Slide 1: 9M 2018 Consolidated Results
Gruppo Ascopiave 9M 2018 CONSOLIDATED RESULTS Conference Call Pieve di Soligo, 15th november 2018 Gruppo Gruppo Ascopiave – 9M 2018 CONSOLIDATED RESULTS 1
Slide 2: Contents
Contents Financial highlights → Ascopiave Group structure as of 30th september 2018 → 9M 2018 consolidated income statement → Consolidated balance sheet as of 30th september 2018 Operating data Revenues and EBITDA Gross margin on gas and electricity sales and other net operating costs Personnel Cape
Slide 3: Ascopiave Group structure as of 30th September 2018
Ascopiave Group structure as of 30th september 2018 100% 89% 100% 51% 100% 100% 100% 48,999% 48,86% 49% 100% Companies consolidated with net equity method: Since year of registration: Sinergie Italiane 100% From 1st January 2014: - sale companies: Asm Set / Estenergy 100% - distribution companies: U
Slide 4: 9M 2018 consolidated income statement
9M 2018 consolidated income statement (Thousand of Euro) 9M 2018 9M 2017 Chg Chg % Revenues 402.825 377.344 25.480 +6,8% (Cost of raw materials and consumables) (221.604) (188.076) (33.528) +17,8% (Cost of services) (84.516) (82.738) (1.778) +2,1% (Cost of personnel) (19.336) (18.150) (1.186) +6,5%
Slide 5: Consolidated balance sheet as of 30th September 2018
Consolidated balance sheet as of 30th september 2018 (Thousand of Euro) 30/09/2018 31/12/2017 Chg Chg % Tangible assets (*) 31.732 32.334 (601) -1,9% Non tangible assets (*) 427.383 427.692 (309) -0,1% Investments in associates (**) 65.252 68.878 (3.626) -5,3% Other fixed assets 23.025 24.494 (1.468
Slide 6: Contents
Contents Financial highlights Operating data → Volumes of gas distributed → Volumes of gas sold → Volumes of electricity sold Revenues and EBITDA Gross margin on gas and electricity sales and other operating costs Personnel Capex Net financial position and cash flow Disclaimer Gruppo Ascopiave – 9M
Slide 7: Volumes of gas distributed
Volumes of gas distributed Volumes of gas distributed (Million of standard cubic meters) ∆ = +105,0 ∆ = +3,2 +17,7% +6,7% 698,7 Companies consolidated Companies consolidated with full consolidation method with net equity consolidation method (*) Change of the consolidation area (**) Equal consolidat
Slide 8: Volumes of gas sold
Volumes of gas sold Volumes of gas sold (Million of standard cubic meters) ∆ = +15,0 ∆ = -0,3 +2,9% -0,3% Companies consolidated Companies consolidated with full consolidation method with net equity consolidation method (*) (*) Data are considered pro-rata. Gruppo Ascopiave – 9M 2018 CONSOLIDATED RE
Slide 9: Volumes of electricity sold
Volumes of electricity sold Volumes of electricity sold (GWh) ∆ = +1,4 ∆ = +5,3 +0,5% +12,3% Companies consolidated Companies consolidated with full consolidation method with net equity consolidation method (*) (*) Data are considered pro-rata. Gruppo Ascopiave – 9M 2018 CONSOLIDATED RESULTS 9
Slide 10: Contents
Contents Financial highlights Operating data Revenues and EBITDA → Revenues bridge → EBITDA bridge → EBITDA breakdown Gross margin on gas and electricity sales and other net operating costs Personnel Capex Net financial position and cash flow Disclaimer Gruppo Ascopiave – 9M 2018 CONSOLIDATED RESULT
Slide 11: Revenues bridge (1)
Revenues bridge (1) Revenues bridge Companies consolidated with full consolidation method (Thousand of Euro) ∆ = +25.480 +6,8% Gruppo Ascopiave – 9M 2018 CONSOLIDATED RESULTS 11
Slide 12: Revenues bridge (2)
Revenues bridge (2) Revenues bridge Companies consolidated with net equity consolidation method (*) (Thousand of Euro) ∆ = +2.599 +5,2% (*) Sinergie Italiane excluded. Data are considered pro-rata. Gruppo Ascopiave – 9M 2018 CONSOLIDATED RESULTS 12
Slide 13: EBITDA bridge (1)
EBITDA bridge (1) EBITDA bridge Companies consolidated with full consolidation method (Thousand of Euro) ∆ =-1.404 -2,4% (*) (*) For more details check out to slide at page 22. Gruppo Ascopiave – 9M 2018 CONSOLIDATED RESULTS 13
Slide 14: EBITDA bridge (2)
EBITDA bridge (2) EBITDA bridge Companies consolidated with net equity consolidation method (*) (Thousand of Euro) ∆ = -1.044 -11,8% (*) Sinergie Italiane excluded. Data are considered pro-rata. Gruppo Ascopiave – 9M 2018 CONSOLIDATED RESULTS 14
Slide 15: EBITDA breakdown (1)
EBITDA breakdown (1) EBITDA breakdown Companies consolidated with full consolidation method (Thousand of Euro) (Thousand of Euro) 9M 2018 9M 2017 Var Var % EBITDA 57.502 58.906 (1.404) -2,4% EBITDA - Sale 25.057 26.980 (1.923) -7,1% EBITDA - Distribution 37.055 35.623 1.432 +4,0% EBITDA - Ascopiave
Slide 16: EBITDA breakdown (2)
EBITDA breakdown (2) EBITDA breakdown Companies consolidated with net equity consolidation method (*) (Thousand of Euro) (Thousand of Euro) 9M 2018 9M 2017 Var Var % EBITDA 7.823 8.868 (1.044) -11,8% EBITDA - Sale 5.960 6.718 (758) -11,3% EBITDA - Distribution 1.863 2.150 (287) -13,3% EBIT 6.094 6.1
Slide 17: Contents
Contents Financial highlights Operating data Revenues and EBITDA Gross margin on gas and electricity sales and other net operating costs → Gross margin on gas sales → Gross margin on trading gas sales → Gross margin on electricity sales → Gas distribution tariff revenues → Other net operating costs
Slide 18: Gross margin on gas sales
Gross margin on gas sales (Thousand of Euro) (*) 9M 2018 9M 2017 Chg Chg % Revenues from gas sales 246.410 224.592 21.818 +9,7% (Gas purchase costs) (146.609) (126.433) (20.176) +16,0% (Gas distribution costs) (59.543) (56.855) (2.688) +4,7% Gross margin on gas sales (A) Company consolidated with fu
Slide 19: Gross margin on trading gas sales
Gross margin on trading gas sales (Thousand of Euro) (*) 9M 2018 9M 2017 Chg Chg % Revenues from trading gas sales 7.207 (55) 7.262 -13274,4% (Trading gas purchase costs) (6.928) 47 (6.974) -14993,7% (Trading gas transport / capacity costs) (262) 60 (322) -534,5% Gross margin on trading gas sales (A
Slide 20: Gross margin on electricity sales
Gross margin on electricity sales (Thousand of Euro) (*) 9M 2018 9M 2017 Chg Chg % Revenues from elecricity sales 79.783 68.031 11.752 +17,3% (Electricity purchase costs) (45.786) (39.003) (6.783) +17,4% (Electricity distribution costs) (30.048) (24.404) (5.644) +23,1% Gross margin on electricity sa
Slide 21: Gas distribution tariff revenues
Gas distribution tariff revenues (Thousand of Euro) (*) 9M 2018 9M 2017 Chg Chg % Gas distribution tariff revenues 54.573 51.259 3.313 +6,5% Gas distribution tariff revenues (A) Company consolidated with full 54.573 51.259 3.313 +6,5% consolidation method The increase of gas distribution tariff reve
Slide 22: Other net operating costs (1)
Other net operating costs (1) (Thousand of Euro) 9M 2018 9M 2017 Chg Chg % Other revenues 31.711 40.982 (9.271) -22,6% Other costs of raw materials and services (53.670) (61.166) 7.495 -12,3% Cost of personnel (19.336) (18.150) (1.186) +6,5% Other net operating costs (A) Company consolidated with fu
Slide 23: Other net operating costs (2)
Other net operating costs (2) (Thousand of Euro) 9M 2018 9M 2017 Chg Chg % Other net operating costs (A) Company consolidated with full (41.295) (38.334) (2.962) +7,7% consolidation method Other net operating costs (B) Company consolidated with net equity (6.317) (5.797) (520) +9,0% consolidation me
Slide 24: Contents
Contents Financial highlights Operating data Revenues and EBITDA Gross margin on gas and electricity sales and other net operating costs Personnel → Number of employees → Consolidated cost of personnel Capex Net financial position and cash flow Disclaimer Gruppo Ascopiave – 9M 2018 CONSOLIDATED RESU
Slide 25: Number of employees
Number of employees Number of employees ∆ = +4 ∆ = +0 +0,7% +0,7% Companies consolidated Companies consolidated with full consolidation method with net equity consolidation method (*) (*) Data are considered pro-rata. Gruppo Ascopiave – 9M 2018 CONSOLIDATED RESULTS 25
Slide 26: Consolidated cost of personnel
Consolidated cost of personnel Consolidated cost of personnel (Thousand of Euro) ∆ = +1.186 +6,5% Cost of personnel changes: change of the consolidation area: + Euro 0,3 mln capitalized cost of personnel: - Euro 1,1 mln other: + Euro 2,0 mln, of which: o + Euro 2,4 mln: compensations for the termina
Slide 27: Contents
Contents Financial highlights Operating data Revenues and EBITDA Gross margin on gas and electricity sales and other net operating costs Personnel Capex Net financial position and cash flow Disclaimer Gruppo Ascopiave – 9M 2018 CONSOLIDATED RESULTS 27
Slide 28: Capex
Capex Consolidated capex (*) (Thousand of Euro) ∆ = +2.008 +13,7% Change of the consolidation area: Euro 0,9 mln Gas distribution systems: 16.701 (**) Euro 7,5 mln Gas meters: Euro 6,9 mln Other: Euro 1,4 mln Change of the consolidation area (***) Equal consolidation area 9M 2018 investments of the
Slide 29: Contents
Contents Financial highlights Operating data Revenues and EBITDA Gross margin on gas and electricity sales and other net operating costs Personnel Capex Net financial position and cash flow Disclaimer Gruppo Ascopiave – 9M 2018 CONSOLIDATED RESULTS 29
Slide 30: Net financial position and cash flow (1)
Net financial position and cash flow (1) Net Financial Position and cash flow Companies consolidated with full consolidation method (Thousand of Euro) ∆ = +33.344 -27,8% Gruppo Ascopiave – 9M 2018 CONSOLIDATED RESULTS 30
Slide 31: Net financial position and cash flow (2)
Net financial position and cash flow (2) Net Financial Position and cash flow Companies consolidated with net equity consolidation method (*) (Thousand of Euro) ∆ = +9.024 +243,4% (*) Sinergie Italiane excluded. Data are considered pro-rata. Gruppo Ascopiave – 9M 2018 CONSOLIDATED RESULTS 31
Slide 32: Net financial position and cash flow (3)
Net financial position and cash flow (3) (Thousand of Euro) (*) 30/09/2018 31/12/2017 Var Var % Long term financial borrowings (>12 months) 55.503 54.360 1.143 +2,1% Current position of long term financial borrowings 8.073 10.181 (2.108) -20,7% Short term financial borrowings (<12 months) 22.673 54.
Slide 33: Contents
Contents Financial highlights Operating data Revenues and EBITDA Gross margin on gas and electricity activities and other net operating costs Personnel Capex Net Financial Position and cash flow Disclaimer Gruppo Ascopiave – 9M 2018 CONSOLIDATED RESULTS 33
Slide 34: Disclaimer
Disclaimer 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, including the Quarterly Reports