A2A AMBIENTE TOWARDS A CIRCULAR ECONOMY · GDH G DH DH DH DH DH G G PL PL PL C C C C C C C C C C...
Transcript of A2A AMBIENTE TOWARDS A CIRCULAR ECONOMY · GDH G DH DH DH DH DH G G PL PL PL C C C C C C C C C C...
A2A AMBIENTE TOWARDS A CIRCULAR ECONOMY
July 2017
Environment BU
2This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
INDEX
A2A
- AT A GLANCE
- STRONG COMMITMENT TO SUSTAINABILITY
- SUSTAINABILITY PLAN GOALS
Pag. 3-5
CIRCULAR ECONOMY
- FROM LINEAR ECONOMY TO CIRCULAR ECONOMY
- EU TARGETS
- WASTE MANAGEMENT – EU STARTING POINT
6-8
A2A AMBIENTE – ENVIRONMENT BUSINESS UNIT
- GROUP STRUCTURE
- KEY NUMBERS
- BUSINESS MODEL
9-11
A2A AMBIENTE CONTRIBUTION TO CIRCULAR ECONOMY
- DEVELOPMENT PLAN
- COLLECTION
- MATERIAL RECOVERY
- ENERGY RECOVERY
- INDUSTRIAL WASTE
12-16
KEY TAKEAWAYS 17
ANNEXES
WASTE CIRCULAR ECONOMY – FROM THEORY TO PRACTICE 18
CIRCULAR ECONOMY IN ITALY – GLASS, PAPER, ORGANIC FRACTION, PLASTIC 19-22
WTE - SYNERGIC TO RECOVERY FOR ZERO LANDFILL TARGET 23
3This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
G
G
G G
GG
A2A AT A GLANCE
Legenda
EnvironmentWaste collectionTreatment plantsBiogas/Biomass plantsWaste-to-Energy
Generation & Trading HydroelectricCCGT CoalFuel OilSolarPL
G
DHE GW
GW
E G
EDHG
G DH
DH
DH
DH
DH G
G
PL
PLPL
C
C
C
CC
C
C
C
CC
A2A Footprint
Financial Highlights(1) Group net income
adjusted for the impact of extraordinary items: 377 €M in 2016; 278€M in 2015; 175€M in 2014; 156€M in 2013
0.8%
3.1%
25.0%
25.0%
46.1%
100.0%46.1%
53.9%
Free Float
Municipality of Milan
Municipality of Brescia
Norges Bank
A2A S.p.A. (treasury shares)
46.1%Total
GENERATION & TRADING
352 €M 31%
ENERGY RETAILENVIRONMENT
120 €M 11%
EPCG(Montenegro)
69 €M 6%
NETWORKS & HEATSMART CITY
6 €M 1%
NETWORKS HEAT
69 €M 6%285 €M 25%231 €M 20%
E
NetworksElectricityGasWaterPublic Lighting
HeatCogen. & thermal plantsThermal solar plantsDistrict Heating
Foreign (Montenegro)HydroelectricCoalElectricity Networks
C
EGWPL
DH
2016EBITDA(2)
A2A shareholding structureat 31 December 2016
E
Montenegro
Lombardy
Italy
(2) Equal to 1,132 €M, calculated as Reported EBITDA (1,231 €M) net of non recurring items (128 €M) and EBITDA from “Corporate” (-29 €M)
4This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
A2A STRONG COMMITMENT TO SUSTAINABILITY
30 actions by 2020
Piano Industriale 2015-2019
Piano di Sostenibilità 2014
GOALS and TARGETS 2030
ACTION and ENABLING DRIVERS - 2020
2030 10/17 goals
The sustainability policy and the 2030 commitments
SDG vs.
VALUE CHAIN
CIRCULAR ECONOMY
DECARBONIZATION SMART GRID AND SERVICES PEOPLEINNOVATION
OUR
2030PATH
FROM TO
Develop asustainable waste
management approach for the entire life cycle
Contribute to the achievement of the
national and European objectives to reduce
GHG emissions
Increase the reliability of grids and services by increasing
the investments in technological innovation
Actively contributing to community welfare
and improved working conditions
5This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
A2A SUSTAINABILITY PLAN GOALS
CIRCULAR ECONOMY
DECARBONIZATION
SMART GRID AND SERVICES
PEOPLEINNOVATION
2016 results2020 goals
99.0%
67.0%
80.0%
56.2%
84%
98.86%Urban waste sent for recycling or energy recovery
Separated waste collection in the communities served
Impact of the recovery capacity of the material in the Group's plants on the urban waste collected
392.5
-234
1,260
Carbon intensity in electricitygeneration (gCO2/kWh)
CO2 avoided thanks to the extension of the district heating network (ktonnes/year)
Green electricity sold (GWh)
417
769
-161
The CSI Total in “multi-client of reference” surveys (CERVED DataBank) with a value never below
90%
customers with online A2A Energia services400,000
Million euro invested in the Smart City area10
268,818
1.9
92.4%
regional workshops with 30 actions to be implemented
inspections/year at the roadwork sites of the A2A Group
Target employees involved in SmartWorking projects
15
4,000
20%
2 workshop (11 actions)
1,406
5%
2020 goalalready achieved
Increase in waste treatment capacity (urban and special waste) aimed at recovering material at the Group’s plants
+86% vs 2015
+151% vs 2015
6This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
CIRCULAR ECONOMY
residualmaterials
use
resources
production
design/development
materialand energyrecovery
LINEAR ECONOMY
Made
resources waste
use disposal
CIRCULAR ECONOMY
Waste management plays an important role in moving States towards the development of a circular economy accordingto EU Directives.
Waste management must help to reduce the consumption of raw materials and energy from conventional sources
FROM LINEAR ECONOMY TO CIRCULAR ECONOMY
7This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
CIRCULAR ECONOMY
On 24 January 2017, the ENVI* Committee voted to approve an amendment of the draft waste package that includes the legislation on waste, landfills, packaging and vehicle, battery and electronic equipment recycling.
Raise the share of recycled waste to 70% by 2030, with an interim target of 50% in 2020Currently 44% of municipal solid waste in the EU is being recycled
80% recycling of packaging waste (paper and cardboard, plastics, glass, metal and wood)
Limit landfilling to 5%. This is a further reduction from the 10% suggested in the draft legislative package.As many countries still have high rates of landfilling there will be a five year extension for countries with morethan 65% landfilling
Introducing targets for food waste. It is suggested to achieve a 50% reduction of food waste by 2030(30% by 2025) as compared to 2014
* Environment Committee of the European Parliament
EU TARGETS
Circular Economy: expected benefits• Growth & job creation/ up to +7% GDP
i. Up to 600 €B in savings/8% of annual turnover for business in the EU
ii. Estimated 170,000 direct jobs in waste management sectors created by 2035
• Boosting competetiveness and ensuring security of supply
• Building economic and environmental resilience
• Encouraging innovation
• Reducing total annual Greenhouse Gas Emissions by 2-4%
8This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Discarica WtE Recupero
TREATMENT
The most virtuous cases show that
countries with the highest energy
recovery rates tend to have high
recycling rates 100% Landfill
ZeroLandfill
CIRCULAR ECONOMYWASTE MANAGEMENT - EU STARTING POINT
Source: Eurostat data 2015*last data available from 2014
The more advanced EU countries have achievedthe substantial cancellation of the landfillthrough synergistic actions to increase separatecollection and to maintain a significant share ofwaste-to-energy production.
Italy, with its 26% landfill, is still farfrom European standards.
RecoveryLandfill
WASTE MANAGEMENT IN EUROPE - KEY ELEMENTS
Only around 40% of the waste produced by EU households is recycled
The share of recycling and composting among waste treatment methods ranges from 64% in Germany to 12% inMalta and Slovakia (EU average: 44%);
Seven Member States landfill less than 10% of their municipal waste, while eight Member States landfill over70% of their municipal waste (EU average: 28%);
The amount of municipal waste per capita and per year varies from 254 kg in Romania to 758 kg in Denmark (EUaverage: 474 kg)
FOCUS: TREATMENT
Waste managementis part of the
transition towards
a circular economy
Waste managementis part of the
transition towards
a circular economy
9This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
A2A AMBIENTE - ENVIRONMENT BUGROUP STRUCTURE
100%
100%
51%
Main controlled companies: Rieco (100%) Resmal (100%) Galli Ecologistica (100%) Resmal Ecologistica (100%) Ecolombardia 4 (69%) SED (80%) ASRAB(70%) Bioase (70%)
Treatment, recovery, disposal, engineering, sales and industrial waste management
Municipal Solid Waste (MSW)collection and street cleaning
100% 90%
Environment division
64%
10This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
A2A AMBIENTE - ENVIRONMENT BU
Financial Highlights (€M)
2016 2015
Revenues 852 810
EBITDA 240 210
EBIT 165 147
€M
Over 3 million people served with MSW management and street cleaning
Over 5,600 employees* (including new acquisitions)
4.9 million ton overall managed waste (collection + treatment + disposal)
1.6 billion kWh electric energy recovered from waste
1.3 billion kWh heat energy recovered from waste
KEY NUMBERS
* Full Time Equivalent (FTE)
11This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
A2A AMBIENTE – ENVIRONMENT BUBUSINESS MODEL
COLLECTION RECYCLING & TREATMENT WtE LANDFILLFINAL ENERGY
RECOVERYACTIVITY
PROCESS
URBAN WASTE
INDUSTRIALWASTE
OUTPUT OF PROCESS
Selection-recycling
plants
Waste, collection and street cleaning
Sorted
Unsorted
Compost, glass, paper/cardboard,
plastic, inertmaterials
MBT plants and SRF production
plants
Biodryedmaterials
Waste to Energy plants
Heatand power
Residualand ashestreatment
Residual waste, intert materials
and metals
Landfill
Biogas
Powerproduction from biogas
plants
Power
BU Environment operates along the whole waste management value chain, including engeneering activities and R&D
12This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
Development for external lines with M&Aoperations
Investments in own plants with greenfieldoperations
Improve existing facilities to increaserecovery rate and treatment capacity
A2A AMBIENTE CONTRIBUTION TO CIRCULAR ECONOMYDEVELOPMENT PLAN
A2A'S STRATEGIC PLAN PROVIDES A REALUNCH-BASED DEVELOPMENTA2A'S STRATEGIC PLAN PROVIDES A REALUNCH-BASED DEVELOPMENT
FOCUS ON CORE BUSINESS INTEGRATION IN THE VALUE CHAIN TERRITORIAL EXPANSION
2016 2017 2021
Total EBITDA (€M) 240 263 341
- Collection 75 74 74
- MSW treatment 153 179 252
- Industrial waste treatment 2 8 15
- International projects 1 1 0
- Not recurring 9 1 0
2016 2017 2018-2021Total CAPEX
2017-21
Total CAPEX (€M) 102 152 550 702
Development 61 89 396 485
Maintenance 41 63 154 217
RE-USE
ENERGY RECOVERY
MATERIAL RECOVERY
PREVENTION
DISPOSAL
Change in product life-cycle
Extension of the productuseful life
Controlledlandfill
Recycling, composting
Waste-to-Energy, anaerobic digestion
Strong focus on the
development of material recovery
Environment Business
Unit to be the largest contributor
to A2A Growth
Environment Business
Unit to be the largest contributor
to A2A Growth
13This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
A2A AMBIENTE CONTRIBUTION TO CIRCULAR ECONOMYCOLLECTION
TARGETTARGET
2,700
3,580
3,940
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
2014 2015 and 2016 @2020
More inhabitants served with collection and street cleaning: +100,000 inhabitants
every year by tendering in target selected areas able to guarantee certainty of payment
BP Target : covering more than 3.9 million
+660 kpM&A operation
LGH - LABICO
+220 kpAwarded tenders
2015-2016
DELIVERING OUR PLAN @ 2021DELIVERING OUR PLAN @ 2021
Reinforce leading position in Italy levering on geographic proximity:
Improving services efficiency and sustainability by applying new technologies
Benefit form vertical integration supporting A2A’s collection services levering on owned recovery andtreatment facilities and securing contracts for the supply of waste to the treatment plants
Target BP
@2021
Served inhabitants[Thousand]
14This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
312354
607
1,110
2014 2015 2016 @2021
M&A Rieco-RESMAL paper
200kt (completed)LGH paper/plastics
53kt (completed)
+128 ktPlants efficienciesCastenedolo paper
100kt -Asti glass20kt - Other 8kt
+375 ktSix plants already designed for material treatment after
separate collection including 2 plants for plastics selection with authorization already
presented in Q3 2016 -(45kt each)
A2A AMBIENTE CONTRIBUTION TO CIRCULAR ECONOMY MATERIAL RECOVERY
TARGETTARGET
DELIVERING OUR PLAN @ 2021DELIVERING OUR PLAN @ 2021
Became a leader in recovery of material by building new assets and selective acquisitions
Increased recovery capacity +500k/t (+45% recovery capacity Plastics, Paper, Food waste)
Treated waste [Thousand t]
More in-depthin the Annexes
15This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
1,900 2,000
2,400
2,820
2014 2015 2016 @2021
+165 kt Plants efficiency
Flow Optimization Brescia and Milan
WtEs
+255 kt2 projects ongoing
Corteolona: VIA already obtained San Filippo del Mela
M&A LGH
TARGETTARGET
DELIVERING OUR PLAN @ 2021DELIVERING OUR PLAN @ 2021
Reinforce energy recovery leading position in Italy by building new assets
Increased in WtE capacity +400 kt/y (+20% capacity)
Treated waste [Thousand t]
A2A AMBIENTE CONTRIBUTION TO CIRCULAR ECONOMY ENERGY RECOVERY
More in-depthin the Annexes
16This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
DELIVERING OUR PLAN: @ 2021DELIVERING OUR PLAN: @ 2021
Reinforce leading position in Italy levering on:
Increase capacity in storage and pretreatment through M&A operations
Partnership with EU big operators to enforcing market position
Increase presence on Italian Market for Hazardous WtE from 37% up to 44% thank totechnological optimization of existing asset
Operational excellence: standardization of operating process and creation of a global organizationfor commercial development, target: developing new offers covering the whole wasteproduction
A2A AMBIENTE CONTRIBUTION TO CIRCULAR ECONOMY
230
+163
568
2015 2016 @2020
+174 kt Plants efficiencies :WtE Filago 25kt
Inertization plant Giussago 45ktSED platform revamping 95 kt
Other 9kt
+163kt from M&ALGH landfill 100kt (2016
completed)LGH liquid waste treatment plant 63kt (2016 completed)
Business Plan target400 kt
TARGETTARGET
@2021
INDUSTRIAL WASTE
17This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
Business Plan 2017-2021 targets: challenging but achievable thanks to the positive track record
Environment BU to lead the Group growth
A2A Ambiente strengths: critical mass, business and technologic diversification, presence along the whole value chain
A2A focus on circular economy fully compliant with the upcoming EU regulation
KEY TAKEAWAYSA2A AMBIENTE
18This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
WASTE CIRCULAR ECONOMYFROM THEORY TO PRACTICE
Circular economy in waste treatment to be economically feasible and effective has to include WtE for exploitation of energy content in residual non recyclable waste and has to foresee a minor % of treated rejects to be landfilled or
sent to underground safe storage
Annexes
19This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
CIRCULAR ECONOMY IN ITALY - GLASSA VERY WELL ESTABLISHED VALUE CHAIN
Collection: 117,000 t/a (7% of national)
Treatment plant for recycling Asti (AT)
Capacity: 180 kt/y (10% of national ) 85% recycled in O-I glass factory 5% recycled to ceramic industry 10% rejects to landfill
Over 300 M bottles with recycled glass
Glass Production: 2,343 kt/a #
Separate collection 1,747 kt/a*
27.8 kg/capita per year 12.5% of separate collection
Recycled glass 71% #
288,000 tep overall energy saving #
Over 3M t raw material saving #
Over 1.8 Mt CO2 eq totale emission saving#
Glass as circular economy in ItalyGlass as circular economy in Italy A2A contribution to glass circular economyA2A contribution to glass circular economy
Data sources:* ISPRA report 2016 (data 2015)# COREVE report 2016
Annexes
20This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
CIRCULAR ECONOMY IN ITALY - PAPERA VERY WELL ESTABLISHED VALUE CHAIN
Paper circular economy in ItalyPaper circular economy in Italy A2A contribution to paper circular economyA2A contribution to paper circular economy
AS IS Consumer circuit paper 4,585 kt/y #
Separate collection 3,149 kt/y* + 500 kt industrial package 51.5 kg/capita per year *
Recycled paper: 3,653 kt/y (80%) + 20% to energyrecovery #
Saved wood 984 kt/y Energy saved 12,446 TJ/y (297,000 tep) 906 kt/y CO2 eq total emission saving
AS IS Paper Separate Collection: 156 kt/y (5% of
national) 4 Paper selection plant: 200 kt/y paper with
treatment capacity of over 340 kt/y Serving paper mill plants all over the world
Data sources:* ISPRA report 2016 (data 2015)# COMIECO paper report 2016° https://chemistry.stackexchange.com
TO BE No significant new actions in value chain required Mainiteining the same level of efficiency
4 plants 50,000 mq 100 employees 90 collection vehicles Over 1,200 containers,
press located on clients sites
Annexes
21This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
CIRCULAR ECONOMY IN ITALY - ORGANIC FRACTION TECHNICALLY SOLVED BUT TO BE IMPLEMENTED
Organic fraction circular economy in Italy A2A contribution to organic fraction circular economy
AS IS Separate collection 6,071 kt/y *
94 kg/capita per year 43 % of separate collection
Material recovery (compost)1,761 kt/y #
Biogas production 275 M Nm3 #
Energy production 550 GWh #
Over 100,000 tep saving #
3.5 Mt Co2 eq. saving #
compared to landfill
AS IS Collection: 422 kt/y (7% of
national ) Treatment of over 50 kt/y
organic fraction
TO BE A2A dev plan foresee in
2018-2020 construction of 4 new plants for treatment of about 300 kt/a and production of 21M Sm3/y biomethane
Data sources:* ISPRA report 2016 (data 2015)# CIC report 2017
TO BE Upgrading to biomethane
production Biomethane potential
production 260M Sm3 corresponding to: Consumption of
11,800 wastecollection vehicle
Thermal domesticconsumption of 660 k people
Overall Energy saving202,600 tep
Annexes
22This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
CIRCULAR ECONOMY IN ITALY - PLASTICSTILL LOW RECYCLABILITY RATE
Potential plastic circular economy in Italy A2A contribution to plastic circular economy
AS IS Consumer circuit plastics over 2,000 kt/y Separate collection 1,178 kt/y
16.7 kg/capita 8.4% of overall separate collection
Recycled plastics 500 kt/y 90,000 tep saved
In Italy only 50% of separately collected plastic is recycled In EU 2014 30 % recycling, 40% energy recovery, 30% landfill
Main issue: plastic is made of many different polimers: (PET, HDPE, PVC, LDPE, PP, PS) difficult to separate (both manually by people and mechanically) Different recycling technologies Many players involved in recycling chain
AS IS Plastic Separate Collection: 73.3 kt/y (6%
of national)
TO BE A2A dev. plan foresee in 2018-2020
construction of 2 new plants for treatment of 90 kt/y and production of 45 ktrecovered materials ready for recycling
Data sources:* ISPRA report 2016 (data 2015)# EU plastic report 2017**https://www.webstaurantstore.com/blog/2038/plastic-recycling-numbers-and-symbols.html
TO BE Improve mechanical selection rate and quality Polymer separation technologies Foster R&D to improve recycling processes (from separated
polymers to prime costituents) If 50% of consumer circuit plastics (1,000 kt/y) would be
recycled extra 90,000 tep saved
When plastic recycling is no longer the most sustainable option, energy recovery is the complementary alternative.
Both options complement each other and help realize the full potential of plastics waste.
*
**
Recycling Energyrecovery
Annexes
23This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
ENERGY RECOVERY WTE - SYNERGIC TO RECOVERY FOR ZERO LANDFILL TARGET
WtE in ItalyWtE in Italy A2A role in WtEA2A role in WtE
AS IS Total MSW: 29,524 kt (100%) Separate collection 14,021 kt (47.5%) Residual fraction: 15,503 kt (52.5%)
255 kg/capita per year *
41 WtE operating (26 north, 8 center and 7 south) with 6,100 kt (including some special waste fractions)
Still strong dependance on landfill (26%): similar to status of Germany in 2000
AS IS Collected residual fraction: 510 kt/y (3.3% of national) Pretreatment: 10 MBT plants: 1,000 kt/y 7 WtE including the three biggest in Italy : 2,000 kt/y
(30% of national) EE recovered from WtE 1,350 GWh/y corresponding to
consumption of 80,000 flats Heat recovered from waste 1,800 GWh/y
corresponding to consumption of 60,000 flats
Data sources:* ISPRA report 2016 (data 2015)
TO BE The need of new WtE in Italy can be estimated in 6,000 kt of
additional capacity with a CAPEX need of about 6 B€ with the following hypotesis**
Considering a target of 65% separate collection Aiming at going to zero landfill Full WtE of pretreated residual fraction and rejects from
separate collection
TO BEA2A development plan foresee in 2018-2020 constructionof 1 new WtE for treatment of 250 kt/y
The evolution of waste management in UE top countries that havereached 0 landfill since many years shows that WtE and recycling growsin parallel in a synergic framework
**Data sources:Studio Leap Politecnico di Milano 30.09.2015
Annexes
24This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.
A2A Investor Relations Team
Mail: [email protected]
Phone: +39 02 7720 3974
http://www.a2a.eu/en/investor/
CONTACTS AND IR PRODUCTS
a2a2017Investor Guidebook
InvestorDatabook(excel file)
Concise and thorough insight in the A2A Group in the form of a longpresentation divided into three main parts: Our World, Our Results and OurResponsibilities. The selected contents are all publicly available information,which you may find spread across a large number of Company documents
• Historical economic, financial and operational company data as of 2008 –on annual and quarterly basis
• Economic, financial and operational data useful for building A2A earningsmodel – 2015 FY reported and 2016-20 BP forecast
• Tables of the Investor Guidebook mainly relevant to a quantitative analysis
Periodic update service for investors
and analysts on the significant steps of
A2A Business Plan – such as relevant
investments, new projects,
achievements, contracts, agreements.
If you wish to subscribe to the service,
please visit A2A website at the
following link
http://www.a2a.eu/en/investor/overvi
ew/newsletter/
Brief and synthetic document that shows the highlights and the strengths ofA2A business model
Moreover A2A publishes the following documents in the Investor Library Section on A2A website:• Documents prepared by the Market Analysis, Modeling and Pricing Unit of A2A
- Overview of the Italian Energy Market (yearly basis)- Notes on energy and environmental markets (quarterly basis)
• Documents prepared by Divisional Managers of A2A- A2A Environment BU- A2A Networks & Heat BU- Main Regulatory Issues for Investors
Newsletter
Publications
The publications are available at the following link: http://www.a2a.eu/en/investor/guidebook/
a2a2017Company Profile
This document has been prepared by A2A solely for investors and analysts. This document does not constitute an offer or invitation to purchase or subscribe any shares or other securities and neither it nor any part of it shall
form the basis of or be relied upon in connection with any contract or commitment whatsoever. Some information contained herein and other material discussed at the meetings may include forward-looking information based
on A2A’s current beliefs and expectations. These statements are based on current plans, estimates, projections, and projects and therefore you should not place undue reliance on them. Forward-looking statements involve
inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited
to changes in global economic business, changes in the price of certain commodities including electricity, gas and coal, the competitive market and regulatory factors. Moreover, forward-looking statements are current only at
the date on which they are made.