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Ascopiave

Investor Presentation • Nov 8, 2017

4357_ip_2017-11-08_14f877e1-4a27-4bcd-985b-c28718bfb368.pdf

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9M 2017CONSOLIDATED RESULTS

Conference Call

Pieve di Soligo, 8th November 2017

Financial highlights

  • →Ascopiave Group structure as of 30th September 2017
  • →9M 2017 consolidated income statement
  • →Consolidated balance sheet as of 30th September 2017

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

Disclaimer

9M 2017

consolidated results

CONFERENCE CALL

9M 2017 consolidated income statement

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

9M 2017 CONFERENCE CALLconsolidated results Pieve di Soligo, 8th November 2017

(*) Result of the companies consolidated with net equity consolidation method (data are considered pro-rata): sale companies, Euro 3,5 mln (Euro 2,8 mln in 9M2016); distribution companies, Euro 0,9 mln (Euro 1,0 mln in9M 2016); Sinergie Italiane, Euro 0,6 mln (Euro 0,8 mln in 9M 2016).

Consolidated balance sheet as of 30th September 2017

T
ho
d
f
Eu
)
us
an
o
ro		 /
/
3
0
0
9
2
0
1
7		 /
/
3
1
1
2
2
0
1
6		 C
h
g		 C
h
%
g
T
i
b
l
t
(
*)
a
n
g
e
a
s
s
e
s		 3
3.
4
1
1		 3
2.
3
6
4		 1.
0
4
6		 3,
2
%
+
N
i
b
l
t
t
(
*)
o
n
a
n
g
e
a
s
s
e
s		 4
2
4.
7
3
8		 3
9
7.
6
6
4		 2
7.
0
7
4		 6,
8
%
+
I
i
i
t
t
t
(
**)
n
e
s
m
e
n
s
n
a
s
s
o
c
a
e
s
v		 6
6.
4
0
2		 6
8.
3
8
7		 (
2.
3
3
)
5		 -3
4
%
,
O
h
f
i
d
t
t
e
r
x
e
a
s
s
e
s		 2
4.
1
6
9		 2
3.
8
0
8		 3
6
1		 1,
5
%
+
F
i
d
t
x
e
a
s
s
e
s		 5
4
8.
7
2
0		 5
2
2.
5
7
4		 2
6.
1
4
6		 5,
0
%
+
O
i
t
t
t
p
e
r
a
n
g
c
u
r
r
e
n
a
s
s
e
s		 1
3
4.
4
9
9		 2
0
1.
9
0
8		 (
6
4
0
9
)
7.		 -3
3,
4
%
(
O
i
l
i
b
i
l
i
i
)
t
t
t
p
e
r
a
n
g
c
r
r
e
n
a
e
s
u		 (
)
1
0
8.
4
5
4		 (
)
1
3
8.
0
0
3		 2
9.
5
4
9		 -2
1,
4
%
(
O
i
l
i
b
i
l
i
i
)
t
t
t
p
e
r
a
n
g
n
o
n
c
u
r
r
e
n
a
e
s		 (
0.
4
6
)
5
5		 (
4
8.
1
1
)
5		 (
2.
3
0
)
5		 4,
8
%
+
N
k
i
i
l
t
t
e
o
r
n
g
c
a
p
a
w		 (
2
4.
4
1
1
)		 1
5.
5
4
7		 (
4
0.
1
6
5
)		 -2
5
5,
0
%
T
l
i
l
l
d
t
t
o
a
c
a
p
a
e
m
p
o
y
e		 5
2
4.
3
0
9		 5
3
8.
3
2
8		 (
)
1
4.
0
1
9		 -2
6
%
,
G
h
h
l
d
i
t
r
o
u
p
s
a
r
e
o
e
r
s
e
q
u
y		 4
2
9.
7
5
6		 4
3
8.
0
5
5		 (
)
8.
2
9
9		 -1
9
%
,
M
i
i
i
t
n
o
r
e
s		 4.
2
3
9		 6.
1
5
4		 (
1.
9
1
5
)		 -3
1,
1
%
f
i
i
i
i
N
l
t
t
e
n
a
n
c
a
p
o
s
o
n		 9
0.
3
1
5		 9
4.
1
1
9		 (
)
3.
8
0
5		 -4
0
%
,
T
l
t
o
a
s
o
u
r
c
e
s		 5
2
4.
3
0
9		 5
3
8.
3
2
8		 (
)
1
4.
0
1
9		 -2
6
%
,

(*) Applying IFRIC 12 involves categorising the infrastructures under concession from tangible to intangible assets; (**) Value of the associated companiesconsolidated with net equity consolidation method: sale companies, Euro 45,6 mln (Euro 48,0 mln as of 31st December 2016); distribution companies, Euro 20,7mln (Euro 20,7 mln as of 31st December 2016).

9M 2017 CONFERENCE CALLconsolidated results Pieve di Soligo, 8th November 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

Disclaimer

(*) Data are considered pro-rata.

(*) Data are considered pro-rata.

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

Disclaimer

9M 2017 CONFERENCE CALLconsolidated results Pieve di Soligo, 8th November 2017

11

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

EBITDA breakdownCompanies consolidated with full consolidation method(Thousand of Euro)

ho
d
f
Eu
)
us
an
o
ro		 9
M
2
0
1
7		 9
M
2
0
1
6		 Va
r		 Va
%
r
E
B
I
T
D
A		 5
8.
9
0
6		 6
1.
4
7
7		 (
2.
5
2
)
7		 -4
2
%
,
Sa
E
B
I
T
D
A
le
-		 2
6.
9
8
0		 3
4.
1
4
1		 (
)
7.
1
6
1		 -2
1,
0
%
E
B
I
T
D
A
D
is
i
bu
ion
tr
t
-		 3
1.
9
2
6		 2
3
3
7.
7		 4.
8
9
5		 1
6,
8
%
+
E
B
I
T		 4
1.
5
9
5		 4
4.
9
5
9		 (
3.
3
6
4
)		 -7
5
%
,
Sa
E
B
I
T
le
-		 2
4.
1
5
1		 3
0.
8
4
6		 (
)
6.
6
9
5		 -2
1,
7
%
E
B
I
T
D
is
i
bu
ion
tr
t
-		 1
7.
4
4
4		 1
4.
1
1
4		 3.
3
3
1		 2
3,
6
%
+

(*) Sale companies; (**) Distribution companies.

17

EBITDA breakdownCompanies consolidated with net equity consolidation method (*)(Thousand of Euro)

ho
d
f
Eu
)
us
an
o
ro		 M
9
2
0
1
7		 M
9
2
0
1
6		 Va
r		 Va
%
r
E
B
I
T
D
A		 8.
8
6
8		 8.
6
4
0		 2
2
7		 2,
6
%
+
E
B
I
T
D
A
Sa
le
-		 6.
7
1
8		 6.
2
6
9		 4
4
9		 7,
2
%
+
E
B
I
T
D
A
D
is
i
bu
ion
tr
t
-		 2.
1
5
0		 2.
3
7
1		 (
)
2
2
2		 -9
4
%
,
E
B
I
T		 6.
1
4
4		 5.
5
9
4		 5
4
9		 9,
8
%
+
E
B
I
T
Sa
le
-		 4.
8
8
4		 4.
0
8
9		 7
9
5		 1
9,
4
%
+
E
B
I
T
D
is
i
bu
ion
tr
t
-		 1.
2
6
0		 1.
5
0
5		 (
)
2
4
5		 -1
6,
3
%

(*) Sinergie Italiane excluded. Data are considered pro-rata; (**) Sale companies; (***) Distribution companies.

9M 2017

consolidated results

CONFERENCE CALL

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

Disclaimer

ho
d
f
Eu
)
(
*)
us
an
o
ro		 9
M
2
0
1
7		 9
M
2
0
1
6		 C
hg		 C
hg
%
Re
fro
les
ve
nu
es
m
g
as
sa		 2
2
4.
5
9
2		 2
3
4.
6
9
1		 (
1
0.
0
9
9
)		 -4
3
%
,
(
Ga
ha
)
ts
s p
urc
se
co
s		 (
1
2
6.
4
3
3
)		 (
1
3
2.
6
2
2
)		 6.
1
9
0		 -4
%
7
,
(
Ga
d
is
i
bu
ion
)
tr
t
ts
s
co
s		 (
6.
8
)
5
5
5		 (
3
0
8
)
5
5.		 (
1.
4
)
5
7		 2,
8
%
+
Gr
in
les
(
A
)
os
s
ma
rg
on
g
as
s
a
Co
l
i
da
d
i
h
fu
l
l
te
t
mp
an
y
co
ns
o
w
l
i
da
ion
ho
d
t
t
co
ns
o
m
e		 4
1.
3
0
4		 4
6.
6
1
7		 (
5.
4
5
)
7		 -1
1,
%
7

The decrease of gross margin on gas sales of the companies consolidated with full consolidation method, equal to - Euro 5,5 mln, is due to both lower unit profit margins andlower volumes of gas sold.

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

9M 2017 CONFERENCE CALLconsolidated results Pieve di Soligo, 8th November 2017

Gross margin on trading gas sales

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

9M 2017 CONFERENCE CALLconsolidated results

21

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

8.
0
3
1
)
9.
0
0
3		 6
5.
6
0
4
(
)
3
4.
4
1
0		 2.
4
2
7
(
)
4.
5
9
3		 3,
7
%
+
1
3,
3
%
+
)
4.
4
0
4		 (
)
2
6.
4
5
5		 2.
0
5
1		 -7
8
%
,
6
2
4		 4.
7
3
9		 (
)
1
1
5		 -2
4
%
,
4.

The decrease of gross margin on electricity sales of the companies consolidated with full consolidation method, equal to - Euro 0,1 mln, is due to lower unit profit margins, in spite of higher volumes of electricity sold.

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

9M 2017 CONFERENCE CALLconsolidated results Pieve di Soligo, 8th November 2017

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

f
)
T
ho
d
Eu
(
*)
us
an
o
ro		 M
9
2
0
1
7		 M
9
2
0
1
6		 C
hg		 C
hg
%
f
fs
Ta
i
l
ie
d
les
ies
to
r
ap
p
sa
co
mp
an		 4
1.
4
3
6		 3
8.
0
4
4		 3.
3
9
2		 8,
9
%
+
(
/ -
)
Eq
l
iza
ion
t
t
ua
a
mo
un
+		 9.
8
2
3		 8.
1
5
5		 1.
6
6
9		 2
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
fu
l
l
te
t
mp
an
y
co
ns
o
w
l
i
da
ion
ho
d
t
t
co
ns
o
m
e		 5
1.
2
5
9		 4
6.
1
9
8		 5.
0
6
1		 1
1,
0
%
+

The increase of gas distribution tariff revenues of the companies consolidated with full consolidation method (+ Euro 5,1 mln) is due to:

  • 1) change of the consolidation area (AP Reti Gas Vicenza, 2ndQ+3rdQ 2017): + Euro 5,7mln;
  • 2)change of gas distribution tariffs applied to gas sales companies: + Euro 0,4 mln;
  • 3)equalization amount: - Euro 1,0 mln.
(
)
T
ho
d
f
Eu
(
*)
us
an
o
ro		 9
M
2
0
1
7		 9
M
2
0
1
6		 C
hg		 C
hg
%
is
i
io
i
f
f r
(
)
Ga
d
tr
bu
t
ta
B
s
n
r
ev
en
ue
s
Co
l
i
da
d
i
h n
i
te
t
t e
ty
mp
an
co
ns
o
e
q
y
w
u
l
i
da
ion
ho
d
(
**)
t
t
co
ns
o
m
e		 4.
2
4
9		 4.
3
6
6		 (
1
1
)
7		 -2
%
7
,
Ga
d
is
i
bu
io
i
f
f r
(
A+
B
)
tr
t
ta
s
n
r
ev
en
ue
s		 5
5.
5
0
8		 5
0.
5
6
4		 4.
9
4
4		 9,
8
%
+

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

ho
d
f
Eu
)
us
an
o
ro		 9
M
2
0
1
7		 9
M
2
0
1
6		 C
hg		 C
hg
%
O
he
t
r re
ve
nu
es		 4
0.
9
2
7		 2
0.
8
6
2		 2
0.
0
6
6		 9
6,
2
%
+
O
he
f ra
ia
ls
d s
ice
t
ts
te
r c
os
o
ma
r
an
er
s
w
v		 (
)
6
1.
2
0
8		 (
)
4
1.
0
3
9		 (
)
2
0.
1
6
8		 4
9,
1
%
+
Co
f p
l
t o
s
er
so
nn
e		 (
)
1
8.
1
5
0		 (
)
1
6.
0
4
3		 (
)
2.
1
0
7		 1
3,
1
%
+
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
fu
l
l
te
t
mp
an
y
co
ns
o
w		 (
3
8.
4
3
1
)		 (
3
6.
2
2
1
)		 (
2.
2
1
0
)		 6,
1
%
+

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

Decrease of other net operating costs of 2016 consolidationarea: + Euro 1,1 mln

of which:

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

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

CONFERENCE CALL

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

Disclaimer

Number of employees

27

9M 2017 cost of personnel of the companies consolidated with net equity consolidation method (Sinergie Italiane excluded): Euro 2,3 mln (-5,8%).

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

Capex

Net financial position and cash flow

Disclaimer

9M 2017 CONFERENCE CALLconsolidated results Pieve di Soligo, 8th November 2017

9M 2017 CONFERENCE CALLconsolidated results Pieve di Soligo, 8th November 2017

9M 2017 investments of the companies consolidated with net equity consolidation method(Sinergie Italiane excluded): Euro 0,9 mln (+19,4%).

(*) Excluding network extension in new urbanized areas that according to IAS are considerated as operating costs and not investments;.(**) Investments intangible assets: Euro 0,7 mln; investments in intangible assets: Euro 14,0 mln (excluded realizations of tangible and intangible assets and investments inassociated); (***) AP Reti Gas Vicenza: 2ndQ+3rdQ 2017.

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

Net financial position and cash flow

Disclaimer

Net financial position and cash flow (1)

32

Net financial position and cash flow (2)

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

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

9M 2017 average cost of debt: 0,38% (vs 2016 rate: 0,57%)

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

34

Financial highlightsOperating dataRevenues and EBITDAGross margin on gas and electricity activities and other net operating costsPersonnelCapexNet Financial Position and cash flowDisclaimer

    • 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 from thosecontained in any forward looking statement. Such factors include, but are not limitedto: changes in global economic business, changes in the price of certain commoditiesincluding 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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