Ebitda (€M) | 2018 recurring | 2023 |
---|---|---|
Generation | 359 | 323 |
Market | 187 | 323 |
Waste | 269 | 381 |
Networks | 406 | 518 |
Other | -29 | -14 |
TOTAL | 1,192 | 1,531 |
Cash Flow Generation 2018-2023 | (€B) |
---|---|
NFP 2018 | 3.0 |
EBITDA | -6.8 |
Change in NWC & other asset liabilities | 0.3 |
Use of Funds | 0.1 |
Taxes | 0.8 |
Net financial expenses | 0.6 |
Dividends | 1.3 |
CAPEX for organic growth | 3.2 |
Gas tenders | 0.5 |
NFP 2023 ordinary | 2.9 |
IFRS 16 | 0.1 |
M&A (RES) | 0.3 |
NFP 2023 | 3.3 |
2018 | 2019 | 2020 | 2021-2023 | |
---|---|---|---|---|
A2A Dividend per Share (€c) | 7.0 | 7.75 | 8.0 | Min +5% yearly |
2018 | 2019 | 2020 | 2021-2023 | |
---|---|---|---|---|
FFO/NET DEBT | 25% | 23% | 26% | Min +26% |
FFO = Ebitda – provisions for bad debt - net interest expense - current tax expense + dividends received
Debt = gross financial debt net of surplus cash + employee benefits + liabilities for landfills
Upsides of
|
Feasibility |
Project list |
EBITDA
|
••••• |
Peak generation technology development | 10 - 30 | |
••••• |
Operational excellence: further Mistral roll-outs | 10 - 20 | |
••••• |
New treatment and recovery waste plants | [NEW] 60 - 80 | |
••••• |
Further public retail tenders gain (e.g. Safeguard) | [NEW] 5 - 10 |
External
|
Feasibility |
Project list |
EBITDA
|
••••• |
DER & RES acquisitions with possible minority interests | 20 - 40 | |
••••• |
Local aggregations | 60 - 70 | |
••••• |
Waste M&A on material recovery plants | [NEW] 10 - 15 | |
••••• |
Market (power and gas retail, flexibility and ESCO) | [NEW] tbd | |
••••• |
Corporate Venture Capital | [NEW] tbd |
Complex
|
Feasibility |
Project list |
EBITDA
|
••••• |
Potential development abroad | 10 - 20 | |
••••• |
Extra investments for “risers”(1) | 5 - 10 | |
••••• |
Generation plants reconversion | 5 - 10 | |
••••• |
Vertical downstream integration on environment value chain | [NEW] 5 - 10 | |
••••• |
B2B services and hazardous waste segments | [NEW] tbd | |
••••• |
Roll-out of pilot innovation projects | [NEW] tbd |
Total possible EBITDA from additional projects is 200 – 300 €M |
(1) Electrical connection from road level to user’s individual apartment
[NEW] not included in last year’s «additional projects list»