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Presentation Acea Group Business Plan 2019-2022 June 2020 ACEA Group Agenda ACEA TODAY: Challenges of today and tomorrow BUSINESS PLAN 2019-2022 STRATEGY AND TARGETS BUSINESS LINE HIGHLIGHTS STRATEGIC OPPORTUNITIES CLOSING REMARKS ANNEX MIL 190401 - Piano Industriale 201 ... 2 Acea Today ACEA Group Leader in the multi-utility market 2019 EBITDA Commercial & Water Trading €1,042M 1° Italian With 9 EBITDA Among With more 2019 player millions the main than 6 TWh in the water customers national players of electricity sold supply sector served in Lazio, in the energy Tuscany, Umbria market and Campania 81% regulated Shareholder structure Energy Caltagirone Infrastructure 5.5% Environment Market Among the with 10 20.2% Roma Leading with more leading TWh Capitale player in the than 1.2 Italian waste Italian players in distributed 51% treatment sector milion tons the electricity electricity distribution Suez waste market 23.3% treated/disposed Source: CONSOB May 2020 MIL 190401 - Piano Industriale 201 ... 3 Strategy and Targets ACEA Group Pillars of the Business Plan 2018-22 … Business Plan 2018-2022 Technology, Industrial Local focus & Operational Innovation and Growth Sustainability Efficiency Quality • Infrastructural • Sustainable • Research & • Capex discipline development development innovation applied • Operational to industrial improvement • Client-oriented • Dialogue and processes and service-based collaboration • Supply chain approach • Customer experience optimization improvement • Balanced • Group-wide organizational model innovation strategy MIL 190401 - Piano Industriale 201 ... 4 Strategy and Targets - Strong and sustainable growth ACEA Group 2020 GUIDANCE pre-tax 2018 2020 2022 ROIC 11.0% >10% >11% 2019 EBITDA €1,042M 2020 EBITDA +6%/+8% CAPEX broadly in line with 2019 and the Business Plan NET DEBT: €3.45B – €3.55B EBITDA growth with +8.0% CAGR NFP/EBITDA down to 2.9X 3.1 3.0 €M 1,270 Multiple 2.8 2.9 2.9 2.9 2.8 1,083 1,108 1,042 972 1,002 933 864 BP New BP New Old 2018 2019 2020 2022 2018 20192019 2020 2022 271 284 283 362 Net NFP 2.6 3.1 3.2 3.7 Income 230 282 332 €B 2.7 3.0 3.2 CAPEX €4.0B RAB up ~30% by 2022 RAB 2019 CAPEX old plan €3.1B Gori ATO2, ATO5 and Areti Areti ATO2 ATO5 GORI ADF €B €B ATO2, ATO5 e Areti (Old Plan) 0.9 0.9 €B 0.9 2.2 2.0 0.6 0.6 0.7 0.6 0.6 0.6 0.6 0.2 0.2 0.2 1.4 2018 2019 * 2020 2021 2022 Areti 2019 Water * 2019 capex actual €0.793B MIL 190401 - Piano Industriale 201 ... 5 Strategy and Targets ACEA Group Outperformed previous business plan EBITDA targets CAGR 8.0% CAGR 7.7% CAGR 8.3% €M Cross-business line actions Performance improvement and cost efficiency + Generational turnover + Strengthening operations Water Energy Infrastr. Comm. & Trading Environment • Tariff increase due to • Tariff increase due to • Commercial Boost • Expansion of existing investments investments in • Cost-to-serve plants (Peschiera / Marcio) Resilience reduction • Development of new • Gori consolidation • Penalties cancellation for plants and M&A • Delay of Maggior network losses • Pescara Gas Tutela phase-out • CIP6 incentive end • PV development MIL 190401 - Piano Industriale 201 ... 6 Strategy and Targets ACEA Group Additional €900M investments Cumulative 2018-2022 Highlights €B €M (approx.) Gori consolidation and +250 additional investments (Peschiera/Marcio) * PV growth with M&A and +200 greenfield developments Innovation, Resiliency +250 and modernization related investments M&A Waste acceleration +100 in a circular economy Regolato Regolato perspective *of which €0.5B innovation and industry 4.0 (smart meter, network districtization, automated secondary cabins, etc.) MIL 190401 - Piano Industriale 201 ... 7 Strategy and Targets ACEA Group Sustainability growth Additional €400M sustainability- CO2 Reduction >200 linked capex bring our Sustainability (Reduced losses, Purchase of kton effort to €1.7B overall Green Energy, Biogas Recovery) Recovering materials and energy in +70% +€100M +€200M +€100M a Circular Economy perspective Peschiera & PV Development / Marcio development M&A circular economy Green Energy 500 United Nations for internal use within the Group GWh Sustainable Development Goals (SDGs) Power Grid Risk index reduction due to resiliency increase -10% Safety inspections of maintenance contractors +50% MIL 190401 - Piano Industriale 201 ... 8 Strategy and Targets ACEA Group Growing dividends vs previous business plan Growing €800M of dividends €0.75 minimum dividends vs old throughout the plan, dividend per share from business plan +€100M vs old 2019 business plan 0.78 €/share Dividend per Dividendshare MIL 190401 - Piano Industriale 201 ... 9 Strategy and Targets ACEA Group 16 May 2019 - Placing of Euro 500 million bond under Financial strategy the EMTN Programm, 9 years, fixed rate 1.75%. July 2019 – EMTN programme ceiling increased to €4bn 29 January 2020 - Placing of Euro 500 million bond under the EMTN Programm, 9 years, fixed rate 0.50%. Highlights Net Financial Position €B Working Improved working NFP/EBITDA Capital capital absorption (~€30M/year) Rating BBB+ Baa2 3.0x 2.8x Stable outlook Stable outlook 2.8x 2.9x Debt • Situation at 31 March 2020 • Average maturity 6.16 yrs NFP • Average cost of debt 1.93% MIL 190401 - Piano Industriale 201 ... 10 Water Business Line Highlights Water Business Line ACEA Group Key Actions 500k+ smart water meter and projects for water network districtization Focus on preservation of water, with development of a dedicated structure Development Rationalization of 35+ small purification facilities of a Smart 90% investments on Technical Quality Water Supply securitization, by doubling Peschiera (100M€ already included in 2019-’22 Plan) Company for a Gori full consolidation sustainable (1.4M clients served) Acquisition of Pescara Gas (62k PDR) to usage of water, enter in gas distribution business Procedure completed for renewal of concession for the Peschiera-Le Capore water main, due to expire improving in September 2031 (July 2019) Acquedotto del Fiora full consolidation (over 402K service quality clients served) Agreement signed for the acquisition of 51% stake and efficiency in the company Alto Sangro Distribuzione Gas (34k PDR; March 2020) MIL 190401 - Piano Industriale 201 ... 12 Water Business Line ACEA Group Key Financials CAGR 8.0% €M CAGR 10.1% CAGR 5.9% Pescara Gas Including Gori on a yearly basis (+45M€) EBITDA Old Plan Old €B €B ATO2, ATO5, Gori RAB INVESTMENTS MIL 190401 - Piano Industriale 201 ... 13 Business Line Highlights Energy Infrastructure ACEA Group Key Actions 600k smart meters roll-out start 100+ M€ for Resiliency for electricity supply Main actor of the continuity vs Authority guidelines energy transition 150MW PV between grid parity and M&A on with projects the secondary market Remote control extension on 60% of the LV/MV enabling the secondary stations decarbonization Installation of over 600km of optical fiber at the of the system service of the existing infrastructure Renovation/expansion activities on the LV/MV network for over 2,500km Agreements for the acquisition of photovoltaic plants with total capacity of approximately 29 MWp MIL 190401 - Piano Industriale 201 ... 15 Energy Infrastructure ACEA Group Key Financials CAGR 5.1% €M CAGR 6.3% CAGR 3.9% EBITDA Old Plan €B €B Distribution Metering RAB INVESTMENTS MIL 190401 - Piano Industriale 201 ... 16 Commercial and Trading Business Line Highlights Commercial and Trading ACEA Group Key Initiatives Strong commercial boost (3x vs. 2018) supported Growth of retail by a new offering model Increase of share of pull commercial channels (e.g. portfolio, Shop, Branch and Digital) up to 50% Strengthening of digital channels (10% on total improvement of acquisitions) service quality Operational excellence on key processes and and exploitation reduction of 20% on CtS and 15% on CtC Launch of new Value Added Services (e.g. smart of energy meters, insurance, thermal systems) transition Entrance in the flexibility market (Terna auction opportunity for UVAM assigned to Tor di Valle plant for 10 MW) Signed with ERG two Power Purchase Agreements (PPA) concerning the supply of renewable energy totalling 1.5 TWh during the period 2020-2022 (October 2019) MIL 190401 - Piano Industriale 201 ... 18 Commercial and Trading ACEA Group Key Financials CAGR 19.3% €M CAGR 8.2% CAGR 31.4% EBITDA Old Plan Old Power Mkt | Maggior Tutela €M Millions Power Mkt | Free Gas INVESTMENTS CUSTOMER BASE CUSTOMER *Investments include Commissioning Capitalizations IFRS15 MIL 190401 - Piano Industriale 201 ... 19 Environment Business Line Highlights ACEA Group Environment Implementation of old Key Actions BP strategic initiatives Doubling of treated waste (2.2 Mton target) with new plant development (e.g., organic fraction, liquid/sludge Acceleration of plant treatment, multi-material) M&A and development in a Circular Economy development aimed at perspective focused on material recovery (200+ kton) Self-sufficiency in sludge treatment with innovative recovering materials and thermal hydrolysis technologies (80 kton) energy in a Circular Bioecologia integration with liquid waste treatment plant (~ 110 kton) Economy perspective Partnership with market operators for the recovery of San Vittore WTE plant ashes in a circular economy perspective Acquisition of 90% of DEMAP, which owns a plastic Inaugurated at Monterotondo Marittimo (Grosseto) one treatment plant with an authorized capacity of 75,000 of the largest composting plants in Central Italy with tons per year (July 2019) an authorized capacity of 70 kton per year (October
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