Upload
others
View
2
Download
0
Embed Size (px)
Citation preview
A2A STRATEGIC PLAN• 2017 RESULTS & BUSINESS PLAN UPDATE• 9M 2018 RESULTS
November 2018
2017 RESULTSWHERE WE START FROM
2018-22 STRATEGIC PLAN
FINANCIALS
CLOSING REMARKS
9M 2018 RESULTS
2017 RESULTS | WHERE WE START FROM | 2018-22 STRATEGIC PLAN | FINANCIALS | CLOSING REMARKS | 9M 2018 RESULTS 3
REVENUES EBITDA
GROUP NET INCOME
+16%
ORDINARY EBITDA
-2% +10%
NET FINANCIAL POSITIONGROUP ORDINARY NET INCOME
+26% +10% -226 €M+90 €M
€M
FY 2017 VS. FY 2016 RESULTS
CCGT PERFORMANCE
ORGANIC GROWTH IN NETWORKS & DH AND IN
ENERGY RETAIL
GAS MARGIN
LGH: STANDALONE AND FY CONSOLIDATION
HYDRO VOLUMES
FEED IN TARIFF/GREEN CERTIFICATES
SAN FILIPPO DEL MELA "MERCHANT” IN Q3 2016
NON-RECURRING YOY COMPARISON
EPCG PUT OPTION EFFECTS AND
DECONSOLIDATION SINCE JULY 2017
FY 2017 vs. FY 2016
2017 RESULTS | WHERE WE START FROM | 2018-22 STRATEGIC PLAN | FINANCIALS | CLOSING REMARKS | 9M 2018 RESULTS 4
€M
(1) Funds from operations after working capital change; (2) EPCG CAPEX included (4 €M); (3) 2017: 206 €M EPCG deconsolidation; 110 €M M&A; 2016: M&A price and NFP at closing
1,231 10 780 -376 -517 -239-67 -133-168-93 -126 2782016
NET FREE CASH FLOW
2017 RESULTS
WHERE WE START FROM
2018-22 STRATEGIC PLAN
FINANCIALS
CLOSING REMARKS
9M 2018 RESULTS
Presented on March 20th, 2018
2017 RESULTS | WHERE WE START FROM | 2018-22 STRATEGIC PLAN | FINANCIALS | CLOSING REMARKS | 9M 2018 RESULTS 6
RESHAPEPublic lighting, smart city, energy efficiency
• First-mover in consolidating energy efficiency sector
• +60% A2A Smart City EBITDA
• 120 K LED installed (+135%)
RELAUNCHConsistent industrial growthSelective external growth
• + 560 K customers(EE and Gas free market customer base)
+ 800 Kt waste treated+ 200 €M of RAB
• ~130 €M of operatingefficiency
• 14 M&A deals+ 105 €M EBITDA
• Largest territory aggregations (+1 in pipeline)
REGENERATIONActive role in the energy market transformation
• CCGT fleet active management:4x production vs. 2014
• Stable profitability (volatility <10%)
• Created PV platform (+35 MW)
• Pilot projects on innovative solutions (UVAP, drones…)
2017 vs. 2014 data
DELIVERED STRATEGIC VALUE SINCE 2014
2017 RESULTS | WHERE WE START FROM | 2018-22 STRATEGIC PLAN | FINANCIALS | CLOSING REMARKS | 9M 2018 RESULTS 7
Industrial targets achievedFinancial targets overdelivered
EBITDAHigher and more stable margin
NFP/EBITDACapital structure reinforced
CAPEXInvesting more withquality
DPSDividends growing steadily
+ 18%
- 18%
+ 60%
+ 61%€c/
share
€M
ROIGrowing, stable return >10%
+ 52%
%
Merchant High VolatilityMerchant Low VolatilityQuasi RegulatedRegulated
€M
+187
+168
DELIVERED FINANCIAL VALUE
Strategic framework | Transformation | Excellence | Community | Sustainability
2017 RESULTS | WHERE WE START FROM | 2018-22 STRATEGIC PLAN | FINANCIALS | CLOSING REMARKS | 9M 2018 RESULTS 8
Scarcity of natural resources and new technologies drive a deep industry transition, paving the way to a smarter planet
CIRCULAR ECONOMY ENERGY TRANSITION SMART SOLUTIONS
%Mt
GWM
toe
INSTALLED CAPACITY IN GER, FRA, SPA, UK, SWI
Source: A2A estimates Source: European Environment Agency
ENERGY CONSUMPTIONS EU 28LANDFILL DISPOSAL
Sources: Ispra (2010 and 2016), A2A estimates (2025)
• Landfills phase out• Acceleration in sorted collection• Waste system balance
and material recovery
• Decarbonization• Energy democracy• Reduction of PV and wind LCOE
• Energy efficiency• Smart services to citizen and
digitalization (IoT)• Green mobility
-47%
-23 Mtoe
-17 Mtoe
NuclearCoal
PrimaryFinal
-97 GW
MAIN INDUSTRIAL TRENDS
Strategic framework | Transformation | Excellence | Community | Sustainability
2017 RESULTS | WHERE WE START FROM | 2018-22 STRATEGIC PLAN | FINANCIALS | CLOSING REMARKS | 9M 2018 RESULTS 9
a2a T
2018 2022
TTransformation
a2a E
2018 2022
EExcellence
a2a C
2018 2022
CCommunity
Sustainability
business strengthening& change
agile organization, leader in operational
excellence
attract and empower people engage external ecosystem
Inspiring principle of enterprise development
NEW STRATEGIC FRAMEWORK
Strategic framework | Transformation | Excellence | Community | Sustainability
2017 RESULTS | WHERE WE START FROM | 2018-22 STRATEGIC PLAN | FINANCIALS | CLOSING REMARKS | 9M 2018 RESULTS 10
• Further expansion of RES platform
• Conventional plants reconversion
• Leadership consolidation in flexible CCGT plants, optimizing risk/return ratio thanks to Capacity market
• Improvement of gas sourcing
• Match of growing need for peak capacity
• Exploration of innovative flexibility services
• ~170 MW of new RES (M&A + green-field)
• Project development for Brindisi, S. Filippoand Monfalcone
• +800 MW dispatched CCGTs vs. 2017
• CCGT results balanced mix of market(MGP/MSD) and Capacity
• LNG opportunities, better short/long term mix
• Evaluation of new peak plants (e.g. OCGT)
• Projects on UVAM, UVAP, storage, …
Flexible and greener energy
GREENERPORTFOLIO
LEADERSHIPIN GAS-FIREDGENERATION
ADEQUACY & FLEXIBILITYPROVIDER
MGP (Mercato del Giorno Prima) = day ahead market; MSD (Mercato dei Servizi di Dispacciamento) = ancillary services market; UVAP (unità virtuali abilitate di produzione) = aggregated production unit for ancillary services market; UVAM (unità virtuali abilitate miste) = joint unit for ancillary services market (production and consumption)
GENERATION A2A KEY ACTIONS
Strategic framework | Transformation | Excellence | Community | Sustainability
2017 RESULTS | WHERE WE START FROM | 2018-22 STRATEGIC PLAN | FINANCIALS | CLOSING REMARKS | 9M 2018 RESULTS 11
RATIONALES FOR NEW RES GROWTH:
• Align generation mix with global trends
• Accelerate decarbonization
• Achieve industrial synergies:- Integrated dispatching - Operating efficiencies- Overhead cost reduction - Service quality improvement
• Platform to position A2A in the new scenario:- Repowering utility-scale plants- Develop pipeline of green-field- Exploit synergies with B2B/B2C
• Focus on PV, open to opportunities in wind
A2A NEW RES CAPACITY
Depending on market opportunities and regulatory evolution
Potential switch in internal vs. external growth mix
~20-25 MWper year
M&A
Green-field
3rd party plants dispatched ~35 MW
per year
500+ €M total investments in RES
Potential further developmentsaccording to emerging opportunities
GENERATION FOCUS ON RES
MW
Strategic framework | Transformation | Excellence | Community | Sustainability
2017 RESULTS | WHERE WE START FROM | 2018-22 STRATEGIC PLAN | FINANCIALS | CLOSING REMARKS | 9M 2018 RESULTS 12
• Stable margins
• Possible upsides in "regulated" components
• CCGT fleet competitive in MSD
• Medium-term stability
• Steady load factor in a 20% range (lower than market average)
• Balanced mix of MGP and MSD
• ~25% regulated margins
• ~45% RES
PUN base load
Clean spark spread
ACTUALBP
+51
Capacity+Incentives
Green merchant
CCGT merchant
Traditional thermal
%
€/MWh
%
CCGT LOAD FACTOR
PLANTS CONTRIBUTION MARGIN
€M
PUN & SPREAD
GENERATION 2022 ASSUMPTIONS & TARGETS
Strategic framework | Transformation | Excellence | Community | Sustainability
2017 RESULTS | WHERE WE START FROM | 2018-22 STRATEGIC PLAN | FINANCIALS | CLOSING REMARKS | 9M 2018 RESULTS 13
CUSTOMER FOCUS
• Outstanding client service, with new multi-channel customer experience
• Preservation of excellent operations
• VAS in safety, comfort, energy-saving
• Energy advisor for SMEs and large enterprise
• Digitalization to enhance service/acquisition
• New CRM
• Growth in all customer segments, also including large clients
BOOSTIN NEW SERVICES
• New services: flexibility, DERs and storage
• New EPCs in energy efficiency services
• Organic growth in Public Lighting
• Expansion of electric mobility business
• New projects in flexibility and DERs
• 3x EPC contracts
• +150 k lights managed
• +500 new charging stations for EVs
MEDIUM-LONG TERM CHALLENGE
• Innovation & Digital to develop new services
• Unlocking IoT opportunities
• Further fiber network development (+2,000 km)
• Pilot projects on IoT
More solutions to involve customers
MARKET A2A KEY ACTIONS
Strategic framework | Transformation | Excellence | Community | Sustainability
2017 RESULTS | WHERE WE START FROM | 2018-22 STRATEGIC PLAN | FINANCIALS | CLOSING REMARKS | 9M 2018 RESULTS 14
‘000POD
‘000
FREE MARKET – EE&GAS (EOP)
LIGTHING POINTS
ANTICIPATE THE MARKET CURVE
OF EVS PENETRATION
#
CHARGING STATIONS FOR EVS
• Growth from Mass Market liberalization
• Stable customer base
• Expansion in new territories
• Organic growth
• Secure key territories
• Focus on key locations
€M
• Benefit from market liberalization • Roll-out of A2A Energy Solutions
+67
MARKET 2022 ASSUMPTIONS & TARGETS
Strategic framework | Transformation | Excellence | Community | Sustainability
2017 RESULTS | WHERE WE START FROM | 2018-22 STRATEGIC PLAN | FINANCIALS | CLOSING REMARKS | 9M 2018 RESULTS 15
FROM WASTE TO COMMODITY
END-TO-END PARTNER FOR URBAN SERVICES
CONTINUOUS TECHNICAL INNOVATION
• Become leader in recycling, selling high-quality secondary raw materials
• New WTE capacity to maintain safety of the Italian waste treatment system
• Enlarging geographic presence, leveraging on value chain integration
• Smart and innovative solutions for our territories
• Maintain plants at best available technology for environment sustainability
• Improve circularity with innovation
• +2 plastic treatment plants
• +4 organic treatment plants
• +155 Kt of new WTE capacity
• Secondary Recovered Fuel treatment plant EoW
• +2 ashes treatment plants EoW
• New tenders, also outside Lombardy
• 120 €M cumulated capex for waste collection
• Increased plant efficiency (e.g. flue gas treatment)
• Technical innovation projects in collaboration with suppliers and customers (e.g. Big Data on WTE, secondary plastic use)
Note: EoW = End of Waste
Value from end to beginning
WASTE A2A KEY ACTIONS
Strategic framework | Transformation | Excellence | Community | Sustainability
2017 RESULTS | WHERE WE START FROM | 2018-22 STRATEGIC PLAN | FINANCIALS | CLOSING REMARKS | 9M 2018 RESULTS 16
INHABITANTS SERVED BY A2A
M
€M
• +11% inhabitants
• New areas in Northern Italy
• Consistent with EU Circular Economy Pack• M&A pipeline not included• Positioned to be nationwide player
WASTE TREATED IN A2A WTE
WASTE TREATED IN A2A PLANTS
Mt
Mt
• +1.1 Mt treated
• 100% organic growth
• New WTE capacity
• Performance optimization of existing WTEs
WASTE 2022 ASSUMPTIONS & TARGETS
Strategic framework | Transformation | Excellence | Community | Sustainability
2017 RESULTS | WHERE WE START FROM | 2018-22 STRATEGIC PLAN | FINANCIALS | CLOSING REMARKS | 9M 2018 RESULTS 17
Smarter and more reliable
CROSS-BUSINESS SYNERGIES
SMART GRID AND QUALITY IMPROVEMENT
GASTENDERS
• Multi-business operation synergies (e.g. smart meters deployment, gas/ee integration in Unareti)
• Adoption of automated and digital solutions for asset and workforce management
• Achieve smart and resilient networks
• Improve energy efficiency of DH networks
• Develop water cycle performance
• Selective growth in high-priority ATEMs
• Focus on geographical consolidation
• Roll-out of new smart meters:
• ~250 K Gas meters
• ~300 K EE meters
• ~50 K Water meters
• Digital asset management platform fully-phased
• 2 new EE primary stations
• New heating storage
• 21 new water treatment stations
• -40% water losses
• Milano1 tender completed
• +10% POD
• -50% ATEM
NETWORKS A2A KEY ACTIONS
Strategic framework | Transformation | Excellence | Community | Sustainability
2017 RESULTS | WHERE WE START FROM | 2018-22 STRATEGIC PLAN | FINANCIALS | CLOSING REMARKS | 9M 2018 RESULTS 18
RAB 2017
Incremental RAB 2018-2022
€B
RAB GAS & EE
DH SALES
MPOD
GWht
• Asset base strengthening
• +11% EE Capex vs. previous Plan
• Consolidation in gas market
• Scale optimization
• DH networks extension
• +150 k clients served
• Synergies and new tech driveconsolidation & efficiencies
• Organic CAPEX to strengthen RAB• Steady development of DH
€M
POD GAS
ATEM
NETWORKS 2022 ASSUMPTIONS & TARGETS
Strategic framework | Transformation | Excellence | Community | Sustainability
2017 RESULTS | WHERE WE START FROM | 2018-22 STRATEGIC PLAN | FINANCIALS | CLOSING REMARKS | 9M 2018 RESULTS 19
INTEGRATEDMULTI-BUSINESS PORTFOLIO
EXECUTIONCAPABILITIES
URBAN SYSTEMINTEGRATOR
A2A unique business portfolio with a well balanced volatility/growth mix
Maximization of cross-BU synergies
Proven ability in CAPEX execution and in reacting to scenario changes
Possibility to replicate successful models (LGH, plants flexibilization, PV, …)
A2A positioned to lead urban circular economy and energy transformation
Deep multi-level infrastructural presence
Proven capability to attract and involve local players in key territories
GW
GENERATION
MARKET
WASTE
NETWORKS Hydro+RES
CCGT
Other
ACTIVE GENERATION CAPACITY
A2A UNIQUENESS
Strategic framework | Transformation | Excellence | Community | Sustainability
2017 RESULTS | WHERE WE START FROM | 2018-22 STRATEGIC PLAN | FINANCIALS | CLOSING REMARKS | 9M 2018 RESULTS 20
En&A project: 65% of target savings already achieved
En&A spun-off Mistral project, to focus operational excellence through:- Lean process redesign- Agile way of working
Digitalization and technologicalinnovation are key improvement levers
2015 2016 2017 2018 2019 2020 2021 2022
MISTRAL
En&A
47
82
130153
175201
219 227
€M
LOCKED IN
EXCELLENCE AGILE ORGANIZATION
Strategic framework | Transformation | Excellence | Community | Sustainability
2017 RESULTS | WHERE WE START FROM | 2018-22 STRATEGIC PLAN | FINANCIALS | CLOSING REMARKS | 9M 2018 RESULTS 21
More than 500 €M of cumulated CAPEX on D&T, Innovation projects, accounting for ~20% of total Group CAPEX in next 5 years
11
43 21
89
72
6
5
131
84
77
GENERATION MARKET WASTE NETWORKS
TECH INNOVATION
DIGITAL INNOVATION
€M
• Plants digitalization & flexibilization
• Energy efficiency improvement of plants
• Energy efficiency solutions
• E-moving
• Smart cities
• Smart bins
• WTE links to 3rd parties (wasted heat recovery)
• Smart meters gasdistribution
• Remote control empowerment
• 100% WFM coverage
• Digital renewal of workspaces
• Best of breed software and hardware
CORPORATE
5Y CUMULATED CAPEX
EXCELLENCE DIGITAL & TECH CAPEX
Strategic framework | Transformation | Excellence | Community | Sustainability
2017 RESULTS | WHERE WE START FROM | 2018-22 STRATEGIC PLAN | FINANCIALS | CLOSING REMARKS | 9M 2018 RESULTS 22
Adopted start-up approach to innovation based on rapid prototyping and market testing
Built an innovation engine to provide a constant flow of tested solutions ready to be deployed
Engaged external ecosystem with 70+ partners involved with (e.g. Universities, Associations, Start-up incubators, Suppliers, Customers, Technology Labs, Peer Companies, …)
Created internal innovation task force with dedicated budget and team
Activated open innovation process to test and accelerate projects with the external ecosystem
50
350
3,000
SCREENINGideas
concepts
projects
PROTOTYPING
COMMUNITY PEOPLE STRATEGY & EXTERNAL ECOSYSTEM
• Insourcing
• Work-school
• Talent
• Technical skills lab
DEVELOP PEOPLE
• Governance Playbook
• Work environment reshape
• Organizational health
COLLABORATE• Process redesign
• Lean – kaizen
• Contracts harmonization
SIMPLIFY
• Dynamic staffing
• Smart working
• Quality of execution
PROACTIVITY
From a hierarchic organization to a more inclusive managerial model
Strategic framework | Transformation | Excellence | Community | Sustainability
2017 RESULTS | WHERE WE START FROM | 2018-22 STRATEGIC PLAN | FINANCIALS | CLOSING REMARKS | 9M 2018 RESULTS 23
60+ core goals built on our 4 sustainability pillarsUpdate of sustainability plan and targets100% executives with sustainability MBOs
SMART GRIDAND SERVICES
CIRCULARECONOMY
DECARBONIZATION
PEOPLEINNOVATION
CO2 emissions reduction Energy efficiency projects
Green energy sold to Mass Market
Low-impact vehicles DH users
Dispersed heat recovery and DH non-fossil sources
% sorted collection
New recycling plants
Project on reduction/ reuse/recycle
Water network losses
Depurated waste water
Digital users
# LED lighting points
EV charging stations
Contact centre quality
Smart bins Smart meter
Service interruption
Smart grid
Smart city projects
Banco dell’Energia step 2
Roadwork siteinspections
SUSTAINABILITY PLAN PATH
Reduction of the accident rate
Environmental education
Strategic framework | Transformation | Excellence | Community | Sustainability
2017 RESULTS | WHERE WE START FROM | 2018-22 STRATEGIC PLAN | FINANCIALS | CLOSING REMARKS | 9M 2018 RESULTS 24
Integration of Sustainability Plan and Financial BP @2022In line with 2030 sustainability goals
SMART GRIDAND SERVICES
CIRCULARECONOMY
DECARBONIZATION PEOPLEINNOVATION
ONLINE MEMBERS OF A2A ENERGIA COMMUNITY
‘000
SMART WORKING% on total employees applicable
%
%
MATERIAL RECOVERY RATE IN GROUP’S PLANTSON TOTAL WASTE COLLECTED
CO2 /kWh CARBON INTENSITY
g/kWh
SUSTAINABILITY: KPI TARGET EXAMPLES
2017 RESULTS | WHERE WE START FROM | 2018-22 STRATEGIC PLAN | FINANCIALS | CLOSING REMARKS | 9M 2018 RESULTS 25
1,135
BYBU
BYMIX
NetworksWaste
MarketGeneration
Other
Merchant High VolatilityMerchant Low VolatilityQuasi RegulatedRegulated
1,391€M
+256CAGR +4.1%
EBITDA 2017-22
2017 RESULTS | WHERE WE START FROM | 2018-22 STRATEGIC PLAN | FINANCIALS | CLOSING REMARKS | 9M 2018 RESULTS 26
€M
+189CAGR +10.5%
NET INCOME 2017-22
2017 RESULTS | WHERE WE START FROM | 2018-22 STRATEGIC PLAN | FINANCIALS | CLOSING REMARKS | 9M 2018 RESULTS 27
Note: EPCG and M&A projects excluded
Merchant High VolatilityMerchant Low VolatilityQuasi RegulatedRegulated
MandatoryMaintenanceDevelopment
OtherMarketGenerationWasteNetworks
€M
CAPEX 2018-22
2017 RESULTS | WHERE WE START FROM | 2018-22 STRATEGIC PLAN | FINANCIALS | CLOSING REMARKS | 9M 2018 RESULTS 28
€M
(1) Funds from operations after working capital change; (2) M&A price and NFP at closing
-0.2
CASH FLOW GENERATION 2017-22
2017 RESULTS | WHERE WE START FROM | 2018-22 STRATEGIC PLAN | FINANCIALS | CLOSING REMARKS | 9M 2018 RESULTS 29
GUIDANCE 2018 – UPDATED IN NOVEMBER 2018
1,200 - 1,240 €M
2018
EBITDA
>400 €MNET INCOME
CAPEX(1)
170-200€MNET FREE CASH FLOW
GUIDANCEINCREASED
Incl. non recurring ~33€MIncl. ACSM AGAM ~35€M
~550 €M
(1) Includes M&A
2017 RESULTS | WHERE WE START FROM | 2018-22 STRATEGIC PLAN | FINANCIALS | CLOSING REMARKS | 9M 2018 RESULTS 30
EBITDA+180 €M of EBITDA
CAPEX2.8 €B cumulated CAPEX
+15%
+51% NFP/EBITDANFP/EBITDA down to 2.2x
-19%
€M
Merchant High VolatilityMerchant Low VolatilityQuasi RegulatedRegulated
€M
ROIReturns consistently >11%
STABLE
+180
2022 TARGETS
2017 RESULTS | WHERE WE START FROM | 2018-22 STRATEGIC PLAN | FINANCIALS | CLOSING REMARKS | 9M 2018 RESULTS 31
Better dividends visibilitywith stronger capital structure
5.822% 2017
6.722% 2018
~7.522% 2019
min +5% yearlymin 24%
20202022
A2A DIVIDEND PER SHARE (€c)
FFO/NET DEBT
DIVIDENDS
2017 RESULTS | WHERE WE START FROM | 2018-22 STRATEGIC PLAN | FINANCIALS | CLOSING REMARKS | 9M 2018 RESULTS 32
UPSIDESOF ONGOING ACTIVITIES
EXTERNAL GROWTH
COMPLEXINDUSTRIALPROJECTS
FEASIBILITY PROJECT LISTEBITDA
IMPACT
Operational excellence: further Mistral roll-outs
Gas networks: further growth through additional gas tender
Geographical growth in environmental business
New energy solutions additional development
Local aggregations
DER & RES acquisitions (mainly PV) with possible minority interests
Flexibility and ESCO
Public lighting & gas networks M&A
Potential development abroad
Extra investments for primary stations & “colonne montanti” (1)
Generation plants reconversion
Heat transportation backbone Cassano-Milano
Peak technologies development
Business adjacencies on economy of scarcity (food tech, …)
10-30
5-15
[NEW] tbd
[NEW] 5 - 10
70 - 90
20 - 40
[NEW] tbd
[NEW] tbd
10 - 20
5 - 8
5 - 10
50 - 60
[NEW] 5 - 15
[NEW] tbd
• • • •
• • • •
• • • •
• • • •
(1) Electrical connection from road level to user’s individual apartment [NEW] not included in last year’s
«additional projects list»
• • • •
• • • •
• • • •
• • • •
• • • •
• • • •
• • • •
• • • •
• • • •
• • • •
ADDITIONAL PROJECTS – FOCUS ON AGGREGATIONS
€M
NORTHERN LOMBARDY MULTIUTILITY
consolidated line-by-line as of 1st July 2018
Benefits of industrial partnership: • Sharing technical and management skills• Optimization of industrial
and financial positionPreservation of the identity of existing companiesEnhancement of investment capacityImprovement of quality standards and service level
~60-70 €M net additional EBITDA fully consolidated
Almost complete coverage of Lombardy
Open to new aggregation opportunities
A2A
LGH
LARIO RETI HOLDING
AEVV
ACSM-AGAMASPEM
Industrial entities strongly rooted in our territory
2017 RESULTS | WHERE WE START FROM | 2018-22 STRATEGIC PLAN | FINANCIALS | CLOSING REMARKS | 9M 2018 RESULTS 33
#smartcompanysmartplanet
Strategic view alignedto medium-long term trends
(looking forward to 2030)
A2A uniqueness: business natural hedging,
cross BU synergies, integration
Strong confidenceto deliver higher quality results
Potential for upsides,including local aggregations
KEY TAKEWAYS
34
CONSOLIDATED RESULTS: P&L AND BALANCE SHEET
FY 2017 VS FY 2016 RESULTS
€M€M
ANNEXES
35
COMMITTMENT TO CURB GLOBAL WARMING
RES MATURITY AND DERsSCALABLE TECHNOLOGY
GROWING RELEVANCEOF GAS-FIRED PLANTS
• Awareness about resource scarcity
• EU targets on energy efficiency and RES
• Ambitious Italian SEN targets
• Wind & PV LCOE close to grid parity
• Further storage cost reduction
• DERs included in balancing services
• CCGTs to offset intermittent RES
• Gas-fired plants as system backup
• Convergence of LNG global gas prices
Mtep
€/MWh
Mtpa
LCOE (LEVELIZED COST OF ELECTRICITY)
LNG SUPPLY BY COUNTRYEU RES PENETRATIONFinal energy consumptions covered by RES
SEN = Strategia Energetica NazionaleSources: EU Commission, IHS; World Energy Outlook; World Energy Council; Irena
GENERATIONMAIN INDUSTRY TRENDS
2016 2020 2025 20300
40
60
80
90
110
120
COAL high range
GAS high range
FV residential
GAS low range
COAL low range
WIND onshoreFV utility
EXPECTED GRID
PARITY
1.6x
ANNEXES
36
CUSTOMER EMPOWEREMENT
• Full retail liberalization from July 2019
• Demand for value-added services
• Stronger competition
ENERGY EFFICIENCY
• New technology and regulation boosting growth
• New prosumers with PV, CHP and storage
NEW ENERGY SOLUTIONS
• New retail flexibility market (DSR, DSM)
• Growing demand for electric mobility
SMART SERVICES
• Increase of connectivity
• Smarter management of urban services
• Commercial readiness of Low Power Wide Area
solutions (LoRa)
%POD
ARERA 2017
ITALIAN ELECTRIC ENERGY CONSUMERS
ITALIAN INVESTMENTS
SEN 2017 – ’21-30
€B
A2A internal forecast
CARS SOLD BY TECHNOLOGY (ITALY)
%sales
Ministry of Economic Development
BROADBAND > 100 MBPS COVERAGE IN ITALY
%
* BEV = battery electric vehicles; PHEV = plug-in hybrid electric vehicles
MARKETMAIN INDUSTRY TRENDS
ANNEXES
37
SHORTAGE OF CAPACITY
GROWTH OF SORTED WASTE
METROPOLITAN CITIES AS DRIVING FORCES
• Landfill expiration drives up prices(-2 Mt landfilled 2014-16)
• Italian WTEs capacity shortage (gap of ~6 Mt MSW + ~6 Mt Industrial)
• Italy sorted collection grew to 53%
• South lagging at 38% with structural treatment gap
• International trends increase instability of current waste export
• ~40% of Italian MSW due to 12 cities
• Urban ecosystem driver of circular economy
• Sharing of best practices among cities
€/ton
Mt %
PUSHING OTHER 11 METROPOLITAN CITIES TO REACH MILAN AREA %, INCREASE OF ~2 Mt OF SORTED WASTE
MSW DISPOSAL PRICE (NORTHERN ITALY) SORTED COLLECTION IN ITALY BY MAIN MATERIALS
% SORTED WASTE COLLECTED IN METROPOLITAN CITIES
Note: MSW = Municipal Solid Waste
Ispra 2017Ispra 2017A2A internal data
WASTEMAIN INDUSTRY TRENDS
ANNEXES
38
NETWORKS
MULTISERVICECONVERGENCE
ENVIRONMENT IMPACTAND ENERGY EFFICIENCY
GAS DISTRIBUTIONTENDERS
• Cross-business regulation patterns :
‐ Greater attention to service quality
‐ High capex need (also in water)
• Technological synergy across businesses
• Decarbonization of the sources
• Growing electrification
• Greater attention to sustainable heat generation
• Delays in gas tenders triggering M&A Deals
• High transaction prices due to tender postponements
HEATING DH SOURCES (ITALY) GAS TENDERS (ITALY)WATER SECTOR CAPEX (ITALY)
€B %
AIRU 2016 A2A INTERNAL DATABLUE BOOK 2017
Fossil boiler
Cogen.
Res
# kPOD+150%
MAIN INDUSTRY TRENDS
ANNEXES
39
2018B-2022 STRATEGIC PLANSCENARIO AND MAIN ASSUMPTIONS
UdM 2016 2017 2018 2019 2020 2021 2022
Exchange Rate €/$ €/$ 1,11 1,13 1,20 1,20 1,21 1,23 1,25
ICE Brent €/bbl 40,8 48,4 50,9 55,9 57,8 58,3 58,3
Coal API 2 €/tonn 54,0 74,8 72,0 67,9 63,3 61,0 57,0
CO2 EUA ETS €/tonn 5,4 5,8 7,4 7,7 8,5 9,5 11,0
AEGSSI Gas Tariff (Pfor) €c/mc 15,6 18,1 18,8 18,4 17,4 17,2 17,0
PSV €/MWh 15,6 19,7 19,4 19,0 18,0 17,8 17,6
TTF €/MWh 14,0 17,3 17,4 17,2 16,3 16,1 15,9
PUN Base Load €/MWh 42,7 54,0 51,0 49,7 48,6 48,6 48,4
PUN Peak Load €/MWh 48,2 61,8 58,2 55,7 54,6 54,6 54,4
CCGT Gas Cost (PSV) €/MWh 37,6 46,7 46,5 45,6 43,4 43,0 42,6
Peak Spark Spread €/MWh 10,5 15,1 11,7 10,1 11,2 11,6 11,8
Spark Spread (PSV) €/MWh 5,1 7,3 4,5 4,1 5,2 5,6 5,8
Clean Spark Spread (PSV) €/MWh 3,1 5,1 1,7 1,2 2,0 2,0 1,7
Dark Spread €/MWh 12,5 16,4 14,6 15,0 15,8 16,8 18,2
Clean Dark Spread €/MWh 7,2 10,7 7,5 7,5 7,5 7,5 7,5
White Certificates €/TEE 145,5 273,5 300,0 280,0 270,0 260,0 250,0
ANNEXES
40
67
* 2017 excluding one-off equal to 4€M
*
*
CAGR -0,2%
Breakdown by BU sub-segment
Breakdown by growth driver
2018B-2022 STRATEGIC PLAN
19
-61
€M
BU GENERATION
ANNEXES
41
PlantDispatching
Development Options
Business Plan AssumptionsDriver
2018B-2022 STRATEGIC PLANBU GENERATION – Drivers & Assumptions
• Acquisitions already concluded for 50MW installed
• +150MW in 2022 expected thanks to new developments and new acquisitions
• REN investment: 511M€ from 2019 to 2022
• Stable production level vs 2017 in Coal, CCGT and Hydro normalized
• PUN baseload 2022: 48 €/MWh
• Stable Clean Peak Spark Spread 2022: 8 €/MWh
Capacity & AncillaryMarkets
• Introduction of Capacity Market mechanism in H2 2018
• MSD margins in line with last 3-year average net of extraordinary events recorded in 2016 and 2017
ANNEXES
42
2017
ordinary
173
Power
Market
57
Gas
Market
50
Increase of
CtA and other
fixed costs
-40
New Energy
Solutions,
Smart City
and other
25
2022
265
Breakdown by BU sub-segment
Breakdown by growthdriver
CAGR+8.9%
*
*
2017
ordinary
173
Regulated
Mkt
-90
Free Mkt
growth
@ flat UM
224
Free Mkt
Unitary
margin
-27
Increase
of CtA and
other
fixed costs
-40
New Energy
Solutions,
Smart City
and other
25
2022
265
*2017 excluding one-off equal to 51€M
2018B-2022 STRATEGIC PLANBU MARKET
€M
ANNEXES
43
Free Market development
Unitary Margin
Fixed costs
Business Plan assumptionsDriver
• Significant step in Mass Market customer base due to market full liberalization (2.3M POD in 2022 vs 0.9M POD in 2017)
• Strong customer focus leveraging digitalization (new CRM), value-added services, excellent customer service
• Increase in B2B sales (+3TWh 2022 vs 2017)
• No growth from M&A in the plan
• Expected to reduce ~3% avg p.y. on growing competition(1)
• CtA, per unit, planned to grow ~5% avg p.y. on growing competition
• Steady Cost-to-Serve, per unit, thanks to strong focus on operating performance
New services
En
erg
y R
eta
il
• Expansion in in Public Lighting (+150K lights managed through organic growth), energy efficiency and e-mobility
• Smart Services
• New projects in flexibility, DERs and storage
(1) Mass Market unitary margin on raw material component
2018B-2022 STRATEGIC PLANBU MARKET – Growth Drivers
ANNEXES
44
CAGR +6.7%
Breakdown by BU sub-segment
Breakdown by growth driver
2018B-2022 STRATEGIC PLANBU WASTE
* 2017 excluding one-off equal to 10€M
*
€M
*
ANNEXES
45
Existing treatment
plants
• Volume increase on Milan and Parona WTE for refurbishment(+ 0,12Mtons); cost efficiencies and better flow management
• About +2% p.a. of price increases driven by structural shortfall of landfilland treatment plants
New treatment
plants
Business Plan assumptionsDriver
• ~0.8 Mtons of growing capacity on 12 new sites, mainly related to organicand plastic treatment and to one new WTE plant
• 70% of development (~600 kton) already authorized or in advanced stage
• Plant roll-outs spread through plan timespan
• Most of economic benefits from internal waste flows integration
• 1 M&A: due diligence already done; waiting for final closing expectedwithin 1H 2018
2018B-2022 STRATEGIC PLANBU WASTE – Drivers & Assumptions
ANNEXES
46
2018B-2022 STRATEGIC PLANBU WASTE – New treatment plants
# Plants Capacity (kton)2018 - 2022
Capex
Authorized 3 282 178
Authorization in advanced
stage 5 315 127
Authorization not
necessary 1 n.a. 10
M&A 2 240 18
Authorization to be
requested1 n.a. 60
TOTAL 12 837 393
€M
ANNEXES
47* 2017 excluding one-off equal to +4€M; 2017 in a like-for-like basis
*
Breakdown by BU sub-segment
Breakdown by growthdriver
2018B-2022 STRATEGIC PLANBU NETWORKS
*
CAGR +2.9%
HeatingNetworks
€M
ANNEXES
48
Gas tenders
• #PoD: ~+130k (+8%)
• #ATEMs: 10-15 (target @ 2022)
• Capex: +260€M
Commercial development
• DH development mainly in eastern Milan area (saturation of Silla 2 WTE plant thermal capacity)
• New connections: 30 MW/Yr average (vs. 60 MW/Yr average past 3 yrs)
Business Plan AssumptionsDriver
2018B-2022 STRATEGIC PLANBU NETWORKS – Drivers & Assumptions
Tariffs• Regulated revenues: in line with ARERA rules (for current regulatory periods)
• Current regulatory structure continuity until 2022 (no assumptions related to TOTEX/Standard costs regulations)
Cost Efficiency
• Mistral project included in the BP projections
ANNEXES
49
2018B-2022 STRATEGIC PLANEBITDA Cash Conversion
Average Cash Conversion in%
Business Plan
2018 - 2022
%
Historical
2015 - 2017
Cash Flow calculated asEBITDA – Δ Net Working Capital – Capex – Tax
(1) Excluding REN (EBITDA and Capex)
€M
319
232
305
420
183
12188 91
Generation Market Waste Networks
62% 43% 30% 15%370
163
237
372
230
70 71 55
Generation Market Waste Networks
AverageEBITDA(1)
2018-2022
AverageCash Flow(1)
2018-2022
AverageEBITDA
2018-2022
AverageCash Flow2018-2022
AverageEBITDA
2018-2022
AverageCash Flow2018-2022
AverageEBITDA
2018-2022
AverageCash Flow2018-2022
57% 52% 29% 22%
Generation NetworksWasteMarket
AverageEBITDA
2015-2017
AverageCash Flow2015-2017
AverageEBITDA
2015-2017
AverageCash Flow2015-2017
AverageEBITDA
2015-2017
AverageCash Flow2015-2017
AverageEBITDA
2015-2017
AverageCash Flow2015-2017
ANNEXES
2017 RESULTS
WHERE WE START FROM
2018-22 STRATEGIC PLAN
FINANCIALS
CLOSING REMARKS
9M 2018 RESULTS
51
Key Financial Indicators
Highlights
9M 2018 vs. 9M 2017
REVENUES EBITDA OrdinaryEBITDA Reported
NET FINANCIALPOSITION
GROUP NET INCOMEordinary
GROUP NET INCOME
SPREAD CCGT
GAS MARGIN
PAPER PRICES
CCGT AND HYDRO VOLUMES
WASTE TREATMENT PRICES
ENVIRONMENTAL MARKETS
PHV CONTRIBUTION
ACSM AGAM FIRST
CONSOLIDATION
52
• Collection: lower paper prices and higher disposal costs
• Increasing treatment prices
• Higher volumes (and prices) in the industrial segment
• First Treatment Plastic Plant opened in November
• Turnaround in EE RAB
• GAS networks: above average quality premium in 2017
• District Heating: higher volumes, offset by negative scenario (coal & Co2)
• IWC: Higher tariffs
• Free market customer base over 1M, 3x target achieved 1 year ahead
• Higher retail unit margins
• Strong advertising, marketing and sales expenses in Q3
• Material increase in gas price, affecting:
• Gas Portfolio
• Clean Spark spreads
• Hydro Production +11.5%
• Increasing contribution from PHV
Analysis of results
Group EBITDA Overview
€M
GENERATION
WASTE
MARKET
NETWORKS
+2% +2% +2% -2%
53
From EBITDA to Group Net Income
Analysis of results
€M
9M 2017Restated 876 (296) 473 (92) (2) 2265 (91)(21) (153)-
54
-
(245)
Capex & Net Free Cash Flow
Analysis of results
(1) Funds from operations afterworking capital change
9M 2017 Restated
€M
BREAKDOWN BY ACTIVITY
BREAKDOWN BY BUSINESS
€M
875
-10 -11-19
-59
788
-304304
75349
+59 €M
(+24%)
+59€M
2017245 €M
2018304 €M
12
-180
876 (26) 54 (262) 116(21) (62)(104)(119) 146(153)
Change in perimeter
ACSM AGAM +8€M
-30
-
55
Reported Ordinary Reported Ordinary
a2a 876 818 875 824 -1 -0% +6 +1%
Generation 255 252 265 257 +10 +4% +5 +2%Power Generation 219 217 250 243 +31 +14% +26 +12%
Gas Margin 35 35 -1 -1 -36 n.s. -36 n.s.
Photovoltaic 0 0 15 15 +15 n.s. +15 n.s.
ACSM AGAM 1 0 1 0 +0 n.s. +0 n.s.
Market 166 124 152 126 -14 -8% +2 +2%Energy Retail 114 102 110 102 -4 -4% +0 +0%
Public Lighting 11 11 10 10 -1 -13% -1 -13%
Energy Solutions 40 11 30 14 -10 -25% +3 +33%
ACSM AGAM 0 0 2 0 +2 n.s. +0 n.s.
Waste 195 190 197 194 +2 +1% +4 +2%Collection 58 58 45 46 -13 -23% -12 -21%
Urban Treatment 128 125 138 136 +10 +8% +11 +9%
Industrial Treatment 5 5 12 12 +7 >100% +7 >100%
International Project 2 2 0 0 -2 n.s. -2 n.s.
ACSM AGAM 1 0 2 0 +1 n.s. +0 n.s.
Networks 270 262 273 258 +3 +1% -4 -2%Electricity Networks 99 96 93 94 -6 -6% -2 -2%
Gas Networks 97 94 94 93 -2 -2% -1 -1%
Water Cycle 28 29 31 31 +3 +12% +2 +7%
District Heating 45 43 41 40 -4 -10% -3 -7%
ACSM AGAM 2 0 14 0 +12 n.s. +0 n.s.
Smartcity 4 4 6 6 +2 n.s. +2 n.s.
Other -13 -13 -18 -17 -5 n.s. 1 n.s.
9M 2017 9M 2018 Change
Reported Ordinary
Business Units EBITDA Breakdown
Annexes
€M
*
*
*
*
* ACSM AGAM’s 2017 values refer to spin off (Aspem and mini idro)
56
P&L and Balance Sheet
Annexes – 9M consolidated results
€M €M
9M 2017 Restated
9M 2018Delta vs
2017
Delta %
vs 2017
Revenues 4,147 4,518 371 8.9%
EBITDA 876 875 (1) -0.1%
D&A (296) (333) (37) 12.5%
Provisions (21) 2 23 n.s.
EBIT 559 544 (15) -2.7%
Net Financial
Expenses(91) (86) 5 -5.5%
Associates & JV 5 4 (1) -20.0%
Result from non
recurr. Transactions0 6 6 n.s.
EBT 473 468 (5) -1.1%
Taxes (153) (146) 7 -4.6%
Net Result from
disc. operations(92) 20 112 n.s.
Minorities (2) (7) (5) n.s.
Group Net Income 226 335 109 48.2%
The restated figures reflect the reclassification of the EPCG Group’s results in accordance with IFRS 5
30.09.2017 * 31.12.2017 30.09.2018Delta 9M 2018
Vs FY 2017
Delta 9M 2018
Vs 9M 2017
Tangible Assets 4,516 4,606 4,632 26 116
Intangible Assets 1,782 1,863 2,129 266 347
Shareholdings and Other Non
Current Financial Assets73 71 25 (46) (48)
Other Non Current
Assets/Liabilities(84) (117) (133) (16) (49)
Deferred Tax Assets and
Liabilities321 301 272 (29) (49)
Provisions for Risks, Charges
and Liabilities for landfills(622) (625) (595) 30 27
Employee Benefits (331) (319) (312) 7 19
Net Fixed Capital 5,655 5,780 6,018 238 363
Net Working Capital 569 437 493 56 (76)
Other Current
Asset / Liabilities(295) (305) (310) (5) (15)
Current Tax
Asset / Liabilities48 103 (20) (123) (68)
Working Capital and Other
Current Assets/Liabilities322 235 163 (72) (159)
Non current Assets /Liabilities
held for sale217 224 109 (115) (108)
Total Capital Employed 6,194 6,239 6,290 51 96
Equity 2,942 3,013 3,413 400 471
Net Financial Position 3,252 3,226 2,877 (349) (375)
Total Sources 6,194 6,239 6,290 51 96
* Shareholding in EPCG valued at fair value, reclassified according to IFRS5
57
Scenario and Volumes
Annexes
(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
(6) data subject to update by Terna
9M
2017
9M
2018
D % vs
2017
Brent $/bbl 52.6 72.7 38%
CO2 - EU ETS cost €/Tonn 5.3 14.4 n.s.
€/$ €/$ 1.1 1.2 7%
Brent € €/bbl 47.4 61.0 29%
PSV(1) €/MWh 18.8 23.6 26%
AEEGSI Gas Tariff (2) c€/mc 18.3 20.7 13%
Coal € (API2) €/Tonn 73.2 77.1 5%
PUN baseload(3) €/MWh 51.3 58.9 15%
PUN peak(3) €/MWh 57.5 64.9 13%
PUN off-peak(3) €/MWh 47.8 55.5 16%
CCGT gas cost(4) €/MWh 44.3 55.3 25%
Costo Coal €/MWh 37.0 38.5 4%
Environmental costs (CCGT) €/MWh 2.0 5.4 n.s.
Environmental costs (Coal) €/MWh 5.2 14.0 n.s.
Spark Spread CCGT_PSV vs Baseload €/MWh 7.0 3.6 -49%
Spark Spread CCGT_PSV vs Peakload €/MWh 13.2 9.6 -27%
Spark Spread CCGT_PSV vs Off-Peak €/MWh 3.5 0.2 -94%
Clean Spark Spread vs Baseload €/MWh 5.0 -1.9 n.s.
Clean Spark Spread vs Peakload €/MWh 11.2 4.2 -63%
Clean Dark Spread vs Baseload(5) €/MWh 9.1 6.4 -30%
9M
2017
9M
2018
Δ vs
2017
Δ % vs
2017
A2A Group Thermal production GWh 8,205 9,558 1,352 16%
CCGT production GWh 5,942 7,596 1,653 28%
Coal production GWh 1,398 1,356 -42 -3%
Oil production GWh 865 606 -259 -30%
A2A Group Hydro production GWh 2,835 3,161 326 11%
A2A Group Photovoltaic production GWh 2 53 52 3392%
Wholesale electricity sales and Foreign Markets GWh 6,143 8,689 2,545 41%
Ipex sales GWh 6,862 4,053 -2,809 -41%
Electricity sales GWh 6,132 7,977 1,846 30%
Gas sales Mmc 1,056 1,192 136 13%
Electricity distributed GWh 8,686 8,885 199 2%
Gas distributed Mmc 1,601 1,716 115 7%
Water distributed Mmc 52 52 1 1%
Heat volumes sales GWht 1,677 1,775 99 6%
Cogeneration electricity sales GWh 172 204 32 18%
Collected waste Kton 1,189 1,231 42 4%
Waste disposal Kton 2,548 2,611 63 2%
WTE and other plants electricity production GWh 1,344 1,329 -16 -1%
WTE and other plants heat production GWht 871 906 35 4%
(1) Net of intermediated IPEX volumes
KPIs include ACSM-AGAM contribution
58
• INTERNAL Community:
‒ Establishment of Young Talent Program
‒ New digital workplace on all employees
• EXTERNAL Community:
‒ Innova2a project: second and third Shark Tank completed (200+ colleagues involved)
‒ 50+ initiatives in portfolio, of which 19 in execution and 5 in scale-up
‒ Enerchain: joined the open innovation project on blockchain with major players in the industry
• Partnership with Fiera Milano for the construction of the largest Rooftop solar panel in EU (10-14 MW)
• 6 MW of UVAP assigned, supplied through thermal driven cogeneration + 1 MW UVAC
GENERATION
WASTE
MARKET
NETWORKS
a2a T
2018 2022
TTransformation
EExcellence
a2a E
2018 2022
CCommunity
a2a C
2018 2022
• Opening of the 1st Plastic treatment plant (Cavaglià) with innovative process for material recovery
• Increasing of sorted waste collection in Milan up to 60%
• Awarding of collection tender in Como province (8,000+ inhabitants)
• 5 processes redesigned
• Ongoing training on Agile and Operational Excellence for the whole A2A management team
• 64 €M of investments in Digital and Tech Ytd
Sustainability• Signature of the first credit line in Italy linked to the goals of the group's sustainability plan and the standard ethics rating
• A2A included in the FTSE4Good Index Series
• Public presentation of the 2017 A2A Integrated Report, 10th edition about group’s performances on sustainability
• N. 5 Territorial Integrated Reports prepared and presented: Milan, Brescia, Bergamo, Sondrio and Friuli Venezia Giulia
• Northern Lombardy multi-utility developments – Takeover of A2A on ACSM-AGAM completed
Annexes
Update on Strategic Progress
• +60 K new free market contracts
• Digital campaign Member get Member
• VAS: Casa Sicura commercial offer
• Agreement for new EV charging stations in Franciacorta and Cremona
• Opening of new cogeneration plant of Verziano, to support sewage treatment
• Smart meter water cycle roll-out
• Gas tender Milano 1 officially awarded
59
Contacts and IR Products
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 quantitativeanalysis
Periodic update service for investors
and analysts on the significant steps
of A2A Business Plan – such as
relevant investments, new projects,
achievements, contracts,
agreements. If you wish to
subscribe to the service, please visit
A2A website at the following link
http://www.a2a.eu/en/investor/over
view/newsletter/
Brief and synthetic document that shows the highlights and thestrengths of A2A 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/
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.
A2A Investor Relations Team
Mail: [email protected]
Phone: +39 02 7720 3974
http://www.a2a.eu/en/investor/
60
A2A Investment Proposition
VALUE FROM ASSET QUALITY,
DIVERSIFICATION & SYNERGIES
DISCIPLINED
GROWTH OPEN TO SECTOR
DYNAMICS
SUSTAINABILITY AS A KEY PILLAR
FOCUS ON
DIVIDENDS