Slide 1: 1stH 2019 Consolidated Results
1stH 2019 CONSOLIDATED RESULTS Gruppo Ascopiave 1stH 2019 CONSOLIDATED RESULTS Conference Call Pieve di Soligo, 6th August 2019 Gruppo 1
Slide 2: Contents
Contents 1stH 2019 CONSOLIDATED RESULTS Premise ……………………………………………………….……………………………………………………………………………………………………………………………….…. Pag. 3 Financial highlights ……………………………………………………………………………………………………………………….……………………………………… Pag. 5 Companies consolidated with full and with net equity consolidation method …… Pag.
Slide 3: Contents: Premise
Contents 1stH 2019 CONSOLIDATED RESULTS Premise → Ascopiave - Hera term sheet Financial highlights Companies consolidated with full and with net equity consolidation method Companies held for sale Disclaimer Premise 3
Slide 4: Ascopiave – Hera term sheet
Ascopiave – Hera term sheet 1stH 2019 CONSOLIDATED RESULTS On 17 June 2019, Ascopiave S.p.A. and Hera S.p.A. have signed a binding term sheet which regulates the terms of a complex operation that provides, among other things, the sale of the shareholdings held by the Ascopiave Group in Sinergie Ital
Slide 5: Contents: Financial highlights
Contents 1stH 2019 CONSOLIDATED RESULTS Premise Financial highlights → Ascopiave Group structure as of 30th June 2019 → 1stH 2019 consolidated income statement → Consolidated balance sheet as of 30th June 2019 Companies consolidated with full and with net equity consolidation method Companies held f
Slide 6: Ascopiave Group structure as of 30th June 2019
Ascopiave Group structure as of 30th June 2019 1stH 2019 CONSOLIDATED RESULTS 100% Companies held for sale: 100% 89% 100% 51% 100% 48,999% 48,86% 49% 100% 100% Gas distribution Gas sales Other activities 100% Jointly-controlled companies: 100% - sale companies: Asm Set / Estenergy - distribution com
Slide 7: 1stH 2019 consolidated income statement
1stH 2019 consolidated income statement 1stH 2019 CONSOLIDATED RESULTS (Thousand of Euro) 6M 2019 6M 2018 Chg Chg % Revenues 60.816 65.242 (4.426) -6,8% (Cost of raw materials and consumables) (719) (1.232) 513 -41,6% (Cost of services) (15.001) (14.970) (31) +0,2% (Cost of personnel) (7.560) (7.726
Slide 8: Consolidated balance sheet as of 30th June 2019
Consolidated balance sheet as of 30th June 2019 1stH 2019 CONSOLIDATED RESULTS (Thousand of Euro) 30/06/2019 31/12/2018 Chg Chg % Tangible assets (*) 33.254 32.724 531 +1,6% Non tangible assets (*) 376.005 432.637 (56.632) -13,1% Investments in associates (**) 19.958 68.357 (48.398) -70,8% Other fix
Slide 9: Contents: Operating and economic data
Contents 1stH 2019 CONSOLIDATED RESULTS Premise Financial highlights Companies consolidated with full and with net equity consolidation method → Operating data → Economic data → Revenues bridge → EBIT bridge → Gas distribution tariff revenues → Other net operating costs → Personnel → Capex → Net fin
Slide 10: Operating data (1) Number of gas distribution users
Operating data (1) 1stH 2019 CONSOLIDATED RESULTS Number of gas distribution users ∆ = +655 ∆ = -14 +0,1% -0,0% Companies consolidated Companies consolidated with full consolidation method with net equity consolidation method (*) (*) Data are considered pro-rata. Companies consolidated with full and
Slide 11: Operating data (2) Volumes of gas distributed
Operating data (2) 1stH 2019 CONSOLIDATED RESULTS Volumes of gas distributed (Million of standard cubic meters) ∆ = +3,2 ∆ = -2,4 +0,5% -5,4% Companies consolidated Companies consolidated with full consolidation method with net equity consolidation method (*) (*) Data are considered pro-rata. Compan
Slide 12: Economic data
Economic data 1stH 2019 CONSOLIDATED RESULTS Companies consolidated with full consolidation method (Thousand of Euro) 6M 2019 6M 2018 Chg Chg % Revenues 60.816 65.242 (4.426) -6,8% EBITDA 18.839 24.002 (5.163) -21,5% % on revenues +31,0% +36,8% EBIT 7.735 13.612 (5.877) -43,2% % on revenues +12,7% +
Slide 13: Revenues bridge (1)
Revenues bridge (1) 1stH 2019 CONSOLIDATED RESULTS Revenues bridge Companies consolidated with full consolidation method (Thousand of Euro) ∆ = -4.426 -6,8% Companies consolidated with full and with net equity consolidation method 13
Slide 14: Revenues bridge (2)
Revenues bridge (2) 1stH 2019 CONSOLIDATED RESULTS Revenues bridge Companies consolidated with net equity consolidation method (*) (Thousand of Euro) ∆ = +107 +2,8% (*) Data are considered pro-rata. Companies consolidated with full and with net equity consolidation method 14
Slide 15: EBIT bridge (1)
EBIT bridge (1) 1stH 2019 CONSOLIDATED RESULTS EBIT bridge Companies consolidated with full consolidation method (Thousand of Euro) ∆ = -5.877 -43,2% (*) (*) For more details check out to slide at page 18. Companies consolidated with full and with net equity consolidation method 15
Slide 16: EBIT bridge (2)
EBIT bridge (2) 1stH 2019 CONSOLIDATED RESULTS EBIT bridge Companies consolidated with net equity method (*) (Thousand of Euro) ∆ = -245 -22,6% (*) Data are considered pro-rata. Companies consolidated with full and with net equity consolidation method 16
Slide 17: Gas distribution tariff revenues
Gas distribution tariff revenues 1stH 2019 CONSOLIDATED RESULTS (Thousand of Euro) (*) 6M 2019 6M 2018 Chg Chg % Gas distribution tariff revenues 36.210 36.215 (4) -0,0% Gas distribution tariff revenues (A) Companies consolidated with full 36.210 36.215 (4) -0,0% consolidation method (Thousand of Eu
Slide 18: Other net operating costs (1)
Other net operating costs (1) 1stH 2019 CONSOLIDATED RESULTS (Thousand of Euro) 6M 2019 6M 2018 Chg Chg % Other revenues 24.310 28.715 (4.405) -15,3% Other costs of raw materials and services (34.122) (33.201) (921) +2,8% Cost of personnel (7.560) (7.726) 166 -2,2% Other net operating costs (A) Comp
Slide 19: Other net operating costs (2)
Other net operating costs (2) 1stH 2019 CONSOLIDATED RESULTS (Thousand of Euro) 6M 2019 6M 2018 Chg Chg % Other net operating costs (A) Companies consolidated with full (17.372) (12.213) (5.159) +42,2% consolidation method Other net operating costs (B) Companies consolidated with net equity (1.402)
Slide 20: Personnel (1) Number of employees
Personnel (1) 1stH 2019 CONSOLIDATED RESULTS Number of employees ∆ = -2 ∆ = -0 -0,6% -2,3% Companies consolidated Companies consolidated with full consolidation method with net equity consolidation method (*) (*) Data are considered pro-rata. Companies consolidated with full and with net equity cons
Slide 21: Personnel (2) Cost of personnel
Personnel (2) 1stH 2019 CONSOLIDATED RESULTS Cost of personnel (Thousand of Euro) ∆ = -166 -2,2% Cost of personnel changes: capitalized cost of personnel: - Euro 0,4 mln other: + Euro 0,2 mln, of which: o + Euro 0,4 mln: compensations related to the long term incentive plan o - Euro 0,2 mln: other c
Slide 22: Capex
Capex 1stH 2019 CONSOLIDATED RESULTS Capex (*) (Thousand of Euro) ∆ = +3.873 +41,5% Gas distribution systems: Euro 8,1 mln (**) Gas meters: Euro 3,7 mln Investments in hardware and software: Euro 0,8 mln Other: Euro 0,6 mln 1stH 2019 investments of Unigas Distribuzione Gas, company consolidated with
Slide 23: Net financial position and cash flow (1)
Net financial position and cash flow (1) 1stH 2019 CONSOLIDATED RESULTS Net financial position and cash flow Companies consolidated with full consolidation method (Thousand of Euro) ∆ = -61.158 +52,0% Companies consolidated with full and with net equity consolidation method 23
Slide 24: Net financial position and cash flow (2)
Net financial position and cash flow (2) 1stH 2019 CONSOLIDATED RESULTS Net financial position and cash flow Companies consolidated with net equity consolidation method (*) (Thousand of Euro) ∆ = -1.180 +76,1% (*) Data are considered pro-rata. Companies consolidated with full and with net equity con
Slide 25: Net financial position and cash flow (3)
Net financial position and cash flow (3) 1stH 2019 CONSOLIDATED RESULTS (Migliaia di Euro) (*) 30/06/2019 31/12/2018 Chg Chg % Long term financial borrowings (>12 months) 51.098 55.111 (4.013) -7,3% Current position of long term financial borrowings 8.084 8.014 70 +0,9% Short term financial borrowin
Slide 26: Contents: Companies held for sale
Contents 1stH 2019 CONSOLIDATED RESULTS Premise Financial highlights Companies consolidated with full and with net equity consolidation method Companies held for sale → Operating data → Economic data → Revenues bridge → EBIT bridge → Gross margin on gas sales → Gross margin on trading gas sales → Gr
Slide 27: Operating data (1) Number of gas sales customers
Operating data (1) 1stH 2019 CONSOLIDATED RESULTS Number of gas sales customers ∆ = -7.809 ∆ = -1.863 -1,5% -1,7% Controlled companies Jointly-controlled companies (*) (*) Data are considered pro-rata. Companies held for sale 27
Slide 28: Operating data (2) Volumes of gas sold
Operating data (2) 1stH 2019 CONSOLIDATED RESULTS Volumes of gas sold (Million of standard cubic meters) ∆ = -4,8 ∆ = -4,6 -1,0% -5,9% Controlled companies Jointly-controlled companies (*) (*) Data are considered pro-rata. Companies held for sale 28
Slide 29: Operating data (3) Number of electricity sales customers
Operating data (3) 1stH 2019 CONSOLIDATED RESULTS Number of electricity sales customers ∆ = +9.652 ∆ = +2.361 +11,7% +14,3% Controlled companies Jointly-controlled companies (*) (*) Data are considered pro-rata. Companies held for sale 29
Slide 30: Operating data (4) Volumes of electricity sold
Operating data (4) 1stH 2019 CONSOLIDATED RESULTS Volumes of electricity sold (Gigawatt hours) ∆ = +34,2 ∆ = +4,1 +19,1% +13,3% Controlled companies Jointly-controlled companies (*) (*) Data are considered pro-rata. Companies held for sale 30
Slide 31: Economic data
Economic data 1stH 2019 CONSOLIDATED RESULTS Controlled companies (Thousand of Euro) 6M 2019 6M 2018 Chg Chg % Revenues 322.585 285.116 37.468 +13,1% EBITDA 36.803 24.006 12.797 +53,3% % on revenues +11,4% +8,4% EBIT 35.082 22.146 12.937 +58,4% % on revenues +10,9% +7,8% Jointly-controlled companies
Slide 32: Revenues bridge (1)
Revenues bridge (1) 1stH 2019 CONSOLIDATED RESULTS Revenues bridge Controlled companies (Thousand of Euro) ∆ = +37.468 +13,1% Companies held for sale 32
Slide 33: Revenues bridge (2)
Revenues bridge (2) 1stH 2019 CONSOLIDATED RESULTS Revenues bridge Jointly-controlled companies (*) (Thousand of Euro) ∆ = +3.987 +9,1% (*) Data are considered pro-rata. Companies held for sale 33
Slide 34: EBIT bridge (1)
EBIT bridge (1) 1stH 2019 CONSOLIDATED RESULTS EBIT bridge Controlled companies (Thousand of Euro) ∆ = +12.937 +58,4% (*) (*) For more details check out to slide at page 39. Companies held for sale 34
Slide 35: EBIT bridge (2)
EBIT bridge (2) 1stH 2019 CONSOLIDATED RESULTS EBIT bridge Jointly-controlled companies (*) (Thousand of Euro) ∆ = -84 -1,7% (*) Data are considered pro-rata. Companies held for sale 35
Slide 36: Gross margin on gas sales
Gross margin on gas sales 1stH 2019 CONSOLIDATED RESULTS (Thousand of Euro) (*) 6M 2019 6M 2018 Chg Chg % Revenues from gas sales 235.945 211.518 24.427 +11,5% (Gas purchase costs) (137.229) (127.814) (9.415) +7,4% (Gas distribution costs) (54.149) (50.764) (3.385) +6,7% Gross margin on gas sales (A
Slide 37: Gross margin on trading gas sales
Gross margin on trading gas sales 1stH 2019 CONSOLIDATED RESULTS (Thousand of Euro) (*) 6M 2019 6M 2018 Chg Chg % Revenues from trading gas sales 2.135 5.071 (2.936) -57,9% (Trading gas purchase costs) (2.072) (4.839) 2.767 -57,2% (Trading gas transport / capacity costs) (29) (131) 102 -77,7% Gross
Slide 38: Gross margin on electricity sales
Gross margin on electricity sales 1stH 2019 CONSOLIDATED RESULTS (Thousand of Euro) (*) 6M 2019 6M 2018 Chg Chg % Revenues from elecricity sales 61.357 47.171 14.186 +30,1% (Electricity purchase costs) (35.613) (25.117) (10.496) +41,8% (Electricity distribution costs) (21.382) (18.538) (2.844) +15,3
Slide 39: Other net operating costs (1)
Other net operating costs (1) 1stH 2019 CONSOLIDATED RESULTS (Thousand of Euro) 6M 2019 6M 2018 Chg Chg % Other revenues 3.582 3.929 (347) -8,8% Other costs of raw materials and services (10.443) (11.591) 1.148 -9,9% Cost of personnel (5.298) (4.889) (409) +8,4% Other net operating costs (A) (12.159
Slide 40: Other net operating costs (2)
Other net operating costs (2) 1stH 2019 CONSOLIDATED RESULTS (Thousand of Euro) 6M 2019 6M 2018 Chg Chg % Other net operating costs (A) (12.159) (12.550) 392 -3,1% Controlled companies Other net operating costs (B) (2.664) (2.633) (32) +1,2% Jointly-controlled companies (*) Other net operating costs
Slide 41: Personnel (1) Number of employees
Personnel (1) 1stH 2019 CONSOLIDATED RESULTS Number of employees ∆ = +0 ∆ = +2 +0,0% +4,4% Controlled companies Jointly-controlled companies (*) (*) Data are considered pro-rata. Companies held for sale 41
Slide 42: Personnel (2) Cost of personnel
Personnel (2) 1stH 2019 CONSOLIDATED RESULTS Cost of personnel (Thousand of Euro) ∆ = +409 +8,4% Cost of personnel changes: other: + Euro 0,4 mln, of which: o + Euro 0,2 mln: compensations related to the long term incentive plan o + Euro 0,2 mln: other changes Cost of personnel of the jointly-contro
Slide 43: Capex
Capex 1stH 2019 CONSOLIDATED RESULTS Capex (*) (Thousand of Euro) ∆ = +14 +24,0% (**) Investments of the jointly-controlled companies (Sinergie Italiane excluded): Euro 0,8 mln. (*) Excluding network extension in new urbanized areas that according to IAS are considerated as operating costs and not i
Slide 44: Net financial position and cash flow (1)
Net financial position and cash flow (1) 1stH 2019 CONSOLIDATED RESULTS Net financial position and cash flow Controlled companies (Thousand of Euro) ∆ = +57.744 +271,6% Companies held for sale 44
Slide 45: Net financial position and cash flow (2)
Net financial position and cash flow (2) 1stH 2019 CONSOLIDATED RESULTS Net financial position and cash flow Jointly-controlled companies (*) (Thousand of Euro) ∆ = +4.964 +66,6% (*) Data are considered pro-rata. Companies held for sale 45
Slide 46: Contents: Disclaimer
Contents 1stH 2019 CONSOLIDATED RESULTS Premise Financial highlights Companies consolidated with full and with net equity consolidation method Companies held for sale Disclaimer Disclaimer 46
Slide 47: Disclaimer
Disclaimer 1stH 2019 CONSOLIDATED RESULTS This presentation has been prepared by Ascopiave S.p.A. for information purposes only and for use in presentations of the Group’s results and strategies. For further details on the Ascopiave Group, reference should be made to publicly available information,