The following is excerpted from the question-and-answer section of the transcript.
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Question: Stefano Gamberini - Equita SIM S.p.A., Research Division - Analyst
: Good afternoon, everybody. Few questions also from my side, if I may. First of all, regarding next year, could you help us understand if you expect
an improvement in EBITDA or a decline? I don't know substantially stable trend, considering the different businesses and which are the plus and
the minus that could impact on 2021? I guess, for example, the scenario, which impacted negatively in 2020 should improve, but on the other, I
noticed that the hedging for '21 is EUR 50 per megawatt hour versus the EUR 58 in the last few months of this year. So I don't know if power gen
should improve or not, just to understand what could be the trend next year.
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NOVEMBER 12, 2020 / 1:30PM, A2.MI - Nine Months 2020 A2A SpA Earnings Call
The second question regarding the waste business. If I'm not wrong, the regulator should introduce in 2021 regulated price also for urban waste
treatment and the regulator aim was to introduce a RAB system. So in my estimate, this could be negative for your tariff if they apply this system
for all the treatment plants that you have for urban waste. And so what are your talks with the regulator and what do you expect on this topic next
year?
Then the last question regarding the guidance on the free cash flow, you underlined that the free cash flow should worse by EUR 300 million,
excluding M&A, but if I'm not wrong, also in the 9 months, there was an impact in the region of EUR 100 million of additional debt from M&A. So
could you elaborate a little bit more also considering that we are at the end of the year what could be on top of this EUR 300 million of worsening
in free cash flow rise in the impact arising from M&A?
Question: Stefano Gamberini - Equita SIM S.p.A., Research Division - Analyst
: Okay. Just a quick follow-up. You said that the consensus could be reasonable. Could you give me an idea what is the figure you have in front of
you for consensus?
Question: Stefano Gamberini - Equita SIM S.p.A., Research Division - Analyst
: And regarding the free cash flow?
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