Ascopiave S.p.a. · MIL:ASC
Ascopiave — Q1 2015 Earnings Presentation
31 slides from Ascopiave's earnings presentation, May 12, 2015
Slide 1: 1stQ 2015 Consolidated Results
Gruppo 1stQ 2015 CONSOLIDATED RESULTS Conference Call Pieve di Soligo, May, 12th 2015 1
Slide 2: Contents
Contents CONFERENCE CALL 1stQ 2015 consolidated results Pieve di Soligo, May, 12th 2015 Financial highlights → Ascopiave Group structure as of March, 31st 2015 → 1stQ 2015 consolidated income statement → Consolidated balance sheet at March, 31st 2015 Operating data Revenues and EBITDA Gross margin o
Slide 3: Ascopiave Group structure as of March 31st 2015
Ascopiave Group structure as of March, 31st 2015 CONFERENCE CALL 1stQ 2015 consolidated results Pieve di Soligo, May, 12th 2015 100% 89% 100% 51% 48,86% 100% 48,999% 49% Companies consolidated with net equity consolidation method: 100% Since year of registration: Sinergie Italiane From January, 1st
Slide 4: 1stQ 2015 consolidated income statement
1stQ 2015 consolidated income statement CONFERENCE CALL 1stQ 2015 consolidated results Pieve di Soligo, May, 12th 2015 (Thousand of Euro) 1stQ 2015 1stQ 2014 Chg Chg % Revenues 219.496 236.028 (16.532) -7,0% (Cost of raw materials and consumables) (139.976) (157.337) 17.362 -11,0% (Cost of services)
Slide 5: Consolidated balance sheet at March 31st 2015
Consolidated balance sheet at March, 31st 2015 CONFERENCE CALL 1stQ 2015 consolidated results Pieve di Soligo, May, 12th 2015 (Thousand of Euro) 31/03/2015 31/12/2014 Chg Chg % Tangible assets (*) 36.065 36.614 (549) -1,5% Non tangible assets (*) 393.427 394.530 (1.103) -0,3% Investments in associat
Slide 6: Contents
Contents CONFERENCE CALL 1stQ 2015 consolidated results Pieve di Soligo, May, 12th 2015 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 costs Pe
Slide 7: Volumes of gas distributed
Volumes of gas distributed CONFERENCE CALL 1stQ 2015 consolidated results Pieve di Soligo, May, 12th 2015 Volumes of gas distributed (Million of standard cubic meters) ∆ = +45,0 ∆ = +3,7 +15,4% +12,2% Companies consolidated Companies consolidated with full consolidation method with net equity consol
Slide 8: Volumes of gas sold
Volumes of gas sold CONFERENCE CALL 1stQ 2015 consolidated results Pieve di Soligo, May, 12th 2015 Volumes of gas sold (Million of standard cubic meters) ∆ = +27,1 ∆ = +10,8 +7,7% +17,6% 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 1stQ 2015 consolidated results Pieve di Soligo, May, 12th 2015 Volumes of electricity sold (GWh) ∆ = -5,0 ∆ = -11,7 -5,1% -39,5% Companies consolidated Companies consolidated with full consolidation method with net equity consolidation method (*) (*) Data
Slide 10: Contents
Contents CONFERENCE CALL 1stQ 2015 consolidated results Pieve di Soligo, May, 12th 2015 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 Financ
Slide 11: Revenues bridge (1)
Revenues bridge (1) CONFERENCE CALL 1stQ 2015 consolidated results Pieve di Soligo, May, 12th 2015 Revenues bridge Companies consolidated with full consolidation method (Thousand of Euro) ∆ = -16.532 -7,0% 11
Slide 12: Revenues bridge (2)
Revenues bridge (2) CONFERENCE CALL 1stQ 2015 consolidated results Pieve di Soligo, May, 12th 2015 Revenues bridge Companies consolidated with net equity consolidation method (*) (Thousand of Euro) ∆ = -126 -0,3% (*) Sinergie Italiane excluded. 12
Slide 13: EBITDA bridge (1)
EBITDA bridge (1) CONFERENCE CALL 1stQ 2015 consolidated results Pieve di Soligo, May, 12th 2015 EBITDA bridge Companies consolidated with full consolidation method (Thousand of Euro) ∆ =+219 +0,6% 13
Slide 14: EBITDA bridge (2)
EBITDA bridge (2) CONFERENCE CALL 1stQ 2015 consolidated results Pieve di Soligo, May, 12th 2015 EBITDA bridge Companies consolidated with net equity consolidation method (*) (Thousand of Euro) ∆ = +707 +13,5% (*) Sinergie Italiane excluded. 14
Slide 15: EBITDA breakdown (1)
EBITDA breakdown (1) CONFERENCE CALL 1stQ 2015 consolidated results Pieve di Soligo, May, 12th 2015 EBITDA breakdown Companies consolidated with full consolidation method (Thousand of Euro) (Thousand of Euro) 1stQ 2015 1stQ 2014 Var Var % EBITDA 34.307 34.089 219 +0,6% EBITDA - Sale 26.586 25.641 94
Slide 16: EBITDA breakdown (2)
EBITDA breakdown (2) CONFERENCE CALL 1stQ 2015 consolidated results Pieve di Soligo, May, 12th 2015 EBITDA breakdown Companies consolidated with net equity consolidation method (*) (Thousand of Euro) (Thousand of Euro) 1stQ 2015 1stQ 2014 Var Var % EBITDA 5.951 5.244 707 +13,5% EBITDA - Sale 5.337 4
Slide 17: Contents
Contents CONFERENCE CALL 1stQ 2015 consolidated results Pieve di Soligo, May, 12th 2015 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 distribut
Slide 18: Gross margin on gas sales
Gross margin on gas sales CONFERENCE CALL 1stQ 2015 consolidated results Pieve di Soligo, May, 12th 2015 (Thousand of Euro) (*) 1stQ 2015 1stQ 2014 Chg Chg % Revenues from gas sales 188.479 187.464 1.015 +0,5% (Gas purchase costs) (119.554) (123.253) 3.699 -3,0% (Distribution costs) (37.388) (34.434
Slide 19: Gross margin on electricity sales
Gross margin on electricity sales CONFERENCE CALL 1stQ 2015 consolidated results Pieve di Soligo, May, 12th 2015 (Thousand of Euro) (*) 1stQ 2015 1stQ 2014 Chg Chg % Revenues from elecricity sales 24.062 22.232 1.830 +8,2% (Electricity purchase costs) (13.374) (13.113) (261) +2,0% (Distribution cost
Slide 20: Gas distribution tariff revenues
Gas distribution tariff revenues CONFERENCE CALL 1stQ 2015 consolidated results Pieve di Soligo, May, 12th 2015 (Thousand of Euro) (*) 1stQ 2015 1stQ 2014 Chg Chg % Tariffs applied to sales companies 20.189 17.452 2.736 +15,7% Equalization amount (+ / -) (5.013) (2.106) (2.907) +138,0% Gas distribut
Slide 21: Other net operating costs (1)
Other net operating costs (1) CONFERENCE CALL 1stQ 2015 consolidated results Pieve di Soligo, May, 12th 2015 (Thousand of Euro) (*) 1stQ 2015 1stQ 2014 Chg Chg % Other revenues 15.807 15.089 718 +4,8% Other costs of raw materials and services (23.486) (20.915) (2.571) +12,3% Cost of personnel (5.742
Slide 22: Other operating costs (2)
Other operating costs (2) CONFERENCE CALL 1stQ 2015 consolidated results Pieve di Soligo, May, 12th 2015 (Thousand of Euro) (*) 1stQ 2015 1stQ 2014 Chg Chg % Other net operating costs (A) Company consolidated with full (13.422) (12.372) (1.050) +8,5% consolidation method (**) Other net operating cos
Slide 23: Contents
Contents CONFERENCE CALL 1stQ 2015 consolidated results Pieve di Soligo, May, 12th 2015 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 Fina
Slide 24: Number of employees
Number of employees CONFERENCE CALL 1stQ 2015 consolidated results Pieve di Soligo, May, 12th 2015 Number of employees ∆ = -4 ∆ = -1 -0,8% -1,5% Companies consolidated Companies consolidated with full consolidation method with net equity consolidation method (*) (*) Data are considered pro-quota. 24
Slide 25: Consolidated cost of personnel
Consolidated cost of personnel CONFERENCE CALL 1stQ 2015 consolidated results Pieve di Soligo, May, 12th 2015 Consolidated cost of personnel (Thousand of Euro) ∆ = -803 -12,3% Other changes: phantom stock options: - Euro 0,7 mln other: - Euro 0,0 mln 1stQ 2015 cost of personnel of the companies cons
Slide 26: Contents
Contents CONFERENCE CALL 1stQ 2015 consolidated results Pieve di Soligo, May, 12th 2015 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 26
Slide 27: Capex
Capex CONFERENCE CALL 1stQ 2015 consolidated results Pieve di Soligo, May, 12th 2015 Consolidated capex (*) (Thousand of Euro) ∆ = -1.025 -24,4% Gas distribution systems: Euro 2,1 mln (**) Gas meters: Euro 1,0 mln Other: Euro 0,1 mln 1stQ 2015 investments of the companies consolidated with net equit
Slide 28: Contents
Contents CONFERENCE CALL 1stQ 2015 consolidated results Pieve di Soligo, May, 12th 2015 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 28
Slide 29: Net Financial Position and cash flow (1)
Net Financial Position and cash flow (1) CONFERENCE CALL 1stQ 2015 consolidated results Pieve di Soligo, May, 12th 2015 Net Financial Position and cash flow Companies consolidated with full consolidation method (Thousand of Euro) ∆ = +16.497 -12,7% 29
Slide 30: Net Financial Position and cash flow (2)
Net Financial Position and cash flow (2) CONFERENCE CALL 1stQ 2015 consolidated results Pieve di Soligo, May, 12th 2015 Net Financial Position and cash flow Companies consolidated with net equity consolidation method (*) (Thousand of Euro) ∆ = +7.338 -60,9% (*) Sinergie Italiane excluded. 30
Slide 31: Net Financial Position and cash flow (3)
Net Financial Position and cash flow (3) CONFERENCE CALL 1stQ 2015 consolidated results Pieve di Soligo, May, 12th 2015 (Thousand of Euro) (*) 31/03/2015 31/12/2014 Var Var % Long term financial borrowings (>12 months) 51.671 53.456 (1.785) -3,3% Current position of long term financial borrowings 9.