Slide 1: 1stH 2014 Consolidated Results Conference Call
Gruppo 1stH 2014 CONSOLIDATED RESULTS Conference Call Pieve di Soligo, September, 1st 2014 1
Slide 2: Contents
Contents CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 Financial highlights → Ascopiave Group structure as of June, 30th 2014 → Application of IFRS 11 international accounting standard → 1stH 2013 restated income statement → Balance sheet at December, 31st 2013
Slide 3: Ascopiave Group structure as of June 30th 2014
Ascopiave Group structure as of June, 30th 2014 CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 100% 89% 100% 51% 48,86% 100% 48,999% Until December, 31st 2013: Consolidated with proportionate consolidation method From January,1st 2014: 49% Consolidated with full
Slide 4: Application of IFRS 11 international accounting standard
Application of IFRS 11 international accounting standard CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 In application of IFRS 11 international accounting standard, from January, 1st 2014 the jointly controlled companies are consolidated with net equity consolida
Slide 5: 1stH 2013 restated income statement
1stH 2013 restated income statement CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 1stH 2013 (Thousand of Euro) 1stH 2013 Chg restated Revenues 518.173 (113.000) 405.174 (Cost of raw materials and consumables) (350.969) 64.218 (286.752) (Cost of services) (70.608
Slide 6: Balance sheet at December 31st 2013 restated
Balance sheet at December, 31st 2013 restated CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 31/12/2013 (Thousand of Euro) 31/12/2013 Chg restated Tangible assets 39.277 (1.437) 37.840 Non tangible assets 447.898 (60.398) 387.500 Investments in associates 1 72.42
Slide 7: FY 2013 restated income statement
FY 2013 restated income statement CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 FY 2013 (Thousand of Euro) FY 2013 Chg restated Revenues 854.334 (186.496) 667.837 (Cost of raw materials and consumables) (574.518) 101.049 (473.469) (Cost of services) (133.442) 59
Slide 8: 1stH 2014 consolidated income statement
1stH 2014 consolidated income statement CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 1stH 2013 (Thousand of Euro) 1stH 2014 Chg Chg % restated Revenues 337.085 405.174 (68.089) -16,8% (Cost of raw materials and consumables) (216.572) (286.752) 70.180 -24,5% (Co
Slide 9: Consolidated balance sheet at June 30th 2014
Consolidated balance sheet at June, 30th 2014 CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 31/12/2013 (Thousand of Euro) 30/06/2014 Chg Chg % restated Tangible assets (*) 36.985 37.840 (855) -2,3% Non tangible assets (*) 392.757 387.500 5.257 +1,4% Investments
Slide 10: Financial ratios
Financial ratios CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 30/06/2013 (Thousand of Euro) 30/06/2014 Var Var % restated Net Financial Position (NFP) (101.122) (76.245) (24.876) +32,6% EBITDA 45.209 56.679 (11.470) -20,2% Finance costs (FC) (728) (1.219) 491 -
Slide 11: Contents
Contents CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 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 activities and other operating cos
Slide 12: Volumes of gas distributed
Volumes of gas distributed CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 Volumes of gas distributed (Million of standard cubic meters) ∆ = -101,3 ∆ = -11,3 -20,3% -22,9% Companies consolidated Companies consolidated with full consolidation method with net equity
Slide 13: Volumes of gas sold
Volumes of gas sold CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 Volumes of gas sold (Million of standard cubic meters) ∆ = -103,4 ∆ = -75,4 -18,8% -50,7% 549,1 445,6 148,6 73,2 Companies consolidated Companies consolidated with full consolidation method with n
Slide 14: Volumes of electricity sold
Volumes of electricity sold CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 Volumes of electricity sold (GWh) ∆ = +81,9 ∆ = -142,5 (***) +90,3% -73,6% 193,6 172,7 90,8 51,0 Companies consolidated Companies consolidated with full consolidation method with net equit
Slide 15: Contents
Contents CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 Financial highlights Operating data Revenues and EBITDA → Revenues bridge → EBITDA bridge → EBITDA breakdown Gross margin on gas and electricity activities and other net operating costs Personnel Capex Net F
Slide 16: Revenues bridge (1)
Revenues bridge (1) CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 Revenues bridge Companies consolidated with full consolidation method (Thousand of Euro) ∆ = -68.089 -16,8% 16
Slide 17: Revenues bridge (2)
Revenues bridge (2) CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 Revenues bridge Companies consolidated with net equity consolidation method (*) (Thousand of Euro) ∆ = -58.451 -51,7% (*) Sinergie Italiane excluded. 17
Slide 18: EBITDA bridge (1)
EBITDA bridge (1) CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 EBITDA bridge Companies consolidated with full consolidation method (Thousand of Euro) ∆ = -11.470 -20,2% 18
Slide 19: EBITDA bridge (2)
EBITDA bridge (2) CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 EBITDA bridge Companies consolidated with net equity consolidation method (*) (Thousand of Euro) ∆ = -8.727 -58,0% (*) Sinergie Italiane excluded. 19
Slide 20: EBITDA breakdown (1)
EBITDA breakdown (1) CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 EBITDA breakdown Companies consolidated with full consolidation method (Thousand of Euro) (Thousand of Euro) 1stH 2014 1stH 2013 Var Var % EBITDA 45.209 56.679 (11.470) -20,2% EBITDA - Sale 28.95
Slide 21: EBITDA breakdown (2)
EBITDA breakdown (2) CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 EBITDA breakdown Companies consolidated with net equity consolidation method (*) (Thousand of Euro) (Thousand of Euro) 1stH 2014 1stH 2013 Var Var % EBITDA 6.313 15.040 (8.727) -58,0% EBITDA - Sa
Slide 22: Contents
Contents CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 Financial highlights Operating data Revenues and EBITDA Gross margin on gas and electricity activities and other net operating costs → Gross margin on gas sales → Gross margin on electricity sales → Gas dist
Slide 23: Gross margin on gas sales
Gross margin on gas sales CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 (Thousand of Euro) (*) 1stH 2014 1stH 2013 Chg Chg % Revenues from gas sales 242.070 312.633 (70.563) -22,6% (Gas purchase costs) (159.529) (208.104) 48.575 -23,3% (Distribution costs) (44.8
Slide 24: Gross margin on electricity sales
Gross margin on electricity sales CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 (Thousand of Euro) (*) 1stH 2014 1stH 2013 Chg Chg % Revenues from elecricity sales 45.480 16.681 28.799 +172,6% (Electricity purchase costs) (25.474) (16.582) (8.892) +53,6% (Distri
Slide 25: Gas distribution tariff revenues
Gas distribution tariff revenues CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 (Thousand of Euro) (*) 1stH 2014 1stH 2013 Chg Chg % Tariffs applied to sales companies 26.872 33.666 (6.794) -20,2% Equalization amount (+ / -) 4.064 (2.044) 6.108 -298,8% Gas distri
Slide 26: Other net operating costs (1)
Other net operating costs (1) CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 (Thousand of Euro) (*) 1stH 2014 1stH 2013 Chg Chg % Other revenues 22.040 27.856 (5.816) -20,9% Other costs of raw materials and services (35.910) (41.115) 5.206 -12,7% Cost of personne
Slide 27: Other operating costs (2)
Other operating costs (2) CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 (Thousand of Euro) (*) 1stH 2014 1stH 2013 Chg Chg % Other net operating costs (A) Company consolidated with full (26.475) (24.808) (1.668) +6,7% consolidation method Other net operating cos
Slide 28: Contents
Contents CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 Financial highlights Operating data Revenues and EBITDA Gross margin on gas and electricity activities and other net operating costs Personnel → Number of employees → Consolidated cost of personnel Capex Net
Slide 29: Number of employees
Number of employees CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 Number of employees ∆ = +27 ∆ = -17 +6,0% -20,8% 477 450 83 66 Companies consolidated Companies consolidated with full consolidation method with net equity consolidation method (*) of which 15 emp
Slide 30: Consolidated cost of personnel
Consolidated cost of personnel CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 Consolidated cost of personnel (Thousand of Euro) ∆ = +1.058 +9,2% Other changes: phantom stock options: Euro 0,6 mln change in consolidation criterion of Veritas Energia: 0,9 mln other
Slide 31: Contents
Contents CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 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 31
Slide 32: Capex
Capex CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 Consolidated capex (*) (Thousand of Euro) ∆ = -731 -7,7% Gas distribution systems: (**) Euro 6,0 mln Gas meters: Euro 1,9 mln Other: Euro 0,8 mln 1stH 2014 investments of the companies consolidated with net equ
Slide 33: Contents
Contents CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 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 33
Slide 34: Net Financial Position and cash flow (1)
Net Financial Position and cash flow (1) CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 Net Financial Position and cash flow Companies consolidated with full consolidation method (Thousand of Euro) ∆ = +22.688 -18,3% Change in Enlargement of consolidation consoli
Slide 35: Net Financial Position and cash flow (2)
Net Financial Position and cash flow (2) CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 Net Financial Position and cash flow Companies consolidated with net equity consolidation method (*) (Thousand of Euro) ∆ = -1.412 +18,1% (*) Sinergie Italiane excluded. 35
Slide 36: Net Financial Position and cash flow (3)
Net Financial Position and cash flow (3) CONFERENCE CALL 1stH 2014 consolidated results Pieve di Soligo, September, 1st 2014 (Thousand of Euro) (*) 30/06/2014 31/12/2013 Var Var % Long term financial borrowings (>12 months) 58.227 63.201 (4.974) -7,9% Current position of long term financial borrowin