Ascopiave S.p.a. · MIL:ASC
Ascopiave — FY2020 Earnings Presentation
26 slides from Ascopiave's earnings presentation, Mar 12, 2021
Slide 1: FY 2020 Consolidated Results
FY 2020 CONSOLIDATED RESULTS Gruppo Ascopiave FY 2020 CONSOLIDATED RESULTS Conference Call Pieve di Soligo, 12th March 2021 Gruppo 1
Slide 2: Contents
Contents FY 2020 CONSOLIDATED RESULTS Preliminary remark ………………………………………………………………………………………………………………………………………………………….…. Pag. 3 Financial highlights ……………………………………………………………………………………………………………………….……………………………………… Pag. 5 Companies consolidated with full consolidation method …………………………………………………………….. Pag.
Slide 3: Preliminary remark
Contents FY 2020 CONSOLIDATED RESULTS Preliminary remark → Ascopiave - Hera partnership Financial highlights Companies consolidated with full consolidation method Estenergy Dividend Disclaimer Preliminary remark 3
Slide 4: Ascopiave – Hera partnership
Ascopiave – Hera partnership FY 2020 CONSOLIDATED RESULTS On 19th December 2019 Ascopiave S.p.A. and Hera S.p.A. have finalized the transaction that marks the birth of the largest energy operator in North-Eastern Italy, with over one million customers, and the simultaneous reorganization of the resp
Slide 5: Financial highlights
Contents FY 2020 CONSOLIDATED RESULTS Preliminary remark Financial highlights → Ascopiave Group structure as of 31st December 2020 → FY 2020 consolidated income statement → Step-up of the tax basis of capital assets → Consolidated balance sheet as of 31st December 2020 Companies consolidated with fu
Slide 6: Ascopiave Group structure as of 31st December 2020
Ascopiave Group structure as of 31st December 2020 FY 2020 CONSOLIDATED RESULTS 100% 48% 100% 89% 100% 51% 100% 49% 100% 100% 100% 100% 30,94% 3% (in liquidazione) 100% 4,99% comm NordEst 100% Gas distribution 18,33% Gas and electricity sales Other activities Financial highlights 6
Slide 7: FY 2020 consolidated income statement
FY 2020 consolidated income statement FY 2020 CONSOLIDATED RESULTS (Thousand of Euro) 12M 2020 12M 2019 Chg Chg % Revenues 163.896 124.911 38.985 +31% (Cost of raw materials and consumables) (1.782) (1.358) (423) +31% (Cost of services) (36.776) (31.732) (5.044) +16% (Cost of personnel) (17.132) (14
Slide 8: Step-up of the tax basis of capital assets
Step-up of the tax basis of capital assets FY 2020 CONSOLIDATED RESULTS Effect of the revaluation of the tax basis of some capital assets (August Decree and 2021 Budget Law) on the 2020 Ascopiave Group consolidated financial statements Companies involved: AP Reti Gas, Edigas Esercizio Distribuzione
Slide 9: Consolidated balance sheet as of 31st December 2020
Consolidated balance sheet as of 31st December 2020 FY 2020 CONSOLIDATED RESULTS (Thousand of Euro) 31/12/2020 31/12/2019 Chg Chg % Tangible assets (*) 33.443 34.694 (1.251) -4% Non tangible assets (*) 626.685 615.108 11.577 +2% Investments in associates (**) 515.729 449.945 65.785 +15% Other fixed
Slide 10: Companies consolidated with full consolidation method
Contents FY 2020 CONSOLIDATED RESULTS Preliminary remark Financial highlights Companies consolidated with full consolidation method → Operating data → Economic data → Revenues bridge → EBIT bridge → Gas distribution tariff revenues → Other net operating costs → Personnel → Capex → Net financial posi
Slide 11: Operating data
Operating data FY 2020 CONSOLIDATED RESULTS Number of gas distribution users Volumes of gas distributed (Million of standard cubic meters) -190 +309,2 -0% +27% 777.062 777.252 1.460,8 330,0 1.151,7 (*) 1.130,9 31/12/2020 31/12/2019 12M 2020 12M 2019 New consolidation area (**) Old consolidation area
Slide 12: Revenues bridge
Revenues bridge FY 2020 CONSOLIDATED RESULTS Revenues bridge (Thousand of Euro) +38.985 +31% (*) (**) (*) Change of the consolidation area refers only to the activities carried out by AP Reti Gas Nord Est. It does not include the contribution of the activities formerly carried out by Unigas Distribu
Slide 13: EBIT bridge
EBIT bridge FY 2020 CONSOLIDATED RESULTS EBIT bridge (Thousand of Euro) +7.578 +35% (*) (**) (*) Change of the consolidation area refers only to the activities carried out by AP Reti Gas Nord Est. It does not include the contribution of the activities formerly carried out by Unigas Distribuzione Gas
Slide 14: Gas distribution tariff revenues
Gas distribution tariff revenues FY 2020 CONSOLIDATED RESULTS (Thousand of Euro) (*) 12M 2020 12M 2019 Chg Chg % Gas distribution tariff revenues 109.108 79.777 29.331 +37% Gas distribution tariff revenues 109.108 79.777 29.331 +37% The increase of the gas distribution tariff revenues of the compani
Slide 15: Other net operating costs
Other net operating costs FY 2020 CONSOLIDATED RESULTS (Thousand of Euro) 12M 2020 12M 2019 Chg Chg % Other revenues 53.264 44.476 8.789 +20% Other costs of raw materials and services (81.436) (64.854) (16.581) +26% Cost of personnel (17.132) (14.500) (2.632) +18% Other net operating costs (45.303)
Slide 16: Personnel (1)
Personnel (1) FY 2020 CONSOLIDATED RESULTS Number of employees -18 -4% 481 463 31/12/2020 31/12/2019 Companies consolidated with full consolidation method 16
Slide 17: Personnel (2)
Personnel (2) FY 2020 CONSOLIDATED RESULTS Cost of personnel (Thousand of Euro) +2.632 +18% Cost of personnel changes: ▪ new consolidation area: + Euro 3,1 mln (*) ▪ capitalized cost of personnel: - Euro 0,3 mln ▪ other: - Euro 0,2 mln (*) New consolidation area refers only to the activities carried
Slide 18: Capex
Capex FY 2020 CONSOLIDATED RESULTS Capex (*) (Thousand of Euro) +10.163 +30% ▪ New consolidation area: Euro 8,7 mln (***) 44.577 (**) ▪ Gas distribution systems: 34.414 Euro 26,2 mln ▪ Gas meters: Euro 8,0 mln ▪ Investments in hardware and software: Euro 0,9 mln ▪ Other: Euro 0,8 mln 12M 2020 12M 20
Slide 19: Net financial position and cash flow (1)
Net financial position and cash flow (1) FY 2020 CONSOLIDATED RESULTS Net financial position and cash flow (Thousand of Euro) -125.465 +59% (*) (**) (*) Net investments in tangible and intangible assets: Euro 44,4 mln; purchase of the 4,99% of the share capital of Acsm-Agam: Euro 26,7 mln; subscript
Slide 20: Net financial position and cash flow (2)
Net financial position and cash flow (2) FY 2020 CONSOLIDATED RESULTS (Thousand of Euro) (*) 31/12/2020 31/12/2019 Chg Chg % Long term financial borrowings (>12 months) 195.999 135.083 60.916 +45% Current position of long term financial borrowings 40.024 30.778 9.246 +30% Short term financial borrow
Slide 21: Estenergy
Contents FY 2020 CONSOLIDATED RESULTS Preliminary remark Financial highlights Companies consolidated with full consolidation method Estenergy → Financial highlights Dividend Disclaimer Estenergy 21
Slide 22: Estenergy Financial highlights
Financial highlights FY 2020 CONSOLIDATED RESULTS Income statement (*) Balance sheet (*) (Thousand of Euro) 12M 2020 (Thousand of Euro) 31/12/2020 Tangible assets 1.812 Revenues 363.109 Non tangible assets 314.141 Investments in associates 8.424 (Cost of raw materials and consumables) (178.821) Othe
Slide 23: Dividend
Contents FY 2020 CONSOLIDATED RESULTS Preliminary remark Financial highlights Companies consolidated with full consolidation method Estenergy Dividend → Dividend proposal Disclaimer Dividend 23
Slide 24: Dividend proposal
Dividend proposal FY 2020 CONSOLIDATED RESULTS 0,16 Euro per share DIVIDEND PROPOSED (Euro 34,7 mln) Detachment Record Payment date date date If approved on first meeting: 3rd May 2021 4th May 2021 5th May 2021 If approved on second meeting: 7th Jun 2021 8th Jun 2021 9th Jun 2021 2020 2019 2018 2017
Slide 25: Disclaimer
Contents FY 2020 CONSOLIDATED RESULTS Preliminary remark Financial highlights Companies consolidated with full consolidation method Estenergy Dividend Disclaimer Disclaimer 25
Slide 26: Disclaimer
Disclaimer FY 2020 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