Investor Presentation • Aug 4, 2016
Investor Presentation
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Pieve di Soligo, August, 4th 2016
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
| ho d f Eu ) us an o ro |
1s H 2 0 1 6 t |
1s H 2 0 1 5 t |
C hg |
C hg % |
|---|---|---|---|---|
| Re ve nu es |
5. 2 6 8 1 1 |
5 3 2 1. 6 1 |
( 5 5. 5 ) 7 0 |
-1 7, 3 % |
| ( Co f ra ) ia ls d c b les t o te s ma r an on su ma w |
( ) 1 4 3. 0 2 3 |
( ) 2 0 1. 6 1 7 |
5 8. 5 9 4 |
2 9, 1 % - |
| Co ( f s ice ) t o s erv s |
( 5 3. 4 7 8 ) |
( 5 9. 8 9 5 ) |
6. 4 1 8 |
1 0, 7 % - |
| ( Co ) f p l t o s ers on ne |
( ) 1 1. 3 1 3 |
( ) 1 1. 1 8 8 |
( ) 1 2 5 |
1, 1 % + |
| ( O ) he ing t t ts r o p era co s |
( ) 9. 1 8 7 |
( ) 6. 4 5 9 |
( ) 2. 7 2 8 |
4 2, 2 % + |
| O he ing inc t t r o p era om e |
1 2 3 |
1 7 |
1 0 7 |
6 3 8, 0 % + |
| E B I T D A |
4 8. 9 3 3 |
4 2. 4 1 8 |
6. 5 1 5 |
1 5, 4 % + |
| ( ) De ia ion d a iza ion t t t p rec s a n mo r s |
( ) 1 0. 0 7 6 |
( ) 9. 7 8 9 |
( ) 2 8 7 |
2, 9 % + |
| ( ) Pr is ion ov s |
( ) 1. 1 5 1 |
( ) 2. 2 1 7 |
1. 0 6 6 |
4 8, 1 % - |
| E B I T |
3 7. 7 0 5 |
3 0. 4 1 1 |
7. 2 9 4 |
2 4, 0 % + |
| F ina ia l inc / ( ) nc om e ex p en se s |
( ) 2 8 5 |
( ) 1 9 5 |
( ) 9 0 |
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 e ss e me w |
4. 1 1 7 |
3. 9 1 7 |
2 5 5 |
6, % 5 + |
| E B T |
4 1. 5 9 1 |
3 4. 1 3 3 |
7. 4 5 9 |
2 1, 9 % + |
| ( Inc ) tax om e es |
( 1 2. 3 1 ) 5 |
( 1 0. 0 2 ) 7 |
( 2. 2 9 ) 7 |
2 2, 6 % + |
| Ea ing f te ta rn s a r xe s |
2 9. 2 4 0 |
2 4. 0 6 0 |
5. 1 8 0 |
2 1, 5 % + |
| ( Ne los fro d isc inu d o ion ) t t t s m on e p era s |
- | - | - | n.a |
| inc Ne t om e |
2 9. 2 4 0 |
2 4. 0 6 0 |
5. 1 8 0 |
2 1, 5 % + |
| ( Ne inc f m ino i ies ) t t om e o r |
( 1. 3 0 ) 7 |
( 1. 4 4 0 ) |
( 2 9 1 ) |
2 0, 2 % + |
| Ne inc f he Gr t t om e o ou p |
5 2 7. 1 0 |
2 2. 6 2 1 |
4. 8 8 9 |
2 1, 6 % + |
1stH 2016 CONFERENCE CALLconsolidated results Pieve di Soligo, August, 4th 2016
(*) Result of the companies consolidated with net equity consolidation method (data are considered pro-quota): sale companies, Euro 3,1 mln (Euro 2,8 mln in1stH 2015); distribution companies Euro 0,5 mln (Euro 0,4 mln in 1stH 2015); Sinergie Italiane Euro 0,5 mln (Euro 0,7 mln in 1stH 2015).
| T ho d f Eu ) us an o ro |
3 0 / 0 6 / 2 0 1 6 |
3 1 / 1 2 / 2 0 1 5 |
C h g |
C h % g |
|---|---|---|---|---|
| T i b l t a n g e a s s e s ( *) |
3 3. 0 6 2 |
3 4. 9 8 7 |
( ) 1. 9 2 5 |
-5 5 % , |
| N i b l t t o n a n g e a s s e s ( *) |
3 9 6. 4 2 7 |
3 9 4 1 8 7. |
( 6 ) 7 5 |
-0 2 % , |
| I i i t t t n e s m e n s n a s s o c a e s v ( **) |
6 5. 7 2 5 |
6 8. 0 7 8 |
( ) 2. 3 5 3 |
-3 5 % , |
| O f h i d t t e r x e a s s e s |
2 3. 8 5 5 |
2 6. 6 9 9 |
( 3. 1 1 4 ) |
-1 1, % 7 |
| F i d t e a s s e s x |
5 1 9. 1 1 5 |
5 2 1 8 2 7. |
( 8. 0 6 ) 7 |
-1 5 % , |
| O i t t t p e r a n g c r r e n a s s e s u |
1 1 6. 4 3 6 |
2 2 3. 4 8 2 |
( ) 1 0 7. 0 4 6 |
-4 7, 9 % |
| ( O i l i b i l i i ) t t t p e r a n g c u r r e n a e s |
( ) 1 2 7. 9 3 6 |
( ) 1 6 6. 7 9 3 |
3 8. 8 5 7 |
-2 3, 3 % |
| ( O ) i l i b i l i i t t t p e r a n g n o n c r r e n a e s u |
( ) 4 6. 1 8 7 |
( ) 4 9. 6 9 8 |
3. 5 1 1 |
-7 1 % , |
| N k i i l t t e w o r n g c a p a |
( 5 ) 7. 6 8 7 |
6. 9 9 1 |
( ) 6 4. 6 7 8 |
5, -9 2 2 % |
| T l i l l d t t o a c a p a e m p o e y |
4 6 1. 4 2 8 |
5 3 4. 1 7 3 |
( ) 7 2. 7 4 5 |
-1 3, 6 % |
| G h h l d i t r o p s a r e o e r s e q u u y |
4 1 0. 2 4 7 |
4 1 5. 2 6 4 |
( 4. 9 9 0 ) |
-1 2 % , |
| i i i M t n o r e s |
4. 5 1 5 |
4. 8 7 3 |
( ) 3 5 8 |
-7 3 % , |
| N f i i l i i t t e n a n c a p o s o n |
4 6. 6 3 9 |
1 1 4. 0 3 7 |
( 6 7. 3 9 8 ) |
-5 9, 1 % |
| T l t o a s o r c e s u |
4 6 1. 4 2 8 |
5 3 4. 1 3 7 |
( 2. 4 6 ) 7 7 |
-1 3, 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 45,7 mln (Euro 47,9 mln at 31/12/2015); distribution companies, Euro 20,0 mln (Euro20,2 mln at 31/12/2015).
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-quota.
(*) Data are considered pro-quota.
(*) Data are considered pro-quota.
Financial highlights
Operating data
Gross margin on gas and electricity sales and other net operating costs
Personnel
Capex
Net financial position and cash flow
Disclaimer
1stH 2016 CONFERENCE CALLconsolidated results Pieve di Soligo, August, 4th 2016
| f ) ho d Eu us an o ro |
H 1s t 2 0 1 6 |
H 5 1s t 2 0 1 |
Va r |
Va % r |
|---|---|---|---|---|
| E B I T D A |
4 8. 9 3 3 |
4 2. 4 1 8 |
6. 5 1 5 |
1 5, 4 % + |
| Sa E B I T D A le - |
3 2. 0 7 0 |
2 6. 4 8 8 |
5. 5 8 3 |
2 1, 1 % + |
| E B I T D A D is i bu ion tr t - |
1 6. 8 6 3 |
1 5. 9 3 0 |
9 3 2 |
5, 9 % + |
| E B I T |
3 7. 7 0 5 |
3 0. 4 1 1 |
7. 2 9 4 |
2 4, 0 % + |
| E B I T Sa le - |
2 9. 6 4 1 |
2 3. 0 0 6 |
6. 6 3 5 |
2 8, 8 % + |
| E B I T D is i bu ion tr t - |
8. 0 6 4 |
7. 4 0 5 |
6 5 9 |
8, 9 % + |
(*) Sale companies; (**) Distribution companies.
(*) Sinergie Italiane excluded; (**) Sale companies; (***) Distribution companies.
Financial highlightsOperating dataRevenues and EBITDA
Personnel
Capex
Net fincancial position and cash flow
Disclaimer
1stH 2016 CONFERENCE CALLconsolidated results Pieve di Soligo, August, 4th 2016
| f ) T ho d Eu ( *) us an o ro |
1s H 2 0 1 6 t |
1s H 2 0 1 5 t |
C hg |
C hg % |
|---|---|---|---|---|
| Re fro les ve nu es m g as sa |
1 9 8. 2 5 5 |
2 4 0. 9 1 3 |
( ) 4 2. 6 5 8 |
-1 7, 7 % |
| ( Ga ha ) ts s p urc se co s |
( ) 1 1 0. 9 4 6 |
( ) 1 5 4. 5 9 8 |
4 3. 6 5 2 |
-2 8, 2 % |
| ( D is i bu io ) tr t ts n c os |
( 4 6 6 0 ) 5. |
( 4 9. 9 1 ) 5 |
3. 9 3 2 |
9 % -7 , |
| G in les ( A ) ro ss m ar g o n g as s a |
||||
| Co l i da d i h fu l l te t m p an y co ns o w l i da io ho d t t co ns o n m e |
4 1. 6 4 9 |
3 6. 7 2 3 |
4. 9 2 6 |
1 3, 4 % + |
The increase of gross margin on gas sales of the companies consolidated with full consolidation method is equal to + Euro 4,9 mln.
| ( T ho d f Eu ) ( *) us an o ro |
1s H 2 0 1 6 t |
1s H 2 0 1 5 t |
C hg |
C hg % |
|---|---|---|---|---|
| G in les ( B ) ro ss m ar g o n g as s a Co l i da d i h i te t t e ty m p an y co ns o w ne q u l i da io ho d t t co ns o n m e |
8. 1 9 0 |
7. 7 3 5 |
4 5 5 |
5, 9 % + |
| ( ) G in les A+ B ro ss m ar g o n g as s a |
4 9. 8 3 9 |
4 4. 4 5 8 |
5. 3 8 1 |
1 2, 1 % + |
1stH 2016
consolidated results
Pieve di Soligo, August, 4th 2016
CONFERENCE CALL
(*) Economic data before elisions.
| ( ) T ho d f Eu ( *) us an o ro |
H 1s t 2 0 1 6 |
H 5 1s t 2 0 1 |
C hg |
C hg % |
|---|---|---|---|---|
| Re fro lec ic i les ty ve nu es m e r sa |
4 3. 0 4 6 |
4 5. 1 8 2 |
( ) 2. 1 3 6 |
-4 7 % , |
| ( E lec ic i ha ) tr ty ts p urc se co s |
( ) 2 2. 6 7 3 |
( ) 2 4. 5 7 2 |
1. 8 9 9 |
-7 7 % , |
| ( D is i bu io ) tr t ts n c os |
( ) 1 7. 1 0 1 |
( ) 1 8. 3 8 1 |
1. 2 8 0 |
-7 0 % , |
| in ic i ( ) G lec tr ty les A ro ss m ar g o n e s a |
||||
| Co l i da d i h fu l l te t m p an co ns o y w l i da io ho d t t co ns o n m e |
3. 2 7 2 |
2. 2 2 9 |
1. 0 4 3 |
4 6, 8 % + |
The increase of gross margin on electricity sales of the companies consolidated with full consolidation method is equal to + Euro 1,0 mln.
| T ho d f Eu ) ( *) us an o ro |
1s H 2 0 1 6 t |
1s H 2 0 1 5 t |
C hg |
C hg % |
|---|---|---|---|---|
| in ic i ( ) G lec les B tr ty ro ss m ar g o n e s a Co l i da d i h i te t t e ty m p an y co ns o w ne q u l i da io ho d t t co ns o n m e |
3 9 2 |
2 8 1 |
1 1 1 |
3 9, 4 % + |
| G in lec ic i les ( A+ B ) tr ty ro ss m ar g o n e s a |
3. 6 6 4 |
2. 5 1 0 |
1. 1 5 4 |
4 6, 0 % + |
(*) Economic data before elisions.
| T ho d f Eu ) ( *) us an o ro |
1s H 2 0 1 6 t |
1s H 2 0 1 5 t |
C hg |
C hg % |
|---|---|---|---|---|
| Ta i f fs l ie d les ies to r ap p sa co mp an Eq l iza ion ( / - ) t t ua a mo un + |
3 0. 0 5 0 ( 1 9 9 ) |
2 9. 6 8 4 8 3 7 |
3 6 7 ( 1. 0 3 6 ) |
1, 2 % + -1 2 3, % 7 |
| 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 co ns o y w l i da ion ho d t t co ns o m e |
2 9. 8 5 2 |
3 0. 5 2 1 |
( 6 6 9 ) |
-2 2 % , |
The decrease of gas distribution tariff revenues of the companies consolidated with full consolidation method (- Euro 0,7 mln) is due to:
| ( T ho d f Eu ) ( *) us an o ro |
1s H 2 0 1 6 t |
1s H 2 0 1 5 t |
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 |
2. 8 2 8 |
2. 8 8 8 |
( 6 0 ) |
-2 1 % , |
| Ga d is i bu io i f f r ( A+ B ) tr t ta s n r ev en ue s |
3 2. 6 8 0 |
3 3. 4 0 9 |
( 2 9 ) 7 |
-2 2 % , |
| f ) ho d Eu us an o ro |
1s H 2 0 1 6 t |
1s H 2 0 1 5 t |
C hg |
C hg % |
|---|---|---|---|---|
| O he t r r ev en ue s |
1 2. 3 8 2 |
8. 9 4 5 |
3. 4 3 8 |
3 8, 4 % + |
| O he f r ia ls d ice t ts te r c os o aw m a r an se rv s |
( 2 6. 9 0 9 ) |
( 2 4. 8 1 1 ) |
( 2. 0 9 8 ) |
8, % 5 + |
| Co f p l t o s er so nn e |
( ) 1 1. 3 1 3 |
( ) 1 1. 1 8 8 |
( ) 1 2 5 |
1, 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 m p an y co ns o w l i da io ho d t t co ns o n m e |
( ) 2 5. 8 4 0 |
( ) 2 7. 0 5 4 |
1. 2 1 5 |
-4 5 % , |
of which:
| d f Eu ) us an o ro |
H 1s t 2 0 1 6 |
H 5 1s t 2 0 1 |
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 m p an co ns o y w l i da io ho d t t co ns o n m e |
( 2 5. 8 4 0 ) |
( 2 7. 0 5 4 ) |
1. 2 1 5 |
-4 5 % , |
| 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 i te t t e ty m p an y co ns o w ne q u l i da io ho d t t ( *) co ns o n m e |
( ) 3. 9 6 9 |
( ) 4. 2 2 8 |
5 2 8 |
-6 1 % , |
| in ( ) O he A+ B t t o t ts r n e p er a g co s |
( ) 2 9. 8 0 9 |
( ) 3 1. 2 8 2 |
1. 4 7 3 |
-4 7 % , |
CONFERENCE CALLconsolidated results
22
(*) Sinergie Italiane excluded.
Financial highlights
Operating data
Revenues and EBITDA
Gross margin on gas and electricity sales and other net operating costs
Capex
Net financial position and cash flow
Disclaimer
(*) Data are considered pro-quota.
1stH 2016 cost of personnel of the companies consolidated with net equity consolidationmethod (Sinergie Italiane excluded): Euro 1,7 mln (-2,0%).
Financial highlightsOperating dataRevenues and EBITDAGross margin on gas and electricity sales and other net operating costsPersonnel
Net financial position and cash flow
Disclaimer
1stH 2016 investments of the companies consolidated with net equity consolidation method(Sinergie Italiane excluded): Euro 0,5 mln (-19,1%).
(*) Excluding network extension in new urbanized areas that according to IAS are considerated as operating costs and not investments. (**) Investments in tangible assets: Euro 0,7 mln; investments in intangible assets: Euro 8,8 mln (excluded realizations of tangible and intangible assets andinvestments in associated).
1stH 2016
consolidated results
CONFERENCE CALL
Financial highlightsOperating dataRevenues and EBITDAGross margin on gas and electricity sales and other net operating costsPersonnelCapex
Disclaimer
1stH 2016 CONFERENCE CALLconsolidated results Pieve di Soligo, August, 4th 2016
net equity method (Euro 6,0 mln)
Net financial position and cash flow (2)
(*) Sinergie Italiane excluded.
| ( T ho d f Eu ) ( *) us an o ro |
/ / 3 0 0 6 2 0 1 6 |
/ / 5 3 1 1 2 2 0 1 |
Va r |
Va % r |
|---|---|---|---|---|
| Lo f ina ia l bo ing ( 1 2 hs ) te t ng rm nc rro w s mo n > Cu i ion f lon f ina ia l bo ing t p t te rre n os o g rm nc rro s w S ( ) ho f ina ia l bo ing 1 2 hs t te t r rm nc rro w s mo n < |
3 9. 1 8 5 9. 4 3 0 - |
4 3. 8 2 9 9. 6 2 8 5 9. 9 3 7 |
( 4. 6 4 4 ) ( ) 1 9 8 ( ) 5 9. 9 3 7 |
-1 0, 6 % -2 1 % , -1 0 0, 0 % |
| To l f in ia l de b ta t an c |
4 8. 6 1 5 |
1 1 3. 3 9 4 |
( 6 4. 9 ) 7 7 |
-5 1 % 7, |
| F ixe d bo ing te ra rro s w Va ia b le bo ing te r ra rro s w |
1 4 4 4 8. 4 7 1 |
3 4 2 1 1 3. 0 5 2 |
( ) 1 9 8 ( ) 6 4. 5 8 1 |
-5 7, 9 % -5 7, 1 % |
Financial highlightsOperating dataRevenues and EBITDAGross margin on gas and electricity activities and other net operating costsPersonnelCapexNet Financial Position and cash flowDisclaimer
1stH 2016 CONFERENCE CALLconsolidated results Pieve di Soligo, August, 4th 2016
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