Slide 1: 1stQ 2019 Consolidated Results Conference Call
Gruppo 1stQ 2019 CONSOLIDATED RESULTS Conference Call Pieve di Soligo, 14th may 2019
Slide 2: Contents
Contents CONFERENCE CALL 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 Financial highlights → Ascopiave Group structure as of 31st march 2019 → 1stQ 2019 consolidated income statement → Consolidated balance sheet as of 31st march 2019 Operating data Revenues and EBITDA Gross margin o
Slide 3: Ascopiave Group structure as of 31st March 2019
Ascopiave Group structure as of 31st march 2019 CONFERENCE CALL 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 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 20
Slide 4: 1stQ 2019 consolidated income statement
1stQ 2019 consolidated income statement CONFERENCE CALL 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 (Thousand of Euro) 3M 2019 3M 2018 Chg Chg % Revenues 224.087 200.648 23.440 +11,7% (Cost of raw materials and consumables) (140.463) (117.458) (23.005) +19,6% (Cost of services) (37
Slide 5: Consolidated balance sheet as of 31st March 2019
Consolidated balance sheet as of 31st march 2019 CONFERENCE CALL 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 (Thousand of Euro) 31/03/2019 31/12/2018 Chg Chg % Tangible assets (*) 34.882 32.724 2.159 +6,6% Non tangible assets (*) 433.779 432.637 1.143 +0,3% Investments in associate
Slide 6: Contents
Contents CONFERENCE CALL 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 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 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 Volumes of gas distributed (Million of standard cubic meters) ∆ = -25,3 ∆ = -2,3 -5,5% -6,3% Companies consolidated Companies consolidated with full consolidation method with net equity consolida
Slide 8: Volumes of gas sold
Volumes of gas sold CONFERENCE CALL 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 Volumes of gas sold (Million of standard cubic meters) ∆ = -19,6 ∆ = -6,1 -5,3% -9,2% 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 2019 consolidated results Pieve di Soligo, 14th may 2019 Volumes of electricity sold (GWh) ∆ = +18,5 ∆ = +2,7 +19,6% +17,5% Companies consolidated Companies consolidated with full consolidation method with net equity consolidation method (*) (*) Data
Slide 10: Contents
Contents CONFERENCE CALL 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 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 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 Revenues bridge Companies consolidated with full consolidation method (Thousand of Euro) ∆ = +23.440 +11,7% 11
Slide 12: Revenues bridge (2)
Revenues bridge (2) CONFERENCE CALL 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 Revenues bridge Companies consolidated with net equity consolidation method (*) (Thousand of Euro) ∆ = +2.327 +7,6% (*) Sinergie Italiane excluded. Data are considered pro-rata. 12
Slide 13: EBITDA bridge (1)
EBITDA bridge (1) CONFERENCE CALL 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 EBITDA bridge Companies consolidated with full consolidation method (Thousand of Euro) ∆ =-3.490 -9,7% (*) (*) For more details check out to slide at page 22. 13
Slide 14: EBITDA bridge (2)
EBITDA bridge (2) CONFERENCE CALL 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 EBITDA bridge Companies consolidated with net equity consolidation method (*) (Thousand of Euro) ∆ = -323 -6,0% (*) Sinergie Italiane excluded. Data are considered pro-rata. 14
Slide 15: EBITDA breakdown (1)
EBITDA breakdown (1) CONFERENCE CALL 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 EBITDA breakdown Companies consolidated with full consolidation method (Thousand of Euro) (Thousand of Euro) 3M 2019 3M 2018 Var Var % EBITDA 32.370 35.860 (3.490) -9,7% EBITDA - Sale 23.163 25.441 (2.
Slide 16: EBITDA breakdown (2)
EBITDA breakdown (2) CONFERENCE CALL 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 EBITDA breakdown Companies consolidated with net equity consolidation method (*) (Thousand of Euro) (Thousand of Euro) 3M 2019 3M 2018 Var Var % EBITDA 5.092 5.415 (323) -6,0% EBITDA - Sale 4.477 4.784
Slide 17: Contents
Contents CONFERENCE CALL 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 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 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 (Thousand of Euro) (*) 3M 2019 3M 2018 Chg Chg % Revenues from gas sales 171.667 159.468 12.198 +7,6% (Gas purchase costs) (105.300) (91.051) (14.249) +15,6% (Gas distribution costs) (38.713) (38.
Slide 19: Gross margin on trading gas sales
Gross margin on trading gas sales CONFERENCE CALL 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 (Thousand of Euro) (*) 3M 2019 3M 2018 Chg Chg % Revenues from trading gas sales 1.564 3.282 (1.718) -52,3% (Trading gas purchase costs) (1.512) (3.169) 1.657 -52,3% (Trading gas transport
Slide 20: Gross margin on electricity sales
Gross margin on electricity sales CONFERENCE CALL 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 (Thousand of Euro) (*) 3M 2019 3M 2018 Chg Chg % Revenues from elecricity sales 31.801 29.628 2.173 +7,3% (Electricity purchase costs) (19.255) (18.963) (292) +1,5% (Electricity distributi
Slide 21: Gas distribution tariff revenues
Gas distribution tariff revenues CONFERENCE CALL 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 (Thousand of Euro) (*) 3M 2019 3M 2018 Chg Chg % Gas distribution tariff revenues 17.873 18.174 (301) -1,7% Gas distribution tariff revenues (A) Company consolidated with full 17.873 18.174
Slide 22: Other net operating costs (1)
Other net operating costs (1) CONFERENCE CALL 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 (Thousand of Euro) 3M 2019 3M 2018 Chg Chg % Other revenues 10.252 12.424 (2.172) -17,5% Other costs of raw materials and services (18.995) (20.234) 1.238 -6,1% Cost of personnel (6.307) (6.14
Slide 23: Other net operating costs (2)
Other net operating costs (2) CONFERENCE CALL 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 (Thousand of Euro) 3M 2019 3M 2018 Chg Chg % Other net operating costs (A) Company consolidated with full (15.051) (13.958) (1.093) +7,8% consolidation method Other net operating costs (B) Com
Slide 24: Contents
Contents CONFERENCE CALL 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 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 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 Number of employees ∆ = +0 ∆ = -1 +0,0% -1,4% Companies consolidated Companies consolidated with full consolidation method with net equity consolidation method (*) (*) Data are considered pro-rata. 25
Slide 26: Consolidated cost of personnel
Consolidated cost of personnel CONFERENCE CALL 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 Consolidated cost of personnel (Thousand of Euro) ∆ = +159 +2,6% Cost of personnel changes: capitalized cost of personnel: - Euro 0,1 mln other: + Euro 0,2 mln. 1stQ 2019 cost of personnel of
Slide 27: Contents
Contents CONFERENCE CALL 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 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 Disclaimer 27
Slide 28: Capex
Capex CONFERENCE CALL 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 Consolidated capex (*) (Thousand of Euro) ∆ = +4.334 +86,4% Gas distribution systems: Euro 4,3 mln Gas meters: Euro 2,1 mln Rights of use (IFRS 16): Euro 2,5 mln Other: Euro 0,4 mln 1stQ 2019 investments of the compa
Slide 29: Contents
Contents CONFERENCE CALL 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 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 Disclaimer 29
Slide 30: Net financial position and cash flow (1)
Net financial position and cash flow (1) CONFERENCE CALL 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 Net Financial Position and cash flow Companies consolidated with full consolidation method (Thousand of Euro) ∆ = +52.345 -44,5% 30
Slide 31: Net financial position and cash flow (2)
Net financial position and cash flow (2) CONFERENCE CALL 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 Net Financial Position and cash flow Companies consolidated with net equity consolidation method (*) (Thousand of Euro) ∆ = +4.415 +74,8% (*) Sinergie Italiane excluded. Data are co
Slide 32: Net financial position and cash flow (3)
Net financial position and cash flow (3) CONFERENCE CALL 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 (Thousand of Euro) (*) 31/03/2019 31/12/2018 Var Var % Long term financial borrowings (>12 months) 51.292 55.111 (3.819) -6,9% Current position of long term financial borrowings 8.0
Slide 33: Contents
Contents CONFERENCE CALL 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 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 Disclaimer 33
Slide 34: Disclaimer
Disclaimer CONFERENCE CALL 1stQ 2019 consolidated results Pieve di Soligo, 14th may 2019 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