Ascopiave — Interim / Quarterly Report 2016

Aug 4, 2016

1stH 2016CONSOLIDATED RESULTS

Conference Call

Pieve di Soligo, August, 4th 2016

Financial highlights

• →Ascopiave Group structure as of June, 30th 2016
• →1stH 2016 consolidated income statement
• →Consolidated balance sheet as of June, 30th 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

1stH 2016 consolidated income statement

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).

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

1stH 2016 CONFERENCE CALLconsolidated results Pieve di Soligo, August, 4th 2016

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

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.

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

(*) 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

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:

• 1)change of gas distribution tariffs applied to gas sales companies: ⁺ Euro 0,4 mln;
• 2)equalization amount: - 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 %
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 % ,

Decrease of other net operating costs of the companies consolidated with full consolidation method: ⁺ Euro 1,2 mln

of which:

• decrease of margin on energy efficiency tasks management: - Euro 0,1 mln
• increase of cost of personnel: Euro 0,1 mln
• decrease of cost of maintenance: + Euro 0,3 mln
• decrease of cost for gas meter reading: + Euro 0,1 mln
• decrease of cost for customers acquisition: + Euro 0,1 mln
• decrease of provisions for risks and charges: + Euro 0,3 mln
• increase of contingent assets: + Euro 0,7 mln
• other changes: - Euro 0,1 mln

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

Personnel

• →Number of employees
• →Consolidated cost of personnel

Capex

Net financial position and cash flow

Disclaimer

Number of employees

(*) 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

Capex

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

Net financial position and cash flow

Disclaimer

1stH 2016 CONFERENCE CALLconsolidated results Pieve di Soligo, August, 4th 2016

Net financial position and cash flow (1)

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 %

1stH 2016 average cost of debt: 0,65% (vs 2015 rate: 0,81%)

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

• 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.
• Pieve di Soligo, August, 4th 2016 -- Statements contained in this presentation, particularly the ones regarding any Ascopiave Group possible or assumed future performance, are or may be forward looking statements and in this respect they involve some risks and uncertainties. A number 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.