Ascopiave S.p.a. · MIL:ASC

Ascopiave — 9M 2019 Earnings Presentation

43 slides from Ascopiave's earnings presentation, Nov 12, 2019

  1. Slide 1: 9M 2019 Consolidated Results

    9M 2019 CONSOLIDATED RESULTS Gruppo Ascopiave 9M 2019 CONSOLIDATED RESULTS Conference Call Pieve di Soligo, 12nd November 2019 Gruppo 1

  2. Slide 2: Contents

    Contents 9M 2019 CONSOLIDATED RESULTS Premise ……………………………………………………….……………………………………………………………………………………………………………………………….…. Pag. 3 Financial highlights ……………………………………………………………………………………………………………………….……………………………………… Pag. 5 Companies consolidated with full and with net equity consolidation method …… Pag. 9

  3. Slide 3: Premise

    Contents 9M 2019 CONSOLIDATED RESULTS Premise  Ascopiave - Hera term sheet Financial highlights Companies consolidated with full and with net equity consolidation method Companies held for sale Disclaimer Premise 3

  4. Slide 4: Ascopiave – Hera term sheet

    Ascopiave – Hera term sheet 9M 2019 CONSOLIDATED RESULTS On 17 June 2019, Ascopiave S.p.A. and Hera S.p.A. have signed a binding term sheet which regulates the terms of a complex operation that provides, among other things, the sale of the shareholdings held by the Ascopiave Group in Sinergie Italia

  5. Slide 5: Financial highlights

    Contents 9M 2019 CONSOLIDATED RESULTS Premise Financial highlights  Ascopiave Group structure as of 30th September 2019  9M 2019 consolidated income statement  Consolidated balance sheet as of 30th September 2019 Companies consolidated with full and with net equity consolidation method Companies

  6. Slide 6: Ascopiave Group structure as of 30th September 2019

    Ascopiave Group structure as of 30th September 2019 9M 2019 CONSOLIDATED RESULTS 100% Companies held for sale: 100% 89% 100% 51% 100% 48,999% 100% 49% 100% Gas distribution Gas sales Other activities 100% Jointly-controlled companies: 100% - sale companies: Asm Set / Estenergy Associated companies:

  7. Slide 7: 9M 2019 consolidated income statement

    9M 2019 consolidated income statement 9M 2019 CONSOLIDATED RESULTS (Thousand of Euro) 9M 2019 9M 2018 Chg Chg % Revenues 90.017 87.592 2.424 +2,8% (Cost of raw materials and consumables) (1.712) (1.566) (147) +9,4% (Cost of services) (23.831) (21.986) (1.845) +8,4% (Cost of personnel) (10.979) (12.2

  8. Slide 8: Consolidated balance sheet as of 30th September 2019

    Consolidated balance sheet as of 30th September 2019 9M 2019 CONSOLIDATED RESULTS (Thousand of Euro) 30/09/2019 31/12/2018 Chg Chg % Tangible assets (*) 35.084 32.724 2.361 +7,2% Non tangible assets (*) 431.280 432.637 (1.357) -0,3% Investments in associates (**) 2 68.357 (68.355) -100,0% Other fixe

  9. Slide 9: Companies consolidated with full and net equity method

    Contents 9M 2019 CONSOLIDATED RESULTS Premise Financial highlights Companies consolidated with full and with net equity consolidation method  Operating data  Economic data  Revenues bridge  EBIT bridge  Gas distribution tariff revenues  Other net operating costs  Personnel  Capex  Net finan

  10. Slide 10: Operating data (1): Number of gas distribution users

    Operating data (1) 9M 2019 CONSOLIDATED RESULTS Number of gas distribution users +95.257 -46.256 +19,4% -100,0% 586.979 94.642 (**) 491.722 492.337 46.256 0 30/09/2019 31/12/2018 30/09/2019 31/12/2018 Companies consolidated Companies consolidated with full consolidation method with net equity consol

  11. Slide 11: Operating data (2): Volumes of gas distributed

    Operating data (2) 9M 2019 CONSOLIDATED RESULTS Volumes of gas distributed (Million of standard cubic meters) +14,7 -7,4 +2,1% -14,8% 713,4 698,7 42,6 (**) 49,9 9M 2019 9M 2018 9M 2019 9M 2018 Companies consolidated Companies consolidated with full consolidation method with net equity consolidation

  12. Slide 12: Economic data

    Economic data 9M 2019 CONSOLIDATED RESULTS Companies consolidated with full consolidation method (Thousand of Euro) 9M 2019 9M 2018 Chg Chg % Revenues 90.017 87.592 2.424 +2,8% EBITDA 30.460 32.445 (1.985) -6,1% % on revenues +33,8% +37,0% EBIT 13.048 16.778 (3.730) -22,2% % on revenues +14,5% +19,2

  13. Slide 13: Revenues bridge

    Revenues bridge 9M 2019 CONSOLIDATED RESULTS Revenues bridge Companies consolidated with full consolidation method (Thousand of Euro) +2.424 +2,8% 3.575 1.906 -3.056 87.592 90.017 Revenues 9M 2018 Gas distribution tariff Revenues from energy Other revenues Revenues 9M 2019 revenues efficiency certif

  14. Slide 14: EBIT bridge

    EBIT bridge 9M 2019 CONSOLIDATED RESULTS EBIT bridge Companies consolidated with full consolidation method (Thousand of Euro) -3.730 -22,2% 3.601 -1.745 -5.586 (*) 16.778 13.048 EBIT 9M 2018 Gas distribution tariff Depreciations and Other net operating costs EBIT 9M 2019 revenues amortizations / pro

  15. Slide 15: Gas distribution tariff revenues

    Gas distribution tariff revenues 9M 2019 CONSOLIDATED RESULTS (Thousand of Euro) (*) 9M 2019 9M 2018 Chg Chg % Gas distribution tariff revenues 58.174 54.573 3.601 +6,6% Gas distribution tariff revenues (A) Companies consolidated with full 58.174 54.573 3.601 +6,6% consolidation method (Thousand of

  16. Slide 16: Other net operating costs (1)

    Other net operating costs (1) 9M 2019 CONSOLIDATED RESULTS (Thousand of Euro) 9M 2019 9M 2018 Chg Chg % Other revenues 31.400 32.550 (1.150) -3,5% Other costs of raw materials and services (48.134) (42.400) (5.735) +13,5% Cost of personnel (10.979) (12.278) 1.299 -10,6% Other net operating costs (A)

  17. Slide 17: Other net operating costs (2)

    Other net operating costs (2) 9M 2019 CONSOLIDATED RESULTS (Thousand of Euro) 9M 2019 9M 2018 Chg Chg % Other net operating costs (A) Companies consolidated with full (27.714) (22.128) (5.586) +25,2% consolidation method Other net operating costs (B) Companies consolidated with net equity (1.402) (2

  18. Slide 18: Personnel (1): Number of employees

    Personnel (1) 9M 2019 CONSOLIDATED RESULTS Number of employees +31 -21 +8,8% -100,0% 385 43 (**) 354 342 21 0 30/09/2019 31/12/2018 30/09/2019 31/12/2018 Companies consolidated Companies consolidated with full consolidation method with net equity consolidation method (*) (*) Data are considered pro-

  19. Slide 19: Personnel (2): Cost of personnel

    Personnel (2) 9M 2019 CONSOLIDATED RESULTS Cost of personnel (Thousand of Euro) -1.299 -10,6% Cost of personnel changes: 531  capitalized cost of personnel: + Euro 0,5 mln -1.831  other: - Euro 1,8 mln, of which: o + Euro 0,5 mln: compensations related to the long term incentive 12.278 plan 10.979

  20. Slide 20: Capex

    Capex 9M 2019 CONSOLIDATED RESULTS Capex (*) (Thousand of Euro) +5.096 +30,6%  Gas distribution systems: Euro 13,3 mln 21.727 (**)  Gas meters: Euro 6,5 mln 16.631  Investments in hardware and software: Euro 1,6 mln  Other: Euro 0,3 mln 9M 2019 9M 2018 6M 2019 investments of Unigas Distribuzione

  21. Slide 21: Net financial position and cash flow (1)

    Net financial position and cash flow (1) 9M 2019 CONSOLIDATED RESULTS Net financial position and cash flow Companies consolidated with full consolidation method (Thousand of Euro) 55.650 -117.517 7.936 12.810 -193.028 -32.906 16.108 -75.511 -78.493 +64,3% -56.615 31/12/2018 Cash flow Capex Change in

  22. Slide 22: Net financial position and cash flow (2)

    Net financial position and cash flow (2) 9M 2019 CONSOLIDATED RESULTS (Migliaia di Euro) (*) 30/09/2019 31/12/2018 Chg Chg % Long term financial borrowings (>12 months) 71.654 55.111 16.543 +30,0% Current position of long term financial borrowings 14.774 8.014 6.760 +84,4% Short term financial borro

  23. Slide 23: Companies held for sale

    Contents 9M 2019 CONSOLIDATED RESULTS Premise Financial highlights Companies consolidated with full and with net equity consolidation method Companies held for sale  Operating data  Economic data  Revenues bridge  EBIT bridge  Gross margin on gas sales  Gross margin on trading gas sales  Gros

  24. Slide 24: Operating data (1): Number of gas sales customers

    Operating data (1) 9M 2019 CONSOLIDATED RESULTS Number of gas sales customers -14.254 -2.907 -2,7% -2,6% 523.229 537.483 108.787 111.695 30/09/2019 31/12/2018 30/09/2019 31/12/2018 Controlled companies Jointly-controlled companies (*) (*) Data are considered pro-rata. Companies held for sale 24

  25. Slide 25: Operating data (2): Volumes of gas sold

    Operating data (2) 9M 2019 CONSOLIDATED RESULTS Volumes of gas sold (Million of standard cubic meters) -9,1 -4,2 -1,7% -5,0% 526,8 535,8 80,7 84,9 9M 2019 9M 2018 9M 2019 9M 2018 Controlled companies Jointly-controlled companies (*) (*) Data are considered pro-rata. Companies held for sale 25

  26. Slide 26: Operating data (3): Number of electricity sales customers

    Operating data (3) 9M 2019 CONSOLIDATED RESULTS Number of electricity sales customers +14.639 +3.612 +17,8% +21,8% 97.082 82.443 20.161 16.549 30/09/2019 31/12/2018 30/09/2019 31/12/2018 Controlled companies Jointly-controlled companies (*) (*) Data are considered pro-rata. Companies held for sale 2

  27. Slide 27: Operating data (4): Volumes of electricity sold

    Operating data (4) 9M 2019 CONSOLIDATED RESULTS Volumes of electricity sold (Gigawatt hours) +53,1 +8,5 +18,2% +17,7% 344,6 291,6 56,5 48,0 9M 2019 9M 2018 9M 2019 9M 2018 Controlled companies Jointly-controlled companies (*) (*) Data are considered pro-rata. Companies held for sale 27

  28. Slide 28: Economic data

    Economic data 9M 2019 CONSOLIDATED RESULTS Controlled companies (Thousand of Euro) 9M 2019 9M 2018 Chg Chg % Revenues 387.982 360.152 27.830 +7,7% EBITDA 38.219 25.057 13.162 +52,5% % on revenues +9,9% +7,0% EBIT 35.360 22.119 13.240 +59,9% % on revenues +9,1% +6,1% Jointly-controlled companies (*)

  29. Slide 29: Revenues bridge (1): Controlled companies

    Revenues bridge (1) 9M 2019 CONSOLIDATED RESULTS Revenues bridge Controlled companies (Thousand of Euro) +27.830 +7,7% 22.156 10.819 -4.537 -608 387.982 360.152 Revenues 9M 2018 Revenues from gas Revenues from Revenues from Other revenues Revenues 9M 2019 sales trading gas sales electricity sales Co

  30. Slide 30: Revenues bridge (2): Jointly-controlled companies

    Revenues bridge (2) 9M 2019 CONSOLIDATED RESULTS Revenues bridge Jointly-controlled companies (*) (Thousand of Euro) +4.757 +9,1% 2.333 336 2.088 0 57.211 52.454 Revenues 9M 2018 Revenues from gas Revenues from Revenues from Other revenues Revenues 9M 2019 sales trading gas sales electricity sales (

  31. Slide 31: EBIT bridge (1): Controlled companies

    EBIT bridge (1) 9M 2019 CONSOLIDATED RESULTS EBIT bridge Controlled companies (Thousand of Euro) +13.240 +59,9% 2.741 79 1.167 (*) 9.185 69 35.360 22.119 EBIT 9M 2018 Gross margin on gas Gross margin on Gross margin on Depreciations and Other net operating EBIT 9M 2019 sales trading gas sales electr

  32. Slide 32: EBIT bridge (2): Jointly-controlled companies

    EBIT bridge (2) 9M 2019 CONSOLIDATED RESULTS EBIT bridge Jointly-controlled companies (*) (Thousand of Euro) +529 +10,3% 345 167 111 0 -95 5.644 5.114 EBIT 9M 2018 Gross margin on gas Gross margin on Gross margin on Depreciations and Other net operating EBIT 9M 2019 sales trading gas sales electrici

  33. Slide 33: Gross margin on gas sales

    Gross margin on gas sales 9M 2019 CONSOLIDATED RESULTS (Thousand of Euro) (*) 9M 2019 9M 2018 Chg Chg % Revenues from gas sales 260.339 246.410 13.929 +5,7% (Gas purchase costs) (147.669) (146.609) (1.060) +0,7% (Gas distribution costs) (63.227) (59.543) (3.684) +6,2% Gross margin on gas sales (A) 4

  34. Slide 34: Gross margin on trading gas sales

    Gross margin on trading gas sales 9M 2019 CONSOLIDATED RESULTS (Thousand of Euro) (*) 9M 2019 9M 2018 Chg Chg % Revenues from trading gas sales 2.670 7.207 (4.537) -63,0% (Trading gas purchase costs) (2.750) (6.928) 4.178 -60,3% (Trading gas transport / capacity costs) 166 (262) 428 -163,4% Gross ma

  35. Slide 35: Gross margin on electricity sales

    Gross margin on electricity sales 9M 2019 CONSOLIDATED RESULTS (Thousand of Euro) (*) 9M 2019 9M 2018 Chg Chg % Revenues from elecricity sales 99.168 79.783 19.385 +24,3% (Electricity purchase costs) (57.427) (45.786) (11.641) +25,4% (Electricity distribution costs) (35.052) (30.048) (5.004) +16,7%

  36. Slide 36: Other net operating costs (1)

    Other net operating costs (1) 9M 2019 CONSOLIDATED RESULTS (Thousand of Euro) 9M 2019 9M 2018 Chg Chg % Other revenues 6.018 6.343 (326) -5,1% Other costs of raw materials and services (16.555) (18.453) 1.898 -10,3% Cost of personnel (7.463) (7.058) (405) +5,7% Other net operating costs (A) (18.000)

  37. Slide 37: Other net operating costs (2)

    Other net operating costs (2) 9M 2019 CONSOLIDATED RESULTS (Thousand of Euro) 9M 2019 9M 2018 Chg Chg % Other net operating costs (A) (18.000) (19.167) 1.167 -6,1% Controlled companies Other net operating costs (B) (3.720) (3.888) 168 -4,3% Jointly-controlled companies (*) Other net operating costs

  38. Slide 38: Personnel (1): Number of employees

    Personnel (1) 9M 2019 CONSOLIDATED RESULTS Number of employees -5 -2 -2,7% -4,2% 182 187 45 47 30/09/2019 31/12/2018 30/09/2019 31/12/2018 Controlled companies Jointly-controlled companies (*) (*) Data are considered pro-rata. Companies held for sale 38

  39. Slide 39: Personnel (2): Cost of personnel

    Personnel (2) 9M 2019 CONSOLIDATED RESULTS Cost of personnel (Thousand of Euro) +405 +5,7% Cost of personnel changes: 405  other: + Euro 0,4 mln, of which: o + Euro 0,3 mln: compensations related to the long term incentive plan o + Euro 0,1 mln: other changes 7.058 7.463 Cost of personnel 9M 2018 O

  40. Slide 40: Capex

    Capex 9M 2019 CONSOLIDATED RESULTS Capex (*) (Thousand of Euro) +35 +51,0% 105 (**) 69 9M 2019 9M 2018 (*) Excluding network extension in new urbanized areas that according to IAS are considerated as operating costs and not investments; (**) Investments in intangible assets and in tangible assets (e

  41. Slide 41: Net financial position and cash flow: Controlled companies

    Net financial position and cash flow 9M 2019 CONSOLIDATED RESULTS Net financial position and cash flow Controlled companies (Thousand of Euro) 9.371 3.868 32.968 -105 67.364 +46.102 +216,8% 21.262 31/12/2018 Cash flow Capex Change in net working Change in net working 30/09/2019 capital (operating ca

  42. Slide 42: Disclaimer

    Contents 9M 2019 CONSOLIDATED RESULTS Premise Financial highlights Companies consolidated with full and with net equity consolidation method Companies held for sale Disclaimer Disclaimer 42

  43. Slide 43: Disclaimer

    Disclaimer 9M 2019 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

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