Earnings Release • Aug 1, 2018
Earnings Release
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| Informazione Regolamentata n. 0887-24-2018 |
Data/Ora Ricezione 01 Agosto 2018 11:42:46 |
MTA - Star | |
|---|---|---|---|
| Societa' | : | ASCOPIAVE | |
| Identificativo Informazione Regolamentata |
: | 107070 | |
| Nome utilizzatore | : | ASCOPIAVEN01 - Rossetto | |
| Tipologia | : | 1.2 | |
| Data/Ora Ricezione | : | 01 Agosto 2018 11:42:46 | |
| Data/Ora Inizio Diffusione presunta |
: | 01 Agosto 2018 11:42:47 | |
| Oggetto | : | results for the first half of 2018 | The Board of Directors has approved the |
| Testo del comunicato |
Vedi allegato.
ASCOPIAVE: The Board of Directors has approved the results for the first half of 2018.
Gross Operating Margin: Euro 48.0 million, a slight decrease compared to the first half of 2017 (Euro 49.2 million)
Operating Result: Euro 35.8 million (Euro 37.5 million in the first half of 2017)
Net Consolidated Profit: Euro 29.8 million (Euro 30.7 million in the first half of 2017)
Net Financial Position: Euro 57.1 million, an improvement compared to 31st December 2017 (Euro 119.9 million)
The Ascopiave S.p.A. Board of Directors, which had a meeting chaired by Mr Nicola Cecconato today, acknowledged and approved Ascopiave Group's interim report as of 30th June 2018, drafted in compliance with the International Accounting Standards IAS/IFRS.
Chairman Nicola Cecconato commented: "The figures approved in the first half of 2018 show that the Group is always one of the market players with the best profitability and financial solidity. The implementation of the strategic plan devised by the Group rests on very firm bases and on a penchant for optimisation that inspires our entire organisational structure. These elements allow us to generate lasting value for our shareholders and local stakeholders."
Roberto Gumirato, General Manager, added: "The results for the first six months of the year are in line with the first half of 2017, if we exclude non-recurring items: the gross operating margin is negatively affected by gas settlement, but mitigated by the increase in distribution tariff revenues, arising specifically from the extension of the scope of consolidation, and by the positive effect of internal streamlining policies on costs. I would like to point out that, in the first half of the year, the financial position improved: this testifies to the Group's ability to plan the use of its assets for long-term value generation."
The Ascopiave Group closed the first half of 2018 with consolidated revenues amounting to € 310.6 million, compared to € 297.5 million in the first half of 2017 (+4.4%). The increase in turnover is mainly due to the revenues for forward sales of the raw material (€ +5.1 million), the extension of the scope of consolidation (€ 5.0 million) and higher revenues from the sale of electricity (€ 3.6 million). They were partially offset by lower revenues recorded for the achievement of energy efficiency targets (€ -3.9 million).
Gross operating margin in the first half of 2018 amounted to € 48.0 million, marking a decrease compared to € 49.2 million in the first six months of the previous year (-2.5%).
Trade margins on gas sale decreased by € 3.9 million compared to the first six months of 2017, mainly due to the non-recurring effects deriving from gas settlement. In June, Snam Rete Gas published the volumetric differences linked to the balancing of the volumes allocated to the station for the years 2013-2016 as well as the volumetric difference introduced by resolutions 670/2017/R/gas and 782/2017/R/gas which neutralised the in-output delta for users of the distribution network. The balancing of the volumes in the station and the difference related to the quantities of gas injected into the local distribution network and withdrawn by the end customers, led to the recognition of purchase and sales costs of the raw material with a net negative effect equal to - € 2.1 million.
Trade margins on gas trading amounted to € 0.1 million.
Trade margins on electricity sale increased by € 0.4 million, mainly due to the greater unit margins achieved.
The tariff revenues from distribution and metering increased by € 3.1 million compared to the first half of 2017 (of which € 2.9 million explained by the extension of the scope of consolidation).
The change in the item "residual costs and revenues" – with the same consolidation scope – positively affected the gross operating margin (€ +1.4 million). Among the most remarkable variations, there were lower staff costs for € 0.7 million, lower advertising and marketing expenses for € 0.5 million and higher margins on the management of energy efficiency obligations for € 0.2 million.
The operating result in the first half of 2018 amounted to € 35.8 million, compared to € 37.5 million in the previous year (-4.8%).
This result was determined, in addition to a decrease in gross operating margin, by higher depreciation and amortisation (€ +0.9 million) only partially offset by a decrease in the provision for doubtful accounts (€ -0.3 million). The increase in amortisation and depreciation is mainly attributable to the extension of the scope of consolidation (€ +0.5 million).
The consolidated net profit amounted to € 29.8 million, marking a decrease compared to € 30.7 million in the first half of 2017 (-2.9%).
The consolidation with the equity method of the jointly controlled companies and the associate company Sinergie Italiane S.r.l., under liquidation, generated income for € 5.2 million, compared to € 4.5 million in the first six months of 2017.
Net financial expenses amounted to € 0.4 million, marking an increase compared to the first six months of the previous year of € 0.2 million.
Taxes recorded in the profit and loss account amounted to € 10.8 million, a decrease of € 0.4 million (-4.0%) due to a lower taxable income.
The tax rate, calculated by normalising the pre-tax result of the companies consolidated with the equity method, increased from 30.1% to 30.5%.
Jointly controlled companies consolidated with the equity method in the first half of 2018 achieved a consolidation pro-rata gross operating margin of € 7.3 million, a decrease of € 0.1 million compared to the same period in the previous year.
The volumes of gas sold by the fully-consolidated companies in the first half of 2018 amounted to 467.2 million cubic metres, marking an increase of 0.4% compared to the same period in 2017. The equity-method consolidated companies sold a total of 78.8 million cubic metres of gas pro-rata in total, in line with the first half of 2017.
The volumes of electricity sold by the fully-consolidated companies in the first half of 2018 amounted to 179.7 GWh, thus recording a decrease of 3.2% compared to the same period in 2017.
The companies consolidated with the equity method sold 31.1 GWh pro-rata in total, marking an increase of 17.0% compared to the same period in 2017.
With regard to gas distribution, the volumes of gas delivered through the networks managed by the fullyconsolidated companies amounted to 595.3 million cubic metres, thus showing an increase of 21.7% compared to the same period in the previous year (the merged company AP Reti Gas Vicenza S.p.A. formerly Pasubio Group S.p.A. - distributed 82.3 million cubic metres of gas).
The pro-rata 45.0 million cubic metres distributed by Unigas Distribuzione S.r.l., consolidated with the equity method, must be added to these volumes.
Investments by the fully-consolidated companies in intangible and tangible fixed assets in the first half of 2018 amounted to € 9.4 million and mainly concerned the development, maintenance and upgrade of gas distribution networks and systems.
Specifically, investments in gas networks and systems amounted to € 8.9 million, of which € 2.2 million in connections, € 1.6 million in enlargements and enhancing of distribution networks and € 0.2 million in maintenance, mainly relating to reduction and pre-heating systems. Investments in metres and adjusters amounted to € 4.6 million.
Investments by the equity-method consolidated companies in intangible and tangible fixed assets amounted to € 0.7 million and they also related mainly to methane networks and plants.
The Group's net financial position as of 30th June 2018 amounted to € 57.1 million, a decrease of € 62.7 million as compared to 31st December 2017.
The positive financial flow was determined mainly by the following operations:
The debt/shareholders' equity ratio as of 30th June 2018 amounted to 0.13 (0.27 as of 31st December 2017). The indicator is among the best-performing in the field.
On 25th January 2018, the Parent Company Ascopiave S.p.A. took out a 12-year unsecured syndicated loan to the amount of Euro 10,000 thousand with Cassa Centrale Banca and Banca di Credito Cooperativo delle Prealpi, to which a 1.83% fixed rate is applied. The loan does not envisage the verification of financial covenants.
By Resolution 72/2018/R/GAS dated 8th February 2018, the Regulatory Authority for Energy, Networks and the Environment approved the reform of the gas settlement regulatory framework, which will take effect commencing 1st January 2020. By this measure, the Authority simplified the procedures for determining the items attributable to the settlement entity, which will be required to supply the REMI with the quantities determined according to the actual measurements for the redelivery points of the distribution network based on monthly measurements or daily details of the expected consumptions, and on the basis of the application of the expected withdrawal profile with climate correction for the withdrawal points measured less frequently than once a month. The Authority also entrusted the settlement manager with the task of supplying the difference between the quantities withdrawn at the REMIs and the sum of the expected consumptions attributable to the settlement entities for the REMIs served and assigned the SII (Integrated Information System) the responsibility of making available to the settlement manager the withdrawal data of the PDR (Redelivery Points for end customers). In June, Snam Rete Gas published the data on the adjustment sessions for the years 2013-2016.
The Shareholders' Meeting of Ascopiave S.p.A. convened in ordinary session on 26th April 2018, chaired by Mr Nicola Cecconato.
The Shareholders' Meeting approved the financial statements for the year 2017 and resolved to distribute a dividend of Euro 0.18 per share. The dividend was paid on 9th May 2018, with ex-dividend date on 7th May 2018 (record date on 8th May 2018).
Furthermore, the Shareholders' Meeting approved the Remuneration Policy, compiled in accordance with art. 123-ter of the Unified Finance Law and removed partially the lock-up restriction on the stock-based bonus, for an amount sufficient to pay the withholding taxes and contributions due by the beneficiary, with reference to the Information Document - compiled pursuant to art. 84-bis of Consob Issuers' Regulations - "2015-2017 long-term share-based incentive plan".
The Shareholders' Meeting, in addition, approved a Long-term share-based incentive plan for the three-year period 2018-2020 for executive directors and some managers of Ascopiave S.p.A. and its subsidiaries.
Finally, the Meeting approved a new purchase and sale plan of treasury shares under the terms of articles 2357 and 2357-ter of the Italian Civil Code, to replace and revoke the previous authorisation dated 28th April 2017.
Anita and Ascopiave have signed a letter of intent in which they identify the guidelines and principles of a process aimed at combining their gas distribution businesses by merging Anita into Ascopiave.
The agreement, which envisages a period of mutual exclusivity in the negotiations to expire on 31st December 2018, defines the applicable assumptions, the details and the process that the Parties will initiate in order to finalise the operation by the end of the year.
On 8th June 2018, the Board of Directors of Asco Holding resolved to convene the Shareholders' meeting on 20th July 2018 on first call and on 23rd July 2018 on second call, in order to propose the adoption of some amendments to the current articles of association, aimed at ensuring greater governance cohesion and stability. Any shareholders of Asco Holding who do not participate in the adoption of the Shareholders' Meeting resolution for the approval of the new articles of association (because they oppose, are absent or abstain), may exercise the right of withdrawal pursuant to the Italian Civil Code, for all or part of their shares, within the fifteenth day subsequent to the registration of the Shareholders' resolution in the Register of Companies, since the amendments to the articles of association proposed by the Board of Directors include, inter alia, the introduction of restrictions on the transfer of shares. The methods for paying the liquidation value to the withdrawing shareholders include: (i) the attribution of shares in the subsidiary Ascopiave, up to a maximum limit of 27,000,000 shares, representing 11.52% of Ascopiave's share capital, so that Asco Holding will in any case retain more than 50% of Ascopiave's share capital; and (ii) the use of cash resulting from an extraordinary dividend (the company plans to ask Ascopiave to distribute such dividend, by means of a formal request to convene the Shareholders' Meeting), up to a maximum amount of Euro 77 million, subject to the approval of the amendments to the articles of association by the Shareholders' Meeting of Asco Holding.
The resolution approving the new articles of association shall be considered revoked if a number of shareholders above a certain threshold exercise the right of withdrawal or if the distribution of the aforementioned extraordinary dividend is not approved by the Shareholders' Meeting of Ascopiave. The withdrawal procedure is to expire by the end of October 2018.
On 6th July, Snam Rete Gas S.p.A. announced that the balancing deadlines are extended in order to acknowledge any reports from the balancing users until 24th July 2018. As a consequence, we are currently awaiting the updated data as reprocessed by Snam Rete Gas.
As far as the gas distribution activities are concerned, in the second half of 2018 the Group will continue its normal operations and service management and perform preparatory activities for the invitations to tender. The Group will also participate in the tenders invited, if any, for the award of the Minimum Territorial Areas in which it is interested. Most Towns currently managed by the Group belong to Minimum Territorial Areas
for which the maximum deadline to issue the call for tenders has expired. If the tender authorities issue calls for tenders in 2018, in the light of the time required to submit bids, and evaluate and select them, it is reasonable to assume that possible transfers of management to potential new operators may be executed only after the end of 2018.
Thus, the activity perimeter of the Group will likely not change compared to today, if we exclude the possibility of winning the tender for the assignment of the natural gas distribution service in the Minimum Territorial Area of Belluno, provided that the winner is selected by the end of 2018.
As regards the economic results, the tariff adjustment for the year 2018 is completely defined and should ensure revenues substantially in line with those of 2017.
As concerns the energy efficiency obligations, the significant volatility experienced by the prices of the energy efficiency certificates makes it difficult to forecast their impact on profit and loss over the entire financial year; therefore, the positive margin achieved in 2017 (€ 3,6 million) might not be repeated in 2018.
As far as gas sale is concerned, assuming normal weather conditions, trade margins are expected to decrease compared to 2017, due to the competitive pressure in the retail market and the tariff measures issued by ARERA (change in the gradualness component) and the overall negative impact on profit and loss due to the application of the gas settlement regulation for the years 2013-2016, already recorded in the second quarter of this year.
As regards electricity sales, the fiscal year 2018 could confirm 2017 results.
However, these results could be influenced, in addition to the possible new tariff provisions by the Regulatory Authority for Energy, Networks and the Environment – currently unforeseeable – also by the evolution of the more general competitive context, as well as by the Group's procurement strategy.
The actual results of 2018 could differ compared to those announced depending on various factors amongst which: the evolution of supply and demand and gas and electricity prices, the actual operational performance, the general macroeconomic conditions, the impact of regulations in the energy and environmental fields, success in the development and application of new technologies, the changes in stakeholder expectations and other changes in business conditions.
Gas consumption changes considerably on a seasonal basis, with a greater demand in winter in relation to higher consumptions for heating. This seasonality influences the trend of revenues from gas sales and of procurement costs, while other operating costs are fixed and incurred by the Group in a uniform manner throughout the year. This peculiarity of the business also affects the performance of the Group's net financial position, as the invoicing cycles of accounts receivable and payable are not aligned and also depend on the volumes of gas sold and purchased during the year. Therefore, the data and the information contained in the interim financial statements do not allow for immediate indications to be drawn regarding the overall performance for the year.
The manager in charge of preparing the company accounting documents, Mr Cristiano Belliato, hereby states, under the terms of paragraph 2, article 154 bis, Unified Finance Law, that the accounting information note contained in this press release corresponds to the official documents, accounting books and records.
The Interim Management Report for the period ended 30th June 2018 has been made available to the public at the registered office and at the stock management company Borsa Italiana (Italian Stock Exchange), stored in the "eMarket SDIR-eMarket Storage" system provided by Spafid Connect S.p.A. and published on the website www.gruppoascopiave.it within the time prescribed by law.
Consolidated financial statements subject to limited audit.
The Ascopiave Group operates in the natural gas sector, mainly in the segments of distribution and sale to end users. Thanks to its broad customer base and the quantity of gas sold, Ascopiave is currently one of the main operators in the industry at a national level.
The Group owns concessions and direct assignments for the management of distribution activities in over 230 Towns, supplying the service to a market segment of 1.5 million inhabitants, through a distribution network which spreads over 10,000 kilometres. The sale of natural gas is performed through different companies, some under joint control. Overall, in 2017, the companies of the Group sold over 1 billion cubic metres of gas to end users.
Ascopiave has been listed under the Star segment of Borsa Italiana since 12th December 2006.
Contact: Community Group Ascopiave
Giuliano Pasini Tel. +39 0438 / 980098 Auro Palomba Roberto Zava - Media Relator Tel. +39 0422 / 416111 Mob. +39 335 / 1852403 Mob. +39 335 / 6085019 Giacomo Bignucolo – Investor Relator Mob. + 39335 / 1311193
Pieve di Soligo, 1st August 2018
Abridged Interim Report
as at 30th June 2018
| (Thousands of Euro) | 30.06.2018 | 31.12.2017 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Goodwill | 80,758 | 80,758 |
| Other intangible assets | 345,172 | 346,934 |
| Tangible assets | 31,656 | 32,334 |
| Shareholdings | 65,306 | 68,878 |
| Other non-current assets | 13,014 | 13,015 |
| Advance tax receivables | 11,569 | 11,479 |
| Non-current assets | 547,476 | 553,397 |
| Current assets | ||
| Inventories | 6,351 | 4,072 |
| Trade receivables | 77,874 | 156,884 |
| Other current assets | 64,278 | 57,865 |
| Current financial assets | 776 | 0 |
| Tax receivables | 3,371 | 2,645 |
| Cash and cash equivalents | 75,836 | 15,555 |
| Current assets from derivative financial instruments | 356 | 1,510 |
| Current assets | 228,843 | 238,532 |
| ASSETS | 776,318 | 791,929 |
| Net equity and liabilities | ||
| Total Net equity | ||
| Share capital | 234,412 | 234,412 |
| Own shares | (16,981) | (17,521) |
| Reserves | 214,401 | 228,620 |
| Net equity of the Group | 431,832 | 445,511 |
| Net equity of Others | 4,116 | 4,989 |
| Total Net equity | 435,948 | 450,500 |
| Non-current liabilities | ||
| Provisions for risks and charges | 3,801 | 5,913 |
| Severance indemnity | 4,938 | 4,836 |
| Medium- and long-term bank loans | 59,119 | 54,360 |
| Other non-current liabilities | 23,922 | 22,930 |
| Non-current financial liabilities | 239 | 277 |
| Deferred tax payables | 15,192 | 15,733 |
| Non-current liabilities | 107,209 | 104,048 |
| Current liabilities | ||
| Payables due to banks and financing institutions | 74,195 | 80,304 |
| Trade payables | 76,748 | 117,653 |
| Tax payables | 2,343 | 625 |
| Other current liabilities | 79,493 | 38,312 |
| Current financial liabilities | 190 | 480 |
| Current liabilities from derivative financial instruments | 191 | 7 |
| Current liabilities | 233,161 | 237,382 |
| Liabilities | 340,371 | 341,430 |
| Net equity and liabilities | 776,318 | 791,929 |
| First Half | ||
|---|---|---|
| (Thousands of Euro) | 2018 | 2017 |
| Revenues | 310,583 | 297,500 |
| Total operating costs | 263,340 | 249,358 |
| Purchase costs for raw material (gas) | 162,952 | 146,193 |
| Purchase costs for other raw materials | 10,181 | 9,989 |
| Costs for services | 59,191 | 59,494 |
| Costs for personnel | 12,615 | 13,012 |
| Other management costs | 18,611 | 21,311 |
| Other income | 211 | 640 |
| Amortization and depreciation | 11,485 | 10,597 |
| Operating result | 35,758 | 37,545 |
| Financial income | 238 | 227 |
| Financial charges | 633 | 418 |
| Evaluation of subsidiary companies with the net equity method | 5,194 | 4,548 |
| Earnings before tax | 40,557 | 41,902 |
| Taxes for the period | 10,799 | 11,244 |
| Result for the period | 29,758 | 30,658 |
| Group's Net Result | 28,455 | 29,193 |
| Third parties Net Result | 1,303 | 1,466 |
| Consolidated statement of comprehensive income | ||
| 1. Components that can be reclassified to the income statement | ||
| Fair value of derivatives, changes in the period net of tax | (1,163) | (1,466) |
| 2. Components that can not be reclassified to the income statement | ||
| Actuarial (losses)/gains from remeasurement on defined-benefit obligations net of tax | 52 | 239 |
| Total comprehensive income | 28,647 | 29,432 |
| Group's overall net result | 27,466 | 28,125 |
| Third parties' overall net result | 1,180 | 1,307 |
| Base income per share | 0.128 | 0.131 |
| Diluted net income per share | 0.128 | 0.131 |
N.b.: Earnings per share are calculated by dividing the net income for the period attributable to the Company's shareholders by the weighted average number of shares net of own shares. For the purposes of the calculation of the basic earnings per share, we specify that the numerator is the economic result for the period less the share attributable to third parties. There are no preference dividends, conversions of preferred shares or similar effects that would adjust the results attributable to the holders of ordinary shares in the Company. Diluted profits for shares result as equal to those for shares in that ordinary shares that could have a dilutive effect do not exist and no shares or warrants exist that could have the same effect.
| (Thousands of Euro) | Share capital |
Legal reserve |
Own shares |
Reserves IAS 19 actuarial differences |
Other reserves |
Net result for the period |
Group's net equity |
Net result and net equity of others |
Total net equity |
|---|---|---|---|---|---|---|---|---|---|
| Balance as of 1st January | |||||||||
| 2018 | 234,412 | 46,882 | (17,521) | (46) | 134,649 | 47,135 | 445,511 | 4,989 | 450,500 |
| Result for the period | 28,455 | 28,455 | 1,303 | 29,758 | |||||
| Other operations | (1,042) | (1,042) | (122) | (1,163) | |||||
| IAS 19 TFR actualization for | |||||||||
| the period | 53 | 53 | (1) | 52 | |||||
| Total result of overall income statement |
53 | (1,042) | 28,455 | 27,466 | 1,180 | 28,647 | |||
| Allocation of 2017 result | 47,135 | (47,135) | (0) | (0) | |||||
| Dividends distributed to Ascopiave S.p.A. shareholders' |
(40,016) | (40,016) | (40,016) | ||||||
| Dividends distributed to third parties shareholders |
(0) | (2,054) | (2,054) | ||||||
| Other operations | (743) | (743) | (743) | ||||||
| Long-term incentive plans | 540 | (926) | (385) | (385) | |||||
| Balance as of 30th June 2018 | 234,412 | 46,882 | (16,981) | 7 | 139,057 | 28,455 | 431,832 | 4,116 | 435,947 |
| Share capital |
Legal reserve |
Own shares |
Reserves IAS 19 actuarial differences |
Other reserves |
Net result for the period |
Group's net equity |
Net result and net equity of |
Total net equity |
|
|---|---|---|---|---|---|---|---|---|---|
| (Thousands of Euro) | others | ||||||||
| Balance as of 1st January 2017 |
234,412 | 46,882 | (17,521) | (108) | 120,757 | 53,635 | 438,055 | 6,154 | 444,209 |
| Result for the period | 29,193 | 29,193 | 1,466 | 30,658 | |||||
| Other operations | (1,306) | (1,306) | (161) | (1,466) | |||||
| IAS 19 TFR actualization for the period |
238 | 238 | 2 | 239 | |||||
| Total result of overall income statement |
238 | (1,306) | 29,193 | 28,125 | 1,307 | 29,431 | |||
| Allocation of 2017 result | 53,635 | (53,635) | (0) | (0) | |||||
| Dividends distributed to Ascopiave S.p.A. shareholders' |
(40,016) | (40,016) | (40,016) | ||||||
| Dividends distributed to third parties shareholders |
(0) | (2,853) | (2,853) | ||||||
| Long-term incentive plans | (0) | 140 | 140 | 140 | |||||
| Balance as of 30th June 2017 | 234,412 | 46,882 | (17,521) | 129 | 133,210 | 29,193 | 426,304 | 4,608 | 430,911 |
| First Half | ||
|---|---|---|
| (Thousands of Euro) | 2018 | 2017 |
| Net income of the Group | 28,455 | 29,193 |
| Cash flows generated (used) by operating activities | ||
| Adjustments to reconcile net income to net cash | ||
| Third-parties operating result | 1,303 | 1,466 |
| Amortization | 11,485 | 10,597 |
| Bad debt provisions | 765 | 1,086 |
| Variations in severance indemnity | 146 | (20) |
| Current assets / liabilities on financial instruments and forward purchasee and sales | 1,290 | 1,634 |
| Net variation of other funds | (2,011) | 309 |
| Evaluation of subsidiaries with the net equity method | (5,194) | (4,548) |
| Impairment losses / (gains) on shareholdings | 0 | (373) |
| Interests paid | (469) | (277) |
| Taxes paid | (1,350) | (2,745) |
| Interest expense for the year | 596 | 303 |
| Taxes for the year | 10,799 | 11,244 |
| Variations in assets and liabilities | ||
| Inventories | (2,279) | 514 |
| Accounts payable | 78,246 | 75,489 |
| Other current assets | (6,305) | (19,495) |
| Trade payables | (40,905) | (46,489) |
| Other current liabilities | 30,472 | 29,626 |
| Other non-current assets | 1 | 671 |
| Other non-current liabilities | 992 | 890 |
| Total adjustments and variations | 77,582 | 59,882 |
| Cash flows generated (used) by operating activities | 106,038 | 89,074 |
| Cash flows generated (used) by investments | ||
| Investments in intangible assets | (8,869) | (9,943) |
| Realisable value of intangible assets | 330 | 2 |
| Investments in tangible assets | (515) | (521) |
| Realisable value of tangible assets | 8 | (0) |
| Disposals / (Acquisition) of investments and advances | (0) | (8,025) |
| Other net equity operations | 0 | 353 |
| Cash flows generated/(used) by investments | (9,045) | (18,134) |
| Cash flows generated (used) by financial activities | ||
| Net changes in debts due to other financers | (38) | (43) |
| Net changes in short-term bank borrowings | 816 | (11,587) |
| Net variation in current financial assets and liabilities | (1,066) | (3,906) |
| (Acquisition) / Transfer of own shares | 540 | 0 |
| Ignitions loans and mortgages | 105,000 | 210,000 |
| Redemptions loans and mortgages | (107,166) | (200,000) |
| Dividends distributed to Ascopiave S.p.A. shareholders' | (40,016) | (40,016) |
| Dividends distributed to other shareholders | (2,054) | (2,853) |
| Dividends distribuited from subsidiary companies | 7,274 | 6,706 |
| Cash flows generated (used) by financial activities | (36,711) | (41,698) |
| Variations in cash | 60,282 | 29,242 |
| Cash and cash equivalents at the beginning of the period | 15,555 | 8,822 |
| Cash and cash equivalents at the end of the period | 75,836 | 38,063 |
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