Ascopiave S.p.a. · MIL:ASC
Ascopiave — FY2016 Earnings Presentation
39 slides from Ascopiave's earnings presentation, Mar 15, 2017
Slide 1: FY 2016 Consolidated Results Conference Call
Gruppo FY 2016 CONSOLIDATED RESULTS Conference Call Pieve di Soligo, 15th March 2017 1
Slide 2: Contents
Contents CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 Financial highlights → Ascopiave Group structure as of 31st December 2016 → FY 2016 consolidated income statement → Consolidated balance sheet as of 31st December 2016 Operating data Revenues and EBITDA Gross marg
Slide 3: Ascopiave Group structure as of 31st December 2016
Ascopiave Group structure as of 31st December 2016 CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 100% 89% 100% 51% 100% 100% 48,86% 48,999% 49% Companies consolidated with net equity consolidation method: 100% Since year of registration: Sinergie Italiane 100% From Ja
Slide 4: FY 2016 consolidated income statement
FY 2016 consolidated income statement CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 (Thousand of Euro) 2016 2015 Chg Chg % Revenues 497.689 581.655 (83.966) -14,4% (Cost of raw materials and consumables) (249.916) (346.431) 96.516 -27,9% (Cost of services) (107.503) (
Slide 5: Consolidated balance sheet as of 31st December 2016
Consolidated balance sheet as of 31st December 2016 CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 (Thousand of Euro) 31/12/2016 31/12/2015 Chg Chg % Tangible assets (*) 32.364 34.987 (2.623) -7,5% Non tangible assets (*) 397.664 397.418 246 +0,1% Investments in associ
Slide 6: Contents
Contents CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 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 2016 consolidated results Pieve di Soligo, 15th March 2017 Volumes of gas distributed (Million of standard cubic meters) ∆ = +13,2 ∆ = +0,9 +1,7% +1,2% Companies consolidated Companies consolidated with full consolidation method with net equity consolida
Slide 8: Volumes of gas sold
Volumes of gas sold CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 Volumes of gas sold (Million of standard cubic meters) ∆ = -18,3 ∆ = -8,4 -2,2% -5,9% 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 2016 consolidated results Pieve di Soligo, 15th March 2017 Volumes of electricity sold (GWh) ∆ = -18,8 ∆ = -4,2 -5,2% -7,3% Companies consolidated Companies consolidated with full consolidation method with net equity consolidation method (*) (*) Data ar
Slide 10: Contents
Contents CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 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 2016 consolidated results Pieve di Soligo, 15th March 2017 Revenues bridge Companies consolidated with full consolidation method (Thousand of Euro) ∆ = -83.966 -14,4% 11
Slide 12: Revenues bridge (2)
Revenues bridge (2) CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 Revenues bridge Companies consolidated with net equity consolidation method (*) (Thousand of Euro) ∆ = -11.043 -12,9% (*) Sinergie Italiane excluded. 12
Slide 13: EBITDA bridge (1)
EBITDA bridge (1) CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 EBITDA bridge Companies consolidated with full consolidation method (Thousand of Euro) ∆ =+14.271 +17,6% 13
Slide 14: EBITDA bridge (2)
EBITDA bridge (2) CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 EBITDA bridge Companies consolidated with net equity consolidation method (*) (Thousand of Euro) ∆ = -332 -2,5% (*) Sinergie Italiane excluded. 14
Slide 15: EBITDA breakdown (1)
EBITDA breakdown (1) CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 EBITDA breakdown Companies consolidated with full consolidation method (Thousand of Euro) (Thousand of Euro) 2016 2015 Var Var % EBITDA 95.255 80.983 14.271 +17,6% EBITDA - Sale 60.235 45.167 15.068 +3
Slide 16: EBITDA breakdown (2)
EBITDA breakdown (2) CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 EBITDA breakdown Companies consolidated with net equity consolidation method (*) (Thousand of Euro) (Thousand of Euro) 2016 2015 Var Var % EBITDA 13.003 13.335 (332) -2,5% EBITDA - Sale 10.221 10.752 (
Slide 17: Contents
Contents CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 Financial highlights Operating data Revenues and EBITDA Gross margin on gas and electricity sales and other net operating costs → Gross margin on gas sales → APR mechanism → Gross margin on electricity sales → Gas
Slide 18: Gross margin on gas sales (1)
Gross margin on gas sales (1) CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 (Thousand of Euro) (*) 2016 2015 Chg Chg % Revenues from gas sales 343.127 415.962 (72.835) -17,5% (Gas purchase costs) (182.079) (258.281) 76.202 -29,5% (Distribution costs) (82.531) (93.290)
Slide 19: Gross margin on gas sales (2)
Gross margin on gas sales (2) CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 Gross margin on gas sales bridge Companies consolidated with full consolidation method (Thousand of Euro) ∆ = +14.126 +21,9% 19
Slide 20: APR mechanism (1)
APR mechanism (1) CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 In 2013, AEEGSI concluded the review of the economic conditions applicable to protected customers, by adjusting them to the gradual and structural evolution of Italy’s gas market, which led to the alignme
Slide 21: APR mechanism (2)
APR mechanism (2) CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 In 2013, in relation to the Group’s gas volumes, AEEGSI had planned the following for Ascopiave – in the event of admission: a total maximum compensation, during the mechanism’s three-year application, to
Slide 22: Gross margin on electricity sales
Gross margin on electricity sales CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 (Thousand of Euro) (*) 2016 2015 Chg Chg % Revenues from elecricity sales 90.590 92.810 (2.219) -2,4% (Electricity purchase costs) (48.779) (51.181) 2.402 -4,7% (Distribution costs) (36.63
Slide 23: Gas distribution tariff revenues (1)
Gas distribution tariff revenues (1) CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 (Thousand of Euro) (*) 2016 2015 Chg Chg % Tariffs applied to sales companies 55.408 54.981 427 +0,8% Equalization amount (+ / -) 6.080 6.979 (899) -12,9% Gas distribution tariff revenu
Slide 24: Gas distribution tariff revenues (2)
Gas distribution tariff revenues (2) CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 Gas distribution tariff revenues bridge Companies consolidated with full consolidation method (Thousand of Euro) ∆ = -473 -0,8% Other changes: increase of tariff depreciation: + Euro 0,
Slide 25: Other net operating costs (1)
Other net operating costs (1) CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 (Thousand of Euro) 2016 2015 Chg Chg % Other revenues 30.300 20.741 9.560 +46,1% Other costs of raw materials and services (55.995) (48.369) (7.626) +15,8% Cost of personnel (24.233) (21.573)
Slide 26: Other operating costs (2)
Other operating costs (2) CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 (Thousand of Euro) 2016 2015 Chg Chg % Other net operating costs (A) Company consolidated with full (49.928) (49.201) (727) +1,5% consolidation method Other net operating costs (B) Company consoli
Slide 27: Contents
Contents CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 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 28: Number of employees
Number of employees CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 Number of employees ∆ = +0 ∆ = +2 +0,0% +2,3% Companies consolidated Companies consolidated with full consolidation method with net equity consolidation method (*) (*) Data are considered pro-quota. 28
Slide 29: Consolidated cost of personnel
Consolidated cost of personnel CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 Consolidated cost of personnel (Thousand of Euro) ∆ = +2.660 Cost of personnel changes: +12,3% capitalized cost of personnel: - Euro 0,1 mln other: + Euro 2,7 mln, of which: o + Euro 1,5 mln:
Slide 30: Contents
Contents CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 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 30
Slide 31: Capex
Capex CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 Consolidated capex (*) (Thousand of Euro) ∆ = -1.175 -5,3% Gas distribution systems: (**) Euro 12,7 mln Gas meters: Euro 7,0 mln Other: Euro 1,1 mln FY 2016 investments of the companies consolidated with net equity c
Slide 32: Contents
Contents CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 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 32
Slide 33: Net financial position and cash flow (1)
Net financial position and cash flow (1) CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 Net Financial Position and cash flow Companies consolidated with full consolidation method (Thousand of Euro) (*) ∆ = +19.917 -17,5% (*) Dividends distributed to Ascopiave sharehold
Slide 34: Net financial position and cash flow (2)
Net financial position and cash flow (2) CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 Net Financial Position and cash flow Companies consolidated with net equity consolidation method (*) (Thousand of Euro) ∆ = +1.819 +131,3% (*) Sinergie Italiane excluded. 34
Slide 35: Net financial position and cash flow (3)
Net financial position and cash flow (3) CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 (Thousand of Euro) (*) 31/12/2016 31/12/2015 Var Var % Long term financial borrowings (>12 months) 34.541 43.829 (9.288) -21,2% Current position of long term financial borrowings 9.
Slide 36: Contents
Contents CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 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 37: Dividend proposal
Dividend proposal CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 Dividend proposed: 0,18 Euro per share (Euro 42,2 mln) Detachment date: 8th May 2017 Record date: 9th May 2017 Payment date:10th May 2017 2016 2015 2014 2013 2012 (Proposal) Dividends paid (Thousand of Eu
Slide 38: Contents
Contents CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 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 39: Disclaimer
Disclaimer CONFERENCE CALL FY 2016 consolidated results Pieve di Soligo, 15th March 2017 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