Ascopiave S.p.A. · MIL:ASC
Ascopiave — FY2016 Earnings Presentation
24 slides from Ascopiave's earnings presentation, Mar 15, 2017
Slide 1: Press conference of presentation of the 2016 annual results
Press conference of presentation of the 2016 annual results Treviso, 15th March 2017 1
Slide 2: The Ascopiave Group today
The Ascopiave Group today 100% Gas distribution Gas / electricity sales 100% Other activities 100% 89% 48.86% 51% 100% Ascopiave Shareholders 48.999% Asco Holding S.p.A. is a company owned by 90 municipalities mainly located in the province of Treviso (public associates) and 2 private companies. 49%
Slide 3: 2016 annual results
2016 annual results ROBERTO GUMIRATO General manager Ascopiave S.p.A. 3
Slide 4: Ascopiave today
Ascopiave today GROUP BUSINESS ACTIVITIES 2016 KEY FIGURES IFRS Pro MAIN ACTIVITIES: PERSONNEL 11 rata NATURAL GAS SECTOR Number of employees 482 549 GAS GAS SALES TO DISTRIBUTION END IFRS CONSUMERS GAS DISTRIBUTION 11 100% Regulated activity / Volumes of gas distributed (scm/mln) 802 948 Not regula
Slide 5: 2016 annual results: overview
2016 annual results: overview Euro 497.7 - Euro 84.0 mln vs 1 REVENUES million 2015 (Euro 581.7 mln) Euro 95.3 + Euro 14.3 mln vs 2 EBITDA million 2015 (Euro 81.0 mln) Euro 72.1 + Euro 15.2 mln vs 3 EBIT million 2015 (Euro 57.0 mln) Euro 56.9 + Euro 11.6 mln vs 4 NET INCOME million 2015 (Euro 45.4 m
Slide 6: 2016 operating data: volumes
2016 operating data: volumes Volumes of gas distributed Volumes of gas sold Volumes of electricity sold (Million of standard cubic meters) (Million of standard cubic meters) (GWh) ∆ = -18,3 ∆ = +13,2 ∆ = -18,8 -2,2% +1,7% -5,2% Companies consolidated with full consolidation method 6
Slide 7: Share trend
Share trend In terms of relative performance, the stock value of the share shows a strong advantage regard the major listed utilities. 200 180 A2A -46,0% ACSM-AGAM -31,8% HERA -28,3% ACEA -17,9% ASCOPIAVE +75,3% IREN -34,7% 160 ACEGAS APS -23,7% GAS PLUS -67,6% FTSE MIB -51,8% 140 120 100 80 60 40 2
Slide 8: EBITDA bridge
EBITDA bridge ∆ = +14.271 +17,6% Companies consolidated with full consolidation method – Values in thousand of Euro 8
Slide 9: 2016 investments
2016 investments ∆ = -1.175 -5,3% Investments by sector Gas distribution systems Euro 12,7 mln Gas meters Euro 7,0 mln Other investments Euro 1,1 mln TOTAL Euro 20,8 mln Values in thousand of Euro 9
Slide 10: Net Financial Position and Cash Flow
Net Financial Position and Cash Flow ∆ = +19.917 -17,5% Companies consolidated with full consolidation method – Values in thousand of Euro 10
Slide 11: 2016 main financial data
2016 main financial data Main financial data Shareholders equity 444,209 Net Financial Position (NFP) (94,119) EBITDA 95,255 Financial leverage NFP / SHAREHOLDERS EQUITY 0.21 Debt Cover Ratio NFP / EBITDA 0.99 Companies consolidated with full consolidation method – Values in thousand of Euro 11
Slide 12: Dividend proposal
Dividend proposal 2016 DIVIDEND PROPOSED: Euro 0,18 per share DIVIDENDS 2016 (**) 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 Dividends distributed (Thousand of Euro) 42.194 35.162 35.162 28.129 25.785 0 23.441 21.097 19.925 19.898 19.833 Group Net Income (Thousand of Euro) 53.635 43.014 35.58
Slide 13: Market positioning
Market positioning Ranking Group Vol. (smc) % 1 Snam 7,542 24.3% National player Volumes of gas distributed 2 2i Rete Gas 5,187 16.7% 3 Hera 2,785 9.0% 4 A2A 1,832 5.9% 5 Iren 1,271 4.1% 1st place in Veneto for users 6 Toscana Energia 1,127 3.6% 7 Ascopiave 683 2.2% served 8 Linea Group Holding 639
Slide 14: ASCOPIAVE 2011-2016
ASCOPIAVE 2011-2016 FULVIO ZUGNO Chairman of the board of directors Ascopiave S.p.A. 14
Slide 15: 2012-2016: Investments and acquisitions
2012-2016: Investments and acquisitions Provisional award for the acquisition of a Increase of the share in 100% stake of the capital of Veritas Pasubio Group Coverage of SIN IT losses Energia: from 49% to and shareholders resolution 100% for company voluntatary liquidation. Current capital stake in
Slide 16: Dividends trend
Dividends trend Year 2007 2008 2009 2010 2011 Total Average Dividends distributed (mln €) 19.9 19.9 21.1 23.4 0.0 84.3 16.9 Dividend per share (€) 0.085 0.085 0.09 0.10 0.00 Year 2012 2013 2014 2015 2016 Total Average Dividends distributed (mln €) 25.8 28.1 35.2 35.2 42.2 166.5 33.3 Dividend per sha
Slide 17: Net income evolution
Net income evolution Year 2009 2010 2011 2012 2013 2014 2015 2016 Net income (000 €) 25,891 32,845 7,620 25,595 41,111 37,333 45,362 56,942 3,50 From 2009 to date: profitability 3,00 and stock value 2,50 From 2009 to 2016: 120% the 2,00 improvement of net income 1,50 From 2012: increasing trend in t
Slide 18: Total Shareholder Return
Total Shareholder Return In terms of Total Shareholder Return the Group has created value in a considerably higher way relative to main comparable listed companies operating in the utility sector. Total Shareholder Return of the share titles referred to the main listed utilities (Borsa Italiana) fro
Slide 19: Dividend Yield/Performance
Dividend Yield/Performance Dividends distributed by Ascopiave in 2015 are higher than those distributed by the major listed comparable companies. Dividend Yield 2015 (*) ASCOPIAVE TREVISO 7,0% IREN GENOVA-TORINO 4,2% ACEA ROMA 4,2% HERA BOLOGNA 3,9% A2A MILANO 3,8% ACSM-AGAM COMO 3,2% GAS PLUS MILAN
Slide 20: Ascopiave: value for the territory
Ascopiave: value for the territory INVESTMENTS, CONCESSION FEES AND DIVIDENDS 2007-2016 INVESTMENTS ABOUT 219 MILLION OF EURO INVESTMENTS IN SHAREHOLDER MUNICIPALITIES BEYOND 79 MILLION OF EURO CONCESSION FEES TO SHAREHOLDER MUNICIPALITIES ABOUT 35 MILLION OF EURO (FROM 2010) INVESTMENTS, DIVIDENDS
Slide 21: And tomorrow?…Strategic guidelines
And tomorrow?…Strategic guidelines Grow for external lines to compensate the natural loss of gas sales customers in the Gas geographical area where it is sales the incumbent operator Reduce the cost to serve Improve the gas supply process by exploiting the competitive advantage of having stable cons
Slide 22: Thank you for your attention
Thank you for your attention 22
Slide 23: DISCLAIMER
CM iscopuve. DISCLAIMER
Slide 24: Disclaimer
Disclaimer 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, including the Quarterly Reports