Lighting Heating
• DH benefitting from higher gas prices, commercial developmentand temperature effect
• Positive white certificates margin
1H CONSOLIDATED RESULTSNETWORKS AND DISTRICT HEATING EBITDA
€M
LGH (Networks & Heating)
60
60
2016
13
22
35
Generation and Retail
-23
Distribution
0
2017
13
-1
12
-23
Energy
DistributionLow hydro production (-55%): higher import (at
very high prices)
1H CONSOLIDATED RESULTSEPCG EBITDA
€M
61
61
1H 2017
EBITDA
649
Change
in NetWorkingCapital
-33
Change in
otherassets/
liabilities
-139
Use of
Funds
-10
Tax Paid
-1
Net
FinancialExpenses
-53
FFO
(1)
413
Capex
-171
Dividends
-153
Free
CashFlow
89
Share
Buyback
0 89
Net FreeCash
Flow
1H 2017EBITDA
649
D&A
-209
RiskProvisions
-11
Non rec.transact.
1 4
NetFinancialExpenses
-61
-95
EBT
278
Taxes
-119
Net resultfrom
discontinuedoperations
1
Minorities
-3
1H 2017Net
Income
157
Investmentscarriedat equity
EPCGwrite-down
andput option
discount
FROM EBITDA TO GROUP NET INCOME AND TO FREE CASH FLOW
1H CONSOLIDATED RESULTS
€M
(1) -95€M, of which:• -60€M D&A (EPCG write-down)• -35€M Net Financial Expenses
(1)
(2) Funds from operations afterworking capital change
(2)
62
62
BREAKDOWN BY ACTIVITY BREAKDOWN BY BUSINESS
+41 +41
CAPEX
1H CONSOLIDATED RESULTS
€M
2016
8
28
78
1
10
130
2017
11
42
98
9
4
4171
2
3
3 Generation &Trading
Energy Retail
Waste
Networks and DistrictHeating
Corporate
A2A Smart City
EPCG
2016
61
58
11
130
2017
67
78
13
13
171
Maintenance
Development
Mandatory
M&A
63
63
-30
EPCG Expected 2H EBITDA
Delta EBITDA
-1
Fair Value Adj. of theinvestment in EPCG to the
Put Option NPV
-95
A2A Shareof EPCG
2H expected Net Income
Delta Group Net Income
EPCG Positive NFP as of 30/06/17
-206
Delta Net Financial Position
EFFECT OF THE DECONSOLIDATION OF EPCG ON FY 2017 FORECAST
In H1 17 accounts, the new valuation of EPCG ledto a total write-down of 95 €M, of which:
• 60 €M, as the adjustment of the assetvalue to the PUT Option value (250 €M);
• 35 €M, as effect of the discounting of theseven equivalent annual cash ininstalments (starting from May 2018)
64
64
H1 CONSOLIDATED RESULTSEBITDA GUIDANCE
CONF. CALLMAY 10, 2017
2H EPCGDECONSOLIDATION
EFFECT -30€M
HIGHER FULL YEAR NON
RECURRING ~+25€M
1.170 1.190
1.140 1.160
1.165 1.185
€M
€M
€M
FREE CASH FLOW ~100€M
GUIDANCE CONFIRMED
65
65
EBITDA
Ordinary D&A
Provisions
EBIT
Net Financial Expenses
Associates & JV
EBT
Taxes
Minorities
GROUP NET INCOME
1H 2016 1H 2017 %
+5.7%
-5.6%
+69.4%
-2.9%
-52.4%
-
-25.5%
-12.3%
n.s.
REVENUES +25.6%
CHANGE
-11
+25
-11
-33
-
-95
-13
+10
+595
649
(209)
(11)
369
(96)
4
278
(119)
(3)
614
(198)
(36)
380
(63)
4
373
(106)
(13)
254
2,9182,323
Result from non recurr. transactions n.s.-51152
-38.2%-97157
Net result from discontinued operations n.s.+11-
+35
EPCG write-off n.s.-60(60)-
1H CONSOLIDATED RESULTS – P&L
€M
H1’17 ANNEXESH1’17 ANNEXES
66
66
Intangible Assets
Shareholdings and Other Non Current Financial Assets
Other Non Current Assets/Liabilities
Deferred Tax Assets and Liabilities
Provisions for Risks, Charges and Liabilities for landfills
Employee Benefits
NET FIXED CAPITAL
Inventories
Trade receivables and other current Assets
31.12.2016Restated
30.06.2017 %
Tangible Assets 5,129
Current tax Assets/Liabilities
WORKING CAPITAL AND OTHER CURRENT ASSETS/LIABILITIES
TOTAL CAPITAL EMPLOYED
Equity
Net Financial Position
TOTAL SOURCES
1,704
80
(82)
341
(671)
(365)
6,136
159
2,210
37
278
6,415
3,279
3,136
6,415
Trade payables and other current Liabilities (2,128)
Non current Assets /Liabilities held for sale 1
4,979 -2.9%
1,709 0.3%
76 -5.0%
(76) -7.3%
297 -12.9%
(636)
(348) -4.7%
6,001 -2.2%
168 5.7%
1,878 -15.0%
(30) n.s.
356 +28.1%
6,358 -0.9%
3,311 +1.0%
3,047 -2.8%
6,358 -0.9%
(1,660) -22.0%
-5.2%
1 n.s.
BALANCE SHEET
1H CONSOLIDATED RESULTS
€M
H1’17 ANNEXESH1’17 ANNEXES
67
67
BondsLoans
GROSS DEBT MATURITIES AS OF 30/06/2017
1H CONSOLIDATED RESULTS
€M
2017
50
50
2018
300
96
396
2019
567
99
666
2020
145
145
2021
430
95
525
2022
500
91
591
2023
300
86
386
2024
300
64
364
2025
300
65
365
2026
47
Beyond
2026
98
180
278
47
H1’17 ANNEXESH1’17 ANNEXES
68
68
RELAUNCH
• 1st Plastic treatment plant (Cavaglià): construction phase started
• 2nd Plastic treatment plant (Muggiano): construction authorisationgranted
• 1st FORSU plant: VIA presented
• More than 100,000 new mass-market contracts
• Increase to 90% of Lumenergia share capital (now fully consolidated)
• LGH:
‒ waste collection for 160k inhabitants in 49 municipalities in Cremona area
‒ start-up of subsidiary rationalization
REGENERATION
RESHAPE
• Public Lighting: Lainate tender won
• Acquisition of Patavina Technologies to develop IoT solutions
• A2A Smart City technological partner in “Oltre la Strada”, an urban regeneration program
• Launch of Milan E-HUB with 74 charges points expandable up to 132 electrical setup to serve Unareti EV fleet
• energy production +3% vs. Q2 2016: CCGT more than offsetting lower hydraulicity
UPDATE 3RH1’17 ANNEXESH1’17 ANNEXES
69
69
DISCIPLINE, DIALOGUE &
DIGITAL
• Lean Project underway, operational efficiencies already achieved; LGH started the lean roll-out in Q2
• 860 managers participated in ABC management development project focus on Listening, Needs and Change
• New external lighting concept at Vittoriale
• 2 new territorial sustainability reports presented (Milan and Bergamo)
• Winner of TopLegal Corporate Counsel Awards 2017 for Corporate Social Responsibility
• Company sustainability commitment strengthened: A2A Ambienteawarded ISO 50001: 2011 – Energy Management System certification for its WTE plants in Brescia, Milan and Corteolona
• A2A Energia project to identify digital championships, to improve digital relationships with customers
• Roll out of Work Force Management in Unareti and A2A Ciclo Idrico
• Start up of Maximo Refoundation project – new operation&maintenancesystem for networks: adoption of mobile technologies to maximize efficiency
ADDITIONAL• A2A, ACSM-AGAM, ASPEM, AEVV and Lario Reti Holding – deadline of
MoU extended to the end of September
UPDATE 3DH1’17 ANNEXESH1’17 ANNEXES
70
70
(1) Net of intermediated Ipex volumes
(1)
VOLUMES
1H CONSOLIDATED RESULTSH1’17 ANNEXESH1’17 ANNEXES
71
71
ENERGY SCENARIO
1H CONSOLIDATED RESULTS
(1) Gas at virtual trading point
(2) Pfor 162/14 Oct 2014-Mar 2016.
(3) hourly average for each month
(4) based on gas at virtual trading point with 51% efficiency; includes transport costs
(5) 35% efficiency - includes cost spread on API2 and transport cost
Average data1H
20161H
2017D % vs
2016
Brent $/bbl 41,0 52,8 29%
CO2 - EU ETS cost €/Tonn 5,7 5,0 -13%
Green Certificates €/MWh 99,6 0,0 -100%
€/$ €/$ 1,1 1,1 -3%
Brent € €/bbl 36,7 48,9 33%
PSV(1) €/MWh 14,6 19,3 32%
AEEGSI Gas Tariff (2) c€/mc 16,0 19,1 19%
Coal € (API2) €/Tonn 42,0 72,9 74%
PUN baseload(3) €/MWh 37,0 51,2 38%
PUN peak(3) €/MWh 40,9 57,4 40%
PUN off-peak(3) €/MWh 34,9 47,7 37%
CCGT gas cost(4) €/MWh 35,3 45,5 29%
Spark Spread CCGT_PSV vs Baseload €/MWh 1,7 5,6 n.a.
Spark Spread CCGT_PSV vs Peakload €/MWh 5,6 11,8 n.a.
Spark Spread CCGT_PSV vs Off-Peak €/MWh -0,4 2,2 n.a.
Clean Spark Spread vs Baseload €/MWh -0,4 3,8 n.a.
Clean Spark Spread vs Peakload €/MWh 3,4 9,9 n.a.
Clean Dark Spread vs Baseload(5) €/MWh 6,2 9,3 50%
H1’17 ANNEXESH1’17 ANNEXES
72
72
A2A Investor Relations Team
Mail: ir@a2a.eu
Phone: +39 02 7720 3974
http://www.a2a.eu/en/investor/
CONTACTS AND IR PRODUCTS
a2a2017Investor Guidebook
InvestorDatabook(excel file)
Concise and thorough insight in the A2A Group in the form of a longpresentation divided into three main parts: Our World, Our Results and OurResponsibilities. The selected contents are all publicly available information,which you may find spread across a large number of Company documents
• Historical economic, financial and operational company data as of 2008 –on annual and quarterly basis
• Economic, financial and operational data useful for building A2A earningsmodel – 2015 FY reported and 2016-20 BP forecast
• Tables of the Investor Guidebook mainly relevant to a quantitative analysis
Periodic update for investors and analysts
on the significant steps of A2A Business Plan
– such as relevant investments, new
projects, achievements, contracts,
agreements.
https://www.a2a.eu/en/investors/documen
ts#BPN
Brief and synthetic document that shows the highlights and the strengths ofA2A business model
Moreover A2A publishes the following documents in the Investor Library Section on A2A website:• Documents prepared by the Market Analysis, Modeling and Pricing Unit of A2A
- Overview of the Italian Energy Market (yearly basis)- Notes on energy and environmental markets (quarterly basis)
• Documents prepared by Divisional Managers of A2A- A2A Environment BU- A2A Networks & Heat BU- Main Regulatory Issues for Investors
Newsletter
Publications
The publications are available at the following link: http://www.a2a.eu/en/investor/guidebook/
a2a2017Company Profile
This document has been prepared by A2A solely for investors and analysts. This document does not constitute an offer or invitation to purchase or subscribe any shares or other securities and neither it nor any part of it shall
form the basis of or be relied upon in connection with any contract or commitment whatsoever. Some information contained herein and other material discussed at the meetings may include forward-looking information based
on A2A’s current beliefs and expectations. These statements are based on current plans, estimates, projections, and projects and therefore you should not place undue reliance on them. Forward-looking statements involve
inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited
to changes in global economic business, changes in the price of certain commodities including electricity, gas and coal, the competitive market and regulatory factors. Moreover, forward-looking statements are current only at
the date on which they are made.
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