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Ascopiave

Earnings Release • Nov 10, 2016

4357_ct_2016-11-10_8244cc0f-79da-4678-9ce4-c9a46dc8ecdf.pdf

Earnings Release

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9M 2016CONSOLIDATED RESULTS

Conference Call

Pieve di Soligo, 11th November 2016

Financial highlights

  • →Ascopiave Group structure as of 30th September 2016
  • →9M 2016 consolidated income statement
  • →Consolidated balance sheet as of 30th September 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

9M 2016 consolidated income statement

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

9M 2016 CONFERENCE CALLconsolidated results Pieve di Soligo, 11th November 2016

4

(*) 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 in9M 2015); distribution companies, Euro 0,5 mln (Euro 0,4 mlnin 9M 2015); Sinergie Italiane, Euro 0,9 mln (Euro 1,2 mln in 9M 2015).

Consolidated balance sheet as of 30th September 2016

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

(*) 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 45,4 mln (Euro 47,9 mln as of 31th December 2015); distribution companies, Euro 20,5mln (Euro 20,2 mln as of 31th December 2015).

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-quota.

(*) Data are considered pro-quota.

(*) Data are considered pro-quota.

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 2016 CONFERENCE CALLconsolidated results Pieve di Soligo, 11th November 2016

11

12

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

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

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

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

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

(*) Sinergie Italiane excluded; (**) Sale companies; (***) Distribution companies.

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 electricity sales
  • →Gas distribution tariff revenues
  • →Other net operating costs

Personnel

Capex

Net fincancial position and cash flow

Disclaimer

f
)
ho
d
Eu
(
*)
us
an
o
ro		 9
M
2
0
1
6		 9
M
2
0
1
5		 C
hg		 C
hg
%
Re
fro
les
ve
nu
es
m
g
as
sa		 2
3
4.
6
9
1		 2
7
6.
7
7
6		 (
)
4
2.
0
8
5		 -1
5,
2
%
(
Ga
ha
)
ts
s p
urc
se
co
s		 (
)
1
3
2.
6
2
2		 (
)
1
7
9.
6
4
0		 4
7.
0
1
8		 -2
6,
2
%
(
D
is
i
bu
io
)
tr
t
ts
n c
os		 (
3
0
8
)
5
5.		 (
9
4
4
)
5
7.		 2.
6
3
6		 -4
%
5
,
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
6.
7
6
1		 3
9.
1
9
1		 7.
5
7
0		 1
9,
3
%
+

The increase of gross margin on gas sales of the companies consolidated with full consolidation method is equal to + Euro 7,6 mln.

(
T
ho
d
f
Eu
)
(
*)
us
an
o
ro		 9
M
2
0
1
6		 9
M
2
0
1
5		 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		 9.
3
1
2		 8.
9
3
5		 3
7
7		 4,
2
%
+
(
)
G
in
les
A+
B
ro
ss
m
ar
g
o
n
g
as
s
a		 5
6.
0
7
3		 4
8.
1
2
6		 7.
9
4
7		 1
6,
5
%
+

(*) Economic data before elisions.

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

The increase of gross margin on electricity sales of the companies consolidated with full consolidation method is equal to + Euro 1,9 mln.

T
ho
d
f
Eu
)
(
*)
us
an
o
ro		 M
9
2
0
1
6		 M
5
9
2
0
1		 C
hg		 C
hg
%
(
)
G
in
lec
ic
i
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		 6
3
0		 4
5
8		 1
2
7		 3
6
%
7,
+
G
in
lec
ic
i
les
(
A+
B
)
tr
ty
ro
ss
m
ar
g
o
n
e
s
a		 5.
3
7
0		 3.
2
6
0		 2.
1
1
0		 6
4,
7
%
+

(*) Economic data before elisions.

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

The increase of gas distribution tariff revenues of the companies consolidated with full consolidation method (+ Euro 0,2 mln) is due to:

  • 1)change of gas distribution tariffs applied to gas sales companies: + Euro 1,3 mln;
  • 2)equalization amount: - Euro 1,1 mln.
(
T
ho
d
f
Eu
)
(
*)
us
an
o
ro		 9
M
2
0
1
6		 9
M
2
0
1
5		 C
hg		 C
hg
%
is
i
io
i
f
f r
(
)
Ga
d
bu
B
tr
t
ta
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.
3
6
6		 4.
3
5
6		 1
0		 0,
2
%
+
Ga
d
is
i
bu
io
i
f
f r
(
A+
B
)
tr
t
ta
s
n
r
ev
en
ue
s		 5
0.
5
6
4		 5
0.
4
0
0		 1
6
4		 0,
3
%
+

(*) Economic data before elisions.

T
ho
d
f
Eu
)
us
an
o
ro		 9
M
2
0
1
6		 9
M
2
0
1
5		 C
hg		 C
hg
%
O
he
t
r r
ev
en
ue
s		 2
0.
8
6
2		 1
5.
2
6
1		 5.
6
0
1		 3
6,
7
%
+
O
he
f r
ia
ls
d
ice
t
ts
te
r c
os
o
aw
m
a
r
an
se
rv
s		 (
4
1.
0
3
9
)		 (
3
0
8
)
5.
7		 (
9
2
)
5.
5		 1
0
%
7,
+
Co
f p
l
t o
s
er
so
nn
e		 (
)
1
6.
0
4
3		 (
)
1
6.
0
9
8		 5
5		 -0
3
%
,
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		 (
)
3
6.
2
2
1		 (
)
3
5.
9
2
5		 (
)
2
9
6		 0,
8
%
+

Increase of other net operating costs of the companies consolidated with full consolidation method: - Euro 0,3 mln

of which:

  • decrease of margin on energy efficiency tasks management: Euro 0,3 mln
  • increase of cost of consultation services: - Euro 0,8 mln
  • decrease of cost of energy consumptions: + Euro 0,4 mln
  • increase of cost for customers acquisition: Euro 0,2 mln
  • decrease of provisions for risks and charges: + Euro 0,3 mln
  • increase of contingent assets: + Euro 1,3 mln
  • increase of cost for bank services : - Euro 0,2 mln
  • other changes: Euro 0,8 mln
d
f
Eu
)
us
an
o
ro		 9
M
2
0
1
6		 9
M
2
0
1
5		 C
hg		 C
hg
%
O
he
in
(
A
)
t
t o
t
ts
r n
e
p
er
a
g
co
s
Co
fu
l
i
da
d
i
h
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		 (
)
3
6.
2
2
1		 (
5.
5
)
3
9
2		 (
)
2
9
6		 0,
8
%
+
in
(
)
O
t
he
t o
t
ts
B
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		 (
)
5.
6
6
8		 (
)
6.
1
2
8		 4
6
0		 -7
5
%
,

CONFERENCE CALLconsolidated results Pieve di Soligo, 11th November 2016

(*) Sinergie Italiane excluded.

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

(*) Data are considered pro-quota.

24

9M 2016 cost of personnel of the companies consolidated with net equity consolidation method (Sinergie Italiane excluded): Euro 2,6 mln (-1,1%).

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 2016 CONFERENCE CALLconsolidated results Pieve di Soligo, 11th November 2016

9M 2016 investments of the companies consolidated with net equity consolidation method(Sinergie Italiane excluded): Euro 0,8 mln (-6,6%).

(*) Excluding network extension in new urbanized areas that according to IAS are considerated as operating costs and not investments. (**) Investments in tangible assets: Euro 0,8 mln; investments in intangible assets: Euro 13,5 mln (excluded realizations of tangible and intangible assets andinvestments in associated).

9M 2016

consolidated results

CONFERENCE CALL

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

Net financial position and cash flow

Disclaimer

9M 2016 CONFERENCE CALLconsolidated results Pieve di Soligo, 11th November 2016

(*) Dividends distributed to Ascopiave shareholders and third parties (Euro 35,6 mln) net of dividends received by companies consolidated with net equity method (Euro 6,0 mln).

Net financial position and cash flow (2)

(
f
)
T
ho
d
Eu
(
*)
us
an
o
ro		 3
0
/
0
9
/
2
0
1
6		 3
1
/
1
2
/
2
0
1
5		 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
w
s
S
f
(
)
ho
ina
ia
l
bo
ing
1
2
hs
t
te
t
r
rm
nc
rro
s
mo
n
w
<		 3
3
9
9
7.
9.
3
6
9
6.
3
2
7		 4
3.
8
2
9
9.
6
2
8
5
9.
9
3
7		 (
6.
4
3
0
)
(
2
9
)
5
(
)
5
3.
6
1
0		 -1
4,
%
7
-2
%
7
,
-8
9,
4
%
To
l
f
in
ia
l
de
b
ta
t
an
c		 5
3.
0
9
5		 1
1
3.
3
9
4		 (
6
0.
2
9
9
)		 -5
3,
2
%
F
ixe
d
bo
ing
te
ra
rro
w
s
Va
ia
b
le
bo
ing
te
r
ra
rro
s
w		 8
2
5
3.
0
1
3		 3
4
2
1
1
3.
0
5
2		 (
)
2
6
0
(
)
6
0.
0
3
9		 -7
6,
0
%
-5
3,
1
%

9M 2016 average cost of debt: 0,64% (vs 2015 rate: 0,81%)

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

31

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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