The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Stefano Gamberini - Equita SIM S.p.A., Research Division - Analyst
: Two quick question from my side. First, regarding the impact, the potential impact that you can have in 2021 and '22 on this spectating. You
underlined that in 2020, there was an impact EUR 10 million due to the weak fuel prices and gas prices. Could you remind us what is the time lag
in order to have the opposite effect on the figures? So if the full impact will arrive in '21, what is more or less the money could considering the
current market prices, both gas and electricity?
And the same question regarding the water. In the water, you recorded a very good improvement in '20. Could you help us understand what is
the expectation for '21? The second, regarding the CapEx plan. You stressed that you have EUR 1.1 billion of investments, like-for-like, excluding
M&A, if I understood correctly. If I'm not wrong, in 2022, there should be a huge acceleration of these investments.
So considering that, theoretically, you need all the authorization by far in advance to go ahead with all these investments. Could you help us to
understand what could be the further acceleration that we can expect in 2021 in terms of CapEx, considering the 2020, the EUR 700 million, you
already reached your peak level, historical peak level. So a little bit worried if this acceleration should be reached in 2021 and in particular, in 2022?
Question: Stefano Gamberini - Equita SIM S.p.A., Research Division - Analyst
: Absolutely. Just to be clear, so you expect despite that is challenging this increase to 1.05 billion US CapEx in 2021, even a further acceleration in
2022, if I understood correctly, because you used to have all -- you have all...
|
