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Ascopiave

Investor Presentation • Mar 11, 2019

4357_ct_2019-03-11_762844e6-536d-4a52-b570-c80c19218668.pdf

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FY 2018CONSOLIDATED RESULTSG r u p p o A s c o p i a v e

Pieve di Soligo, 12th March 2019Conference Call

Financial highlights

  • →Ascopiave Group structure as of 31st December 2018
  • →FY 2018 consolidated income statement
  • →Consolidated balance sheet as of 31st December 2018

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

3

FY 2018 consolidated income statement

ho
d o
f
T
Eu
)
usa
n
ro		 2
0
1
8		 2
0
1
7		 hg
C		 hg
C
%
Re
ve
nu
es		 5
8
1.
6
5
2		 5
3
2.
7
9
2		 4
8.
8
6
0		 9,
2
%
+
(
Co
f r
ia
ls
d c
b
les
)
t o
te
s
aw
m
a
r
an
on
su
ma		 (
3
3
2.
7
4
3
)		 (
2
7
0.
5
7
7
)		 (
6
2.
1
6
5
)		 2
3,
0
%
+
(
Co
f s
ice
)
t o
s
er
v
s		 (
1
1
4.
8
2
7
)		 (
1
1
3.
4
5
7
)		 (
1.
3
7
0
)		 +1
2
%
,
(
Co
f p
l
)
t o
s
er
so
nn
e		 (
2
6.
0
3
0
)		 (
2
4.
8
5
5
)		 (
1.
1
7
4
)		 +4
7
%
,
he
(
O
ing
)
t
t
ts
r o
p
er
a
co
s		 (
2
8.
3
7
2
)		 (
4
0.
2
2
4
)		 1
1.
8
5
1		 -2
9,
5
%
O
he
ing
inc
t
t
r o
p
er
a
om
e		 3
5
6		 7
3
1		 (
3
7
6
)		 -5
1,
4
%
A
E
B
I
T
D		 8
0.
0
3
6		 8
0
9
4.
4		 (
3
3
)
4.
7		 2
%
-5
,
d a
(
De
ia
io
iza
io
)
t
t
t
p
re
c
ns
an
mo
r
ns		 2
2.
9
2
(
7
)		 2
2.
8
(
5
5
)		 3
8
(
7
)		 %
+1
7
,
is
io
(
Pr
)
ov
ns		 9
6
(
1.
4
)		 8
8
(
1.
5
)		 8
(
7
)		 2
%
+4
,
E
B
I
T		 5
5.
1
0
1		 5
9.
9
3
9		 (
4.
8
3
9
)		 -8
1
%
,
F
ina
ia
l
inc
/
(
)
nc
om
e
ex
p
en
se
s		 (
7
7
8
)		 (
4
6
8
)		 (
3
1
0
)		 6
6,
2
%
+
lua
f c
h n
ho
d
(
*)
Ev
ion
ies
i
t
t
t a
ts
t
a
o
om
p
an
w
e
sse
me		 8.
5
5
3		 7.
3
9
8		 1.
1
5
4		 +1
5,
6
%
E
B
T		 6
2.
8
7
5		 6
6.
8
6
9		 (
3.
9
9
4
)		 -6
0
%
,
(
Inc
)
tax
om
e
es		 (
1
6.
3
7
6
)		 (
1
7.
6
1
7
)		 1.
2
4
2		 -7
0
%
,
Ne
in
t
co
me		 4
6.
4
9
9		 4
9.
2
5
2		 (
2.
7
5
3
)		 -5
6
%
,
f m
(
Ne
inc
ino
i
ies
)
t
t
om
e
o
r		 (
1.
8
7
4
)		 (
2.
1
1
7
)		 2
4
3		 -1
1,
5
%
inc
f
he
Gr
Ne
t
t
om
e
o
ou
p		 6
2
4
4.
5		 3
4
7.
1
5		 (
2.
0
)
5
1		 3
%
-5
,

(*) Result of the companies consolidated with net equity consolidation method (data are considered pro-rata): sale companies, Euro 6,1 mln (Euro 5,9 mln inFY 2017); distribution companies, Euro 1,4 mln (Euro 1,0 mlnin FY 2017); Sinergie Italiane, Euro 1,0 mln (Euro 0,6 mln in FY 2017).

Consolidated balance sheet as of 31st December 2018

ho
d o
f
(
T
Eu
)
usa
n
ro		 3
1
/
1
2
/
2
0
1
8		 3
1
/
1
2
/
2
0
1
7		 hg
C		 hg
C
%
Ta
i
b
le
(
*)
ts
ng
ass
e		 3
2.
7
2
4		 3
2.
3
3
4		 3
9
0		 +1
2
%
(
*)
No
i
b
le
ta
ts
ng
n
ass
e		 4
3
2.
6
3
7		 4
2
7.
6
9
2		 4.
9
4
4		 ,
+1
2
%
(
**)
Inv
in
ia
tm
ts
te
es
en
ass
oc
s		 6
8.
3
5
7		 6
8.
8
7
8		 (
5
2
1
)		 ,
-0
8
%
,
he
f
d a
O
ixe
t
ts
r
sse		 2
3.
4
0
1		 2
4.
4
9
4		 (
1.
0
9
3
)		 -4
5
%
,
d a
F
ixe
ts
sse		 8
5
5
7.
1
1		 3.
3
9
5
5
7		 3.
2
7
1		 0,
%
7
+
Op
ing
t
t a
ts
er
a
cu
rre
n
sse		 2
1
9.
6
6
0		 2
2
2.
9
7
7		 (
3.
3
1
7
)		 -1
5
%
,
Op
l
b
l
(
ing
ia
i
i
ies
)
t
t
t
er
a
cu
rre
n		 (
1
6
0.
1
4
6
)		 (
1
5
6.
5
9
7
)		 (
3.
5
5
0
)		 2,
3
%
+
Op
ing
l
ia
b
i
l
i
ies
(
)
t
t
t
er
a
no
n c
ur
re
n		 (
5
1.
2
4
5
)		 (
4
9.
4
1
1
)		 (
1.
8
3
4
)		 3,
7
%
+
k
ing
i
l
Ne
t w
ta
or
c
ap		 8.
2
6
8		 1
6.
9
6
9		 (
8.
7
0
1
)		 -5
1,
3
%
l c
l e
loy
d
To
i
ta
ta
ap
mp
e		 5
6
5.
3
8
6		 5
7
0.
3
6
7		 (
4.
9
8
1
)		 -0
9
%
,
Gr
ha
ho
l
de
i
ty
ou
p
s
re
rs
eq
u		 4
4
3.
5
6
7		 4
4
5.
5
1
1		 (
1.
9
4
4
)		 -0
4
%
,
M
ino
i
ies
t
r		 4.
3
0
3		 4.
9
8
9		 (
6
8
7
)		 -1
3,
8
%
Ne
f
ina
ia
l p
i
io
t
t
nc
os
n		 1
1
7.
5
1
7		 1
1
9.
8
6
7		 (
2.
3
5
0
)		 -2
0
%
,
l s
To
ta
ou
rc
es		 5
6
5.
3
8
6		 5
7
0.
3
6
7		 (
4.
9
8
1
)		 -0
9
%
,

(*) Applying IFRIC 12 involves categorising the infrastructures under concession from tangible to intangible assets; (**) Value of the associated companies consolidated with net equity consolidation method: sale companies, Euro 46,8 mln (Euro 48,0 mln as of 31st December 2017); distribution companies, Euro21,5 mln (Euro 20,8 mln as of 31st December 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

Personnel

Capex

Net financial position and cash flow

Dividend

Volumes of gas distributed

8

Volumes of electricity sold

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 position and cash flow

Dividend

(*) Sinergie Italiane excluded. Data are considered pro-rata.

EBITDA bridge (1)

(*) Sinergie Italiane excluded. Data are considered pro-rata.

b
k
d
E
B
I
T
D
A
r
e
a
o
w
n
l
d
d
h
f
l
l
l
d
h
d
C
i
i
i
i
i
t
t
t
t
o
m
p
a
n
e
s
c
o
n
s
o
a
e
w
u
c
o
n
s
o
a
o
n
m
e
o
(
T
ho
d
f
Eu
)
us
an
o
ro
(
T
ho
d
f
Eu
)
us
an
o
ro		 2
0
1
8		 2
0
1
7		 Va
r		 Va
%
r
E
B
I
T
D
A		 8
0.
0
3
6		 8
4.
4
0
9		 (
4.
3
7
3
)		 -5
2
%
,
le
E
B
I
T
D
A
Sa
-		 3
8.
5
4
9		 4
1.
0
5
1		 (
2.
5
0
1
)		 -6
1
%
,
E
B
I
T
D
A
D
is
i
bu
io
tr
t
n
-		 4
8.
5
5
3		 4
7.
7
5
5		 7
9
8		 1,
7
%
+
E
B
I
T
D
A
As
iav
co
p
e
-		 (
7.
0
6
6
)		 (
4.
3
9
6
)		 (
2.
6
7
0
)		 6
0,
7
%
+
E
B
I
T		 5
5.
1
0
1		 5
9.
9
3
9		 (
4.
8
3
9
)		 -8
1
%
,
E
B
I
T
Sa
le
-		 3
4.
5
2
4		 3
5.
9
1
3		 (
1.
3
8
8
)		 -3
9
%
,
B
is
i
bu
io
E
I
T
D
tr
t
n
-		 2
9.
2
4
5		 3
0.
2
3
2		 9
8
(
7
)		 -3
3
%
,
E
B
I
T
As
iav
co
p
e
-		 (
8.
6
6
9
)		 (
6.
2
0
5
)		 (
2.
4
6
4
)		 3
9,
7
%
+
B
A
b
k
d
E
I
T
D
r
e
a
o
w
n
C
i
l
i
d
d
i
h
i
l
i
d
i
h
d
(
*)
t
t
t
t
t
t
o
m
p
a
n
e
s
c
o
n
s
o
a
e
w
n
e
e
q
u
y
c
o
n
s
o
a
o
n
m
e
o
(
ho
d
f
)
T
Eu
us
an
o
ro
(
T
ho
d
f
Eu
)
us
an
o
ro		 2
0
1
8		 2
0
1
7		 Va
r		 Va
%
r
E
B
I
T
D
A		 1
2.
8
2
4		 1
3.
3
6
9		 (
5
4
5
)		 -4
1
%
,
E
B
I
T
D
A
Sa
le
-		 9.
5
9
9		 1
0.
7
8
3		 (
1.
1
8
4
)		 -1
1,
0
%
E
B
I
T
D
A
D
is
i
bu
io
tr
t
n
-		 3.
2
2
5		 2.
5
8
6		 6
3
9		 2
4,
7
%
+
E
B
I
T		 1
0.
2
6
3		 9.
5
9
8		 6
6
6		 6,
9
%
+
E
B
I
T
Sa
le
-		 8.
4
6
6		 8.
1
9
3		 2
7
3		 3,
3
%
+
E
B
I
T
D
is
i
bu
io
tr
t
n
-		 1.
7
9
8		 1.
4
0
5		 3
9
3		 2
8,
0
%
+

(*) Sinergie Italiane excluded. Data are considered pro-rata.

Financial highlightsOperating dataRevenues and EBITDA

Gross margin on gas and electricity sales and other net operating costs

  • →Gross margin on gas sales
  • →Gross margin on trading gas sales
  • →Gross margin on electricity sales
  • →Gas distribution tariff revenues
  • →Other net operating costs

Personnel

Capex

Net fincancial position and cash flow

Dividend

ho
d
f
(
T
Eu
)
(
*)
us
an
o
ro		 2
0
8
1		 2
0
1
7		 C
hg		 C
hg
%
Re
fro
les
ve
nu
es
m
g
as
sa		 3
6
4.
3
4
3		 3
3
8.
6
3
4		 2
5.
7
0
9		 7,
6
%
+
(
Ga
ha
)
ts
s p
ur
c
se
c
os
(
Ga
d
is
i
bu
io
)
tr
t
ts
s
n c
os		 (
2
2
1.
7
9
9
)
(
8
4.
2
7
9
)		 (
1
9
1.
4
9
7
)
(
8
6.
3
8
9
)		 (
3
0.
3
0
2
)
2.
1
0
9		 1
5,
8
%
+
-2
4
%
,
Gr
in
les
(
A
)
os
s m
ar
g
o
n g
as
sa
Co
l
i
da
d
i
h
f
l
l
te
t
mp
an
co
ns
o
y
w
u
l
i
da
io
ho
d
t
t
co
ns
o
n
me		 5
8.
2
6
4		 6
0.
7
4
8		 (
2.
4
8
4
)		 -4
1
%
,

The decrease of gross margin on gas sales of the companies consolidated with full consolidation method is equal to - Euro 2,5 mln. The decrease is mainly due to the application of the new regulation on gas settlement for the 2013-2017 period for Euro 3,5mln.

ho
d
f
(
T
Eu
)
(
*)
us
an
o
ro		 2
0
8
1		 2
0
1
7		 C
hg		 C
hg
%
les
Gr
in
(
B
)
g
n g
os
s m
ar
o
as
sa
Co
l
i
da
d
i
h
i
te
t
t e
ty
mp
an
y
co
ns
o
w
ne
q
u
l
i
da
io
ho
d
(
**)
t
t
co
ns
o
n
me		 1
3.
1
0
1		 1
4.
5
4
8		 (
1.
4
4
7
)		 -9
9
%
,
les
Gr
in
(
A+
B
)
g
n g
os
s m
ar
o
as
sa		 7
1.
3
6
5		 7
5.
2
9
6		 (
3.
9
3
1
)		 -5
2
%
,

(*) Economic data before elisions; (**) Data are considered pro-rata.

Gross margin on trading gas sales

(
ho
d
f
)
(
*)
T
Eu
us
an
o
ro		 2
0
1
8		 2
0
1
7		 C
hg		 C
hg
%
Re
fro
d
ing
les
tra
g
ve
nu
es
m
as
sa		 9.
4
9
0		 1.
9
4
1		 7.
5
4
8		 3
8
8,
8
%
+
(
Tr
d
ing
ha
)
ts
g
a
as
p
ur
c
se
c
os		 (
9.
2
4
0
)		 (
1.
8
9
7
)		 (
7.
3
4
2
)		 3
8
7,
0
%
+
(
Tr
d
ing
/ c
i
)
tra
t
ty
ts
a
g
as
ns
p
or
ap
ac
co
s		 (
2
8
2
)		 1
9		 (
3
0
1
)		 -1
5
5
2,
7
%
Gr
in
d
in
les
(
A
)
tra
os
s m
ar
g
o
n
g
g
as
sa
Co
l
i
da
d
i
h
f
l
l
te
t
mp
an
y
co
ns
o
w
u		 (
3
2
)		 6
3		 (
9
5
)		 -1
5
0,
3
%
l
i
da
io
ho
d
t
t
co
ns
o
n
me
ho
d
f
(
T
Eu
)
(
*)
us
an
o
ro		 2
0
8
1		 2
0
1
7		 C
hg		 C
hg
%
d
les
Gr
in
in
(
B
)
tra
g
g
g
os
s m
ar
o
n
as
sa
Co
l
i
da
d
i
h
i
te
t
t e
ty
mp
an
y
co
ns
o
w
ne
q
u		 - - - n.
a.
l
i
da
io
ho
d
(
**)
t
t
co
ns
o
n
me
d
les
Gr
in
in
(
A+
B
)
tra
g
g
g
os
s m
ar
o
n
as
sa		 (
3
2
)		 6
3		 (
9
5
)		 -1
5
0,
3
%

(*) Economic data before elisions; (**) Data are considered pro-rata.

(
T
ho
d
f
Eu
)
(
*)
us
an
o
ro		 2
0
1
8		 2
0
1
7		 C
hg		 C
hg
%
fro
lec
les
Re
ic
i
ty
ve
nu
es
m
e
r
sa		 1
0
9.
3
7
7		 9
3.
7
4
0		 1
5.
6
3
7		 1
6,
7
%
+
lec
ha
(
E
ic
i
)
tr
ty
ts
p
ur
c
se
c
os		 6
2.
8
3
(
5
)		 3.
0
(
5
4
4
)		 9.
8
0
9
(
)		 8,
%
1
5
+
lec
d
bu
(
E
ic
i
is
i
io
)
tr
ty
tr
t
ts
n c
os		 (
3
9.
4
2
1
)		 (
3
4.
5
2
1
)		 (
4.
9
0
0
)		 1
4,
2
%
+
lec
les
Gr
in
ic
i
(
A
)
tr
ty
g
os
s m
ar
o
n
e
sa
Co
l
i
da
d
i
h
f
l
l
te
t
mp
an
y
co
ns
o
w
u		 7.
1
0
2		 6.
1
7
5		 9
2
7		 1
5,
0
%
+
l
i
da
io
ho
d
t
t
co
ns
o
n
me

The increase of gross margin on electricity sales of the companies consolidated with full consolidation method, equal to + Euro 0,9 mln, is due both to higher volumes of electricity sold and higher unit profit margins.

(
T
ho
d
f
Eu
)
(
*)
us
an
o
ro		 2
0
1
8		 2
0
1
7		 hg
C		 hg
C
%
Gr
in
lec
ic
i
les
(
B
)
tr
ty
os
s m
ar
g
o
n
e
sa
Co
l
i
da
d
i
h
i
te
t
t e
ty
mp
an
co
ns
o
w
ne
q
y
u
l
i
da
io
ho
d
(
**)
t
t
co
ns
o
n
me		 1.
4
0
6		 1.
3
3
4		 7
2		 5,
4
%
+
Gr
in
lec
ic
i
les
(
A+
B
)
tr
ty
os
s m
ar
g
o
n
e
sa		 8.
5
0
8		 7.
5
0
9		 9
9
9		 1
3,
3
%
+

(*) Economic data before elisions; (**) Data are considered pro-rata.

(
T
ho
d
f
Eu
)
(
*)
us
an
o
ro		 2
0
1
8		 2
0
1
7		 hg
C		 hg
C
%
Ga
d
bu
f
f r
is
i
io
i
tr
t
ta
s
n
r
ev
en
ue
s		 3.
3
2
7
1		 6
9.
8
3
6		 3.
8
4
5		 0
%
5,
+
Ga
d
is
i
bu
io
i
f
f r
(
A
)
tr
t
ta
s
n
r
ev
en
ue
s
Co
l
i
da
d
i
h
f
l
l
te
t
mp
an
y
co
ns
o
w
u		 7
3.
3
2
1		 6
9.
8
3
6		 3.
4
8
5		 5,
0
%
+
l
i
da
io
ho
d
t
t
co
ns
o
n
me

The increase of gas distribution tariff revenues of the companies consolidated with full consolidation method (+ Euro 3,5 mln) is due to:

  • 1) change of the consolidation area (AP Reti Gas Vicenza, 1stQ 2018): + Euro 2,9 mln;
  • 2) change of gas distribution tariff revenues: + Euro 0,6 mln.
(
T
ho
d
f
Eu
)
(
*)
us
an
o
ro		 2
0
1
8		 2
0
1
7		 hg
C		 hg
C
%
Ga
d
is
i
bu
io
i
f
f r
(
B
)
tr
t
ta
s
n
r
ev
en
ue
s
Co
l
i
da
d
i
h
i
te
t
t e
ty
mp
an
y
co
ns
o
w
ne
q
u
l
i
da
io
ho
d
(
**)
t
t
co
ns
o
n
me		 5.
7
3
3		 5.
7
1
0		 2
3		 0,
4
%
+
Ga
d
is
i
bu
io
i
f
f r
(
A+
B
)
tr
t
ta
s
n
r
ev
en
ue
s		 7
9.
0
5
4		 7
5.
5
4
6		 3.
5
0
8		 4,
6
%
+

(*) Economic data before elisions; (**) Data are considered pro-rata.

ho
d
f
(
T
Eu
)
us
an
o
ro		 2
0
1
8		 2
0
1
7		 hg
C		 hg
C
%
O
he
t
r r
ev
en
ue
s		 4
0.
2
0
0		 5
6.
9
7
4		 (
1
6.
7
7
4
)		 -2
9,
4
%
O
he
f r
ia
ls
d
ice
t
ts
te
r c
os
o
aw
m
a
r
an
se
rv
s		 (
7
2.
7
8
9
)		 (
8
4.
5
3
2
)		 1
1.
7
4
2		 -1
3,
9
%
Co
f p
l
t o
s
er
so
nn
e		 (
2
6.
0
3
0
)		 (
2
4.
8
5
5
)		 (
1.
1
7
4
)		 4,
7
%
+
O
he
in
(
A
)
t
t o
t
ts
r n
e
p
er
a
g
co
s
Co
l
i
da
d
i
h
f
l
l
te
t
mp
an
co
ns
o
y
w
u		 (
5
8.
6
1
9
)		 (
5
2.
4
1
3
)		 (
6.
2
0
6
)		 1
1,
8
%
+
l
i
da
io
ho
d
t
t
co
ns
o
n
me

Net operating costs referred to the change of the consolidation area: - Euro 2,3 mln

Increase of other net operating costs of equal consolidation area: - Euro 3,9 mln

of which:

  • increase of cost of personnel: - Euro 0,9 mln;
  • decrease of margin on energy efficiency tasks management: - Euro 0,7 mln;
  • decrease of concession fees: + Euro 0,1 mln;
  • decrease of CCSE contributions for security incentives: - Euro 0,2 mln;
  • decrease of advertising and commercial costs: + Euro 0,6 mln;
  • increase of margin on distributor services: + Euro 0,1 mln;
  • decrease of contingent assets on firm acquisitions: - Euro 0,4 mln;
  • increase of negative non-recurring components: - Euro 2,3 mln;
  • other variations: - Euro 0,2 mln.
T
ho
d
f
Eu
)
us
an
o
ro		 2
0
1
8		 2
0
1
7		 C
hg		 C
hg
%
he
O
in
(
A
)
t
t o
t
ts
g
r n
e
p
er
a
co
s
Co
l
i
da
d
i
h
f
l
l
te
t
mp
an
y
co
ns
o
w
u
l
i
da
io
ho
d
t
t
co
ns
o
n
me		 (
5
8.
6
1
9
)		 (
5
2.
4
1
3
)		 (
6.
2
0
6
)		 1
1,
8
%
+
O
he
in
(
B
)
t
t o
t
ts
g
r n
e
p
er
a
co
s
Co
l
i
da
d
i
h
i
te
t
t e
ty
mp
an
y
co
ns
o
w
ne
q
u
l
i
da
io
ho
d
(
*)
t
t
co
ns
o
n
me		 (
7.
4
1
7
)		 (
8.
2
2
4
)		 8
0
7		 -9
8
%
,
O
he
in
(
A+
B
)
t
t o
t
ts
r n
e
p
er
a
g
co
s		 (
6
6.
0
3
5
)		 (
6
0.
6
3
6
)		 (
5.
3
9
9
)		 8,
9
%
+

(*) Sinergie Italiane excluded. Data are considered pro-rata.

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 position and cash flow

Dividend

Number of employees

(*) Data are considered pro-rata.

Gruppo Ascopiave –FY 2018 CONSOLIDATED RESULTS

25

Cost of personnel changes:

  • change of the consolidation area: + Euro 0,3 mln
  • capitalized cost of personnel: Euro 1,1 mln
  • other: + Euro 2,0 mln, of which:
  • o + Euro 2,4 mln: compensations for the termination of the employment contracts with the general manager and the CFO
  • o - Euro 0,8 mln: compensations related to the long term incentive plan
  • o+ Euro 0,4 mln: other changes

FY 2018 cost of personnel of the companies consolidated with net equity consolidation method (Sinergie Italiane excluded): Euro 3,1 mln (-0,2%).

Financial highlightsOperating dataRevenues and EBITDAGross margin on gas and electricity sales and other net operating costs Personnel

Capex

Net financial position and cash flow

Dividend

Capex

FY 2018 investments of the companies consolidated with net equity consolidation method(Sinergie Italiane excluded): Euro 1,6 mln (+1,6%).

(*) Excluding network extension in new urbanized areas that according to IAS are considerated as operating costs and not investments;.(**) Investments intangible assets: Euro 27,0 mln; investments in intangible assets: Euro 2,6 mln (excluded realizations of tangible and intangible assets and investments inassociated); (***) AP Reti Gas Vicenza: 1stQ 2018.

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

Net financial position and cash flow (1)

Net financial position and cash flow (2)

31

(*) Sinergie Italiane excluded. Data are considered pro-rata.

Net financial position and cash flow (3)

(
ho
d
f
)
(
*)
T
Eu
us
an
o
ro		 3
2
2
0
8
1
/
1
/
1		 3
2
2
0
1
/
1
/
1
7		 Va
r		 %
Va
r
Lo
f
ina
ia
l
bo
ing
(
1
2
hs
)
te
t
ng
rm
nc
rro
s
mo
n
w
>
Cu
i
io
f
lon
f
ina
ia
l
bo
ing
t p
t
te
rre
n
os
n o
g
rm
nc
rro
s
w		 5
5.
1
1
1
8.
0
1
4		 5
4.
3
6
0
1
0.
1
8
1		 7
5
1
(
2.
1
6
7
)		 1,
4
%
+
-2
1,
3
%
S
ho
f
l
bo
2
hs
ina
ia
ing
(
1
)
t
te
t
r
rm
nc
rro
w
s
<
mo
n
l
f
l
de
b
To
in
ia
ta
t
an
c		 6.
3
8
5
1
1
1
9.
5
0
6		 6
8
5
4.
5
1
1
9.
1
0
9		 8
3
1.
1
3
9
7		 3,
3
%
+
0,
3
%
+
F
ixe
d
bo
ing
te
ra
rro
w
s
F
loa
ing
bo
ing
t
te
ra
rro
w
s		 3
6.
8
7
4
8
2.
6
3
2		 3
0.
0
0
0
8
9.
1
0
9		 6.
8
7
4
(
6.
4
7
7
)		 2
2,
9
%
+
-7
3
%
,

2018 average cost of debt: 0,51% (vs 2017 rate: 0,38%)

(*) Data refers to only companies consolidated with full consolidation method.

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

  • →Dividend proposal
  • →Request from Asco Holding for the distribution of an extraordinary dividend
2
0
8
1		 2
0
1
7		 2
0
6
1		 2
0
1
5		 2
0
1
4		 2
0
3
1
(
Pro
al)
pos
D
iv
i
de
ds
i
d
(
T
ho
d
f
Eu
)
(
*)
n
p
a
us
an
o
ro		 2
7.
8
3
5		 4
0.
0
1
6		 4
0.
0
1
6		 3
3.
3
4
7		 3
3.
3
3
2		 2
6.
6
6
6
Gr
Ne
Inc
(
T
ho
d
f
Eu
)
t
ou
p
om
e
us
an
o
ro		 4
4.
6
2
5		 4
7.
1
3
5		 5
3.
6
3
5		 4
3.
0
1
4		 3
5.
5
8
3		 3
8.
6
7
8
Pa
io
t r
t
ou
a
y		 6
2
%		 8
5
%		 7
5
%		 7
8
%		 9
4
%		 6
9
%
iv
i
de
ds
ha
(
)
D
Eu
n
p
er
s
re
ro		 0,
2
1
5		 0,
8
0
1		 0,
8
0
1		 0,
0
1
5		 0,
0
1
5		 0,
2
0
1
D
iv
i
de
d
ie
l
d
(
**)
n
y		 0
%
4,		 3
%
5,		 2
%
7,		 0
%
7,		 6
%
7,		 8,
%
4

(*) Dividends to be paid estimated on the base of the outstanding shares at the end of the financial year; (**) Dividend yield = dividends per share / averageprice per share in the year.

34

During the yesterday meeting, Ascopiave S.p.A.'s Board of Directors considered therequest received from the parent company Asco Holding S.p.A. to convene theShareholders' Meeting, pursuant to art. 2367, Italian Civil Code, and art. 125-ter, paragraph 3, Legislative Decree dated 24th February 1998, no. 58, whose agenda is "Extraordinary distribution of available reserves. Related and consequent resolutions".

Specifically, the distribution of an extraordinary dividend was requested in favour of all shareholders, up to Euro 50 million, sufficient to guarantee the payment to Asco Holdingof a dividend equal to a maximum amount of Euro 30 million. The company has started the assessment of the sustainability of such extraordinary dividend, including the request of afairness opinion from an external advisor.

The company has started the assessment of the sustainability of such extraordinary dividend, including the request of an opinion from an external advisor.

35

Financial highlightsOperating dataRevenues and EBITDAGross margin on gas and electricity activities and other net operating costs PersonnelCapexNet Financial Position and cash flowDividendDisclaimer

    • 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 and the Annual reports.
    • Statements contained in this presentation, particularly the ones regarding any Ascopiave Group possible or assumed future performance, are or may be forwardlooking statements and in this respect they involve some risks and uncertainties. Anumber of important factors could cause actual results to differ materially fromthose contained in any forward looking statement. Such factors include, but are not limited to: changes in global economic business, changes in the price of certain commodities including electricity and gas, the competitive market and regulatory factors. Moreover, forward looking statements are currently only at the date they are made.
    • Any reference to past performance of the Ascopiave Group shall not be taken as an indication of the future performance.
    • This document does not constitute an offer or invitation to purchase or subscribe for any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.
  • -By attending the presentation you agree to be bound by the foregoing terms.

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