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Presentazione di TerniEnergia alla Star Conference 2012 di Borsa Italia, Milano 28 Marzo
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STRATEGIC PLAN 2011-2013
Milan –28 February 2011
TerniEnergia
Erbusco (BS)– March 2012 Milan - March 28, 2012
Borsa Italiana – Room blu 60
"Strategic repositioning of the Group"
"Potentiality of energy efficiency business "
"Target 20/20/20"
STAR CONFERENCE 2012
TERNIENERGIA UNMATCHED
This document has been prepared by TerniEnergia solely for information purposes and for use in
presentations of the Group’s strategies and financials. The information contained herein has not been
independently verified. No representation or warranty, express or implied, is made as to, and no
reliance should be placed on, the fairness, accuracy, completeness or correctness of the information
or opinions contained herein. Neither the company, its advisors or representatives shall have any
liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this
document or its contents or otherwise arising in connection with this document.
The forward-looking information contained herein has been prepared on the basis of a number of
assumptions which may prove to be incorrect and, accordingly, actual results may vary. This
document does not constitute an offer or invitation to purchase or subscribe for any securities and no
part of it shall form the basis of or be relied upon in connection with any contract or commitment
whatsoever. The information herein may not be reproduced or published in whole or in part, for any
purpose, or distributed to any other party. These materials do not constitute or form a part of any offer
or solicitation to purchase or subscribe for securities.
DISCLAIMER
Page 2
Group structure
Page 3
60,67%
4 SPV for
full equity plants
62%
12 JV with EDF EN Italia S.p.A.
and other national partners
100 % 50 %
TerniEnergia
Hellas M.e.p.e.
Future Newcos
in abroad markets
100 % 100 %
TerniEnergia Group – Integrated leader in “20-20-20”
Page 4
2020
European Target
Listed on STAR Italian Stock Exchange
TerniEnergia Group
20%1
Renewables
20%2 Energy
efficency
20%3
CO2
Reduction
216,4 MWp4 PV plants
200 mln kWh5 saved
2,4 mln ton
CO2 avoided
€169,8 mln6 revenues
€32,2 mln7 equity
€73 mln8 capitalization
1 20% of energy consumption from renewable sources
2 20% of reduction in final energy consumption than the trend calculated from the average of the years 2001-2005
3 20% of reduction of CO2 emitted into the atmosphere compared to 1990
4 Data as at March 31, 2012, 253 plants builted
5 Savings achieved through the company owned “Lucos Alternative Energies SpA”
6 Consolidated as at December 31, 2011
7 Net income for 2011: € 9,048 million
8 As at October 28, 2010. Company listed on the STAR segment of the MTA of the Italian Stock Exchange
Advanced approach in the new industrial energy efficiency
business in 2011 since now. Business no policy driven
Started abroad PV industrial activity through first EPC contract in
Greece with a subsidiary of european major utilities and scouting
in new abroad markets (eg. South Africa)
PV activities as EPC Turnkey and JV providers: target capacity
over 120 MWp in 2012-2013 (PV modules partially included)
Profitability in power generation business through JV and Full
equity plants guaranteed for 20 years
Keep unchanged the dividend value. Net Result in 2011 € 9,048
mln, present a light increase compared to 2010 Net result
Scouting in the hydroelectric sector
“A strong reaction to changes in PV regulatory and incentives”
Page 5
A new business plan: development guidelines
Market overview
• Retreat of foreign investors
• Overproduction of PV panels
• New phase of uncertainty in the regulatory framework in Italy
Competitive
framework
• Increases the incentive decalage
• Introduces restrictions on large ground PV plants and an annual installation cap
New
“Quarto Conto Energia”
• Focus on reduction of production costs and increasing installation quality, e.g. on roof top
• Focus on large utilities investments
Market
changing
TerniEnergia’s challenge to grow
Page 7
A new business plan: PV strategic guidelines
• Property management systems of the PV plants to maximize revenues from incentived fees and sale of produced energy
• Optimization of plant operation and maintenance in order to achieve revenues stability and high margins
• Expansion into foreign countries, attraction strategy of large utilities investors and focus on industrial roof top plants
• Acquired stakes in Lucos Alternative Energies in order to enforce industrial activity and diversifying on energy efficiency business
Page 8
A new business plan: Energy Efficiency guidelines
Market size limited but grew in the late 90's, to reach € 10 billion between the USA and EU in 2008 Hold strong growth over the next 10 years in Europe, even after approval of the Directive “Pacchetto Clima“ European market (EU-25) estimated at least € 75 billion for 2020, with expected growth of 10 times between 2008 and 2020
Energy Efficiency Market Overview
Accredited by the AEEG and the GME
Investments in projects that generate energy efficiency for the
customers
The energy savings generated by our projects amounted to over
200 million kWh
Energy Efficiency Experience
Our activities and our proposal
Identification of intervention areas, verification of technical
feasibility and verification of the economic and financial viability
of the project
Planning of the intervention, supply of materials, execution of
work - retrofitting and upgrading – plant testing
Management and maintenance of the facility, ensuring the
smooth functioning of the same
Industrial Energy Efficiency produces High Margins (over 30%)
Page 9
A new business plan: Energy Efficiency guidelines
Page 10
A new business plan: Energy Efficiency guidelines
Contracts for Energy Spread or Energy Service with Public and Private Target: 34,000 LA in management by 2013, total investments of € 15 mln
Focus: Public illumination Medium and large industrial groups and multi-facility in private lighting
Technologies: ORC (TerniEnergia), motors, inverter, others (es., actions on productivity lines, ecc.)
Achievements "turnkey" for the redevelopment of lighting systems for other energy efficiency Target: 23,000 LA in management by 2013;
Lightning
projects
In FTT
ORC
Organic Rankine
Cycle
Engineering
EPC
Page 11
Industrial Plan Highlights
5%
29%
66%
Total installed PV plants
FE (MWp) JV (MWp) EPC (MWp)
Source: Company information, as at March 31, 2012
Total installed plants 253 Total installed capacity (MWp) 216,4
FE (MWp) 10,4 JV (MWp) 62,1 EPC (MWp) 143,9
Total installed Area lights 401
Energy saved (FY) 242,386 kWh
385.005
142.619
Before project After project
Power consumption
Power consumption
(63% Energy Saved)
Page 12
2011- 2013 Plan: expected growth of new business
Revenues from Power Generation Business 2011 FullEquity and JV plants production 63 mln kWh Expected production for 2012 more than 80 mln kWh
Strenght Growth PV EPC Abroad Installed capacity in 2012 – 2013 Over 120 MWp
National Leadership in Industrial Energy Efficiency field Industrial lighting Over 57.000 areas light Organic Rankine Cycle (ORC) Starting in energy recovery plants installation
Hydroelectric International Scouting
Financial Highlights
2012E
• Revenues: 86 Euro Mln
• EBITDA: 16 Euro Mln
16
86
18
93
0
10
20
30
40
50
60
70
80
90
100
EBITDA Revenues
EBITDA and REVENUES TREND (Euro ML)
2012 E 2013 E
CAGR 2012-2013 = 12%
CAGR 2012-2013 = 8%
Page 14
2012- 2013 Plan: EBITDA and Revenues
2013E
• Revenues: 93 Euro Mln
• EBITDA: 18 Euro Mln
Target 2012E-2013E
EBITDA Margin 2012 E: 18% 2013 E: 19%
10,9
11,5
10,0
11,0
12,0
2012 2013
Capex Targeted 2012-2013 (ML euro)
CAGR 2012-2013 = 8%
Page 15
2012- 2013 Plan: Capex targeted
Total targeted Capex for JV and Energy Efficiency Business D/E 2013: 1.0
Page 16
Industrial and economic-financial results FY2011
Installed Power (MWp) 2007 2008 2009 2010 2011
EPC (MWp) 1,44 6,62 13,10 47,70 52,50
JV (MWp) 1,70 3,99 14,10 29,50 12,70
FE (MWp) 10,40
Total Installed Power (MWp) 3,14 10,61 27,20 77,20 75,60
EPC 39 36 17 46 22
JV 2 5 13 30 11
FE 10
Total Installed Plants 41 41 30 76 43
Avarage MWp 0,076 0,259 0,907 1,016 1,758
Page 17
Financial Results FY2011
Revenues Ebitda
Financial results FY2011 - Euro 9,048 ml (9,022 ml FY2010)
EBITDA 2009 2010 2011
EBITDA 7.313 14.625 15.235
Ebitda Margin 15,6% 14,6% 9,0%
Revenues 2009 2010 2011
Total Revenues 46.831 99.933 169.845
Page 18
Financial Results FY2011
Net Working Capital Net Financial Position
11,0
22,2
54,6
(8,3)
(16,4) (18,7)
0,2 0,2
1,1
-
0,2
0,4
0,6
0,8
1,0
1,2
(30,0)
(25,0)
(20,0)
(15,0)
(10,0)
(5,0)
-
5,0
10,0
15,0
20,0
25,0
30,0
35,0
40,0
45,0
50,0
55,0
60,0
2009 2010 2011
Financial Indebtness Cash and CashEquivqlents NFP/Equity
5,0
68,9
14,0
30,7
77,5
42,6
(22,9)
(83,4)
(29,8) (3,2)
(45,7)
(3,6)
26,1 23,3 15,9
2009 2010 2011
Inventories Trade Receibles
Trade payables Other Assets / Liabilities
NWC/Sales (%)
2009 2010 2011
Financial Indebtness 11,0 22,2 54,6
Cash and CashEquivqlents (8,3) (16,4) (18,7)
NFP 2,7 5,7 35,9
NFP/Equity 0,2 0,2 1,1
2009 2010 2011
Inventories 5,0 68,9 14,0
Trade Receibles 30,7 77,5 42,6
Other Activities 2,7 6,0 3,8
Trade payables (22,9) (83,4) (29,8)
Other Assets / Liabilities (3,2) (45,7) (3,6)
NWC 12,2 23,3 27,0
NWC/Sales (%) 26,1 23,3 15,9
Il business dell’Energy Efficiency Memorandum of Understanding
Cofely Italia – Lucos Alternatives Energies 28.03.2012
Ing. Agostino Albertazzi – Direttore Aggiunto Polo Energia di Cofely Italia Dott. Andrea Marano – Amministratore Delegato di Lucos Alternatives Energies
20 Cofely – Lucos / 28.03.2012
Più siamo, più consumiamo
Consumi mondiali di energia
(fonte: BP statistical review)
Crescita della popolazione mondiale
(fonte: AIE / BP statistical review)
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
9 000
18
60
18
65
18
70
18
75
18
80
18
85
18
90
18
95
19
00
19
05
19
10
19
15
19
20
19
25
19
30
19
35
19
40
19
45
19
50
19
55
19
60
19
65
19
70
19
74
19
79
19
85
19
90
19
95
charbon pétrole gaz hydro & ENR nucléaire
Charbon
Pétrole
Gaz
Naturel
hydraulique
nucléaire
1870 1950 2000
MTep (Millions de Tonnes Equivalent Pétrole)
80 % de
l’énergie est
d’origine
fossile
1900
Invention de
l’ampoule
Avènement de
la fibre optique
X 50
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
9 000
18
60
18
65
18
70
18
75
18
80
18
85
18
90
18
95
19
00
19
05
19
10
19
15
19
20
19
25
19
30
19
35
19
40
19
45
19
50
19
55
19
60
19
65
19
70
19
74
19
79
19
85
19
90
19
95
charbon pétrole gaz hydro & ENR nucléaire
Charbon
Pétrole
Gaz
Naturel
hydraulique
nucléaire
1870 1950 2000
MTep (Millions de Tonnes Equivalent Pétrole)
80 % de
l’énergie est
d’origine
fossile
1900
Invention de
l’ampoule
Avènement de
la fibre optique
X 50
21 Cofely – Lucos / 28.03.2012
Il consumo di combustibile fossile
Esaurimento del petrolio e delle energie
fossili
Concentrazione atmosferica di CO2 e
temperatura media
22 Cofely – Lucos / 28.03.2012
Quali i problemi, quali le opportunità
Le opportunità I problemi
Prezzo
Legislazione
Immagine
Ridurre i costi energetici
Anticipare la legislazione
Incrementare l’immagine
aziendale
23 Cofely – Lucos / 28.03.2012
Cos’è l’Efficienza Energetica
Raw materials
Energy
Staff
…
Goods
…
Energy Efficiency
Energy Efficiency
Energy Efficiency
Manufactory
Boiler Compressed
Air System
24 Cofely – Lucos / 28.03.2012
Economicamente parlando …
CONSUMO x PREZZO = BOLLETTA ENERGETICA
(MWh) (€ / MWh) (€)
EFFICIENZA ENERGETICA x PREZZO = RISPARMIO
(MWh) (€ / MWh) (€)
25 Cofely – Lucos / 28.03.2012
Potenziali risparmi nelle aree tematiche di applicazione dell’efficienza energetica
Air Conditioning
8%
Cogeneration
27%
Bioenergy &
Incineration
9%
Heating
26% Compressed
Air
4%
Process
16%
FMCS
4%Electric
Systems
1%
Motors &
Pumps
3%
Lighting
2%
Heating
35%
Ventilation
10%
Lighting
10%
Building
insulation
5%
Air conditioning
25%
Hot Water
5%Electrical
equipment
10%
INDUSTRIA
RESIDENZIALE
26
GDFSUEZ: Leader nell’efficienza energetica, presente in tutto il mondo
Cofely – Lucos / 28.03.2012
6 Business Lines
5 nell’energia, 1 nei servizi
ambientali
218.900
collaboratori in
70 paesi
117.3 GW capacità
installata*
*Comprende il 100% della capacità degli impianti GDF SUEZ a tutto il 30 Giugno
2011, indipendentemente dall’attuale holding rate.
Secondo fornitore
mondiale di servizi
ambientali
1° Società
nel settore delle
“utilities” nel
Mondo
(Forbes Global 2000)
1° produttore
mondiale indipendente
di energia elettrica
1.100 ricercatori ed
Esperti in 9
Centri di R&S
27
COFELY GDFSUEZ in Italia: Numeri chiave e attività
Cofely – Lucos / 28.03.2012
2.400 collaboratori 50 sedi su tutto il territorio nazionale
5 Società operative Oltre 55.000 clienti tra cui:
Più di 1.000 tra PA, importanti aziende e PMI Oltre 50.000 Utenze Private
3.300 Condomini
6 Aree dedicate all’Efficienza Energetica 3 linee di business:
Energia, Operations, Residenziale & Oil
UN’OFFERTA GLOBALE
28
La Business Line Energia di Cofely Italia
Dati Chiave
Produzione elettricità: 1.900GWh/a
Produzione vapore: 1.400 Kt/a
Consumo gas naturale: 489 MSmc/a
Potenza elettrica totale: 270 MW
Cofely – Lucos / 28.03.2012
29
Lucos Alternatives Energies
Cofely – Lucos / 28.03.2012
L’esperienza di
Lucos nell’efficienza
energetica
Le nostre attività e
la nostra proposta
Lucos è una Società di Servizi Energetici, accreditata presso
l’AEEG ed il GME, controllata da TerniEnergia S.p.A.,
società quotata sul segmento STAR del MTA
Investiamo il nostro capitale in progetti di efficienza
energetica che generano risparmi per il cliente
I risparmi energetici generati dai progetti eseguiti da Lucos
ammontano ad oltre 200 milioni di kWh
Identificazione delle aree di intervento e verifica della
fattibilità tecnica, economica e finanziaria del progetto
Progettazione dell’intervento, fornitura dei materiali,
esecuzione dei lavori – riqualificazione e messa a norma – e
collaudo dell’impianto
Gestione e manutenzione dell’impianto, con garanzia del
buon funzionamento dello stesso
Ris
pa
rmi e
ne
rge
tic
i e
be
ne
fic
i d
i im
ma
gin
e p
er
i c
lie
nti
30
Partnership fra Cofely e Lucos
MEMORANDUM OF UNDERSTANDING DEL 3 NOVEMBRE 2011
TARGET: clienti privati (industrie, società di distribuzione, ecc..) e pubblici
SERVIZI OFFERTI: progetti finalizzati alla riduzione dei consumi energetici primari
(interventi sull’involucro edilizio, sugli apparati elettrici, sugli
impianti meccanici, impianti speciali, gestione
pluriennale degli impianti energetici)
MODALITA’: Finanziamento, progettazione, realizzazione e gestione, con garanzia di
risparmio energetico
Realizzazione “chiavi in mano” o di “EPC” e “O&M”, dietro investimento
del cliente
Cofely – Lucos / 28.03.2012
31
Case Study: uno stabilimento industriale di trattamento dei rifiuti
Autoproduzione di energia elettrica da recupero calore di scarto del processo industriale
Cofely – Lucos / 28.03.2012
Individuazione aree di
inefficienza energetica
Audit energetico preliminare GRATUITO presso lo stabilimento
del cliente
1 2 3
Studio di fattibilità di soluzioni di
efficientamento energetico
Proposta tecnico-economica preliminare stabilimento del cliente
4
FASE 1
Protocollo d’intesa
5 6
Audit energetico dettagliato
Offerta tecnico-economica
impegnativa
7 8 9
Contratto di efficienza
energetica con finanziamento tramite terzi
Progettazione preliminare
FASE 2
