EBITDA
| Ebitda (€M) | 2017 recurring | 2022 |
|---|---|---|
| Generation | 353 | 348 |
| Market | 173 | 265 |
| Waste | 251 | 346 |
| Networks | 387 | 446 |
| Other | -29 | -14 |
| TOTAL | 1,135 | 1,391 |
Capex plan
| Capex 2018-2022 (€M) | Capex 2018-2022 (€M) | Capex 2018-2022 (€M) | |||||
|---|---|---|---|---|---|---|---|
| Development | 1,538 | Regulated | 1,278 | Networks | 1,435 | ||
| Maintenance | 1,122 | Quasi regulated | 964 | Waste | 712 | ||
| Mandatory | 105 | Merchant Low volatility | 49 | Generation | 314 | ||
| Merchant High volatility | 474 | Market | 184 | ||||
| Other | 120 | ||||||
| Total | 2,765 | Total | 2,765 | Total | 2,765 | ||
Cash flow generation 2017-2022
| Cash Flow Generation 2017-2022 | (€B) |
|---|---|
| NFP 2017 | 3.2 |
| EBITDA | -6.4 |
| Change in NWC & other asset liabilities | 0.2 |
| Use of Funds | 0.1 |
| Taxes | 0.8 |
| Net Financial Expenses | 0.6 |
| FFO (1) | -1.5 |
| CAPEX | 2.8 |
| Dividends | 1.1 |
| NFP 2022 ordinary | 2.5 |
| Change in perimeter (2) | 0.5 |
| NFP 2022 | 3.0 |
(1) Funds from operations after working capital change
(2) M&A price and NFP at closing
Dividends & FFO/debt 2017-2022
| 2017 | 2018 | 2019 | 2020-2022 | |
|---|---|---|---|---|
| A2A Dividend per Share (€c) | 5.8 | 6.7 | ~7.5 | Min +5% yearly |
| 2017 | 2018 | 2019 | 2020-2022 | |
|---|---|---|---|---|
| FFO/NET DEBT (€c) | 22% | 22% | 22% | Min +24% |
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
Additional projects
Upsides of
|
Feasibility |
Project list |
EBITDA
|
••••• |
Operational excellence: further Mistral roll-outs | 10 - 30 | |
••••• |
Gas networks: further growth through additional gas tender | 5 - 15 | |
••••• |
Geographical growth in environmental business | [NEW] tbd | |
••••• |
New energy solutions additional development | [NEW] 5 - 10 |
External
|
Feasibility |
Project list |
EBITDA
|
••••• |
Local aggregations | 70 - 90 | |
••••• |
DER & RES acquisitions (mainly PV) with possible minority interests | 20 - 40 | |
••••• |
Flexibility and ESCO | [NEW] tbd | |
••••• |
Public lighting & gas networks M&A | [NEW] tbd |
Complex
|
Feasibility |
Project list |
EBITDA
|
••••• |
Potential development abroad | 10 - 20 | |
••••• |
Extra investments for primary stations & “colonne montanti”(1) | 5 - 8 | |
••••• |
Generation plants reconversion | 5 - 10 | |
••••• |
Heat transportation backbone Cassano-Milano | 50 - 60 | |
••••• |
Peak technologies development | [NEW] 5 - 15 | |
••••• |
Business adjacencies on economy of scarcity (food tech, …) | [NEW] tbd |
(1) Electrical connection from road level to user’s individual apartment
[NEW] not included in last year’s «additional projects list»