Italgas Spa · MIL:IG
Italgas Spa — Q1 2019 Earnings Presentation
20 slides from Italgas Spa's earnings presentation, May 14, 2019
Slide 1: 2019 1Q Consolidated Results
2019 1Q Consolidated Results 14th May 2019, Milan
Slide 2: 1Q 2019: a solid start of the year
1Q 2019: a solid start of the year € mn vs 1Q 2018 vs 1Q 2018 9.9% Operating cash €242.2 0.4% Revenues €310.8 flow 10.5% Capex €152.4 43.6% EBITDA €219.2 Consolidated 112.4 Net Debt* €3,701.9** 10.0% mn EBIT €123.6 (*) Excluding 65.7mln for operating leases (IFRS 16) (**) Year end 2018:
Slide 3: 1Q 2019: capex delivery
1Q 2019: capex delivery 1Q 2018 1Q 2019 106.1 152.4 17% 8% 45% 10% 46% 46% 28% ~400,000 ~410,000 smart meter smart meter installed installed * Of which ~50,000 units related to the replacement of traditional meters Distribution Others Metering Driven by M&A 3 /
Slide 4: 1Q 2019: network capex
1Q 2019: network capex 1Q 2018 1Q 2019 106.1 € mn 152.4 € mn 8% 48.3 € mn 17% 83.6 € mn 46% 10% 45% 46% 28% 47% 21% 17% 40 km 50% 170 km 36% 29% Extension New network Maintenance 4 /
Slide 5: Corporate structure as at March 31st
Corporate structure as at March 31st 50% Equity method consolidation 45% Full consolidation perimeter 48,09% 100% 100% 100% 100% 100% New Grids* 100% 100% 60% 100% 100% 100% ** 100% * Gas distribution companies acquired from CPL Concordia, located in Campania, Calabria and Sicily (Barano Gas Reti, I
Slide 6: Corporate structure as at April 1st
Corporate structure as at April 1 st 50% Equity method consolidation 45% Full consolidation perimeter 48,09% 100% 100% 100% 100% 100% 60% 100% 100% 100% 6 /
Slide 7: Income Statement
Income Statement 1Q 2018 1Q 2019 Change €mn Revenues 282.8 310.8 28.0 Operating expenses - 84.4 - 91.6 - 7.2 EBITDA 198.4 219.2 20.8 Depreciation & amortisation - 86.0 - 95.6 - 9.6 EBIT 112.4 123.6 11.2 Net interest income (expenses) - 12.0 - 12.2 - 0.2 Net income from associates 4.8 5.8 1.0 EBT 105
Slide 8: Consolidated Revenues
Consolidated Revenues Revenues 1Q 2018 1Q 2019 Change €mn Regulated revenues 276.1 288.1 12.0 Distribution 249.9 260.8 10.9 Tariff contribution for meters replacement 12.9 8.7 - 4.2 Other distribution revenues 13.2 18.6 5.4 Other revenues 6.8 22.7 15.9 TOTAL REVENUES 282.9 310.8 28.0 8 /
Slide 9: Consolidated Opex
Opex Consolidated Opex 1Q 2018 1Q 2019 Change €mn Gas Distribution activities 81.1 84.5 3.4 Fixed costs 67.5 59.0 - 8.5 Net labour cost 36.5 33.2 - 3.3 Net external cost 31.0 25.8 - 5.2 Variable costs 1.7 2.7 1.0 Other costs - 0.5 1.0 1.4 Tee - 1.1 7.8 8.9 Concessions fees 13.4 14.0 0.6 Other activi
Slide 10: Ebit Analysis
Ebit Ebit: Analysis +10% vs 1Q 2018 € mn (9.6) 20.8 Mainly related to higher accelerated depreciation for 123.6 112.4 smart meters replacement (8.8 mln) Ebit 1Q 2018 Ebitda D&A Ebit 1Q 2019 10 /
Slide 11: Net Income: 15.5% vs 1Q 2018
Consolidated Net+Income Net Income: 15.5% vs 1Q 2018 € mn (0.2) 1.0 (0.4) 11.2 86.3 74.7 Net income 1Q Ebit Net Financial Income Income Net income 1Q 2018 Expenses from Taxes on EBT 2019 Associates 11 /
Slide 12: Consolidated Cash Flow
Consolidated Cash Flow [ € mn ] Depreciation Change in Cash flow from Net capex (w/o Free Cash flow Change in Net Net income & other items working capital operation Ifrs16) before M&A M&A Debt 80.9 (129.5) 75.0 242.2 - (0.3) 112.7 112.4 86.3 12
Slide 13: A solid, efficient and resilient debt structure
A solid, efficient and resilient debt structure Debt Structure as at March 31st, 2019 4.8 € bn No refinancing risks until 2022 Total Committed Credit Facilities and Bonds thanks to maturities profile Fixed Floating ratio 900 800 700 13% 1% 600 21% 500 3.7 400 € bn 300 200 87% 78% 100 0 Fixed Flo
Slide 14: Balance sheet
Balance sheet 2018 1Q 2019 Change Dec, 31st €mn Net invested capital 5,193.5 5,179.9 - 13.6 Fixed capital 5,284.1 5,345.1 61.0 Tangible fixed assets 259.2 274.6 15.4 Net intangible fixed assets 4,982.8 5,020.1 37.3 Net payables investments - 133.1 - 130.7 2.4 Equity-accounted and other investments 1
Slide 15: «, WGitaigas
«, WGitaigas
Slide 16: Annexes
Annexes 16 /
Slide 17: Conscoop - Transaction overview
Conscoop - Transaction overview Over 50,000 users acquired Total valuation (EV) €68.6 mln with total RAB aligned to EV The transaction perimeter includes the following: Aquamet SpA & Mediterranea S.r.l Natural Gas users(1) ~ 27,400 RdP in 15 concessions in Central-Southern Italy (Lazio, Campan
Slide 18: Picarro: Innovative Laser Technology
Picarro: Innovative Laser Technology Main advantages : Laser absorption spectroscopy technology Sensitive not only to methane (CH4) but also to ethane (C4H6) (can identify biogenic natural gas for example coming from sewers or pools) Much higher sensitivity (parts per billion = µg/kg) 1,000 ti
Slide 19: Disclaimer
Disclaimer Italgas’s Manager, Giovanni Mercante, in his position as manager responsible for the preparation of financial reports, certifies pursuant to paragraph 2, article 154-bis of the Legislative Decree n. 58/1998, that data and information disclosures herewith set forth correspond to the compan
Slide 20: 2019 1Q Consolidated Results
2019 1Q Consolidated Results 14th May 2019, Milan