Slide 1: FY 2017 Consolidated Results Conference Call
Gruppo FY 2017 CONSOLIDATED RESULTS Conference Call Pieve di Soligo, 15th March 2018
Slide 2: Contents
Contents CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 Financial highlights → Ascopiave Group structure as of 31st December 2017 → FY 2017 consolidated income statement → Consolidated balance sheet as of 31st December 2017 Operating data Revenues and EBITDA Gross marg
Slide 3: Ascopiave Group structure as of 31st December 2017
Ascopiave Group structure as of 31st December 2017 CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 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
Slide 4: FY 2017 consolidated income statement
FY 2017 consolidated income statement CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 (Thousand of Euro) 12M 2017 12M 2016 Chg Chg % Revenues 532.792 497.689 35.103 +7,1% (Cost of raw materials and consumables) (270.577) (249.916) (20.662) +8,3% (Cost of services) (113.
Slide 5: Consolidated balance sheet as of 31st December 2017
Consolidated balance sheet as of 31st December 2017 CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 (Thousand of Euro) 31/12/2017 31/12/2016 Chg Chg % Tangible assets (*) 32.334 32.364 (31) -0,1% Non tangible assets (*) 427.692 397.664 30.029 +7,6% Investments in associ
Slide 6: Contents
Contents CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 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 Personne
Slide 7: Volumes of gas distributed
Volumes of gas distributed CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 Volumes of gas distributed (Million of standard cubic meters) ∆ = +145,2 ∆ = +1,8 +18,1% +2,6% 946,9 Companies consolidated Companies consolidated with full consolidation method with net equity c
Slide 8: Volumes of gas sold
Volumes of gas sold CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 Volumes of gas sold (Million of standard cubic meters) ∆ = +3,5 ∆ = +0,6 +0,4% +0,4% Companies consolidated Companies consolidated with full consolidation method with net equity consolidation method (*)
Slide 9: Volumes of electricity sold
Volumes of electricity sold CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 Volumes of electricity sold (GWh) ∆ = +43,5 ∆ = +4,1 +12,8% +7,7% Companies consolidated Companies consolidated with full consolidation method with net equity consolidation method (*) (*) Data a
Slide 10: Contents
Contents CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 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 po
Slide 11: Revenues bridge (1)
Revenues bridge (1) CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 Revenues bridge Companies consolidated with full consolidation method (Thousand of Euro) ∆ = +35.103 +7,1% 11
Slide 12: Revenues bridge (2)
Revenues bridge (2) CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 Revenues bridge Companies consolidated with net equity consolidation method (*) (Thousand of Euro) ∆ = +328 +0,4% (*) Sinergie Italiane excluded. Data are considered pro-rata. 12
Slide 13: EBITDA bridge (1)
EBITDA bridge (1) CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 EBITDA bridge Companies consolidated with full consolidation method (Thousand of Euro) ∆ =-10.846 -11,4% (*) (*) For more details check out to slide at page 22. 13
Slide 14: EBITDA bridge (2)
EBITDA bridge (2) CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 EBITDA bridge Companies consolidated with net equity consolidation method (*) (Thousand of Euro) ∆ = +366 +2,8% (*) Sinergie Italiane excluded. Data are considered pro-rata. 14
Slide 15: EBITDA breakdown (1)
EBITDA breakdown (1) CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 EBITDA breakdown Companies consolidated with full consolidation method (Thousand of Euro) (Thousand of Euro) 12M 2017 12M 2016 Var Var % EBITDA 84.409 95.255 (10.846) -11,4% EBITDA - Sale 41.051 60.235
Slide 16: EBITDA breakdown (2)
EBITDA breakdown (2) CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 EBITDA breakdown Companies consolidated with net equity consolidation method (*) (Thousand of Euro) (Thousand of Euro) 12M 2017 12M 2016 Var Var % EBITDA 13.369 13.003 366 +2,8% EBITDA - Sale 10.783 10
Slide 17: Contents
Contents CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 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 ele
Slide 18: Gross margin on gas sales
Gross margin on gas sales CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 (Thousand of Euro) (*) 12M 2017 12M 2016 Chg Chg % Revenues from gas sales 338.634 343.127 (4.493) -1,3% (Gas purchase costs) (191.497) (182.079) (9.418) +5,2% (Gas distribution costs) (86.389) (8
Slide 19: Gross margin on trading gas sales
Gross margin on trading gas sales CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 (Thousand of Euro) (*) 12M 2017 12M 2016 Chg Chg % Revenues from trading gas sales 1.941 - 1.941 n.a. (Trading gas purchase costs) (1.897) - (1.897) n.a. (Trading gas transport / capacity
Slide 20: Gross margin on electricity sales
Gross margin on electricity sales CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 (Thousand of Euro) (*) 12M 2017 12M 2016 Chg Chg % Revenues from elecricity sales 93.740 90.590 3.150 +3,5% (Electricity purchase costs) (53.044) (48.779) (4.265) +8,7% (Electricity distri
Slide 21: Gas distribution tariff revenues
Gas distribution tariff revenues CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 (Thousand of Euro) (*) 12M 2017 12M 2016 Chg Chg % Gas distribution tariff revenues 69.836 61.488 8.348 +13,6% Gas distribution tariff revenues (A) Company consolidated with full 69.836 61.
Slide 22: Other net operating costs (1)
Other net operating costs (1) CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 (Thousand of Euro) 12M 2017 12M 2016 Chg Chg % Other revenues 58.916 30.300 28.615 +94,4% Other costs of raw materials and services (86.473) (55.995) (30.478) +54,4% Cost of personnel (24.855)
Slide 23: Other net operating costs (2)
Other net operating costs (2) CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 (Thousand of Euro) 12M 2017 12M 2016 Chg Chg % Other net operating costs (A) Company consolidated with full (52.413) (49.928) (2.485) +5,0% consolidation method Other net operating costs (B) C
Slide 24: Contents
Contents CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 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
Slide 25: Number of employees
Number of employees CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 Number of employees ∆ = +52 ∆ = +0 +10,8% +0,7% 534 Companies consolidated Companies consolidated with full consolidation method with net equity consolidation method (*) Change of the consolidation area
Slide 26: Consolidated cost of personnel
Consolidated cost of personnel CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 Consolidated cost of personnel (Thousand of Euro) ∆ = +622 +2,6% Cost of personnel changes: change of the consolidation area: + Euro 0,4 mln capitalized cost of personnel: - Euro 0,2 mln othe
Slide 27: Contents
Contents CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 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 Dividend proposal Disclaimer 27
Slide 28: Capex
Capex CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 Consolidated capex (*) (Thousand of Euro) ∆ = +2.749 +13,2% Change of the consolidation area: Euro 2,1 mln 23.587 (**) Gas distribution systems: Euro 11,1 mln Gas meters: Euro 9,4 mln Other: Euro 1,0 mln Change of th
Slide 29: Contents
Contents CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 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 Dividend proposal Disclaimer 29
Slide 30: Net financial position and cash flow (1)
Net financial position and cash flow (1) CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 Net Financial Position and cash flow Companies consolidated with full consolidation method (Thousand of Euro) ∆ = -25.748 +27,4% 30
Slide 31: Net financial position and cash flow (2)
Net financial position and cash flow (2) CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 Net Financial Position and cash flow Companies consolidated with net equity consolidation method (*) (Thousand of Euro) ∆ = +504 +15,7% (*) Sinergie Italiane excluded. Data are cons
Slide 32: Net financial position and cash flow (3)
Net financial position and cash flow (3) CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 (Thousand of Euro) (*) 31/12/2017 31/12/2016 Var Var % Long term financial borrowings (>12 months) 54.360 34.541 19.819 +57,4% Current position of long term financial borrowings 10.
Slide 33: Contents
Contents CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 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 Dividend proposal Disclaimer 33
Slide 34: Dividend proposal
Dividend proposal CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 Dividend proposed: 0,18 Euro per share (Euro 40,0 mln) Detachment date: 7th May 2018 Record date: 8th May 2018 Payment date: 9th May 2018 2017 2016 2015 2014 2013 2012 (Proposal) Dividends paid (Thousand
Slide 35: Contents
Contents CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 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 Dividend proposal Disclaime
Slide 36: Disclaimer
Disclaimer CONFERENCE CALL FY 2017 consolidated results Pieve di Soligo, 15th March 2018 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 sho