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Ascopiave

Investor Presentation • Mar 15, 2016

4357_10-k_2016-03-15_15de4b27-eefd-406d-afbe-b3e101f3920e.pdf

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FY 2015CONSOLIDATED RESULTS

Conference Call

Pieve di Soligo, March, 15th 2016

Financial highlights

  • →Ascopiave Group structure as of December, 31st 2015
  • →FY 2015 consolidated income statement
  • →Consolidated balance sheet as of December, 31st 2015

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

Dividend proposal

FY 2015 consolidated income statement

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

FY 2015 CONFERENCE CALLconsolidated results Pieve di Soligo, March, 15th 2016

(*) Result of the companies consolidated with net equity consolidation method (data are considered pro-quota): sale companies, Euro 5,0 mln (Euro 2,4 mln in FY2014); distribution companies Euro 1,0 mln (Euro 0,8 mln in FY 2014); Sinergie Italiane Euro 1,5 mln (Euro 1,2 mln in FY 2014).

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

(*) 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 47,9 mln (Euro 45,6 mln at 31/12/2014); distribution companies, Euro 20,2 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 sales and other operating costs

Personnel

Capex

Net financial position and cash flow

Dividend proposal

Disclaimer

FY 2015 CONFERENCE CALLconsolidated results Pieve di Soligo, March, 15th 2016

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

Dividend proposal

Disclaimer

FY 2015 CONFERENCE CALLconsolidated results Pieve di Soligo, March, 15th 2016

11

E
B
I
T
D
A
b
k
d
r
e
a
o
w
n
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
w
u
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		 5
2
0
1		 2
0
1
4		 Va
r		 Va
%
r
E
B
I
T
D
A		 8
0.
9
8
3		 7
9.
5
8
5		 1.
3
9
8		 1,
8
%
+
E
B
I
T
D
A
Sa
le
-		 4
5.
1
6
7		 4
4.
1
7
5		 9
9
2		 2,
2
%
+
E
B
I
T
D
A
D
is
i
bu
ion
tr
t
-		 3
5.
8
1
7		 3
5.
4
1
1		 4
0
6		 1,
1
%
+
E
B
I
T		 5
6.
9
5
0		 5
2.
6
6
7		 4.
2
8
4		 8,
1
%
+
E
B
I
T
Sa
le
-		 3
9.
1
7
3		 3
5.
6
7
9		 3.
4
9
4		 9,
8
%
+
E
B
I
T
D
is
i
bu
ion
tr
t
-		 1
7.
7
7
8		 1
6.
9
8
8		 7
9
0		 4,
6
%
+

FY 2015 CONFERENCE CALLconsolidated results Pieve di Soligo, March, 15th 2016

(*) 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

Dividend proposal

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

The increase of gross margin on gas sales of the companies consolidated with full consolidation method is equal to + Euro 1,2 mln.

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

(*) Economic data before elisions.

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

The decrease of gross margin on electricity sales of the companies consolidated with full consolidation method is equal to - Euro 1,5 mln.

T
ho
d
f
Eu
)
(
*)
us
an
o
ro		 5
2
0
1		 2
0
1
4		 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
co
ns
o
ne
q
y
w
u
l
i
da
io
ho
d
t
t
co
ns
o
n
m
e		 6
3
9		 5
7
9		 5
9		 1
0,
2
%
+
G
in
lec
ic
i
les
(
A+
B
)
tr
ty
ro
ss
m
ar
g
o
n
e
s
a		 4.
4
1
7		 5.
9
2
1		 (
1.
4
5
0
)		 -2
4,
5
%

FY 2015 CONFERENCE CALLconsolidated results Pieve di Soligo, March, 15th 2016

(*) Economic data before elisions.

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

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 4,5 mln;
  • 2)equalization amount: - Euro 5,2 mln.
(
f
)
T
ho
d
Eu
(
*)
us
an
o
ro		 2
0
1
5		 2
0
1
4		 C
hg		 C
hg
%
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 n
i
te
t
t e
ty
mp
an
y
co
ns
o
w
e
q
u
l
i
da
ion
ho
d
t
t
co
ns
o
m
e		 5.
8
3
4		 5.
6
4
1		 1
9
3		 3,
4
%
+
Ga
d
is
i
bu
io
i
f
f r
(
A+
B
)
tr
t
ta
s
n
r
ev
en
ue
s		 6
7.
7
9
5		 6
8.
3
1
0		 (
5
1
5
)		 -0
8
%
,

(*) Economic data before elisions.

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

Decrease of other net operating costs of the companies consolidated with full consolidation method: + Euro 2,4 mln

of which:

  • decrease of margin on energy efficiency tasks management: - Euro 2,4 mln
  • decrease of cost of personnel: + Euro 1,2 mln
  • decrease of cost of maintenance: + Euro 0,3 mln
  • decrease of State fees: + Euro 0,3 mln
  • decrease of cost for gas meter reading: +Euro 0,3 mln
  • decrease of cost for administrative and IT consulting services : + Euro 0,6 mln
  • increase of insurance refunds: + Euro 0,3 mln
  • decrease of losses on disposals: + Euro 0,2 mln
  • increase of contingent assets: + Euro 1,2 mln
  • other changes: + Euro 0,4 mln:
)
ho
d
f
Eu
us
an
o
ro		 2
0
1
5		 2
0
1
4		 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
y
co
ns
o
w
l
i
da
io
ho
d
t
t
co
ns
o
n
m
e		 (
)
4
9.
2
0
1		 (
)
5
1.
6
1
6		 2.
4
1
5		 -4
7
%
,		 FY 2015
Pieve di Soligo, March, 15th 2016
(
)
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
co
ns
o
ne
q
y
w
u
l
i
da
io
ho
d
t
t
(
*)
co
ns
o
n
m
e		 (
7.
3
4
3
)		 (
7.
6
3
4
)		 2
9
1		 -3
8
%
,		 consolidated results
O
he
in
(
A+
B
)
t
t o
t
ts
r n
e
p
er
a
g
co
s		 (
5
6.
5
4
4
)		 (
5
9.
2
5
0
)		 2.
0
6
7		 -4
6
%
,

(*) Sinergie Italiane excluded.

22

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

Dividend proposal

Number of employees

FY 2015 cost of personnel of the companies consolidated with net equity consolidation method (Sinergie Italiane excluded): Euro 3,3 mln (-2,1%).

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

Capex

Net financial position and cash flow

Dividend proposal

FY 2015 investments of the companies consolidated with net equity consolidation method(Sinergie Italiane excluded): Euro 1,5 mln (-33,5%).

(*) Excluding network extension in new urbanized areas that according to IAS are considerated as operating costs and not investments. (**) Investments in tangible assets: Euro 0,9 mln; investments in intangible assets: Euro 21,1 mln (excluded realizations of tangible and intangible assets andinvestments in associated).

FY 2015

consolidated results

Pieve di Soligo, March, 15th 2016

CONFERENCE CALL

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

Net financial position and cash flow

Dividend proposal

Net financial position and cash flow (1)

(*) Dividends distributed to Ascopiave shareholders and third parties (Euro 35,1 mln) net of dividends received by companies consolidated with net equity method (Euro 3,4 mln)

29

Net financial position and cash flow (2)

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

FY 2015 average cost of debt: 0,81% (vs 2014 rate: 1,13%)

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

31

Financial highlightsOperating dataRevenues and EBITDAGross margin on gas and electricity sales and other net operating costsPersonnelCapexNet financial position and cash flow

Dividend proposal

Dividend proposed: 0,15 Euro per share (Euro 35,2 mln)

h
d
M
9
h
2
0
1
6
t
t
t
a
c
m
e
n
a
e
a
:
y,
d
d
M
h
1
0
2
0
1
6
t
t
e
c
o
r
a
e
a
:
y,
d
M
h
1
1
2
0
1
6
t
t
t
a
y
m
e
n
a
e
:
a
y,
2
0
1
5		 2
0
1
4		 2
0
1
3		 2
0
1
2		 2
0
1
1
(
al)
Pro
pos
D
iv
i
de
ds
i
d
(
T
ho
d o
f
Eu
)
n
p
a
us
an
ro		 3
1
6
2
5.		 3
1
6
2
5.		 2
8.
1
2
9		 2
8
5.
7
5
Gr
(
f
)
Ne
Inc
T
ho
d o
Eu
t
ou
p
om
e
us
an
ro		 4
3.
0
1
4		 3
5.
5
8
3		 3
8.
6
7
8		 2
7.
8
6
5		 -
6.
2
6
6
io
Pa
t r
t
y
ou
a		 8
2
%		 9
9
%		 7
3
%		 9
3
%		 0
%
D
iv
i
de
ds
ha
(
Eu
)
n
p
er
s
re
ro		 0,
1
5
0		 0,
1
5
0		 0,
1
2
0		 0,
1
1
0		 -
2
0
1
0		 2
0
0
9		 2
0
0
8		 2
0
0
7
(
f
)
D
iv
i
de
ds
i
d
T
ho
d o
Eu
n
p
a
us
an
ro		 2
3.
4
4
1		 2
1.
0
9
7		 1
9.
9
2
5		 1
9.
8
9
8
Gr
Ne
Inc
(
T
ho
d o
f
Eu
)
t
ou
p
om
e
us
an
ro		 3
1.
1
4
7		 2
2
8
8
5.		 1
8.
4
2
5		 2
1.
6
4
7
Pa
io
t r
t
ou
a
y		 7
5
%		 8
3
%		 1
0
8
%		 9
1
%
D
iv
i
de
ds
ha
(
Eu
)
n
p
er
s
re
ro		 0,
1
0
0		 0,
0
9
0		 0,
0
8
5		 0,
0
8
5
iv
i
ie
D
de
d y
l
d
(*)
n		 6,
3
%		 5,
8
%		 5,
7
%		 4,
4
%

(*)Dividend yield = dividends per share / average price per share in the year

Financial highlightsOperating dataRevenues and EBITDAGross margin on gas and electricity activities and other net operating costsPersonnelCapexNet Financial Position and cash flowDividend proposal

  • 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, March, 15th 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 those contained 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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