The following is excerpted from the question-and-answer section of the transcript.
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Question: Emanuele Oggioni - Banca Akros S.p.A., Research Division - Analyst
: Actually, most of them have already been addressed. So you have basically 2 left. One is on the water business. You mentioned recently that the
A2A footprint in this business is quite limited, only some 5% of the group's EBITDA. And the Italian waterways needs a lot of investments, in particular
in, not in Northern Italy, but in Southern Italy. So I wonder what is your strategies, your expansion strategy in the water business as actually it's very
difficult to close acquisitions in this sector unless there is a regulatory change will push the consolidation. This is my first question.
And the second is on the EUR 8 million positive one-off in generation, I missed your explanation.
Question: Stefano Gamberini - Equita SIM S.p.A., Research Division - Analyst
: A few clarification about the guidance. EUR 1,140 million EBITDA, including EUR 20 million oneoffs. So I guess the adjusted EBITDA is EUR 1,130
million.
The second is still regarding your dividend policy. You spent a guidance of EUR 0.08 as a minimum dividend in 2020. Do you feel comfortable with
this target for 2020? Or we will see during the next presentation what is your target?
And third is regarding 2021. If you can spend a few words or you can just elaborate using blocks, changes that you expect next year. What I mean
is the consensus is now EUR 1,190 million EBITDA. Starting from the current situation, do you think that this is an achievable -- estimate achievable
results for next year? Or do you see some risk on that?
And the final thing regarding the introduction of regional law for hydro generation is on (inaudible) 1 year ago, your estimates in terms of higher
fees from the introduction of this new law on hydro concession was in the region of EUR 15 million, EUR 20 million for 2020. Now considering what
you underlined was introduced by the regional law at the beginning of '20 -- on 2021. What is a reasonable estimate of the impact of fees in 2021
for hydro generation?
Question: Stefano Gamberini - Equita SIM S.p.A., Research Division - Analyst
: Just a quick follow-up, if I may, in order to understand a little bit better the scenario impact. What is the level of hedging you have this year on the
fixed component of power gen?
Question: Stefano Gamberini - Equita SIM S.p.A., Research Division - Analyst
: 3-0 per euro per megawatt hour.
Question: Stefano Gamberini - Equita SIM S.p.A., Research Division - Analyst
: And the hedging price for 2020 in order to compare?
Question: Stefano Gamberini - Equita SIM S.p.A., Research Division - Analyst
: Yes, on waste, waste treatment.
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