IREN
PRESENTATION
EXANE EVENT
21st April 2021
FY 2020 A year of growth despite the pandemic
m€
Revenues
Ebitda
Ebit
Group net profit
Tech. Capex
PFN
KPIs | EBITDA BRIDGE (m€) | ||||||||||||||
FY '19 | FY '20 | Δ% | +1.1% | ||||||||||||
+5.7% | |||||||||||||||
4,275 | 3,725 | -550 | -12.8% | ||||||||||||
927 | |||||||||||||||
917 | 927 | 10 | 1.1% | 917 | 858 | 14 | 15 | 46 | 1 | 907 | 20 | ||||
452 | 416 | -36 | -8.0% | (59) | (27) | ||||||||||
236 | 235 | -1 | -0.4% | |||||||
524 | 685 | 161 | 30.7% | |||||||
2,706 | 2,948 | 242 | 8.9% | FY '19 One off '19 | Networks | Waste | Energy | Market | Others | One off '20 FY '20 |
- Revenues -12.8%: decrease mainly in the energy value chain caused by lower volumes and prices and strategic choices in market BU
- Ebitda +1.1%: Positive results leveraging on clients' portfolio margins normalization, organic growth and consolidation despite a difficult scenario affected by Covid for 15 m€ and a negative impact from regulation of 10m€.
- Ebit -8.0%: higher depreciations and provisions to bad debt due to the emergency partially offset by a release of a provision fund for 19m€
- Group net profit -0.4%: reduction in the cost of debt and a temporary lower tax rate
- Tech. Capex +30.7%: strong capex plan following business plan assumptions.
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FY 2020 Main 2020 takeaways and 2021 guidance
MAIN FY 2020 TAKEAWAYS
- Ebitda increase despite pandemic and several positive one-offs reported last year
- Negative Covid impact on Ebitda: 15m€
- M&A activism confirmed
- Investment plan confirmed
- Dividend proposed to AGM of 9.5 €c/share (+2.7% vs 2019)
2021 EXPECTATIONS
Organic growth leveraging on further capex acceleration
Energy scenario: recovery in volumes and prices
Integration of consolidated companies
COVID impacts on:
- Ebitda impact not more than 10m€
- Net working capital around 40m€ (from 60m€ in FY2020)
- Credit losses up to 10m€
In light of the previous elements, we provide the following FY 2021 guidance
GUIDANCE ON 2021
- Ebitda: 960/970m€
- NFP/Ebitda: ̴3.4x
- Capex: ̴800m€
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BP@2025 Strengthening our local leadership…
W e c o n t i n u e t o a c t i n o r d e r t o i m p r o v e o u r l e a d i n g p o s i t i o n a s
m u l t i - b u s i n e s s o p e r a t o r i n o u r r e f e r e n c e a r e a s
3 r e f e r e n c e r e g i o n s w i t h m o r e t h a n 7 million
inhabitants s e r v e d
G e o g r a p h i c e x p a n s i o n t h a n k s t o M&A
t r a n s a c t i o n s
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BP@2025 … to go national
1 s t n a t i o n a l p l a y e r i n
C o r e p l a p l a s t i c s s e l e c t i o n a n d i n p l a s m i x t r e a t m e n t
T o p o p e r a t o r f o r t h e w i d e s t | ||
r a n g e o f h i g h v a l u e - a d d e d | 1 s t o p e r a t o r i n d i s t r i c t | |
p r o d u c t s | a n d s e r v i c e s s o l d | h e a t i n g |
t o | o u r c l i e n t s |
T h e c u r r e n t n a t i o n a l l e a d e r s h i p i n s p e c i f i c a c t i v i t i e s m a k e s u s c o n f i d e n t i n
s c a l i n g u p o u r s i z e i n s o m e v e r t i c a l b u s i n e s s s e c t o r s
WASTE | CLIENTS | ENERGY EFFICIENCY | ||||
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IREN S.p.A. published this content on 07 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 October 2022 10:11:08 UTC.