Ascopiave S.p.a. · MIL:ASC
Ascopiave — Investor Presentation (March 2015)
97 slides from Ascopiave's investor presentation, Mar 4, 2015
Slide 1: Group Presentation
GROUP PRESENTATION Frankfurt, March 4th 2015 Page 1
Slide 2: Contents
Contents Business Overview ............................................................................................ Pag. 3 History ................................................................................................................ Pag. 15 Gas distribution ...........................
Slide 3: Contents: Business Overview
Contents Business Overview → Group business activities ................................................................................. Pag. 4 → Competitive environment: the gas chain in Italy ............................................... Pag. 5 → Market positioning ..............................
Slide 4: Group business activities
Group business activities Ascopiave Group operates mainly in the gas sector. Main business activities Other business activities Regulated activity / concession Gas distribution awarded by municipalities Heat Cogeneration Electricity sales management Gas sales to end customers Not regulated activity
Slide 5: Competitive environment: the gas chain in Italy
Competitive environment: the gas chain in Italy Import / Transport Distribution Regulated activities via national Storage via local Sales production pipelines pipelines Liberalized activities Natural gas production Import of natural gas via Import of liquefied (in Italy or abroad) international pipe
Slide 6: Market positioning
Market positioning Main italian gas down-stream operators The Group has created an industrial pole that is a national player in the gas sector and a leading regional player in “Triveneto”. Ranking Operator Vol. (smc) % Ranking Group Vol. (smc) % 1 Snam 7,800 22.9% 1 Eni 16,375 25.9% 2 F2I Reti Itali
Slide 7: Ascopiave Group structure as of January 1st 2015
Ascopiave Group structure as of January, 1st 2015 Gas distribution Gas sales Other activities 100% 89% 100% 51% 48,86% 100% 48.999% Ascopiave has been listed on the STAR division of the Italian 49% Stock Exchange since 12 December 2006 Ascopiave operates through several companies: (1) some of them 1
Slide 8: Ascopiave Shareholders as of January 1st 2015
Ascopiave Shareholders as of January, 1st 2015 Ascopiave Shareholders Asco Holding S.p.A. directly controls the capital of Ascopiave S.p.A. in an amount equal to 61.562%. Asco Holding S.p.A. is entirely owned by public shareholders, 92 municipalities mainly located in the province of Treviso. Asco H
Slide 9: Main financial data (1)
Main financial data (1) 2013 MAIN FINANCIAL DATA (*) INCOME STATEMENT BALANCE SHEET 31/12/2013 Distribution Sales Fixed assets 531,527 Group SBU (**) SBU (***) Net working capital 2,752 Revenues (****) 854,334 94,100 839,569 TOTAL CAPITAL EMPLOYED 534,278 EBITDA 105,904 35,998 69,906 Shareholders eq
Slide 10: Main financial data (2)
Main financial data (2) 2013 MAIN FINANCIAL DATA RESTATED ACCORDING TO IFRS 11 (*) INCOME STATEMENT RESTATED BALANCE SHEET RESTATED 31/12/2013 Distribution Sales Tangible and intangible assets 465,028 Group SBU (**) SBU (***) Investments in associates 72,421 Revenues (****) 667,837 87,145 644,726 Ne
Slide 11: 2009-2013 EBITDA break-down by Strategic Business Unit
2009-2013 EBITDA break-down by Strategic Business Unit Distribution Sales (Million of Euro) INCOME STATEMENT Group % % SBU SBU Revenues 854,3 94,1 839,6 (Gas purchase costs) (520,1) 0,0 (522,2) (Other operating costs) (228,3) (58,1) (247,4) EBITDA 105,9 36,0 34,0% 69,9 66,0% Revenues 1.078,0 95,4 1.
Slide 12: Financial leverage comparison
Financial leverage comparison Financial leverage comparison LOCAL UTILITIES (**) FINANCIAL RATIOS (*) (Average data) ASCOPIAVE VAR. Financial leverage 1,33 0,33 -1,00 D/D+E 56,6% 24,6% -31,9% E/D+E 43,4% 75,4% 31,9% D/EBITDA 3,42 1,24 -2,18 Ascopiave financial leverage (0.33) is lower than those of
Slide 13: Financial debt and cost of debt
Financial debt and cost of debt (Thousand of Euro) 2013 2012 Var Var % Long term financial borrowings (>12 months) 64.849 29.420 35.429 +120,4% Current position of long term financial borrowings 10.480 6.990 3.490 +49,9% Short term financial borrowings (<12 months) 53.579 149.294 (95.715) -64,1% Tot
Slide 14: EIB Loan
EIB Loan EIB Loan EIB lends EUR 70 million to Ascopiave for gas grid in north-east of Italy In June 2013 the European Investment Bank (EIB) and Ascopiave have signed a EUR 70 million loan in support of investments to improve and expand gas distribution networks in the Veneto and Lombardy regions. Th
Slide 15: Contents: History
Contents History → Use of IPO proceeds ....................................................................................... Pag. 16 → Equity story after IPO (2007-2014) .................................................................. Pag. 17 Page 15
Slide 16: Use of IPO proceeds
Use of IPO proceeds Ascopiave has used the IPO proceeds to finance a series of investments pursuing the dimensional growth of the Group, both by internal lines (investments in gas distribution network and other capital expenditures) and by external lines (investments in firm / companies acquisitions
Slide 17: Equity story after IPO (2007-2014)
Equity story after IPO (2007-2014) Long-Term Gas New Acquisitions: Supply Agreement Increase of capital Edigas DG (100%) between SIN IT and stake in Sinergie Italiane Gazprom (2009-2021) (SIN IT): 27.601% Edigas Due (100%) (North-Western Italy) Company set up: Sinergie Italiane (SIN IT): 20.01% 2009
Slide 18: Contents: Gas distribution
Contents Gas distribution → Minimum territorial district public tenders deadlines ......................................... Pag. 19 → Ascopiave positioning in the gas distribution market ......................................... Pag. 20 → Regulation of the call of tenders ...........................
Slide 19: Minimum Territorial District public tenders deadlines
Minimum Territorial District public tenders deadlines p Gas distribution concessions must be awarded only via Minimum Territorial District public tenders, so public tenders can not be banished by a single municipality, as in the past p 177 Minimum Territorial Districts (m.t.d.) nationalwide The foll
Slide 20: Ascopiave positioning in the gas distribution market
Ascopiave positioning in the gas distribution market Ascopiave positioning in the Minimum Territorial Districts set by the Government MINIMUM Total minimum Ascopiave Group Ascopiave Group Public tender TERRITORIAL territorial district % gas users share gas users deadline DISTRICT gas users (%) Trevi
Slide 21: Regulation of the call of tenders (1)
Regulation of the call of tenders (1) Standards to evaluate economic and technical offers A – Economic Offer B – Safety and service quality C – Development and maintenance of the distribution network A - Economic offer (maximum score: 28) p Discount on gas distribution tariffs p Discount on prices f
Slide 22: Regulation of the call of tenders (2)
Regulation of the call of tenders (2) B - Offer concerning the safety and the service quality (maximum score: 27) p network inspections in order to prevent gas leaks (percentage of gas network annually checked) p performance of the emergency service p performance of the gas odorization service p imp
Slide 23: Compensation to be paid to the outgoing distributor
Compensation to be paid to the outgoing distributor In the event that should not be awarded the next public tenders for the concession of the distribution of gas must be paid to Ascopiave, as the current owner of the networks, a compensation: (a) the compensation must be calculated in accordance wit
Slide 24: Current tariff regulation: VRT breakdown
Current tariff regulation: VRT breakdown 2014 VRT (*) (“Vincolo dei Ricavi Ammesso”, i.e. 2014 Total Revenue Constraint) VRT = CO + AMM + CI x rd 2014 VRT (Thousand of Euro) 2014 CO 22.084 where: 2014 AMM 17.929 2014 CI x rd 27.460 CO: quota covering management operating costs 2014 VRT 67.474 AMM: q
Slide 25: Tariff regulation: minimum territorial district concessions
Tariff regulation: minimum territorial district concessions Tariff regulation for the incoming minimum territorial district concessions (Res. AEEGSI n. 367/2014/R/GAS) Underestimated RAB compared to the national mean level Revaluation of RAB if the actual value of the gross asset value per meter of
Slide 26: SWOT analysis – Gas Distribution SBU
SWOT analysis – Gas Distribution SBU Strengths Weakness Dimensional level that allow exploitation of interesting We expect that legal framework uncertainty and the time management economies of scale needed by municipalities to organize competitive tender procedure will delay tender start Contiguity
Slide 27: Contents: Gas sales
Contents Gas sales → Gas sales to end customers: market segmentation and selling prices ……….. Pag. 28 → Gas selling price to domestic end customers .................................................... Pag. 29 → Gas selling price up-date (Resolution AEEGSI n. 196/2013/R/gas) ….............. Pag. 31 →
Slide 28: Gas sales to end customers: market segmentation and selling prices
Gas sales to end customers: market segmentation and selling prices Volumes of gas sold to end customers Pricing Market segmentation Domestic customers Mandatory maximum price level set by ~ 60% (protected market) the Authority of Energy, Gas and Water Small business Completely free prices; mainly pr
Slide 29: Gas selling price to domestic end customers (1)
Gas selling price to domestic end customers (1) P = CMEM + CCR + QT + Cpr + GRAD + TD + QVD + GCT + VAT CMEM + CCR = wholesale cost of gas TD = Gas distribution tariff QT = Gas transportation cost via national network QVD = Gas retail sale cost Cpr + GRAD = mechanism for the gradual GCT = Gas consum
Slide 30: Gas selling price to domestic end customers (2)
Gas selling price to domestic end customers (2) Gas selling price to domestic end customers (€cent/scm): from 1stQ 2010 to 1stQ 2015 92,78 90,22 91,24 87,92 88,93 88,40 86,38 86,23 86,27 84,07 83,01 82,00 81,73 79,70 76,52 77,76 74,13 75,00 30,95 74,07 30,58 30,73 71,81 30,24 30,39 30,31 69,34 30,01
Slide 31: Gas selling price up-date (Resolution AEEGSI n. 196/2013/R/gas)
Gas selling price up-date (Resolution AEEGSI n. 196/2013/R/gas) Protected market (Res. AEEGSI n. 196/2013/R/GAS) Resolution AEEGSI n. 196/2013/R/gas provides new rules to set up gas selling price to be applied to customers belonging to the protected market (domestic customers) since october 1st, 201
Slide 32: Gas purchasing costs / Gas trading business
Gas purchasing costs / Gas trading business Gas Purchasing Costs p Gas purchasing costs are negotiated on a free market p Incumbent shippers have strong market position Uses Sourcing Annual contracts (thermal year) (*) (**) Sales to end customers ~ 80% Delivery: entry of local distribution network (
Slide 33: Sinergie Italiane
Sinergie Italiane 30.94% 7.18% 30.94% 30.94% Sinergie Italiane is a company established in 2008 (*) to create a partnership among Italian downstream energy companies strongly rooted to local areas and with solid, loyal customer bases. Sinergie signed a long-term import take-or-pay (ToP) contract wit
Slide 34: SWOT analysis – Gas Sales SBU
SWOT analysis – Gas Sales SBU Strengths Weakness Large end customer base Limited diffusion and knowledge of the brand outside of High per-capita consumption the region served Front offices capillarity Efficient customer care service Differentiation of offered services (dual fuel) Independence by big
Slide 35: Contents: Strategy
Contents Strategy → Strategic guidelines and objectives ................................................................... Pag. 36 → Growth in the down-stream market ................................................................... Pag. 37 → Gas distribution sector ...............................
Slide 36: Strategic guidelines and objectives
Strategic guidelines and objectives Strategic guidelines Taking advantage of opportunities arising from the liberalisation of the gas market. Gas sales Participation in Gas the consolidation distribution process Page 36
Slide 37: Growth in the down-stream market
Growth in the down-stream market Growth in size through a significant expansion of its customer base The growth in the down-stream market can occur by: p Company acquisitions or partnership / joint venture p Participation in competitive bidding for the award of contracts to manage the gas distributi
Slide 38: Gas distribution sector (1)
Gas distribution sector (1) Gas distribution sector: key figures p No. of operators: about 240 p Municipalities served: about 7,000 p Volumes of gas distributed: about 34 billion of standard cubic meters p No. of users served: over 22 million p Length of the gas distribution network: over 220.000 km
Slide 39: Gas distribution sector (2)
Gas distribution sector (2) Gas distribution sector is facing a new phase of restructuring after that experienced subsequently the issuing of Letta decree of the early 2000s. Through the adoption of ATEM (minimum territorial district) is expeted a significant reduction of the number of operators. Th
Slide 40: Ascopiave: financial needs for winning target gas distribution public tenders
Ascopiave: financial needs for winning target gas distribution public tenders Ascopiave: investments for winning new gas distribution concessions (period 2016-2019) resulting from: (+) (-) (+) Acquisition of new Disposals of gas Taxes gas distribution plants distribution plants in areas in which Asc
Slide 41: Gas sales sector (1)
Gas sales sector (1) Gas sales sector: key figures p No. of operators in the italian market: over 160 p First 10 operators (with volumes of gas sold higher than one billion of standard cubic meters) supplying over 73% of overall consumption to the gas final market (45,6 billion of standard cubic met
Slide 42: Gas sales sector (2)
Gas sales sector (2) p Since 2008 economic crisis continues to affect natural gas demand. Together with the structure and constraints of take or pay contracts it has contributed to create a long market p Decoupling between gas price and oil gas price is very significant p All these factors (decoupli
Slide 43: Ascopiave: strategic goals in the gas sales market
Ascopiave: strategic goals in the gas sales market Ascopiave: actions in the gas sales market To maintain / improve competitive positioning in the gas sales market, Ascopiave Group foresees: to grow for external line to compensate the natural loss of gas sales customers to reduce the cost to serve t
Slide 44: Contents: Dividends
Contents Dividends → Dividend policy ................................................................................................ Pag. 45 → Dividend yield comparison .............................................................................. Pag. 46 Page 44
Slide 45: Dividend policy
Dividend policy Dividends payment sustainable with high return to shareholders Sustainability of the dividend policy: p stable cash flow p stable business profitability p well-balanced financial structure Dividend yield at the top of the listed italian utilities companies DIVIDENDS 2013 2012 2011 20
Slide 46: Dividend yield comparison
Dividend yield comparison Dividends Yield comparison Dividend distributed by Ascopiave in 2014 is higher than that distributed by major listed comparable companies: Dividend Yield 2013 (*) Ascopiave S.p.A. 6,7% Hera S.p.A. 5,5% Acea S.p.A. 5,0% Iren S.p.A. 4,6% A2A S.p.A. 3,9% Gas Plus S.p.A. 3,3% (
Slide 47: Annexes
ANNEXES Frankfurt, March 4th 2015 Page 47
Slide 48: Contents: Annexes – FY 2013 financial results
Contents ANNEXES FY 2013 financial results → FY 2013 income statement .................................................................................................... Pag. 49 → Balance sheet .........................................................................................................
Slide 49: FY 2013 income statement
FY 2013 income statement (Thousand of Euro) 2013 2012 Chg Chg % Revenues 854.334 1.078.038 (223.704) -20,8% (Cost of raw materials and consumables) (574.518) (780.822) 206.305 -26,4% (Cost of services) (133.442) (152.434) 18.992 -12,5% (Cost of personnel) (27.280) (25.394) (1.886) +7,4% (Other opera
Slide 50: Balance sheet
Balance sheet (Thousand of Euro) 31/12/2013 31/12/2012 Chg Chg % Tangible assets (*) 39.277 40.534 (1.257) -3,1% Non tangible assets (*) 447.898 450.457 (2.559) -0,6% Other fixed assets 44.351 29.817 14.535 +48,7% Fixed assets 531.527 520.808 10.718 +2,1% Operating current assets 275.864 363.436 (87
Slide 51: Volumes of gas distributed (1)
Volumes of gas distributed (1) Volumes of gas distributed (Million of standard cubic meters) ∆ = -44,6 ∆ = +4,3 -5,1% 1.200 +2,7% 1.200 1.050 1.050 832,8 877,3 900 900 750 750 600 600 450 450 300 300 163,1 158,8 150 150 0 0 2013 2012 2013 2012 Gas distributed Gas distributed Companies consolidated a
Slide 52: Volumes of gas distributed (2)
Volumes of gas distributed (2) Volumes of gas distributed: hystorical trend (Ascopiave S.p.A.) (Million of standard cubic meters) 782,9 1.000 Avg. 2002-2012 900 861 834 824 806 774 780 771 766 800 749 747 701 720 -8,0% 700 600 500 400 300 200 100 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2
Slide 53: Volumes of gas sold to end customers
Volumes of gas sold to end customers Volumes of gas sold to end customers (Million of standard cubic meters) ∆ = -179,7 ∆ = -74,2 -17,0% -13,9% 1.500 1.500 1.250 1.250 1.059,1 1.000 879,4 1.000 750 750 534,4 500 500 460,2 250 250 0 0 2013 2012 2013 2012 Gas sold to end customers Gas sold to end cust
Slide 54: Volumes of gas sold on trading and wholesaling activities
Volumes of gas sold on trading and wholesaling activities Volumes of gas sold on trading and wholesaling activities (Million of standard cubic meters) ∆ = -615,7 -100,0% 1.500 1.250 1.000 750 615,7 500 250 0 0 2013 2012 Gas sold on trading and wholesaling activities Companies consolidated at 100% Pa
Slide 55: Volumes of electricity sold
Volumes of electricity sold Volumes of electricity sold (GWh) ∆ = +15,8 ∆ = -792,2 (*) +9,2% -50,5% 2.000 2.000 1.568,5 1.500 1.500 1.000 1.000 776,3 500 500 186,4 170,6 0 0 2013 2012 2013 2012 Electricity sold Electricity sold Companies consolidated at 100% Companies consolidated at 49%-51% (*) Red
Slide 56: Revenues bridge
Revenues bridge Revenues bridge (Thousand of Euro) ∆ = -223.704 1.500.000 -20,8% 1.200.000 1.078.038 900.000 -108.887 117.487 854.334 -175.506 -56.797 600.000 300.000 0 2012 Revenues Revenues Revenues Other 2013 from gas fro m gas fro m revenues sales to end trading and electricity (*) customers w h
Slide 57: EBITDA bridge
EBITDA bridge EBITDA bridge (Thousand of Euro) ∆ = +3.221 140.000 +3,1% 120.000 3.297 105.904 102.683 1.824 100.000 -1.835 -64 80.000 60.000 40.000 20.000 0 EBITDA 2012 Gross margin Gros s margin Gas Other EBITDA 2013 on gas sales on electricit y distribution changes sales tariff revenues Page 57
Slide 58: EBITDA breakdown
EBITDA breakdown (Thousand of Euro) 2013 2012 Var Var % EBITDA 105.904 102.683 3.221 +3,1% EBITDA - Sale 69.906 68.737 1.168 +1,7% EBITDA - Distribution 35.998 33.946 2.053 +6,0% EBIT 76.787 73.075 3.711 +5,1% EBIT - Sale 57.830 57.477 353 +0,6% EBIT - Distribution 18.957 15.598 3.359 +21,5% EBITDA
Slide 59: Gas distribution tariff revenues
Gas distribution tariff revenues (Thousand of Euro) (*) 2013 2012 Chg Chg % Tariffs applied to sales companies 64.001 63.708 293 +0,5% Equalization amount (+ / -) 6.166 6.523 (357) -5,5% Gas distribution tariff revenues 70.167 70.231 (64) -0,1% The decrease of gas distribution tariff revenues (- Eur
Slide 60: Gross margin on gas sales
Gross margin on gas sales (Thousand of Euro) (*) 2013 2012 Chg Chg % Revenues from gas sales to end customers 617.047 713.446 (96.400) -13,5% Revenues from gas trading and wholesaling - 175.506 (175.506) -100,0% Revenues from gas sales 617.047 888.953 (271.906) -30,6% (Gas purchase costs) (407.174)
Slide 61: Gross margin on electricity sales
Gross margin on electricity sales (Thousand of Euro) (*) 2013 2012 Chg Chg % Revenues from elecricity sales 98.692 155.852 (57.160) -36,7% (Electricity purchase costs) (60.141) (95.405) 35.264 -37,0% (Distribution costs) (34.220) (57.939) 23.719 -40,9% Gross margin on electricity sales 4.332 2.508 1
Slide 62: Other net operating costs
Other net operating costs (Thousand of Euro) (*) 2013 2012 Chg Chg % Other revenues 47.006 44.572 2.434 +5,5% Other costs of raw materials and services (81.442) (84.190) 2.748 -3,3% Cost of personnel (27.280) (25.394) (1.886) +7,4% Other net operating costs (61.716) (65.012) 3.297 -5,1% Decrease of
Slide 63: Number of employees
Number of employees No. of employees No. of employees Companies consolidated at 100% Companies consolidated at 49%-51% ∆ = -3 ∆ = -3 700 -0,7% 700 -1,7% 600 600 500 450 453 500 400 400 300 300 200 200 169 172 100 100 0 0 31/12/2013 31/12/2012 31/12/2013 31/12/2012 Page 63
Slide 64: Cost of personnel
Cost of personnel Cost of personnel (Thousand of Euro) ∆ = +1.866 35.000 +7,4% 30.000 Other changes: 1.857 27.280 25.394 0 29 25.000 phantom stock options: Euro 0,7 mln 20.000 long term incentive plan (2012-2013): 15.000 Euro 0,4 mln Labor collective 10.000 agreement renewal: Euro 0,2 mln 5.000 othe
Slide 65: Capex and length of gas distribution network
Capex and length of gas distribution network Capex (*) and length of gas distribution network (km) ∆ = -1.439 60.000 -6,2% 11% 50.000 19% 40.000 30.000 23.087 20% 21.648 (**) 8% 20.000 10.000 0 2013 2012 9% ∆ = +85 33% +1,0% 12.000 10.000 8.646 8.561 Connection of end customers to distribution netwo
Slide 66: Net financial position and cash flow
Net financial position and cash flow ∆ = +38.530 60.000 (Thousand of Euro) -22,6% 20.000 -20.000 -60.000 +70.017 -100.000 +11.194 +561 -16.074 -140.000 -27.167 -131.600 -180.000 -170.130 -220.000 31/12/2012 Ca sh flow Ca p ex Chang e in ne t Chang e in ne t Chang e in 31/12/2013 w orking ca pital w
Slide 67: Contents: 2009-2013 financial comparison
Contents ANNEXES FY 2013 financial results 2009-2013 financial comparison → 2009-2013 income statement ................................................................................................ Pag. 68 → Balance sheet ............................................................................
Slide 68: 2009-2013 income statement
2009-2013 income statement (Thousand of Euro) 2013 2012 2011 2010 2009 cagr 09-13 Revenues 854.334 1.078.038 1.099.241 855.884 764.151 2,8% (Cost of raw materials and consumables) (574.518) (780.822) (844.268) (660.030) (617.384) -1,8% (Cost of services) (133.442) (152.434) (124.572) (87.528) (58.88
Slide 69: Balance sheet
Balance sheet (Thousand of Euro) 31/12/2013 31/12/2012 31/12/2011 31/12/2010 * 31/12/2009 * cagr 09-13 Tangible assets 39.277 40.534 61.983 43.814 329.970 -41,3% Non tangible assets 447.898 450.457 459.046 410.765 114.542 40,6% Other fixed assets 44.351 29.817 26.741 16.133 15.418 30,2% Fixed assets
Slide 70: Contents: 9M 2014 financial results
Contents ANNEXES FY 2013 financial results 2009-2013 financial comparison 9M 2014 financial results → Application of IFRS 11 international accounting standard ……...………............................................. Pag. 71 → FY 2013 restated income statement ………….......................................
Slide 71: Application of IFRS 11 international accounting standard
Application of IFRS 11 international accounting standard In application of IFRS 11 international accounting standard, from January, 1st 2014 the jointly controlled companies are consolidated with net equity consolidation method. Until December, 31st 2013 they were consolidated with proportionate con
Slide 72: FY 2013 restated income statement
FY 2013 restated income statement FY 2013 (Thousand of Euro) FY 2013 Chg restated Revenues 854.334 (186.496) 667.837 (Cost of raw materials and consumables) (574.518) 101.049 (473.469) (Cost of services) (133.442) 59.691 (73.751) (Cost of personnel) (27.280) 4.371 (22.909) (Other operating costs) (1
Slide 73: Balance sheet at December 31st 2013 restated
Balance sheet at December, 31st 2013 restated 31/12/2013 (Thousand of Euro) 31/12/2013 Chg restated Tangible assets 39.277 (1.437) 37.840 Non tangible assets 447.898 (60.398) 387.500 Investments in associates 1 72.421 72.421 Other fixed assets 44.351 (4.664) 39.687 Fixed assets 531.527 5.922 537.449
Slide 74: 9M 2013 restated income statement
9M 2013 restated income statement 9M 2013 (Thousand of Euro) 9M 2013 Chg restated Revenues 639.639 (143.421) 496.218 (Cost of raw materials and consumables) (426.300) 76.980 (349.320) (Cost of services) (98.020) 46.944 (51.077) (Cost of personnel) (19.653) 3.162 (16.491) (Other operating costs) (15.
Slide 75: 9M 2014 consolidated income statement
9M 2014 consolidated income statement 9M 2013 (Thousand of Euro) 9M 2014 Chg Chg % restated Revenues 431.234 496.218 (64.984) -13,1% (Cost of raw materials and consumables) (266.485) (349.320) 82.834 -23,7% (Cost of services) (79.387) (51.077) (28.311) +55,4% (Cost of personnel) (17.680) (16.491) (1
Slide 76: Consolidated balance sheet at September 30th 2014
Consolidated balance sheet at September, 30th 2014 31/12/2013 (Thousand of Euro) 30/09/2014 Chg Chg % restated Tangible assets (*) 36.712 37.840 (1.128) -3,0% Non tangible assets (*) 392.721 387.500 5.221 +1,3% Investments in associates (**) 63.724 72.421 (8.698) -12,0% Other fixed assets 36.192 39.
Slide 77: Financial ratios
Financial ratios 30/09/2013 (Thousand of Euro) 30/09/2014 Var Var % restated Net Financial Position (NFP) (119.553) (91.570) (27.983) +30,6% EBITDA 56.704 65.615 (8.911) -13,6% Finance costs (FC) (869) (1.643) 774 -47,1% EBITDA / FC 65 40 25 +63,4% Shareholders equity (EQUITY) 397.738 391.757 5.981
Slide 78: Volumes of gas distributed
Volumes of gas distributed Volumes of gas distributed (Million of standard cubic meters) ∆ = -96,0 ∆ = -11,0 -16,6% -20,3% 579,7 483,7 54,3 43,3 9M 2014 9M 2013 9M 2014 9M 2013 Companies consolidated Companies consolidated with full consolidation method with net equity consolidation method (*) (*) D
Slide 79: Volumes of gas sold
Volumes of gas sold Volumes of gas sold (Million of standard cubic meters) ∆ = -95,2 ∆ = -84,6 -15,4% -50,9% 617,1 521,8 36,7 617,1 485,1 166,3 30,5 81,7 135,8 81,7 9M 2014 9M 2013 9M 2014 9M 2013 Companies consolidated Companies consolidated with full consolidation method with net equity consolidat
Slide 80: Volumes of electricity sold
Volumes of electricity sold Volumes of electricity sold (GWh) ∆ = +150,2 ∆ = -226,6 (***) +109,4% -77,4% 292,6 287,5 146,3 140,0 137,3 141,2 66,1 152,7 137,3 66,1 9M 2014 9M 2013 9M 2014 9M 2013 Companies consolidated Companies consolidated with full consolidation method with net equity consolidatio
Slide 81: Revenues bridge (1)
Revenues bridge (1) Revenues bridge Companies consolidated with full consolidation method (Thousand of Euro) ∆ = -64.984 (*) -13,1% 24.908 -4.208 -85.683 496.218 431.234 9M 2013 Revenues from gas Revenues from Other revenues 9M 2014 sales electricity sales (*) of which for changing of consolidation
Slide 82: Revenues bridge (2)
Revenues bridge (2) Revenues bridge Companies consolidated with net equity consolidation method (*) (Thousand of Euro) ∆ = -83.998 (**) -58,6% -46.248 143.421 4.469 -33.271 59.433 9M 2013 Revenues from gas Revenues from Other revenues 9M 2014 sales electricity sales (*) Sinergie Italiane excluded; (
Slide 83: EBITDA bridge (1)
EBITDA bridge (1) EBITDA bridge Companies consolidated with full consolidation method (Thousand of Euro) ∆ = -8.911 (*) -13,6% 5.063 -818 -2.065 -11.090 65.615 56.704 EBITDA 9M 2013 Gross margin on Gross margin on Gas distribution Other changes EBITDA 9M 2014 gas sales electricity sales tariff reven
Slide 84: EBITDA bridge (2)
EBITDA bridge (2) EBITDA bridge Companies consolidated with net equity consolidation method (*) (Thousand of Euro) ∆ = -8.282 (**) -53,7% 15.410 2.547 -7.972 -2.809 -48 7.127 EBITDA 9M 2013 Gross margin on Gross margin on Gas distribution Other changes EBITDA 9M 2014 gas sales electricity sales tari
Slide 85: EBITDA breakdown (1)
EBITDA breakdown (1) EBITDA breakdown Companies consolidated with full consolidation method (Thousand of Euro) (Thousand of Euro) 9M 2014 9M 2013 Var Var % EBITDA 56.704 65.615 (8.911) -13,6% EBITDA - Sale 31.486 41.187 (9.701) -23,6% EBITDA - Distribution 25.217 24.427 790 +3,2% EBIT 37.080 46.895
Slide 86: EBITDA breakdown (2)
EBITDA breakdown (2) EBITDA breakdown Companies consolidated with net equity consolidation method (*) (Thousand of Euro) (Thousand of Euro) 9M 2014 9M 2013 Var Var % EBITDA 7.127 15.410 (8.282) -53,7% EBITDA - Sale 5.327 13.668 (8.341) -61,0% EBITDA - Distribution 1.800 1.741 59 +3,4% EBIT 3.829 11.
Slide 87: Gas distribution tariff revenues
Gas distribution tariff revenues (Thousand of Euro) (*) 9M 2014 9M 2013 Chg Chg % Tariffs applied to sales companies 35.250 41.992 (6.742) -16,1% Equalization amount (+ / -) 11.492 5.568 5.924 +106,4% Gas distribution tariff revenues (A) Company consolidated with full 46.742 47.560 (818) -1,7% conso
Slide 88: Gross margin on gas sales
Gross margin on gas sales (Thousand of Euro) (*) 9M 2014 9M 2013 Chg Chg % Revenues from gas sales 285.908 354.145 (68.237) -19,3% (Gas purchase costs) (187.430) (236.050) 48.620 -20,6% (Distribution costs) (55.219) (63.746) 8.527 -13,4% Gross margin on gas sales (A) Company consolidated with full 4
Slide 89: Gross margin on electricity sales
Gross margin on electricity sales (Thousand of Euro) (*) 9M 2014 9M 2013 Chg Chg % Revenues from elecricity sales 69.842 25.384 44.457 +175,1% (Electricity purchase costs) (37.641) (25.146) (12.495) +49,7% (Distribution costs) (26.899) - (26.899) n.a. Gross margin on electricity sales (A) Company co
Slide 90: Other net operating costs (1)
Other net operating costs (1) (Thousand of Euro) (*) 9M 2014 9M 2013 Chg Chg % Other revenues 31.063 35.272 (4.208) -11,9% Other costs of raw materials and services (51.982) (55.314) 3.332 -6,0% Cost of personnel (17.680) (16.491) (1.189) +7,2% Other net operating costs (A) Company consolidated with
Slide 91: Other net operating costs (2)
Other net operating costs (2) (Thousand of Euro) (*) 9M 2014 9M 2013 Chg Chg % Other net operating costs (A) Company consolidated with full (38.599) (36.533) (2.065) +5,7% consolidation method Other net operating costs (B) Company consolidated with net equity (20.077) (22.624) 2.547 (**) -11,3% cons
Slide 92: Number of employees
Number of employees Number of employees ∆ = +23 ∆ = -16 +5,1% -19,0% 473 450 30 443 450 83 68 17 68 67 30/09/2014 31/12/2013 30/09/2014 31/12/2013 Companies consolidated Companies consolidated with full consolidation method with net equity consolidation method (*) of which 15 employees for enlargeme
Slide 93: Consolidated cost of personnel
Consolidated cost of personnel Consolidated cost of personnel (Thousand of Euro) ∆ = +1.189 +7,2% 2.414 -1.225 Other changes: phantom stock options: Euro 0,6 mln 17.680 16.491 change in consolidation criterion of Veritas Energia: 1,3 mln other: Euro 0,5 mln Cost of personnel 9M 2013 Change of capita
Slide 94: Capex and length of gas distribution network
Capex and length of gas distribution network Capex (*) and length of gas distribution network (km) ∆ = +983 +7,9% 9% 13.401 (**) 24% 12.418 12% (**) 9M 2014 9M 2013 restated 22% ∆ = +57 33% +0,8% 7.676 7.619 Connection of end customers to distribution network Gas meters Network extension Maintenance
Slide 95: Net Financial Position and cash flow (1)
Net Financial Position and cash flow (1) Net Financial Position and cash flow Companies consolidated with full consolidation method (Thousand of Euro) ∆ = +4.257 -3,4% -123.810 -119.553 44.853 15.048 -4.448 -13.171 -22.651 -4.001 -11.374 Change in Enlargement of consolidation consolidation criteria:
Slide 96: Net Financial Position and cash flow (2)
Net Financial Position and cash flow (2) Net Financial Position and cash flow Companies consolidated with net equity consolidation method (*) (Thousand of Euro) ∆ = -6.554 4.593 +84,1% -7.790 -1.611 -14.344 -6.308 5.291 -2.596 -5.924 31/12/2013 Cash flow Capex Change in net Change in net Change in C
Slide 97: Net Financial Position and cash flow (3)
Net Financial Position and cash flow (3) (Thousand of Euro) (*) 30/09/2014 31/12/2013 Var Var % Long term financial borrowings (>12 months) 56.548 63.201 (6.653) -10,5% Current position of long term financial borrowings 9.766 9.784 (18) -0,2% Short term financial borrowings (<12 months) 67.453 67.81