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Ascopiave

Interim / Quarterly Report • Nov 15, 2018

4357_ct_2018-11-15_d658a3be-e4eb-4662-ab2f-90b9258a8b43.pdf

Interim / Quarterly Report

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9M 2018CONSOLIDATED RESULTSG r u p p o A s c o p i a v e

Pieve di Soligo, 15th november 2018Conference Call

Financial highlights

  • →Ascopiave Group structure as of 30th september 2018
  • →9M 2018 consolidated income statement
  • →Consolidated balance sheet as of 30th september 2018

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

Ascopiave Group structure as of 30th september 2018

9M 2018 consolidated income statement

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

(*) Result of the companies consolidated with net equity consolidation method (data are considered pro-rata): sale companies, Euro 3,7 mln (Euro 3,5 mln in9M 2017); distribution companies, Euro 0,7 mln (Euro 0,9 mlnin 9M 2017); Sinergie Italiane, Euro 0,8 mln (Euro 0,6 mln in 9M 2017).

Consolidated balance sheet as of 30th september 2018

(
T
ho
d o
f
Eu
)
usa
n
ro		 3
0
/
0
9
/
2
0
1
8		 3
1
/
1
2
/
2
0
1
7		 C
hg		 C
hg
%
i
b
le
Ta
(
*)
ts
ng
ass
e		 3
1.
7
3
2		 3
2.
3
3
4		 (
6
0
1
)		 -1
9
%
,
(
*)
No
i
b
le
ta
ts
n
ng
ass
e		 2
3
8
3
4
7.		 2
6
9
2
4
7.		 3
0
9
(
)		 -0
%
1
,
(
**)
Inv
in
ia
tm
ts
te
es
en
ass
oc
s		 6
2
2
5.
5		 6
8.
8
8
7		 (
3.
6
2
6
)		 3
%
-5
,
O
he
f
ixe
d a
t
ts
r
sse		 2
3.
0
2
5		 2
4.
4
9
4		 (
1.
4
6
8
)		 -6
0
%
,
d a
F
ixe
ts
sse		 5
4
7.
3
9
3		 5
5
3.
3
9
7		 (
6.
0
0
5
)		 -1
1
%
,
Op
ing
t
t a
ts
er
a
cu
rre
n
sse		 1
4
6.
0
9
3		 2
2
2.
9
7
7		 (
7
6.
8
8
4
)		 -3
4,
5
%
(
Op
ing
l
ia
b
i
l
i
ies
)
t
t
t
er
a
cu
rre
n		 (
1
2
3.
3
0
9
)		 (
1
5
6.
5
9
7
)		 3
3.
2
8
8		 -2
1,
3
%
(
Op
ing
l
ia
b
i
l
i
ies
)
t
t
t
er
a
no
n c
ur
re
n		 (
5
0.
2
8
8
)		 (
4
9.
4
1
1
)		 (
8
7
8
)		 +1
8
%
,
k
l
Ne
ing
i
t w
ta
or
c
ap		 (
2
7.
5
0
4
)		 1
6.
9
6
9		 (
4
4.
4
7
4
)		 -2
6
2,
1
%
To
l c
i
l e
loy
d
ta
ta
ap
mp
e		 5
1
9.
8
8
9		 5
7
0.
3
6
7		 (
5
0.
4
7
8
)		 -8
9
%
,
ha
ho
l
de
Gr
i
ty
ou
p
s
re
rs
eq
u		 4
2
9.
5
4
8		 4
4
5.
5
1
1		 (
1
5.
9
6
2
)		 -3
6
%
,
M
ino
i
ies
t
r		 3.
8
1
7		 4.
9
8
9		 (
1.
1
7
2
)		 -2
3,
5
%
f
l p
Ne
ina
ia
i
io
t
t
nc
os
n		 8
6.
2
3
5		 9.
8
6
1
1
7		 (
3
3.
3
)
4
4		 -2
8
%
7,
To
l s
ta
ou
rc
es		 5
1
9.
8
8
9		 5
7
0.
3
6
7		 (
5
0.
4
7
8
)		 -8
9
%
,

(*) Applying IFRIC 12 involves categorising the infrastructures under concession from tangible to intangible assets; (**) Value of the associated companies consolidated with net equity consolidation method: sale companies, Euro 44,4 mln (Euro 48,0 mln as of 31st December 2017); distribution companies, Euro20,8 mln (Euro 20,8 mln as of 31st December 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

Volumes of electricity sold

(*) 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

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

EBITDA bridge (1)

(*) For more details check out to slide at page 22.

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

C
i
l
i
d
d
i
h
f
l
l
l
i
d
i
h
d
t
t
t
t
o
m
p
a
n
e
s
c
o
n
s
o
a
e
c
o
n
s
o
a
o
n
m
e
o
w
u
ho
d
f
(
T
Eu
)
us
an
o
ro
(
ho
d
f
)
T
Eu
us
an
o
ro		 9
2
0
1
8
M		 9
2
0
1
7
M		 Va
r		 %
Va
r
E
B
I
T
D
A		 5
7.
5
0
2		 5
8.
9
0
6		 (
1.
4
0
4
)		 -2
4
%
,
E
B
I
T
D
A
Sa
le
-		 2
5.
0
5
7		 2
6.
9
8
0		 (
1.
9
2
3
)		 -7
1
%
,
A
bu
E
B
I
T
D
D
is
i
io
tr
t
n
-		 3
0
7.
5
5		 3
6
2
3
5.		 3
2
1.
4		 0
%
4,
+
E
B
I
T
D
A
As
iav
co
p
e
-		 (
4.
6
1
0
)		 (
3.
6
9
7
)		 (
9
1
3
)		 2
4,
7
%
+
E
B
I
T		 3
8.
8
9
8		 9
4
1.
5
5		 (
2.
6
9
)
7		 -6
%
5
,
le
E
B
I
T
Sa
-		 2
2.
1
1
9		 2
4.
1
5
1		 (
2.
0
3
1
)		 -8
4
%
,
E
B
I
T
D
is
i
bu
io
tr
t
n
-		 2
2.
6
5
6		 2
2.
5
5
5		 1
0
0		 0,
4
%
+
E
B
I
T
As
iav
co
p
e
-		 (
5.
8
7
7
)		 (
5.
1
1
1
)		 (
7
6
6
)		 1
5,
0
%
+
b
k
d
E
B
I
T
D
A
r
e
a
o
w
n
l
d
d
h
l
d
h
d
C
i
i
i
i
i
i
(
*)
t
t
t
t
t
t
o
m
p
a
n
e
s
c
o
n
s
o
a
e
w
n
e
e
q
u
y
c
o
n
s
o
a
o
n
m
e
o
(
T
ho
d
f
Eu
)
us
an
o
ro
(
T
ho
d
f
Eu
)
us
an
o
ro		 9
M
2
0
1
8		 9
M
2
0
1
7		 Va
r		 Va
%
r
A
E
B
I
T
D		 8
2
3
7.		 8.
8
6
8		 (
0
)
1.
4
4		 8
%
-1
1,
le
E
B
I
T
D
A
Sa
-		 5.
9
6
0		 6.
7
1
8		 (
7
5
8
)		 -1
1,
3
%
bu
E
B
I
T
D
A
D
is
i
io
tr
t
n
-		 1.
8
6
3		 2.
1
5
0		 (
2
8
7
)		 -1
3,
3
%
E
B
I
T		 6.
0
9
4		 6.
1
4
4		 (
5
0
)		 -0
8
%
,
E
B
I
T
Sa
le
-		 5.
1
1
4		 4.
8
8
4		 2
3
1		 4,
7
%
+
E
B
I
T
D
is
i
bu
io
tr
t
n
-		 9
8
0		 1.
2
6
0		 (
2
8
0
)		 -2
2,
2
%

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

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

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

The decrease of gross margin on gas sales of the companies consolidated with full consolidation method is equal to - Euro 1,0 mln. The decrease is due, for Euro 2,1 mln, to the application of the new regulation on gas settlement for the 2013-2016 period.

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

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

Gross margin on trading gas sales

(
T
ho
d
f
Eu
)
(
*)
us
an
o
ro		 9
M
2
0
1
8		 9
M
2
0
1
7		 hg
C		 hg
C
%
fro
d
les
Re
ing
tra
g
ve
nu
es
m
as
sa		 2
0
7.
7		 (
5
5
)		 2
6
2
7.		 3
2
%
-1
7
4,
4
d
ha
(
Tr
ing
)
ts
g
a
as
p
ur
c
se
c
os		 6.
9
2
8
(
)		 4
7		 6.
9
(
7
4
)		 9
9
3,
%
-1
4
7
d
(
Tr
ing
/ c
i
)
tra
t
ty
ts
g
a
as
ns
p
or
ap
ac
co
s		 (
2
6
2
)		 6
0		 (
3
2
2
)		 -5
3
4,
5
%
d
les
Gr
in
in
(
A
)
tra
g
g
g
os
s m
ar
o
n
as
sa
l
da
d
h
f
l
l
Co
i
i
te
t
mp
an
y
co
ns
o
w
u		 1
7		 5
2		 (
3
5
)		 -6
7,
2
%
l
da
ho
d
i
io
t
t
co
ns
o
n
me
(
T
ho
d
f
Eu
)
(
*)
us
an
o
ro		 9
M
2
0
1
8		 9
M
2
0
1
7		 C
hg		 C
hg
%
Gr
in
d
in
les
(
)
B
tra
g
g
g
os
s m
ar
o
n
as
sa
Co
l
i
da
d
i
h
i
te
t
t e
ty
mp
an
y
co
ns
o
w
ne
q
u		 - - - n.
a.
l
i
da
io
ho
d
(
**)
t
t
co
ns
o
n
me
Gr
d
les
(
)
in
in
A+
B
tra
g
g
g
os
s m
ar
o
n
as
sa		 1
7		 2
5		 (
3
)
5		 -6
2
%
7,

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

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

The decrease of gross margin on electricity sales of the companies consolidated with full consolidation method, equal to - Euro 0,7 mln, is due to lower unit profit margins, in spiteof higher volumes of electricity sold.

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

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

(
T
ho
d
f
Eu
)
(
*)
us
an
o
ro		 9
M
2
0
1
8		 9
M
2
0
1
7		 hg
C		 hg
C
%
Ga
d
bu
f
f r
is
i
io
i
tr
t
ta
s
n
r
ev
en
ue
s		 3
5
4.
5
7		 2
9
5
1.
5		 3.
3
3
1		 6,
%
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
f
l
l
te
t
mp
an
y
co
ns
o
w
u		 5
4.
5
7
3		 5
1.
2
5
9		 3.
3
1
3		 6,
5
%
+
l
i
da
io
ho
d
t
t
co
ns
o
n
me

The increase of gas distribution tariff revenues of the companies consolidated with full consolidation method (+ Euro 3,3 mln) is due to:

  • 1) change of the consolidation area (AP Reti Gas Vicenza, 1stQ 2018): + Euro 2,9 mln;
  • 2) change of gas distribution tariff revenues: + Euro 0,4 mln.
(
T
ho
d
f
Eu
)
(
*)
us
an
o
ro		 9
M
2
0
1
8		 9
M
2
0
1
7		 hg
C		 hg
C
%
Ga
d
is
i
bu
io
i
f
f r
(
B
)
tr
t
ta
s
n
r
ev
en
ue
s
Co
l
i
da
d
i
h
i
te
t
t e
ty
mp
an
y
co
ns
o
w
ne
q
u
l
i
da
io
ho
d
(
**)
t
t
co
ns
o
n
me		 4.
2
9
2		 4.
2
4
9		 4
3		 1,
0
%
+
Ga
d
is
i
bu
io
i
f
f r
(
A+
B
)
tr
t
ta
s
n
r
ev
en
ue
s		 5
8.
8
6
5		 5
5.
5
0
8		 3.
3
5
7		 6,
0
%
+

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

(
T
ho
d
f
Eu
)
us
an
o
ro		 9
M
2
0
1
8		 9
M
2
0
1
7		 hg
C		 hg
C
%
O
he
t
r r
ev
en
ue
s		 3
1.
7
1
1		 4
0.
9
8
2		 (
9.
2
7
1
)		 -2
2,
6
%
O
he
f r
ia
ls
d
ice
t
ts
te
r c
os
o
aw
m
a
r
an
se
rv
s		 (
5
3.
6
7
0
)		 (
6
1.
1
6
6
)		 7.
4
9
5		 -1
2,
3
%
Co
f p
l
t o
s
er
so
nn
e		 9.
3
3
6
(
1
)		 8.
0
(
1
1
5
)		 8
6
(
1.
1
)		 6,
%
5
+
O
he
in
(
A
)
t
t o
t
ts
g
r n
e
p
er
a
co
s
Co
l
i
da
d
i
h
f
l
l
te
t
mp
an
y
co
ns
o
w
u		 (
2
9
)
4
1.
5		 (
3
8.
3
3
)
4		 (
2.
9
6
2
)		 %
7,
7
+
l
i
da
io
ho
d
t
t
co
ns
o
n
me

Net operating costs referred to the change of the consolidation area: - Euro 2,3 mln

Increase of other net operating costs of equal consolidation area: - Euro 0,7 mln

of which:

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

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

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

Number of employees

(*) Data are considered pro-rata.

Gruppo Ascopiave –9M 2018 CONSOLIDATED RESULTS

25

Cost of personnel changes:

  • change of the consolidation area: + Euro 0,3 mln
  • capitalized cost of personnel: Euro 1,1 mln
  • other: + Euro 2,0 mln, of which:
  • o + Euro 2,4 mln: compensations for the termination of the employment contracts with the general manager and the CFO
  • o - Euro 0,7 mln: compensations related to the long term incentive plan
  • o+ Euro 0,3 mln: other changes

9M 2018 cost of personnel of the companies consolidated with net equity consolidation method (Sinergie Italiane excluded): Euro 2,3 mln (+0,3%).

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

Capex

Net financial position and cash flow

Capex

9M 2018 investments of the companies consolidated with net equity consolidation method(Sinergie Italiane excluded): Euro 0,5 mln (-40,2%).

(*) Excluding network extension in new urbanized areas that according to IAS are considerated as operating costs and not investments;.(**) Investments intangible assets: Euro 0,9 mln; investments in intangible assets: Euro 15,8 mln (excluded realizations of tangible and intangible assets and investments inassociated); (***) AP Reti Gas Vicenza: 1stQ 2018.

Financial highlights

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

Net financial position and cash flow (1)

Net financial position and cash flow (2)

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

Net financial position and cash flow (3)

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

9M 2018 average cost of debt: 0,66% (vs 2017 rate: 0,38%)

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

Financial highlightsOperating dataRevenues and EBITDAGross margin on gas and electricity activities and other net operating costs PersonnelCapexNet Financial Position and cash flow

    • 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 fromthose contained in any forward looking statement. Such factors include, but are not limited to: changes in global economic business, changes in the price of certain commodities including 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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