Ascopiave — Investor Presentation 2015

Aug 6, 2015

1stH 2015CONSOLIDATED RESULTS

Conference Call

Pieve di Soligo, August, 6th 2015

Financial highlights

→Ascopiave Group structure as of June, 30th 2015

• →1stH 2015 consolidated income statement
• →Consolidated balance sheet at June, 30th 2015

Operating data

Revenues and EBITDA

Gross margin on gas and electricity activities and other net operating costs

Personnel

Capex

Net Financial Position and cash flow

Disclaimer

1stH 2015 consolidated income statement

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

1stH 2015 CONFERENCE CALLconsolidated results Pieve di Soligo, August, 6th 2015

4

(*) Result of the companies consolidated with net equity consolidation method (data are considered pro-quota): sale companies, Euro 2,8 mln (Euro 1,3 mln in1stH 2014); distribution companies Euro 0,4 mln (Euro 0,5 mln in 1stH 2014); Sinergie Italiane Euro 0,7 mln (Euro 2,1 mln in 1stH 2014).

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

(*) 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 45,6 mln at 31/12/2014); distribution companies, Euro 19,6 mln (Euro19,9 mln at 31/12/2014).

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 activities and other operating costs

Personnel

Capex

Net Financial Position and cash flow

Disclaimer

1stH 2015 CONFERENCE CALLconsolidated results Pieve di Soligo, August, 6th 2015

Financial highlights

Operating data

Revenues and EBITDA

• →Revenues bridge
• →EBITDA bridge
• →EBITDA breakdown

Gross margin on gas and electricity activities and other net operating costs

Personnel

Capex

Net Financial Position and cash flow

Disclaimer

1stH 2015 CONFERENCE CALLconsolidated results Pieve di Soligo, August, 6th 2015

11

12

(*) Sinergie Italiane excluded.

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

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

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

15

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 activities 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 2015 CONFERENCE CALLconsolidated results Pieve di Soligo, August, 6th 2015

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

The decrease of gross margin on gas 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	H 5 1s t 2 0 1	H 1s t 2 0 1 4	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 co ns o ne q y w u l i da io ho d t t co ns o n m e	7. 7 3 5	7. 0 8 9	6 4 6	9, 1 % +
G in les ( A+ B ) ro ss m ar g o n g as s a	4 4. 4 5 8	4 4. 8 0 9	( 3 5 1 )	-0 8 % ,

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

The decrease of gross margin on electricity sales of the companies consolidated with full consolidation method is equal to - Euro 0,8 mln.

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

ho d f Eu ) ( *) us an o ro	1s H 2 0 1 5 t	1s H 2 0 1 4 t	C hg	C hg %
Ta i f fs l ie d les ies to r ap p sa co mp an	2 9. 6 8 4	2 6. 8 2 7	2. 8 1 1	1 0, % 5 +
Eq l iza ion ( / - ) t t ua a mo un +	8 3 7	4. 0 6 4	( ) 3. 2 2 7	-7 9, 4 %
( ) Ga d is i bu io i f f r A tr t ta s n r ev en ue s
Co fu l i da d i h l l te t mp an co ns o y w	5 3 0. 2 1	3 0. 9 3 6	( 5 ) 4 1	-1 3 % ,
l i da ion ho d t t co ns o m e

The decrease of gas distribution tariff revenues of the companies consolidated with full consolidation method (- Euro 0,4 mln) is due to:

• 1)change of gas distribution tariffs applied to gas sales companies: ⁺ Euro 2,8 mln;
• 2)equalization amount: - Euro 3,2 mln.

( T ho d f Eu ) ( *) us an o ro	1s H 2 0 1 5 t	1s H 2 0 1 4 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 8 8	2. 8 2 1	6 8	2, 4 % +
Ga d is i bu io i f f r ( A+ B ) tr t ta s n r ev en ue s	3 3. 4 0 9	3 3. 5 7 7	( 3 4 8 )	-1 0 % ,

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

Increase of other net operating costs of the companies consolidated with full consolidation method: - Euro 0,6 mln

of which:

• decrease of margin on energy efficiency tasks management: - Euro 0,9 mln
• decrease of cost of personnel: + Euro 1,4 mln
• increase of advertising and marketing costs : Euro 0,2 mln
• increase of provisions for risks and charges: - Euro 0,3 mln
• other changes: Euro 0,6 mln:

f ) ( *) ho d Eu us an o ro	1s H 2 0 1 5 t	1s H 2 0 1 4 t	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	( 5 ) 2 7. 0 4	( 5 ) 2 6. 4 7	( 5 ) 7 9	2, 2 % +
in ( ) O he 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	( ) 4. 2 2 8	( ) 3. 8 0 5	( ) 4 2 2	1 1, 1 % +
O he in ( A+ B ) t t o t ts r n e p er a g co s	( 3 1. 2 8 2 )	( 3 0. 2 8 0 )	( 1. 0 0 2 )	3, 3 % +

1stH 2015 CONFERENCE CALLconsolidated results

22

(*) Economic data before elisions; (**) Sinergie Italiane excluded.

Financial highlights

Operating data

Revenues and EBITDA

Gross margin on gas and electricity activities and other net operating costs

Personnel

• →Number of employees
• →Consolidated cost of personnel

Capex

Net Financial Position and cash flow

Disclaimer

Number of employees

1stH 2015 cost of personnel of the companies consolidated with net equity consolidationmethod (Sinergie Italiane excluded): Euro 1,7 mln (-2,6%).

Financial highlights

Operating data

Revenues and EBITDA

Gross margin on gas and electricity activities and other net operating costsPersonnel

Capex

Net Financial Position and cash flow

Disclaimer

1stH 2015 CONFERENCE CALLconsolidated results Pieve di Soligo, August, 6th 2015

1stH 2015 investments of the companies consolidated with net equity consolidation method(Sinergie Italiane excluded): Euro 0,6 mln (-36,4%).

(*) Excluding network extension in new urbanized areas that according to IAS are considerated as operating costs and not investments. (**) Investments in tangible assets: Euro 0,3 mln; investments in intangible assets: Euro 7,8 mln (excluded realizations of tangible and intangible assets andinvestments in associated).

1stH 2015

consolidated results

CONFERENCE CALL

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

Net Financial Position and cash flow

Disclaimer

Net Financial Position and cash flow (1)

Net Financial Position and cash flow (2)

30

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

1stH 2015 average cost of debt: 0,96% (vs 2014 rate: 1,13%)

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.
• Pieve di Soligo, August, 6th 2015 -- 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.