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Ascopiave

Investor Presentation • Mar 15, 2017

4357_ct_2017-03-15_bed8f728-7499-4c87-8e70-4b8ff8bc561f.pdf

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FY 2016CONSOLIDATED RESULTS

Conference Call

Pieve di Soligo, 15th March 2017

Financial highlights

  • →Ascopiave Group structure as of 31st December 2016
  • →FY 2016 consolidated income statement
  • →Consolidated balance sheet as of 31st December 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

Dividend proposal

Disclaimer

FY 2016 consolidated income statement

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

FY 2016 CONFERENCE CALLconsolidated results Pieve di Soligo, 15th March 2017

4

(*) Result of the companies consolidated with net equity consolidation method (data are considered pro-quota): sale companies, Euro 5,4 mln (Euro 5,0 mln in FY2015); distribution companies, Euro 1,2 mln (Euro 1,0 mln inFY 2015); Sinergie Italiane, Euro 1,2 mln (Euro 1,5 mln in FY 2015).

T
ho
d
f
Eu
)
us
an
o
ro		 3
1
/
1
2
/
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
2.
3
6
4		 3
4.
9
8
7		 (
)
2.
6
2
3		 -7
5
%
,
N
i
b
l
t
t
(
*)
o
n
a
n
g
e
a
s
s
e
s		 3
9
7.
6
6
4		 3
9
7.
4
1
8		 2
4
6		 0,
1
%
+
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.
7
3
8		 6
8.
0
7
8		 6
5
9		 1,
0
%
+
O
f
h
i
d
t
t
e
r
x
e
a
s
s
e
s		 2
3.
8
0
8		 2
6.
6
9
9		 (
2.
8
9
1
)		 -1
0,
8
%
F
i
d
t
e
a
s
s
e
s
x		 5
2
2.
5
4
7		 5
2
1
8
2
7.		 (
4.
6
0
8
)		 -0
9
%
,
O
i
t
t
t
p
e
r
a
n
g
c
r
r
e
n
a
s
s
e
s
u		 2
0
1.
9
0
8		 2
2
3.
4
8
4		 (
)
2
1.
5
7
6		 -9
7
%
,
(
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
3
8.
0
0
3		 (
)
1
6
6.
9
6
7		 2
8.
9
2
7		 -1
3
%
7,
(
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
8.
1
5
1		 (
)
4
9.
6
9
8		 1.
5
4
6		 -3
1
%
,
N
k
i
i
l
t
t
e
w
o
r
n
g
c
a
p
a		 5.
5
1
7
4		 6.
9
9
1		 8.
7
6
3		 5,
1
2
3
%
+
T
l
i
l
l
d
t
t
o
a
c
a
p
a
e
m
p
o
y
e		 5
3
8.
3
2
8		 5
3
4.
1
7
3		 4.
1
5
5		 0,
8
%
+
G
h
h
l
d
i
t
r
o
p
s
a
r
e
o
e
r
s
e
q
u
u
y		 4
3
8.
0
5
5		 4
1
5.
2
6
4		 2
2.
9
1
7		 5,
5
%
+
M
i
i
i
t
n
o
r
e
s		 5
6.
1
4		 4.
8
7
3		 1.
2
8
1		 2
6,
3
%
+
N
f
i
i
l
i
i
t
t
e
n
a
n
c
a
p
o
s
o
n		 9
4.
1
1
9		 1
1
4.
0
3
7		 (
1
9.
9
1
7
)		 -1
7,
5
%
T
l
t
o
a
s
o
r
c
e
s
u		 5
3
8.
3
2
8		 5
3
4.
1
3
7		 4.
1
5
5		 0,
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 48,0 mln (Euro 47,9 mln as of 31st December 2015); distribution companies, Euro 20,7mln (Euro 20,2 mln as of 31st December 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

Dividend proposal

Disclaimer

FY 2016 CONFERENCE CALLconsolidated results Pieve di Soligo, 15th March 2017

(*) 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

Dividend proposal

Disclaimer

Pieve di Soligo, 15th March 2017 FY 2016
consolidated results		 CONFERENCE CALL
---------------------------------- --------------------------------- -----------------
f
)
d
Eu
us
an
o
ro		 2
0
1
6		 5
2
0
1		 Va
r		 Va
%
r
E
B
I
T
D
A		 9
5.
2
5
5		 8
0.
9
8
3		 1
4.
2
7
1		 1
7,
6
%
+
Sa
E
B
I
T
D
A
le
-		 6
0.
2
3
5		 4
5.
1
6
7		 1
5.
0
6
8		 3
3,
4
%
+
E
B
I
T
D
A
D
is
i
bu
ion
tr
t
-		 3
5.
0
2
0		 3
5.
8
1
7		 (
)
7
9
7		 -2
2
%
,
E
B
I
T		 7
2.
1
3
7		 5
6.
9
5
0		 1
5.
1
8
6		 2
6,
7
%
+
E
B
I
T
Sa
le
-		 5
4.
9
4
0		 3
9.
1
7
3		 1
5.
7
6
7		 4
0,
3
%
+
E
B
I
T
D
is
i
bu
ion
tr
t
-		 1
7.
1
9
6		 1
7.
7
7
8		 (
)
5
8
1		 -3
3
%
,

FY 2016 CONFERENCE CALLconsolidated results Pieve di Soligo, 15th March 2017

(*) 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
  • →APR mechanism
  • →Gross margin on electricity sales
  • →Gas distribution tariff revenues
  • →Other net operating costs

Personnel

Capex

Net fincancial position and cash flow

Dividend proposal

Disclaimer

FY 2016 CONFERENCE CALLconsolidated results Pieve di Soligo, 15th March 2017

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

consolidation method, equal to + Euro 14,1 mln, is due to:

  • 1) reduction of the gas purchase cost due to the accounting of the compensation entitled tothe Group for the adhesion to the mechanism for the renegotiation of the long-term gasprocurement agreements in the years 2014-2016 according to the AEEGSI Res. 447/2013/R/gas (- Euro 11,1 mln);
  • 2)higher unit profit margins, in spite of the lower volumes of gas sold.
ho
d
f
Eu
)
(
*)
us
an
o
ro		 2
0
1
6		 2
0
1
5		 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		 1
4.
3
0
0		 1
4.
2
0
5		 9
5		 0,
%
7
+
in
(
)
G
les
A+
B
ro
ss
m
ar
g
o
n
g
as
s
a		 9
2.
8
1
7		 7
8.
5
9
6		 1
4.
2
2
1		 1
8,
1
%
+
  • Pieve di Soligo, 15th March 2017 In 2013, AEEGSI concluded the review of the economic conditions applicable to protected customers, by adjusting them to the gradual and structural evolution of Italy's gas market, which led to the alignment of tariffs with those prevailing in other European countries. In order to soften the impact of the afore-mentioned review on operators having long-term procurement portfolios, regulation AEEGSI (447/2013/R/gas) has envisaged the following: support the long-term gas price renegotiation by entering a specific CPR component within the general context for defining the new price on the protected market. The goal is the introduction of a compensation payment to offset the dislocation between long-term procurement prices, pegged to oil and its derivatives, and market rates, those prevailingon spot deals, to support the gradual migration of procurement benchmarks in therenegotiation process;
  • guarantee an advantage to the protected customer if, during the mechanism's three-year application period, market prices on the whole turn out to be higher than the average procurement costs of long-term contracts.

Selling firms interested in the APR mechanism enjoyed the option of whether to join ordecline admission.

  • Pieve di Soligo, 15th March 2017 In 2013, in relation to the Group's gas volumes, AEEGSI had planned the following for Ascopiave in the event of admission: a total maximum compensation, during the mechanism's three-year application, to the tune of Euro 11,2 million; and, in the event of a reversal between procurement and spot price, a disbursement to end customers up to 3 times the figure that was initially defined: approximately Euro 33,5 million. At the beginning, the Group had resolved to stay out of the APR

mechanism, based on proven unfavourable operating conditions, challenging it in the Regional Court of Lombardy(TAR), by requesting a suspension.

Subsequently, having obtained the suspension of the regulation and – thanks to technical data collected in the meantime – having evaluated a high likelihood of success, themanagement resolved on joining the APR mechanism.

In November 2016, through regulation 649/2016/R/GAS, AEEGSI determined the actual compensation figure in favour of the Group, defining it to the amount of + Euro 11,1 million.

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

consolidation method, equal to + Euro 1,3 mln, is attributable to the higher unit profit margins, in spite of the lower volumes of electricity sold.

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

(*) Economic data before elisions.

d
f
)
(
*)		 2
0
1
6		 2
0
1
5		 C
hg		 C
hg
%
Ta
i
f
fs
l
ie
d
les
ies
to
r
ap
p
sa
co
mp
an		 4
0
8
5
5.		 4.
9
8
1
5		 4
2
7		 0,
8
%
+
Eq
l
iza
ion
(
/ -
)
t
t
ua
a
mo
un
+		 6.
0
8
0		 6.
9
9
7		 (
8
9
9
)		 -1
2,
9
%
is
i
io
i
f
f r
(
)
Ga
d
tr
bu
t
ta
A
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		 6
1.
4
8
8		 6
1.
9
6
0		 (
4
3
)
7		 -0
8
%
,
  • 1)change of gas distribution tariffs applied to gas sales companies: + Euro 0,4 mln;
  • 2)equalization amount: - Euro 0,9 mln.

2016 gas distribution tariff revenues include the equalization amount accounted for thepositive difference between the definitive and provisional tariffs related to year 2015 (+ Euro1,2 mln).

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

(*) Economic data before elisions.

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

Increase of other net operating costs of the companies consolidated with full consolidation method: - Euro 0,7 mln

of which:

  • increase of cost of personnel: Euro 2,7 mln;
  • increase of margin on energy efficiency tasks management: + Euro 0,3 mln;
  • increase of cost for consulting services: Euro 0,7 mln;
  • decrease of cost of energy consumptions: + Euro 0,3 mln;
  • decrease of gas concession fees: + Euro 0,6 mln;
  • decrease of provisions for risks and charges: + Euro 0,5 mln;
  • increase of capital loss: - Euro 0,4 mln
  • increase of contingent assets: + Euro 1,4 mln.
ho
d
f
Eu
)
us
an
o
ro		 2
0
1
6		 5
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		 (
4
9.
9
2
8
)		 (
4
9.
2
0
1
)		 (
7
2
7
)		 1,
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		 (
)
8.
2
2
9		 (
)
7.
3
4
3		 (
)
8
8
6		 1
2,
1
%
+		 Pieve di Soligo, 15th March 2017
in
(
)
O
he
A+
B
t
t o
t
ts
r n
e
p
er
a
g
co
s		 (
)
5
8.
1
5
7		 (
)
5
6.
5
4
4		 (
)
1.
6
1
3		 2,
9
%
+

(*) 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

Dividend proposal

Disclaimer

FY 2016 CONFERENCE CALLconsolidated results Pieve di Soligo, 15th March 2017

Number of employees

(*) Data are considered pro-quota.

Consolidated cost of personnel (Thousand of Euro)

-

  • Pieve di Soligo, 15th March 2017 Cost of personnel changes: capitalized cost of personnel: - Euro 0,1 mln
  • other: + Euro 2,7 mln, of which:
    • Euro 1,5 mln: compensations for the financial years 2015-2016 related to the long term incentive plan
    • Euro 0,3 mln: settlement agreement for disputes with former employees
    • Euro 0,3 mln: provision to pension funds according to the Law n. 125/2015
  • o + Euro 0,4 mln: salary increases under the current labor contracts and for salary improvements
    • Euro 0,2 mln: other changes

FY 2016 cost of personnel of the companies consolidated with net equity consolidation method (Sinergie Italiane excluded): Euro 3,2 mln (-7,8%).

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

Disclaimer

FY 2016 investments of the companies consolidated with net equity consolidation method(Sinergie Italiane excluded): Euro 1,4 mln (-5,3%).

(*) Excluding network extension in new urbanized areas that according to IAS are considerated as operating costs and not investments. (**) Investments in tangible assets: Euro 1,2 mln; investments in intangible assets: Euro 19,7 mln (excluded realizations of tangible and intangible assets andinvestments in associated).

FY 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

Dividend proposal

Disclaimer

Net financial position and cash flow (1)

(*) Dividends distributed to Ascopiave shareholders and third parties (Euro 35,6 mln) net of dividends received by companies consolidated with net equity method (Euro 5,9 mln).

Net financial position and cash flow (2)

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

FY 2016 average cost of debt: 0,57% (vs 2015 rate: 0,81%)

(*) 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 costsPersonnelCapexNet Financial Position and cash flowDividend proposal

Disclaimer

FY 2016 CONFERENCE CALLconsolidated results Pieve di Soligo, 15th March 2017

Dividend proposed: 0,18 Euro per share (Euro 42,2 mln)

Detachment date: 8th May 2017Record date: 9th May 2017Payment date:10th May 2017

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

Disclaimer

  • 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 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.

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