Gas Plus S.p.a. · MIL:GSP
Gas Plus — FY2023 Earnings Presentation
15 slides from Gas Plus's earnings presentation, Apr 12, 2024
Slide 1: Analyst Presentation FY 2023 Financial Results
Gas Plus Group Analyst Presentation FY 2023 Financial Results April 12th, 2024* * This document is updated on 6 months basis, occurring after 31 December and 30 June 0closing
Slide 2: Agenda
Agenda ▪1 MARKET SCENARIO ▪2 HIGHLIGHTS ▪3 FINANCIAL RESULTS 1
Slide 3: Market Scenario
Market Scenario TTF Gas Price – Day Ahead Brent Price – Month €/$ Exchange Rate - Spot 2
Slide 4: Agenda
Agenda ▪1 MARKET SCENARIO ▪2 HIGHLIGHTS ▪3 FINANCIAL RESULTS 3
Slide 5: Highlights and Outlook 2024
Highlights FY 23 results well within guidance previously communicated: ✓ EBITDA 70.5 M€ close to 2022 levels 76.1 M€ (-7.4%) ✓ Same trend for EBIT and Net Result adjusted ✓ Higher E&P EBITDA decrease (-27.5%) but lower than gas price drop thanks to full year Romanian production ✓ EBITDA progress for
Slide 6: Agenda
Agenda ▪1 MARKET SCENARIO ▪2 HIGHLIGHTS ▪3 FINANCIAL RESULTS E&P RETAIL NETWORK GROUP FINANCIAL RESULTS COMPANY PROFILE 5
Slide 7: Financial Results: E&P
Financial Results: E&P ▪ EBITDA key factors: ➢ Decreasing gas prices (-66%) ➢ Production (+26.2%): FY 2023 P&L - E&P contribution • Domestic: gas production confirmed year-to-date increase (+1.4 MSmc) despite extraordinary E&P (MScme) FY23 FY22 ∆ (%) maintenance in IIH 2023; on the only oil field (C
Slide 8: Financial Results: Retail
Financial Results: Retail TTF GasP&L Price -– Retail Quarter Ahead FY 2023 FY 2022 ▪ EBITDA: significant margin recovery 11% 12% (+16.0 M€) confirmed year-to-date, as outcome of the supply and sales 12% Residential 11% strategy implemented after overcoming Sales: Sales: the turbulent energy market c
Slide 9: Financial Results: Network
Financial Results: Network ▪ The warmer temperatures registered during 2023 led to a decrease in the distributed volumes of gas (-9.1%) ▪ EBITDA results higher (+17.1%). The key factors are: ➢ Slight improvement in revenues cap from gas distribution, due to RAB’s FY 2023TTFP&L Gas –Price – Quarter N
Slide 10: Financial Results: Group P&L
Financial Results FYGas TTF 2023 Price––Group QuarterP&L Ahead ▪ Decrease in Revenues (-31.7%) as effect of lower gas prices. Decrease in Operating costs due to the lower gas purchase costs and lower taxes (royalty and windfall tax) on gas 235.4 production 160.8 70.5 76.1 ▪ Decline in EBITDA (-7.4%)
Slide 11: EBITDA by BU and Net Result Evolution
Financial Results TTF Gas EBITDA Price – Quarter Breakdown by Ahead BU (M€) TTFNet Group Gas Price Result– Quarter Ahead(M€) Evolution 76.1 70.5 65.0 7.0 49.2 4.2 8.2 83.5 3.4 60.5 (5.6) (1.5) (0.8) (11.3) -11.8 (2.4) (2.6) FY 22 EBITDA D&A Financial Other Taxes FY 23 FY 22 FY 23 Charges E&P Network
Slide 12: Group Balance Sheet
Financial Results DecemberTTF 31, 2023 Gas Price –– Quarter Group Ahead Balance Sheet ▪ Working capital positive again after Dec 31, Dec 31, the reduction of tax debts (royalties, Group (M€) ∆ (%) 2023 2022 Windfalltax, extra-profit tax) Inventories 4.1 3.4 20.6% ▪ Decrease in Non Current Assets aft
Slide 13: Financial Results: NFP Trend
Financial Results: NFP Trend TTFNFP Group Gas Price – Quarter Historical Ahead(M€) Trend 250.6 212.9 150.5 98.6 85.2 82.2 71.2 66 41.1 53.0 52.5 42 49 50.5 ▪ NFP remains close to its lowest levels Dec10Dec11Dec12Dec13Dec14Dec15Dec16Dec17Dec18Dec19Dec20Dec21Dec22Dec23 since 2010 and also includes the
Slide 14: Company Profile
Company Profile Shareholding as at 9 April 2024 Share information Share price performance 2,8 31.000 N. of share: 44,909,620 2,7 30.000 23,08% Share price as of 29.12.2023: € 2.51 2,6 29.000 Gas Plus Pricing FTSE Mib Index 2,98% Share price as of 12.04.2024: € 2.47 2,5 28.000 2,4 27.000 Mkt cap 29.1
Slide 15: Disclaimer
Disclaimer This presentation contains forward-looking statements concerning the financial condition, results of operations and businesses of Gas Plus. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are state