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Ascopiave — Interim / Quarterly Report 2019
Mar 16, 2020
4357_ct_2020-03-16_d0d0ac22-b6ae-48f3-a4f8-2385c4308b81.pdf
Interim / Quarterly Report
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G r u p p o A s c o p i a v e FY 2019 CONSOLIDATED RESULTS
Conference Call Pieve di Soligo, 16th March 2020
| Premise ……………………………………………………….……………………………………………………………………………………………………………………………….…. | Pag. 3 |
|---|---|
| Financial highlights ……………………………………………………………………………………………………………………….……………………………………… | Pag. 5 |
| Companies consolidated with full and with net equity consolidation method …… |
Pag. 9 |
| Discontinued companies …………………………………………………………………………………………………………………………………………….… | Pag. 23 |
| Dividend ………………………………………………………………………………………………………………………………………………………………………………………… | Pag. 31 |
| Disclaimer …………………………………………………………….………………………………………………………………………………………………………………………… | Pag. 33 |
Ascopiave - Hera partnership
Financial highlights
Companies consolidated with full and with net equity consolidation method
Discontinued companies
Dividend
On 19th December 2019 Ascopiave S.p.A. and Hera S.p.A. have finalized the transaction that formalizes operation that marks the birth of the largest energy operator in North-Eastern Italy with over one million customers.
The Hera Group has transfered to Estenergy S.p.A. their sale activities in the "Triveneto" and has acquired the control of the company, while Ascopiave has acquired a minority stake of 48%, with a sales option right that can be executed within the seventh year from the closing of the operation.
Amgas Blu will be finally sold from Ascopiave to the Hera Group.
Following this operation, the Ascopiave Group accounts the activities attributable to the discontinued companies as discontinued operations, according to IFRS 5 international accounting principle.
In the FY 2019 income stament, therefore, the results of the activities mentioned are highlighted in the item "net result from discontinued operations".
In order to expose the variations of the results achieved by the discontinued operations and to analyze their most significant determinants, a pro-forma income statement has been prepared which shows the relevant revenues, the costs and the intermediate operating results.
Financial highlights
- Ascopiave Group structure as of 31st December 2019
- FY 2019 consolidated income statement
- Consolidated balance sheet as of 31st December 2019
Companies consolidated with full and with net equity consolidation method
Discontinued companies
Dividend
| (Thousand of Euro) |
2019 | 2018 | Chg | Chg % |
|---|---|---|---|---|
| Revenues | 124.911 | 115.347 | 9.564 | +8% |
| (Cost of raw materials and consumables) |
358) (1 |
271) (1 |
(88) | +7% |
| (Cost of services) |
(31 732) |
(28 766) |
(2 966) |
+10% |
| (Cost of personnel) |
(14 500) |
(16 125) |
1 625 |
-10% |
| (Other operating costs) |
(33 902) |
(27 533) |
(6 369) |
+23% |
| Other operating income |
1 479 |
355 | 1 125 |
+317% |
| EBITDA | 44.898 | 42.008 | 2.890 | +7% |
| and (Depreciations amortizations) |
(23 325) |
(20 927) |
(2 399) |
+11% |
| (Provisions) | - | (15) | 15 | -100% |
| EBIT | 21.573 | 21.066 | 507 | +2% |
| Financial income / (expenses) |
(1 117) |
013) (1 |
(104) | +10% |
| (*) Evaluation of companies with method net assets |
648 | 1 407 |
(759) | -54% |
| EBT | 21.105 | 21.460 | (355) | -2% |
| (Income taxes) |
(6 626) |
(6 733) |
108 | -2% |
| Earnings after taxes |
14.479 | 14.727 | (248) | -2% |
| result from discontinued Net operations |
478 737 |
31 773 |
446 965 |
+1407% |
| Net income |
493.216 | 46.499 | 446.717 | +961% |
| (Net income of minorities) |
- | (1 874) |
1 874 |
-100% |
| of the Group Net income |
493.216 | 44.625 | 448.591 | +1005% |
(*) Result of Unigas Distribuzione Gas, company consolidated with net equity consolidation method (data are considered pro-rata): Euro 0,6 mln (Euro 1,4 mln in FY 2018).
Financial highlights
Consolidated balance sheet as of 31st December 2019
| (Thousand of Euro) |
31/12/2019 | 31/12/2018 | Chg | Chg % |
|---|---|---|---|---|
| (*) Tangible assets |
34.694 | 32.724 | 1.970 | +6% |
| (*) Non tangible assets |
615.108 | 432.637 | 182.471 | +42% |
| (**) in associates Investments |
449.945 | 68.357 | 381.588 | +558% |
| Other fixed assets |
22.687 | 23.401 | (715) | -3% |
| Fixed assets |
1.122.433 | 557.118 | 565.315 | +101% |
| Operating current assets |
99.349 | 219.660 | (120.311) | -55% |
| (Operating liabilities) current |
(82.458) | (160.146) | 77.688 | -49% |
| (Operating liabilities) non current |
(52.850) | (51.245) | (1.605) | +3% |
| working capital Net |
(35.959) | 8.268 | (44.227) | -535% |
| Total capital employed |
1.086.474 | 565.386 | 521.087 | +92% |
| Group shareholders equity |
873.492 | 443.567 | 429.926 | +97% |
| Minorities | - | 4.303 | (4.303) | -100% |
| financial position Net |
212.981 | 117.517 | 95.464 | +81% |
| Total sources |
1.086.474 | 565.386 | 521.087 | +92% |
(*) 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 (pro-rata): Unigas Distribuzione Gas, Euro 0,0 mln (Euro 21,5 mln as of 31st December 2018); sale companies, Euro 395,9 mln (Euro 46,8 mln as of 31st December 2018). Stake in Hera Comm, Euro 54,0 mln (Euro 0,0 mln as of 31st December 2018).
Financial highlights
Financial highlights
Companies consolidated with full and with net equity consolidation method
- Operating data
- Economic data
- Revenues bridge
- EBIT bridge
- Gas distribution tariff revenues
- Other net operating costs
- Personnel
- Capex
- Net financial position and cash flow
Discontinued companies
Dividend
Number of gas distribution users
(*) AP Reti Gas Nord Est, company consolidated from 31st December 2019;
(**) Unigas Distribuzione Gas users are included (at 100%). The company is merged by incorporation in Ascopiave from 1° July 2019. On the same date the operating activities in the gas distribution sector were transferred to Edigas Distribuzione Gas.
Volumes of gas distributed (*)
(Million of standard cubic meters)
(*) Unigas Distribuzione Gas volumes of gas distributed are included (at 100%). The company is merged by incorporation in Ascopiave from 1° July 2019. On the same date the operating activities in the gas distribution sector were transferred to Edigas Distribuzione Gas..
Companies consolidated with full consolidation method
| (Thousand of Euro) |
2019 | 2018 | Chg | Chg % |
|---|---|---|---|---|
| Revenues | 124.911 | 115.347 | 9.564 | +8,3% |
| EBITDA | 44.898 | 42.008 | 2.890 | +6,9% |
| % on revenues |
+35,9% | +36,4% | ||
| EBIT | 21.573 | 21.066 | 507 | +2,4% |
| % on revenues |
+17,3% | +18,3% | ||
Companies consolidated with net equity consolidation method (*)
| (Thousand of Euro) |
2019 | 2018 | Chg | Chg % |
|---|---|---|---|---|
| Revenues | 3.964 | 4.844 | (881) | -18,2% |
| EBITDA | 1.483 | 3.225 | (1.742) | -54,0% |
| % on revenues |
+37,4% | +66,6% | ||
| EBIT | 838 | 1.798 | (960) | -53,4% |
| % on revenues |
+21,1% | +37,1% |
(*) Data are considered pro-rata.
(*) For more details check out to slide at page 16.
| (Thousand of |
Euro) (*) |
2019 | 2018 | Chg | Chg % |
|---|---|---|---|---|---|
| Gas | distribution tariff revenues |
79.777 | 73.321 | 6.456 | +8,8% |
| Gas Companies |
distribution tariff revenues (A) consolidated with full consolidation method |
79.777 | 73.321 | 6.456 | +8,8% |
| (Thousand of Euro) (*) |
2019 | 2018 | Chg | Chg % |
|---|---|---|---|---|
| Gas distribution tariff revenues (B) consolidated with Companies equity net consolidation method (**) |
2.885 | 5.733 | (2.848) | -49,7% |
| Gas distribution tariff revenues (A+B) |
82.662 | 79.054 | 3.608 | +4,6% |
(*) Economic data before elisions;
| (Thousand of Euro) |
2019 | 2018 | Chg | Chg % |
|---|---|---|---|---|
| Other revenues |
44.476 | 41.408 | 3.068 | +7,4% |
| Other of raw materials and services costs Cost of personnel |
(64.854) (14.500) |
(56.596) (16.125) |
(8.259) 1.625 |
+14,6% -10,1% |
| Other (A) operating net costs consolidated with full Companies consolidation method |
(34.879) | (31.313) | (3.566) | +11,4% |
Increase of other net operating costs: - Euro 3,6 mln
of which:
- decrease of cost of personnel: + Euro 1,6 mln;
- decrease of margin on energy efficiency tasks management: - Euro 4,0 mln;
- increase of gas distribution concession fees: - Euro 1,8 mln;
- decrease of CSEA contributions for security incentives: - Euro 0,3 mln;
- other variations: + Euro 0,9 mln.
Other net operating costs (2) FY 2019 CONSOLIDATED RESULTS
| (Thousand of Euro) |
2019 | 2018 | Chg | Chg % |
|---|---|---|---|---|
| Other operating (A) net costs Companies consolidated with full |
(34.879) | (31.313) | (3.566) | +11,4% |
| consolidation method |
||||
| Other (B) net operating costs |
||||
| consolidated with Companies equity net consolidation method (*) |
(1.402) | (2.508) | 1.106 | -44,1% |
| Other operating (A+B) net costs |
(36.281) | (33.821) | (2.460) | +7,3% |
Number of employees
(*) AP Reti Gas Nord Est, company consolidated from 31st December 2019;
(**) Unigas Distribuzione Gas employees are included (at 100%). The company is merged by incorporation in Ascopiave from 1° July 2019. On the same date the operating activities in the gas distribution sector were transferred to Edigas Distribuzione Gas.
6M 2019 cost of personnel of Unigas Distribuzione Gas, company consolidated with net equity consolidation method: Euro 0,3 mln.
20
6M 2019 investments of Unigas Distribuzione Gas, company consolidated with net equity consolidation method: Euro 0,4 mln.
(*) Excluding network extension in new urbanized areas that according to IAS are considerated as operating costs and not investments;
(**) Investments in intangible assets and in tangible assets (excluded realizations, investments in associated and investments relative to the application of IFRS 16 accounting principle).
Net financial position and cash flow Companies consolidated with full consolidation method
-117.517 -212.981 37.318 -47.715 5.964 3.453 -82.645 -11.840 31/12/2018 Cash flow Capex Change in net working capital (operating Change in net working capital (fiscal activities) Change in shareholders' equity Cash flows from discontinued operations 31/12/2019 -95.464 +81,2%
activities)
(Thousand of Euro)
| (Migliaia di Euro)(*) | 31/12/2019 | 31/12/2018 | Chg | Chg % |
|---|---|---|---|---|
| Long financial borrowings (>12 months) term |
135 083 |
55 111 |
79 972 |
+145 1% , |
| Current position of long financial borrowings term |
30 778 |
8 014 |
22 764 |
+284 1% , |
| Short financial borrowings months) (<12 term |
38 994 |
56 381 |
(17 387) |
-30 8% , |
| Total financial debt |
204 855 |
119 .506 |
85 349 |
+71 4% , |
| Fixed borrowings rate |
143 611 |
36 874 |
106 737 |
+289 5% , |
| Floating borrowings rate |
61 244 |
82 632 |
(21 388) |
-25 9% , |
FY 2019 average cost of debt: 0,35% (vs 2018 rate: 0,51%)
(*) Data refers to only companies consolidated with full consolidation method.
Financial highlights
Companies consolidated with full and with net equity consolidation method
Discontinued companies
- Operating data
- Economic data
- EBIT bridge
Dividend
Operating data (3)
Number of electricity sales customers
Discontinued companies (previously consolidated with full consolidation method)
| (Thousand of Euro) |
2019 | 2018 | Chg | Chg % |
|---|---|---|---|---|
| Revenues | 582.838 | 572.776 | 10.062 | +1,8% |
| EBITDA | 42.734 | 37.414 | 5.320 | +14,2% |
| % on revenues |
+7,3% | +6,5% | ||
| EBIT | 38.653 | 33.702 | 4.951 | +14,7% |
| % on revenues |
+6,6% | +5,9% | ||
Discontinued companies (previously consolidated with net equity consolidation method) (*)
| (Thousand of Euro) |
2019 | 2018 | Chg | Chg % |
|---|---|---|---|---|
| Revenues | 79.530 | 78.457 | 1.073 | +1,4% |
| EBITDA | 8.889 | 9.599 | (710) | -7,4% |
| % on revenues |
+11,2% | +12,2% | ||
| EBIT | 7.724 | 8.466 | (741) | -8,8% |
| % on revenues |
+9,7% | +10,8% |
EBIT bridge Discontinued companies (previously consolidated with full consolidation method)
EBIT bridge
Discontinued companies (previously consolidated with net equity consolidation method) (*)
(*) Data are considered pro-rata.
Discontinued companies
30
Financial highlights
Companies consolidated with full and with net equity consolidation method
Discontinued companies
Dividend
Dividend proposal
| DIVIDEND PROPOSED | 0,2133 Euro per share (Euro 47,8 mln) |
|||
|---|---|---|---|---|
| Detachment date |
Record date |
Payment date |
||
| If approved on first meeting: | 11th May 2020 | 12th May 2020 | 13th May 2020 | |
| If approved on second meeting: | 8th Jun 2020 | 9th Jun 2020 | 10th Jun 2020 |
| 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|
| (Proposal) | |||||||
| (*) Dividends paid (Thousand of Euro) |
47.770 | 27 835 |
40 016 |
40 016 |
33 347 |
33 332 |
26 666 |
| Group (Thousand of Euro) Net Income |
493 .479 |
44.625 | 47.135 | 53 635 |
43 014 |
35 .583 |
38 678 |
| ratio Payout |
10% | 62% | 85% | 75% | 78% | 94% | 69% |
| Dividends per share (Euro) |
0 2133 , |
0 125 , |
0 180 , |
0 180 , |
0 150 , |
0 150 , |
0 120 , |
| (**) Dividend yield |
5 8% , |
4 0% , |
5 3% , |
7 2% , |
7 0% , |
7 6% , |
8 4% , |
(*) Dividends to be paid estimated on the base of the outstanding shares at the end of the financial year; (**) Dividend yield = dividends per share / average price per share in the year.
Financial highlights
Companies consolidated with full and with net equity consolidation method
Discontinued companies
Dividend
- 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 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 those 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.