Stop parsing PDFs. Get the API. Request Access

AI Terminal

MODULE: AI_ANALYST
Interactive Q&A, Risk Assessment, Summarization
MODULE: DATA_EXTRACT
Excel Export, XBRL Parsing, Table Digitization
MODULE: PEER_COMP
Sector Benchmarking, Sentiment Analysis
SYSTEM ACCESS LOCKED
Authenticate / Register Log In

Ascopiave

Investor Presentation • Sep 5, 2018

4357_ip_2018-09-05_a6482d42-f9dc-4d9b-89b7-ec5bf6d2b95a.pdf

Investor Presentation

Open in Viewer

Opens in native device viewer

G r u p p o A s c o p i a v e

ITALIAN INFRASTRUCTURE DAY

Milan, 6th september 2018

B
i
O
i
s
n
e
s
s
e
r
e
u
v
v
w















































 3
P
g
a
G
d
i
i
b
i
t
t
a
s
s
r
u
o
n

















































 P
2
2
g
a
l
G
a
s
s
a
e
s























































 3
6
P
g
a
A
f
i
i
l
d
t
:
n
n
e
x
e
s
n
a
n
c
a
a
a











































 P
4
8
g
a
l
D
i
i
s
c
a
m
e
r






















































 P
0
0
1
g
a

Contents

Business Overview

→ G
b
i
i
i
i
t
t
r
o
u
p
u
s
n
e
s
s
a
c
v
e
s








































 P
g
a		 4
→ f
K
i
e
g
r
e
s
y
u




















































 P
a
g		 6
→ k
i
i
i
i
h
M
t
t
t
t
g
g
a
r
e
p
o
s
o
n
n
n
e
a
s
s
e
c
o
r
































 P
g
a		 7
→ G
f
3
h
2
0
8
A
i
1
1
t
t
t
s
c
o
p
a
v
e
r
o
u
p
s
r
u
c
u
r
e
a
s
o
s
m
a
r
c





















 P
g
a		 8
→ A
i
S
h
h
l
d
s
c
o
p
a
e
a
r
e
o
e
r
s
v










































 P
a
g		 9
→ i
f
i
i
l
d
i
M
t
t
t
t
a
n
n
a
n
c
a
a
a
n
c
o
m
e
s
a
e
m
e
n
–





























 P
g
a		 0
1
→ b
k-
d
b
2
0
0
6
2
0
1
7
E
B
I
T
D
A
S
i
B
i
U
i
t
t
t
g
r
e
a
o
n
r
a
e
c
s
n
e
s
s
n
w
y
u
-














 P
g
a		 1
1
→ 2
0
0
6
2
0
1
7
I
i
i
b
l
d
i
i
b
l
t
t
t
t
t
g
g
n
v
e
s
m
e
n
s
n
a
n
e
a
n
n
a
n
e
a
s
s
e
s
-















 P
g
a		 1
2
→ 2
0
0
6
2
0
d
f
1
7
I
i
i
i
i
i
i
t
t
t
n
v
e
s
m
e
n
s
n
c
o
m
p
a
n
e
s
a
n
r
m
s
a
c
q
u
s
o
n
s
-












 P
g
a		 3
1
→ f
l
d
b
l
h
d
f
l
M
i
i
i
i
i
i
t
t
t
a
n
n
a
n
c
a
a
a
a
a
n
c
e
s
e
e
a
n
n
a
n
c
a
r
a
o
s
–
















 P
a
g		 1
4
→ i
i
l
l
i
F
g
n
a
n
c
a
e
v
e
r
a
e
c
o
m
p
a
r
s
o
n




































 P
g
a		 1
5
→ l
d
b
d
f
d
b
F
i
i
t
t
t
n
a
n
c
a
e
a
n
c
o
s
o
e



































 P
g
a		 6
1
→ D
i
i
d
d
l
i
e
n
p
o
c
v
y
















































 P
a
g		 1
7
→ D
i
i
d
d
i
l
d
i
Y
v
e
n
e
c
o
m
p
a
r
s
o
n







































 P
g
a		 8
1
→ d
l
S
i
i
i
t
t
g
g
r
a
e
c
e
n
e
s
u













































 P
g
a		 1
9
→ A
i
i
f
P
b
i
G
(
A
P
R
i
G
V
i
)
t
t
c
q
u
s
o
n
o
a
s
u
o
r
o
u
p
e
a
s
c
e
n
z
a




















 P
g
a		 2
0

Group Business Activities (1)

consumers

Ascopiave Group is a national player in the down-stream segments of the gas sector. It is a major player in the Veneto Region.

National Energy Authority continue to set maximum tariff levels for the protected market (residential consumers)

Heat management

h
l
d
O
i
i
i
t
t
t
t
t
e
r
n
o
r
e
g
a
e
a
c
e
u
v		 s
-------------------------------------------------------------------------------------------------------------------------------- ---
G
i
t
a
s
m
p
o
r		 S
l
l
d
A
k
f
l
3
0,
9
%
i
i
I
i
(
i
i
i
i
)
(
i
i
4
)
t
t
t
t
t
n
e
r
g
e
a
a
n
e
n
q
a
o
n
s
c
o
p
a
e
c
r
r
e
n
s
a
e
o
c
a
p
a
:
u
v
u
i
d
l
i
k
(
T
P
)
i
h
G
f
h
t
t
t
t
t
t
t
s
g
n
e
a
o
n
g
e
r
m
m
p
o
r
a
e
o
r
p
a
y
o
c
o
n
r
a
c
w
a
z
p
r
o
m
o
r
e
l
f
1.
0
b
i
l
l
i
b
i
f
2
0
2
1.
t
t
g
s
u
p
p
y
o
o
n
c
u
c
m
e
e
r
s
o
a
s
p
e
r
y
e
a
r
u
p
o
S
i
i
I
l
i
l
l
i
d
h
l
i
i
d
b
t
t
t
t
t
t
g
g
g
n
e
r
e
a
a
n
e
s
e
s
m
p
o
r
e
a
s
o
e
a
s
s
a
e
s
c
o
m
p
a
n
e
s
p
a
r
e
c
p
a
e
y
h
h
h
l
d
t
e
s
a
r
e
o
e
r
s.
G
t
a
s
p
r
o
c
r
e
m
e
n
u
i
t
t
g
a
c
e
m
a
n
a
e
m
e
n
v		 O
i
i
i
f
h
i
d
d
i
l
i
k
d
t
t
t
t
t
g
g
p
m
z
a
o
n
o
e
a
s
p
r
o
c
u
r
e
m
e
n
p
r
o
c
e
s
s
a
m
e
a
r
e
u
c
n
s
u
p
p
y
r
s
s
a
n
t
c
o
s
s.
l
i
i
l
E
t
t
e
c
r
c
s
a
e
s
y
d
t
o
e
n
c
o
n
s
u
m
e
r
s		 l
f
l
h
d
S
i
i
t
t
t
t
u
p
p
y
o
e
e
c
r
c
y
o
e
e
n
c
o
n
s
u
m
e
r
s.
l
l
l
k
l
l
b
l
l
l
b
l
d
h
I
I
i
i
i
i
i
i
t
t
t
t
t
t
t
n
a
y
e
e
c
r
c
y
s
a
e
s
m
a
r
e
w
e
c
o
m
p
e
e
y
e
r
a
s
e
n
e
n
e
x
y
e
a
r
s.
l
b
l
h
d
k
l
l
d
l
l
C
i
i
t
t
t
t
t
t
t
t
g
g
g
u
s
o
m
e
r
s
c
u
r
r
e
n
y
e
o
n
n
o
e
p
r
o
e
c
e
m
a
r
e
w
r
a
u
a
y
m
o
v
e
o
h
f
k
t
t
e
r
e
e
m
a
r
e
C
i
t
g
o
e
n
e
r
a
o
n

Key Figures

Regulated Activity

GAS DISTRIBUTION - 2017 key figures (*) scm = standard cubic meters

f
d
N
i
o.
o
m
a
n
a
g
e
c
o
n
c
e
s
s
o
n
s		 2
1
4
h
f
h
d
b
k
k
L
i
i
i
(
)
t
t
t
t
t
g
g
e
n
o
e
a
s
s
r
u
o
n
n
e
w
o
r
m		 9,
7
8
0
V
l
f
d
i
i
b
d
(
/
l
)
t
t
o
u
m
e
s
o
g
a
s
s
r
u
e
s
c
m
m
n		 1,
0
2
0
l
l c
l
i
da
d
ies
(
/m
ln
)

Fu
te
on
so
co
mp
an
sc
m		 9
4
7		 (
9
3
%
)
Co
ies
l
i
da
d
i
h e
i
ho
d
(
/m
ln
)

te
t
ty
t
mp
an
co
ns
o
w
q
u
m
e
sc
m		 7
4		 (
7
%
)

Not regulated Activities

l
f
l
d
(
l
)
V
/
o
m
e
s
o
g
a
s
s
o
s
c
m
m
n
u		 9
3
9
G
S
S
S
2
0
ke
f
(
*)
A
A
L
E
1
7
i
g
y
u
re
s
-
da
rd
bic
tan
ter
scm
= s
cu
me
s		 l
l c
l
da
d
ln
Fu
i
ies
(
/m
)

te
on
so
co
mp
an
sc
m		 8
0
4		 8
6
%
(
)
Co
ies
l
i
da
d
i
h e
i
ho
d
(
/m
ln
)

te
t
ty
t
mp
an
co
ns
o
w
q
u
m
e
sc
m		 1
3
5		 (
1
4
%
)
l
f
l
l
d
h
V
i
i
(
G
W
)
t
t
o
u
m
e
s
o
e
e
c
c
y
s
o		 4
4
1
C
R
C
S
A
S
2
0
1
7
ke
f
i
(
*)
E
L
E
T
I
I
T
Y
L
E
g
y
u
re
s
-
GW
h
iga
ho
tt-
= g
wa
ur		 Fu
l
l c
l
i
da
d
ies
(
Gw
h
)

te
on
so
co
mp
an		 3
8
3		 (
8
7
%
)
Co
l
da
d
h e
ho
d
G
h
ies
i
i
i
(
W
)

te
t
ty
t
mp
an
co
ns
o
w
q
u
m
e		 5
7		 (
3
%
)
1

(*) Data of the companies consolidated with the equity method are considered pro-rata.

Market positioning in the gas sector

The Group is anational player in the gas sector and a leading regional player in Veneto.

VOLUMES OF GAS DISTRIBUTED (*)

Ra
k
ing
n		 Gr
ou
p		 Vo
l.		 %
1 Ita
lg
as		 8,
9
0
5		 2
8.
2
%
2 Ga
2
i
Re
te
s		 5,
5
4
3		 17
6
%
3 He
ra		 2,
9
4
9		 9.
3
%
4 A
2
A		 2,
4
8
5		 7.
9
%
5 Ire
n		 1,
4
1
9		 4.5
%
6 As
iav
co
p
e		 1,
0
1
4		 3.
2
%
7 Es
tra		 3
5
5		 1.
8
%
8 Eg
Ho
l
d
ing		 4
1
3		 1.
3
%
9 Ag
Ve
sm
ron
a		 3
4
8		 1.
1
%
1
0		 En
i
erg
e		 3
3
1		 1.
0
%
1
1		 Do
lom
it
i
En
ia
erg		 3
0
5		 1.
0
%
1
2		 Un
ion
Fe
Int
ion
l
S
A
no
sa
ern
ac
a		 2
8
4		 0.
9
%
1
3		 Ga
R
im
in
i
s		 2
8
3		 0.
9
%
1
4		 Sp
Ac
-A
A
sm
g
am		 27
5		 0.
9
%
15 E
d
iso
n		 25
7		 0.
8
%
1
6		 A
im
ag		 25
7		 0.
8
%
17 A
im
V
ice
nz
a		 25
5		 0.
8
%
1
8		 S
im
Cr
e
em
a		 25
1		 0.
8
%
1
9		 Mu
lt
ise
iz
i
rv		 2
3
0		 0.
%
7
2
0		 Am
b
ien
En
ia
Br
ian
te
erg
za		 1
9
1		 0.
6
%
Ot
he
rs		 5,
0
2
0		 15
9
%
To
l
ta		 3
1,
5
6
8		 1
0
0.
0
%

VOLUMES OF GAS SOLD (*)

Ra
k
ing
n		 Gr
ou
p		 Vo
l.		 %
1 En
i		 1
2,
4
0
6		 2
0.
7
%
2 E
d
iso
n		 7,
9
5
4		 1
3.
3
%
3 En
l
e		 6,
5
8
1		 1
1.
0
%
4 En
et
ic
ky
A
Pr
lov
Ho
l
d
ing
erg
um
y
s
y		 2,
5
2
6		 4.
2
%
5 Ire
n		 2,
4
8
3		 4.
2
%
6 He
ra		 2,
1
45		 3.
6
%
7 A
2
A		 1,
9
4
8		 3.
3
%
8 So
ia
rg
en		 1,
1
8
4		 2.
0
%
9 Ax
Gr
p
o
ou
p		 1,
0
2
0		 1.7
%
1
0		 En
ie
g		 9
9
7		 1.
6
%
1
1		 E.
On		 9
2
4		 1.5
%
1
2		 Ro
l
Du
h
S
he
l
l
tc
a
y		 8
6
2		 1.
4
%
1
3		 Es
Sp
A
tra		 8
5
3		 1.
4
%
1
4		 As
iav
co
p
e		 8
1
1		 1.
4
%
15 Re
Ag
p
ow
er		 77
7		 1.
3
%
1
6		 Un
og
as		 6
9
7		 1.
2
%
17 Sp
Eg
Ho
l
d
ing
A		 6
3
7		 1.
1
%
1
8		 Sp
Me
ia
A
tae
ne
rg		 5
0
4		 0.
8
%
1
9		 So
Se
lva
En
ice
Ita
l
ia
y
erg
y
rv
s		 4
9
5		 0.
8
%
2
0		 Ga
Na
l
S
dg
tur
s
a		 4
8
2		 0.
8
%
Ot
he
rs		 1
3,
4
8
5		 2
2.
6
%
To
ta
l		 5
9,
8
1
6		 1
0
0.
0
%

(*) 2017 ARERA data.

Ascopiave Shareholders (*)

Asco Holding S.p.A. directly controls the capital of Ascopiave S.p.A. (capital stake: 61.562%)

Asco Holding S.p.A. is owned by 90 municipalities mainly located in the province of Treviso (public shareholders) and 2 private companies.

(*) Internal processing of information pursuant to art. 120 TUF (Source: CONSOB website)

2017 MAIN FINANCIAL DATA ACCORDING TO IFRS 11 – INCOME STATEMENT (*)

I
N
C
O
M
E
S
T
A
T
E
M
E
N
T
G
r
o
p
u		 D
i
i
b
i
t
t
s
r
u
o
n
S
B
U
(a
)		 S
l
s S
a
e
B
U
(
b)		 P
t
a
r
e
n
c
o
m
p
a
ny
R
e
v
e
nu
e
s
(c
)		 5
3
2,
7
9
2		 1
1
7,
3
9
6		 5
0
7,
4
2
8		 1
2,
3
7
7
E
B
I
T
D
A		 8
4,
4
0
9		 4
5
5
7,
7		 4
1,
0
5
1		 -4
3
9
6
,
E
B
I
T		 5
9,
9
3
9		 3
0,
2
3
2		 3
5,
9
1
3		 -6
2
0
5
,
Ev
lua
ion
f
t
a
o
(

)
ies
i
h
t
co
m
p
an
w
i
ho
d
ty
t
eq
m
e
u		 7,
3
9
8		 9
6
4		 6,
4
3
4		 0
N
i
t
e
n
c
o
m
e		 4
9,
2
5
2

EBITDA of the company consolidated with the equity method: Euro 13.4 mln (distribution companies: Euro 2.6 mln + sales companies: Euro 10.8 mln) (-)

EBIT of the company consolidated with the equity method: Euro 9.6 mln (distribution companies: Euro 1.4 mln + sales companies: Euro 8.2 mln)

(*) Thousand of Euro; (a) Distribution SBU includes results of entities active in the distribution business; (b) Sales SBU includes results of entities active in the sale business; (c) SBUrevenues are represented before elisions.

2006-2017 EBITDA break-down by Strategic Business Unit

(Million of Euro)

C
I
N		 S
O
M
E
T
A
T
E
M
E
N
T		 G
ro
p
u		 D
is
i
bu
io
tr
t
n
S
B
U		 % S
le
a
s
S
B
U		 % Pa
t
re
n
(
c
o
m
p
a
ny		 %
*)
E
B
I
T
D
A
S 1
IFR
1		 8
4,
4		 4
7,
8		 5
6,
6
%		 4
1,
1		 4
8,
6
%		 (
)
4,
4		 -5
2
%
,
E
B
I
T
D
A
IFR
S 1
1		 9
5,
3		 3
5,
0		 3
6,
8
%		 6
0,
2		 6
3,
2
%		 0,
0		 0,
0
%
E
B
I
T
D
A
IFR
S 1
1		 8
1,
0		 3
5,
8		 4
4,
2
%		 4
5,
2		 5
5,
8
%		 0,
0		 0,
0
%
E
B
I
T
D
A
IFR
S 1
1		 7
9,
6		 3
5,
4		 4
4,
5
%		 4
4,
2		 5
5,
5
%		 0,
0		 0,
0
%
E
B
I
T
D
A
IFR
S 1
1 re
ted
sta		 8
6,
3		 3
3,
4		 3
8,
%
7		 5
2,
9		 6
1,
3
%		 0,
0		 0,
0
%
E
B
I
T
D
A		 5,
1
0
9		 3
6,
0		 3
4,
0
%		 6
9,
9		 6
6,
0
%		 0,
0		 0,
0
%
E
B
I
T
D
A		 1
0
2,
7		 3
3,
9		 3
3,
1
%		 6
8,
7		 6
6,
9
%		 0,
0		 0,
0
%
E
B
I
T
D
A		 9
3,
2		 3
4,
9		 3
7,
4
%		 5
8,
3		 6
2,
6
%		 0,
0		 0,
0
%
E
B
I
T
D
A		 7
8,
0		 3
2,
9		 4
2,
1
%		 5,
4
1		 5
7,
9
%		 0,
0		 0,
0
%
E
B
I
T
D
A		 6
1,
5		 4
1,
6		 6
7,
6
%		 1
9,
9		 3
2,
4
%		 0,
0		 0,
0
%
E
B
I
T
D
A		 5
2,
3		 3
7,
6		 7
1,
8
%		 1
4,
8		 2
8,
2
%		 0,
0		 0,
0
%
E
B
I
T
D
A		 4
6,
5		 3
5,
5		 7
6,
4
%		 1
1,
0		 2
3,
6
%		 0,
0		 0,
0
%
E
B
I
T
D
A		 4
1,
1		 3
9,
9		 9
0
%
7,		 1,
2		 3,
0
%		 0,
0		 0,
0
%

Gas distribution business is characterized by stable operating margins.

Increase of the gas sales business operating margins over the last years is due to external growth (acquisition of 8 companies) and to higher profitability, mainly thanks to declining gas procurement costs. 2016 sales SBU EBITDA is supported by Euro 11.1 mln positiveone-off related to the optional APR mechanism set by the energy regulator (ARERA).

(*) Before 2017 the parent company Ascopiave contributed to the results of the distribution SBU.

2006-2017 Investments in tangible and intangible assets

l
lio
f E
(
Mi
)
n
o
uro		 S
S
I
N
V
E
T
M
E
N
T		 G
r
o
p
u		 D
i
i
b
i
t
t
s
r
u
o
n
k
t
n
e
o
r
w		 % O
h
t
e
r
i
t
t
n
e
s
m
e
n
s
v		 %
S
S
I
N
V
E
T
M
E
N
T
S 1
IFR
1		 2
3,
6		 2
2,
5		 9
5
%		 1,
1		 5
%
I
N
V
E
S
T
M
E
N
T
S
IFR
S 1
1		 2
0,
8		 1
9,
7		 9
5
%		 1,
1		 5
%
S
S
I
N
V
E
T
M
E
N
T
IFR
S 1
1		 2
2,
0		 2
0,
7		 9
4
%		 1,
3		 6
%
I
N
V
E
S
T
M
E
N
T
S
S 1
IFR
1		 2
1,
1		 1
9,
7		 9
4
%		 1,
3		 6
%
S
S
I
N
V
E
T
M
E
N
T
IFR
S 1
1 re
sta
ted		 1
8,
9		 1
2,
7		 6
7
%		 6,
2		 3
3
%
S
S
I
N
V
E
T
M
E
N
T		 2
1,
6		 1
4,
9		 6
9
%		 6,
7		 3
1
%
I
N
V
E
S
T
M
E
N
T
S		 2
3,
1		 1
6,
8		 3
%
7		 6,
3		 2
%
7
S
S
I
N
V
E
T
M
E
N
T		 4
1,
8		 1
5,
4		 3
7
%		 2
6,
4		 6
3
%
S
S
I
N
V
E
T
M
E
N
T		 2
9,
1		 1
1,
2		 3
8
%		 1
7,
9		 6
2
%
I
N
V
E
S
T
M
E
N
T
S		 2
9,
9		 1
3,
8		 4
6
%		 1
6,
1		 5
4
%
S
S
I
N
V
E
T
M
E
N
T		 1
9,
2		 1
1,
4		 6
0
%		 7,
7		 4
0
%
I
N
V
E
S
T
M
E
N
T
S		 1
5
7,		 1
2,
2		 0
%
7		 5,
3		 3
0
%
S
S
I
N
V
E
T
M
E
N
T		 1
6,
7		 1
2,
4		 7
4
%		 4,
4		 2
6
%

The Group investments in tangible and intangible assets over the last 12 years amounts to Euro 286,4 mln and for the most part (67%) concern the development, the maintenance and up-grade of the gas network and of the distribution system. In 2009-2011 thegroup made significant investments in photovoltaic power plants. The photovoltaic business was disposed in 2011.

2006-2017 Investments in companies and firms acquisitions

2006-2017 Investments in companies and firms acquisitions: Euro 196,2 Mln

(*) IPO: 12 dec 2006

2017 MAIN FINANCIAL DATA ACCORDING TO IFRS 11 – BALANCE SHEET (*)

B
A
L
A
N
C
E
S
H
E
E
T		 /
/
3
1
1
2
2
0
1
7
Ta
i
b
le
d
in
i
b
le
ta
ts
ng
an
ng
as
se		 4
6
0,
0
2
6
Inv
in
ia
tm
ts
te
es
en
as
so
c
s		 6
8,
8
8
7
O
he
f
ixe
d
t
ts
r
as
se		 2
4,
4
9
4
Ne
k
ing
i
l
t w
ta
or
c
ap		 1
6,
9
6
9
C
T
O
T
A
L
A
P
I
T
A
L
E
M
P
L
O
Y
E
D		 5
7
0,
3
6
7
S
ha
ho
l
de
i
ty
re
rs
eq
u		 4
0,
0
0
5
5
Ne
f
ina
ia
l p
i
io
t
t
nc
os
n		 1
1
9,
8
6
7
T
O
T
A
L
S
O
U
R
C
E
S		 5
7
0,
3
6
7

Tangible and intangible assets: detailsBALANCE SHEET 31/12/2017Goodwill 80,758Tangible assets under IFRIC 12 333,534Other intangible assets 13,400Tangible assets 32,334Tangible and intangible assets 460,026

2017 ASCOPIAVE MAIN FINANCIAL RATIOS

/
Q
F
i
i
l
l
(
N
F
P
E
U
I
T
Y
)
n
a
n
c
a
e
v
e
r
a
g
e		 0.
2
7		 /
D
b
i
(
N
F
P
E
B
I
T
D
A
)
t
t
e
c
o
v
e
r
r
a
o		 1.
4
2
----------------------------------------------------------------------------------------------------------------------------------------------- -------------- -------------------------------------------------------------------------------------------------------------------------------- --------------

(*) Thousand of Euro

Financial leverage comparison (2017)

C
S
(
*)
F
I
N
A
N
I
A
L
R
A
T
I
O		 C
S
(
**)
L
O
A
L
U
T
I
L
I
T
I
E
(
)
da
ta
av
er
ag
e		 S
C
A
O
P
I
A
V
E
F
i
i
l
l
n
a
n
c
a
e
v
e
r
a
g
e		 1.
0
5		 0.
2
7
/
D
E
B
I
T
D
A		 2.
3
7		 1.
4
2

Ascopiave financial leverage(0.3) is lower than that of the Italian listed comparables (avg: 1.0).

The low indebtedness level is a very positive result in the light of a macroeconomic scenario that makes access to credit a real challenge, which therefore strengthens the Group's economic andfinancial soundness and enables it to reap the opportunity of carrying out potential extraordinary transactions in the next years.

(*) Financial leverage is calculated considering the shareholders' equity and the net financial position as of 31st December 2017; (**) Local utilities considered are the main italianlisted local utilities: A2A, Hera, Acea and Iren.

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

EIB Loan

In June 2013 the European Investment Bank (EIB) and Ascopiave signed a 70million Euro loan in support of investments to improve and expand gas distribution networks in the Veneto and Lombardy regions.

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

Dividend policy

Dividend payment sustainable with high return to shareholders

Sustainability of the dividend policy:

  • pstable cash flow
  • pstable business profitability
  • pwell-balanced financial structure

Dividend yield at the top of the listed italian utility companies

DIV
IDE
ND		 20
17		 20
16		 20
15		 20
14		 20
13		 20
12		 20
11		 20
10		 20
09		 20
08		 20
07		 20
06
Div
ide
nd
(
Th
nd
of
Eu
ro)
ou
sa		 40
.01
6		 40
.01
6		 33
.34
7		 33
.33
2		 26
.66
6		 24
.48
4		 0 22
.55
7		 20
.34
9		 19.
44
2		 19.
89
0		 19
.83
3
Gr
Ne
t In
(
Th
nd
of
Eu
ro)
ou
p
co
me
ou
sa		 47
.13
5		 53
.63
5		 43
.01
4		 35
.58
3		 38
.67
8		 27
.86
5		 6.2
66		 31
.17
4		 25
.28
8		 18.
45
2		 21
.76
4		 16
.38
1
Pa
tio
t ra
y
ou		 85
%		 %
75		 78
%		 94
%		 69
%		 88
%		 0% 72
%		 80
%		 105
%		 91
%		 12
1%
Div
ide
nd
ha
(
Eu
ro)
pe
r s
re		 0,
180		 0,
180		 0,
150		 0,
150		 0,
120		 0,
110		 0,
00
0		 0,
100		 0,
09
0		 0,
08
5		 0,
08
5		 0,
08
5
Div
ide
nd
ield
(
*)
y		 5,
3%		 7,
2%		 7,
0%		 7,
6%		 8,
4%		 9,
2%		 0,
0%		 6,
3%		 5,
8%		 5,
7%		 4,
4%		 4,
0%

TOTAL DIVIDENDS DISTRIBUTED FROM STOCK EXCHANGE LISTING TO DATE

About Euro 299,9 mln

I /
RO
RO
E		 20
17		 20
16		 20
15		 20
14		 20
13		 20
12		 20
11		 20
10		 20
09		 20
08		 20
07		 20
06
RO
I (
**)		 12
0%
,		 15,
4%		 12,
2%		 11,
1%		 14,
4%		 13
1%
,		 11,
8%		 11,
7%		 9,
1%		 8,
5%		 7,
1%		 10
4%
,
RO
E		 10
6%
,		 12,
2%		 10,
4%		 8,
8%		 9,
7%		 7,
3%		 1,
8%		 8,
3%		 6,
9%		 5,
1%		 5,
9%		 4,
4%

(*) Dividend yield = dividend per share / average price per share in the year; (**) ROI = EBIT / CI; CI = Net Capital Invested (In 2014 and 2015 investments in associates are excluded)

Dividend Yield comparison (2017)

Dividends distributed by Ascopiave in 2017 are higher than those distributed by the major listedcomparable companies:

(*) Dividend per share / 2017 average price per share

Focus on the gas sector and on the energy market

Growth in size through an expansion of the customer base

Improvement of the business profitability

  • p Participation in competitive bidding for the assigning of concessions to manage the gas distribution service
  • p Development of the electricity market as a tool to retain current gas customer base (cross selling) and to achieve value creation objectives: dual fuel sales policy (a joint commercial proposal for gas and electricity)
  • p Dimensional growth in the gas sales business with an increase of the customer base and of the volumes sold, consolidating the leadership in North-Eastern Italy mainly by company acquisitions
  • pImproving the economic efficiency of the operations (cost to serve)
  • pImprovement of the gas procurement process

Acquisition of Pasubio Group (AP Reti Gas Vicenza)

  • p On 3rd April 2017 Ascopiave acquired Pasubio Group S.p.A. (currently AP Reti Gas Vicenza S.p.A.), a company operating in the gas distribution business in Veneto Region (Northern Italy)
  • p AP Reti Gas Vicenza is going to incorporate Pasubio Distribuzione Gas and Pasubio Rete Gas within the end of the year
  • p Municipalities served: 22 p Gas End Users: about 88.000 p Concessions deadlines: 2017-2024 NORTHERN ITALYDistribution Plants currently operated by Ascopiave GroupPasubio Distribuzione GasPasubio Rete Gas100%Pasubio Group(AP Reti Gas Vicenza)100%

Price for the acquisition and Pasubio Group commitments

  • pPrice for of the 100% capital stake of Pasubio Group S.p.A. (equity value) = Euro 16,3 mln
  • p Commitment by Pasubio Group to disburse to some towns (awarding the current concessions) a one off supplementary fee = Euro 5.1 mln
  • p Commitment by Pasubio Group to disburse to the said towns, commencing 2017, the original concession fees as originally envisaged i.e. prior to the amendments in force between the parties (estimated higher annual fees: Euro 1.6 mln per year)
  • p Commitment by Pasubio Group to make an anticipated payment to the said towns corresponding to the annual concessions fees for the years 2017 and 2018
I
N
C
O
M
E
S
T
A
T
E
M
E
N
T
/
€
0
0
0		 2
0
1
7		 2
0
1
6		 5
2
0
1		 2
0
1
4
Re
ve
nu
es		 1
8,
7
5
7		 1
1,
8
7
9		 1
2,
5
5
4		 1
2,
7
3
2
E
B
I
T
D
A		 2,
1
3
0		 -2
0
1
3
,		 4,
7
0
9		 4,
3
8
3
E
B
I
T		 2
4
5		 4,
4
6
7
-		 2,
7
3
1		 2,
1
2
2
Ne
inc
t
om
e		 1
3
5
-		 4,
0
4
1
-		 1,
5
2
1		 7
3
6

Main Financial Data (*)

2016 economic results are affected by the one off supplementary fee (Euro 5.1 mln) mentioned aboveand by other non recurring items

(*) Estimates drawn by Ascopiave regarding the aggregate figures pertinent to the Group

Contents

Gas distribution

→ G
d
i
i
b
i
t
t
t
a
s
s
r
u
o
n
s
e
c
o
r











































 P
g
a		 2
3
→ d
b
l
l
f
k
G
i
i
i
t
t
g
a
s
s
r
o
n
:
e
a
r
a
m
e
o
r
u
w


































 P
g
a		 2
4
→ P
b
l
i
d
f
h
i
i
f
h
i
t
t
t
c
e
n
e
r
s
o
r
e
a
s
s
g
n
n
g
o
e
c
o
n
c
e
s
s
o
n
s
u




















 P
g
a		 2
5
→ A
h
d
b
k
i
i
i
i
i
i
i
i
t
t
t
t
t
g
g
s
c
o
p
a
v
e
p
o
s
o
n
n
n
e
a
s
s
r
u
o
n
m
a
r
e



















 P
a
g		 2
6
→ A
i
i
h
d
i
i
b
i
k
t
t
t
t
t
t
g
g
s
c
o
p
a
v
e
s
r
a
e
y
n
e
a
s
s
r
u
o
n
m
a
r
e





















 P
g
a		 2
7
→ R
l
i
f
h
l
l
f
d
t
t
t
g
e
u
a
o
n
o
e
c
a
o
e
n
e
r
s



































 P
g
a		 3
0
→ b
d
h
d
b
C
i
i
i
i
i
t
t
t
t
t
t
t
o
m
p
e
n
s
a
o
n
o
e
p
a
o
e
o
g
o
n
g
s
r
o
r
u
u



















 P
g
a		 3
1
→ i
i
i
i
l
D
i
i
B
l
l
M
T
t
t
t
n
m
u
m
e
r
r
o
r
a
s
r
c
e
u
n
o
–































 P
a
g		 3
2
→ C
f
f
l
d
i
i
V
R
T
R
A
B
t
t
t
g
u
r
r
e
n
a
r
r
e
u
a
o
n
:
a
n






























 P
g
a		 3
3
→ T
i
f
f
l
i
t
g
a
r
r
e
u
a
o
n
















































 P
g
a		 3
4
→ l
b
S
W
O
T
i
G
D
i
i
i
S
B
U
t
t
a
n
a
s
s
a
s
s
r
o
n
y
u
–































 P
g
a		 3
5

Gas Distribution Sector

Gas distribution sector: key figures (*)

  • pNo. of operators: about 240
  • pMunicipalities served: about 7,100
  • pVolumes of gas distributed: about 31 billion of standard cubic meters
  • pNo. of users served: over 23.5 million
  • pLength of the gas distribution network: over 260,000 km
  • pRegulatory asset base (RAB): about Euro 18 bln (**)

Since 2000 gas distribution operators have been reduced to less than a third.

Currently gas distribution sector is strongly concentrated:

  • pabout 50% of RAB (**) is held by Italgas and F2i, the only operators with a national rank
  • p about 30% of RAB is held by 14 medium size operators (RAB > Euro 100 mln), with a regional relevance
  • pabout 20% of RAB is held by small size operators

(*) 2016 ARERA data; (**) Ascopiave valuation.

Gas Distribution: Legal Framework

  • p Gas distribution is currently a local monopolistic activity managed under concessions granted by municipalities
  • pItalian gas distribution sector was liberalized in 2000 according to the European Union Rules
  • p The law established a mechanism of competition for the market: concession must be awarded only through public tenders.
  • p The distributor is responsible for the operation, the development and the maintenance of the distribution network (operational expenses and investments), according to the concessional agreementsigned between the operator and the municipality
  • p The National Energy Authority (ARERA)
  • p sets the tariffs to be applied to cover the cost of capital and for the operations of the service
  • pprovides rules regarding the minimum standard service levels.
  • p The distributor gives access to any requiring gas sales company, that has the right to use the network to supply gas to its customers (third party access)

Public Tenders for the Assigning of the Concessions

  • p In order to improve the economic efficiency of the sector, since 2007 the legislation has established that the tenders must be called to assign concessions for the management of the service in widegeographical areas, grouping neighbouring municipalities (Territorial Districts).
  • pThe national government constituted 177 Territorial Districts nationwide
  • p Municipalities belonging to a single Territorial District must appoint a local entity to act as contracting authority for the District
  • pThe law established the deadline by which each District Authority must call the tenders.
  • p In 2011 the national government issued some decrees establishing the general contents of the call for tenders, that must be fulfilled on the base of the local needs for investments to be defined by the local contracting authority. The standardization was aimed at encouraging competition andassuring transparency and effectiveness in the tender process..

The current rules governing the incoming tender processes will probably cause a further restructuring of the distribution sector.

A significant reduction in the number of operators is expected, as the participation to the publictenders requires to the potential competitors strong financial capability and important economic, organizational and technical skills.

T
E
R
R
I
T
O
R
I
A
L
D
I
S
T
R
I
C
T		 Pu
b
l
ic
de
te
n
r
de
d
l
in
a
e		 As
ia
Gr
co
p
ve
ou
p
g
as
u
se
rs		 % As
ia
Gr
co
p
ve
ou
p
ke
ha
(
%
)
t s
m
ar
re
Tr
iso
2		 Ma
h
2
0
1
7		 1
4
1.
0
4
5		 2
7
%		 8
8
%
ev
Tr
iso
1		 rc
Ju
2
0
1
7		 7
5.
6
6
4		 1
4
%		 5
5
%
ev
Ro		 ne
i
l
2
0
1
8		 3
5.
5
9
3		 7
%		 3
6
%
ig
o
v
V
ice
3		 Ap
r
Se
be
2
0
1
te
7		 8
0.
1
7
5		 1
%
5		 8
%
7
nz
a
V
ice
4		 p
m
r
Ma
h
2
0
1
7		 2
9.
1
9
2		 6
%		 4
4
%
nz
a
Be
1		 rc
Ja
2
0
1
7		 1
5.
4
3
6		 3
%		 2
0
%
rg
am
o
Be
5		 nu
ary
Ma
h
2
0
1
7		 1
5.
0
9
1		 3
%		 1
6
%
rg
am
o
Ve
ia
2		 rc
Ja
2
0
1
7		 2
5.
8
9
9		 5
%		 1
3
%
ne
z
O
he
d.
t
t.
r m		 nu
ary
2
0
1
6-
2
0
1
9		 1
0
8.
2
0
6		 2
1
%		 n.a
To
l
ta		 5
2
6.
3
0
1		 1
0
0
%

Ascopiave positioning in the Territorial Districts constituted by the Government (*)

  • p Ascopiave is currently the main operator in 3 Territorial Districts (Treviso 2, Vicenza 3 and Treviso 1) with more than 50% market share in terms of end users served. The current end users in theseTerritorial Districts amount to over 50% of the total end users served by the Group.
  • p Ascopiave currently has a remarkable market share in other Minimum Territorial Districts located in Veneto and Lombardy.

(*) 2012 data (pro-rata).

Ascopiave strategy in the gas distribution market (1)

Ascopiave is selecting the Territorial Districts to bid for and is evaluating potential partnerships with other operators, in order to strengthen its position in some geographical areas.

Ascopiave has all the requirements to successfully act in the market:

  • it has strong financial capability so it can finance the required investments, by further exploiting the financial leverage
  • It is one of the main operator in Italy, with a long-standing and excellent expertise in the sector and it can assign remarkable organisational and economic resources to compete in the tender processes.

Group Ascopiave net financial needs to win new gas distribution concessions:

Cash out (-)(A) Acquisition of new gas distribution plants from the outgoing operators(B) Investments during the concessional period (maintenance and development)Cash in (+)(A) Self financing Disposals of gas distribution plants in areas in which Ascopiave does not intend to bid for (net of tax) Increase of EBITDA(B) Other financingBank financing

h
d
b
A
i
l
i
i
i
i
i
b
i
i
h
t
t
t
t
t
t
t
t
t
g
g
g
g
s
c
o
p
a
v
e
o
a
s
o
r
o
w
n
e
s
r
u
o
n
s
e
c
o
r
y
w
n
n
n
n
e
w
c
o
n
r
a
c
s
o
m
a
n
a
e
e
i
G
h
i
l
d
b
A
i
i
d
h
t
t
g
g
s
e
r
v
c
e
e
o
r
a
p
c
a
a
r
e
a
s
s
e
r
v
e
y
s
c
o
p
a
v
e
s
e
x
p
e
c
e
o
c
a
n
e
A
f
h
i
t
t
g
e
r
e
a
s
s
n
m
e
n		 f
h
t
t
o
e
n
e
w		 i
i
T
t
e
r
r
o
r
a		 l
D
i
i
i
t
t
s
r
c
c
o
n
c
e
s
s
o
n
s
:
----------------------------------------------------------------------------------- ------------------------------------------- ------------------------------------------------ -------------------------------------------------------------------------------------------------------

(A) in the target Territorial District (Ascopiave wins the contract):

  • Ascopiave will continue to operate the service in the municipalities where it currently carries out the activity (continuity)
  • Ascopiave will operate the service in the municipalities where the activity is currently carried out by other operators (outgoing operators) (new municipalities served). Ascopiave will acquire the property of the plant and will pay to the outgoing operators a compensation, calculated in accordance with the law (value of the existing plants).

(B) in the other Territorial District (Ascopiave does not bid for or loose in the competition)

Ascopiave will cease the operation of the service in the municipalities where it currently carries out the activity. It will cash by the ingoing operator (the winner of the contract) a compensation calculated in accordance with the law.

Ascopiave strategy in the gas distribution market (3)

Regulation of the call of tenders

Standards to evaluate economic and technical offers

  • A - Economic offer (maximum score: 28)
  • pDiscount on gas distribution tariffs
  • pDiscount on prices for other services provided by the distributor to the end users
  • p Fee to be paid to municipalities awarding the concession (cap on the fee level: 10% of the capital cost components of VRT (Total Revenues Constraint) = 10% x ( CI x rd + AMM ))
  • p Obligation to extend the distribution network (meters of pipes per end users that imply the obligation to connect new potential end-users)
  • pInvestments to improve energy efficiency
  • B - Offer concerning safety and service quality(maximum score: 27)
  • pNetwork inspections in order to prevent gas leaks (percentage of gas network annually checked)
  • pPerformance of the emergency service and of the gas odorization service
  • pImproving the level of other quality standards set by the Authority
  • C - Offer concerning the development and the maintenance of the network(maximum score: 45)
  • pAppropriateness of the network operation analysis
  • p Investments plan for the extension and the increase of the capacity of the distribution network; the evaluation concerns: the tangible benefits expected by the investment proposed, the accuracy of the technical projects as well as the quantities of new pipes to be made
  • pInvestment plan for the maintenance
  • pTechnological innovation

Compensation to be paid to the outgoing distributor

In the event that the public tender should not be awarded to Ascopiave, the winner must pay to theGroup, as the current owner of the networks, a compensation:

  • (a) the compensation must be calculated in accordance with the terms of the agreement implementingthe concession or direct award (as the case may be), provided that the agreement is signed before February 11th, 2012
  • (b) or, if this is not provided for, the compensation must be calculated in accordance with the Guidelines set by the Ministry of Economic Development (Decree May, 22nd 2014)
  • (c) contributions paid by private users in the past for the construction of part of the network must bededucted (valuation of these are in accordance with the tariff regulation) (*)
  • (d) whenever the compensation is higher than 110% of the net invested capital remunerated by thetariff system (RAB), the Energy National Authority (i.e. ARERA) must verify whether thecompensation has been evaluated in accordance with the law
  • (e) the organizer of the tender bid must take into account theobservations issued by the ARERA.

(*) In the evaluation of RAB contributions paid by private users are currently deducted.

A
r
e
a
:		 3,
4
9
6		 2
k
m
P
l
i
t
o
p
u
a
o
n
:		 2
0
0,
4
4
2
1
6
8,
2
8
9		 i
h
b
i
t
t
n
a
a
n
s
i
h
b
i
i
t
t
n
a
a
n
s
n
i
i
l
i
i
t
m
n
c
p
a
e
s
u
l
d
t
c
u
r
r
e
n
y
s
e
r
v
e
L
h
f
h
t
t
e
n
g
o
e
g
a
s
d
i
i
b
i
k
t
t
t
s
r
u
o
n
n
e
w
o
r
:		 9
8
3		 k
(
/
/
)
3
1
1
2
2
0
1
5
m
R
d
l
i
i
t
e
e
v
e
r
y
p
o
n
s
(
)
g
a
s
u
s
e
r
s
:		 4
2
1
7,
5		 (
/
/
)
3
1
1
2
2
0
1
5
n.
f
V
l
o
m
e
s
o
g
a
s
u
d
i
i
b
d
t
t
s
r
u
e
:		 1
1
2		 M
i
l
l
i
o
n
s
c
m
(
)
2
0
1
5
O
i
t
t
u
g
o
n
g
o
p
e
r
a
o
r
s
:		 B
I
M
B
l
l
e
u
I
l
t
a
g
a
s		 f
I
t
t
t
n
o
n
r
a
s
r
r
e
u
u
  • p On 1st September 2017 AP Reti Gas S.p.A. submitted an offer to win the concession for the management of the gas distribution service in the territorial district of BellunoBidding competitors: four
  • p Starting date of the concession (expectation of the contracting Authority): 1st April 2018 Duration: 12 years Compensation to be paid to the outgoing operators: about Euro 59 mlllion

2017 VRT (*) (Gas Distribution Revenues) and 2017 RAB (Net Invested Capital)

2017 VRT (**) = CO + AMM + CI x rd= Euro 78.3 mln

where:

CO:quota covering management operating costs

AMM:quota covering depreciation

CI(RAB): net capital invested in distribution

rd: real pre-tax rate of return on net investedcapital (~ 6.10%)

2017 RAB (***) = Euro 463.6 mln

(*) Ascopiave 2017 VRT has been approved by Gas, Electricity and Water Authority (ARERA) with Resolution n. 149/2018/R/gas; (**) VRT of the companies consolidated with the full consolidation method = Euro 72.6 mln + VRT of the company consolidated with the equity method = Euro 5.7 mln (pro-rata); (***) RAB of the companies consolidated with the full consolidation method = Euro 431.5 mln + RAB of the company consolidated with the equity method = Euro 32.1 mln (pro-rata).

Tariff regulation

Tariff regulation: standard investment costs

National Energy Authority (ARERA) announced that starting from 2019 the value of the investments considered by the tariff system will be not the effective cost but it will be estimated using standardcosts to be defined by the ARERA. For this reason the regulatory value of the assets will be different from their effective cost.

Resolution is expected to be issued in November 2018.

Tariff regulation for the incoming Territorial District concessions

Difference between Compensation and RAB

At the starting date of the new concession:

  • • if the winner of the public tender is the current incumbent operator, the new RAB is equal to theprevious one;
  • • if the winner of the public tender is a newcomer, the new RAB is equal to the compensation paidby the newcomer to the outgoing operator.

Compensation at the end date of the minimum territorial district concession

The compensation is calculated as the sum of (a) the value of the stock of capital existing at the start date of the concession, that is equal to the initial compensation properly updated to take intoaccount the depreciation occurred during the concessional period, and (b) the value of theinvestments made during the concessional period, calculated as the average between the effectivecosts of the assets and the regulatory value of the assets.

SWOT analysis – Gas Distribution SBU

Strengths

  • Dimensional level that allows exploitation of interesting management economies of scale
  • Contiguity in gas network, with advantages in terms of operative efficiency
  • High network management operative standards
  • Part of the local municipalities granting the gas distribution concessions are shareholders of the Group
  • Independence by large municipalities
  • Current financial leverage

Opportunities

  • Possibility to achieve critical mass as of aggregative pole in Veneto and Lombardy in the utility sector
  • Tenders for gas distribution concessions
  • Temporary push towards aggregations of companies operating in the sector increase in geographical coverage by expanding the corporate structure

Weakness

We expect that legal framework uncertainty and the time needed by municipalities to organize competitive tender procedures will delay the tenders start

Threats

  • Regulatory uncertainty
  • Uncertainty on financial needs for the compensations to be paid to outgoing distributors
  • Gas concession expiring
  • Risk to lose tenders

Contents

Gas sales

→ G
l
t
a
s
s
a
e
s
s
e
c
o
r

















































 P
g
a		 3
7
→ l
d
h
b
G
t
t
t
t
a
s
s
a
e
s
o
e
n
c
s
o
m
e
r
s
:
e
c
s
o
m
e
r
a
s
e
u
u























 P
g
a		 3
9
→ G
l
l
i
i
i
d
i
l
d
t
t
t
g
a
s
s
e
n
p
r
c
e
o
r
e
s
e
n
a
e
n
c
u
s
o
m
e
r
s
























 P
g
a		 0
4
→ C
d
h
M
E
M
i
i
i
t
n
e
x
a
o
n
m
e
c
a
n
s
m






































 P
g
a		 4
2
→ G
t
t
a
s
p
r
o
c
u
r
e
m
e
n
c
o
s
s











































 P
g
a		 3
4
→ S
i
i
l
i
I
t
g
n
e
r
e
a
a
n
e
















































 P
a
g		 4
5
→ h
l
b
A
i
i
i
t
t
t
s
c
o
p
a
e
s
r
a
e
g
n
e
g
a
s
s
a
e
s
n
e
s
s
v
y
u



























 P
g
a		 6
4
→ S
l
G
S
l
S
i
B
U
t
w
o
a
n
a
y
s
s
a
s
a
e
s
–





































 P
a
g		 4
7

Gas sales sector (1)

Gas sales sector: key figures (*)

  • pNo. of operators in the italian market: over 400
  • p First 25 operators (volumes of gas sold higher than one billion of standard cubic meters) supplying over 70% of overall consumption to the final market (40,1 billions standard cubic meters on a total of 57,4 billlions standard cubic meters)

Since liberalization introduced by Letta decree in the early 2000s, gas sale market has experienced twowell distinct phases:

  • porganic growth
  • pconsolidation through company aggregations / mergers and vertical integrations

The current phase of market concentration - that is happening through M&A activities (external growth) and the exit from the market of minor gas sales companies - will cause a further reduction in thenumber of operators.

(*) 2016 ARERA data.

Gas sales sector (2)

  • p Since 2008 economic crisis continues to affect natural gas demand. Together with the structure and constraints of take or pay contracts it has contributed to create a long market
  • pDecoupling between gas price and oil gas price is very significant
  • p All these factors (decoupling, long market and spot prices) have contributed to considerably raise margins for retail operators not tied by procurement to takeor pay contracts
  • p The difference between tariff component of raw material and real purchase costs has been very high
  • p Resolution n. 196/2013 has changed the criteria to define and update the component of the selling price aimed at covering the cost of the raw material that, now refers entirely to the gas spot market (TTF forward prices)
  • p Although gradually, extra margins outcoming from the difference between tariff component of row material and real purchase costs will be reduced significantly in the coming years.

External growth (through M&A) becomes again a driver of development in the gas market as opposed to the organic growth.

Increase in profitability comes from low gas procurement costs (by entering the mid-streamsegment of the value chain)

Gas sales to end customers: the customer base

  • p Ascopiave customer base is constituted for the most part by loyal residential customers (about 60% of the gas volumes sold)
  • p Despite gas sales business was completely liberalised in 2003, so that any end consumer may sign a supply contract with any gas sales company, the National Energy Authority (ARERA) continue toregulate activities to assure that the market works properly and to protect certain categories of customers (residential customers); for these customers, maximum tariff levels are still set.
  • p The National Energy Authority announced that from 2019 it will stop fixing maximum tariff levels, so that supply prices will be set only through the free negotiations occurring in the market.

(*) 2017 data in million of standard cubic meter. Operating data of companies consolidated proportionally are considered pro-rata.

P = CMEM + CCR + QT + TD + QVD + GCT + VAT

CMEM + CCR = Wholesale cost of gasQT = Gas transportation cost via national network TD= Gas distribution tariff

QVD = Gas retail sales cost GCT = Gas consumption taxes VAT= Value added tax

Gas selling price to a typical residential end customer (annual consumption: 1,400 scm)

ice
Pr
t
c
om
p
on
en		 / s
Eu
t
ro
ce
n
cm		 %
C
C
C
M
E
M
R		 2
3
6		 3
4
%
+
Q
T		 3,
5
4		 5
%
T
D		 3,
0
9
7,		 1
0
%
Q
V
D		 0
8
5,		 %
7
Pr
ice		 3
9,
0
7		 5
8
%
G
C
T		 1
8,
4
1		 2
7
%
V
A
T		 1
0,
2
8		 1
5
%
Ta
xe
s		 2
8,
6
9		 4
2
%
Pr
ice
ta
xe
s
+		 6
7,
7
6		 1
0
0
%

1st april 2018 (Municipality: Conegliano)

Gas selling price to residential end customers (€cent/scm): from 1stQ 2011 to 2ndQ 2018

Average gas pricefor a family with autonomous heating and annual gas consumption of 1,400 scm.

Until 3rdQ 2013: Cost of raw material = QE; Fixed costs = QTI+QS+TD+QVD+QCI; Taxes = GCT+VAT; From 4thQ 2013: Cost of raw material = CMEM; Fixed costs = QT+TD+QVD+CCR; Taxes = GCT+VAT; Other costs: Cpr+GRAD.

CMEM indexation mechanism

The price component covering the wholesale cost of gas set by the Authority for the protectedmarket (CMEM) is currently linked to the European gas spot prices and not to the medium-long termtake or pay contracts.

Current regulation provides that the price component is quarterly up-datedand is equal to:

CMEM = Pfor + QT(int) +QT(psv) + QT(mcv)

where:

P(for) = component price covering the cost of the raw material (energy), calculated as the average of the forward OTC quarterly prices in the Dutch TTF hub occurring in the penultimate month before the reference quarter and published by ICIS-Heren

QT(int)= cost of the gas transport through international pipelines

QT(psv)= cost of the gas transport from the national boundary to the virtual national hub (PSV)

QT(mcv)= other transportation costs

Gas procurement costs (1)

Gas procurement costs

  • pGas procurement costs are negotiated on a free market
  • pIncumbent shippers have strong market position
  • pDeclining gas demand gives economic opportunities to sales companies with loyal customer base

To procure gas for the most stable part of its customers base (residential and small business customers) Ascopiave relies:

  • 1) on a long term take or pay contract signed in 2008 by Sinergie Italiane (in liquidation) (current capital stake of Ascopiave: 30.94%);
  • 2) on annual contracts stipulated with several shippers for almost all the rest of the customers.

Gas procurement costs (2)

Renegotiation of the long term take or pay contract

  • p The economic conditions provided by the contract signed in 2008 with Gazprom have been renegotiated several times in the past
  • p Economic conditions need to be renegotiated periodically as the prices become significantly different from the ones prevailing in the market.
  • p In the recent past all the main national shippers that signed long term take or pay contracts renegotiated their economic conditions, because the contracted prices became out of the market; due to the economic crisis and the system overcapacity the spot market prices fell dramatically.
  • p Renegotiation has likely allowed the national shippers to recover margins on their activities and improve their economics.

Sinergie Italiane is a company established in 2008 (*) to create a partnership among Italian downstreamenergy companies strongly rooted to local areas and with solid and loyal customer bases.

Sinergie Italiane signed a long-term import take or pay (ToP) contract with Gazprom for the supply of 1.0bcm of gas per year up to 2021.

In April 2012 Sinergie Italiane shareholders meeting resolved for the voluntary liquidation of thecompany and appointed the liquidators.

The scope of the company during 2012-2014 was limited to import russian gas and to sell it to the sales companies participated by the shareholders, as well as to manage the agreements, transactions anddisputes relating to the regulation of contractual relations, improved before the liquidation.

(*) Former shareholders structure included the current shareholders and also Alto Milanese Gestioni Avanzate and Utilità Progetti.

Ascopiave strategy in the gas sale business

Ascopiave has the possibility to act in the market successfully, taking opportunities from the furtherincoming market liberalization and concentration:

  • it is one of the main operator in Italy, with an extensive and good expertise in the sector, as well asgood standing and reputation
  • it currently has an important size, that allows it to exploit economies of scale (efficient cost for operations and marketing)
  • it has a loyal and stable customer base, that makes it an appealing partner for experienced up and mid stream operators
  • it has strong financial capability so it can support external growth by M&A and/or vertical integration.

Ascopiave: actions in the gas sales market

To improve its competitive positioning in the gas sales market, Ascopiave Group intends:

to grow through M&A (external growth) to compensate the natural loss of gas sales customers in the geographical area where it is the incumbent operator

  • to develop the electricity business as a tool to retain current gas customer base (cross selling)
  • to reduce the cost to serve, through a more efficient management of the core operations (billing, back office and front office activities, credit cash, credit recovery, etc)
  • to improve the gas supply process by exploiting the competitive advantage of having stable consumption in a long gas market

SWOT analysis – Gas Sales SBU

Strengths

  • Large end customer base
  • High per-capita consumption

  • Front offices capillarity

  • Efficient customer care service

  • Differentiation of offered services (dual fuel)

Presence in territory with good development

  • Independence by big customers
  • Deeply rooted presence in reference geographical area

Opportunities

capabilities in the segment of residential customers

Opportunity to acquire new customers in locations not

Total market 'opening' – Cross selling on customer base

Strong local brand reputation

served by distribution SBU

High degree of customer loyalty

Weakness

Limited diffusion and knowledge of the brand outsideof the geographical area where the Group is the current incumbent

Threats

  • Risk exposure connected to gas purchase cost
  • Activity partially regulated by the Italian Gas, Electricity and Water Authority, focused on keeping low price levels
  • Competition in a fully liberalized market
  • Competitive pressure increase and attacks from new entrants
  • Entrance and consolidation of foreign groups and major Italian utilities

Annexes: financial data

Contents

Annexes: financial data

-FY 2017 financial results

→ F
Y
2
0
1
7
l
i
d
d
i
t
t
t
t
c
o
n
s
o
a
e
n
c
o
m
e
s
a
e
m
e
n


































 P
5
0
a
g.
→ C
l
i
d
d
b
l
h
f
3
1
d
b
2
0
1
7
t
t
t
o
n
s
o
a
e
a
a
n
c
e
s
e
e
a
s
o
s
e
c
e
m
e
r

























 P
5
1
a
g.
→ V
l
f
d
i
i
b
d
t
t
o
u
m
e
s
o
g
a
s
s
r
u
e










































 2
P
5
a
g.
→ l
f
l
d
V
o
m
e
s
o
g
a
s
s
o
u














































 P
5
3
g.
a
→ l
f
l
l
d
V
i
i
t
t
o
m
e
s
o
e
e
c
r
c
s
o
u
y










































 P
5
4
g.
a
→ b
d
R
i
g
e
v
e
n
u
e
s
r
e
















































 P
5
5
g.
a
→ b
d
E
B
I
T
D
A
i
g
r
e


















































 P
5
7
g.
a
→ E
B
I
T
D
A
b
k
d
r
e
a
o
w
n















































 P
5
9
g.
a
→ G
d
i
i
b
i
i
f
f
t
t
t
a
s
s
r
u
o
n
a
r
r
e
v
e
n
u
e
s







































 P
6
1
a
g.
→ G
i
l
g
g
r
o
s
s
m
a
r
n
o
n
a
s
s
a
e
s











































 6
2
P
a
g.
→ G
i
d
i
l
t
r
o
s
s
m
a
r
g
n
o
n
r
a
n
g
g
a
s
s
a
e
s






































 6
3
P
a
g.
→ G
i
l
i
i
l
t
t
r
o
s
s
m
a
r
g
n
o
n
e
e
c
r
c
s
a
e
s
y






































 P
6
4
g.
a
→ O
h
i
t
t
t
t
e
r
n
e
o
p
e
r
a
n
g
c
o
s
s











































 P
6
5
g.
a
→ b
f
l
N
u
m
e
r
o
e
m
p
o
y
e
e
s













































 P
6
7
g.
a
→ l
d
d
f
l .
C
i
t
t
o
n
s
o
a
e
c
o
s
o
p
e
r
s
o
n
n
e







































 P
6
8
g.
a
→ C
l
i
d
d
i
l
d
i
t
t
t
o
n
s
o
a
e
c
a
p
a
e
x
p
e
n
u
r
e
s





































 P
6
9
g.
a
→ N
F
i
i
l
P
i
i
d
h
f
l
t
t
e
n
a
n
c
a
o
s
o
n
a
n
c
a
s
o
w




































 P
7
0
a
g.

-2010-2017 financial comparison

-6M 2018 financial results

FY 2017 consolidated income statement

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

(*) Result of the companies consolidated with net equity consolidation method (data are considered pro-rata): sale companies, Euro 5,9 mln (Euro 5,4 mln in 2016); distributioncompanies, Euro 1,0 mln (Euro 1,2 mln in 2016); Sinergie Italiane, Euro 0,6 mln (Euro 1,2 mln in 2016).

Consolidated balance sheet as of 31st december 2017

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

(*) 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 48,0 mln (Euro 48,0 mln as of 31st December 2016); distribution companies, Euro 20,8 mln (Euro 20,7 mln as of 31st December 2016).

(*) Data are considered pro-rata; (**) AP Reti Gas Vicenza: 2ndQ+3rdQ+4thQ 2017.

(*) Data are considered pro-rata.

Volumes of electricity sold

Revenues bridge (1)

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

EBITDA bridge (1)

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

(*) For more details check out to slide at page 65.

EBITDA bridge (2)

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

EBITDA breakdownCompanies consolidated with full consolidation method

(Thousand of Euro)

(
ho
d
f
)
T
Eu
us
an
o
ro		 1
2
M
2
0
1
7		 1
2
M
2
0
1
6		 Va
r		 Va
%
r
E
B
I
T
D
A		 8
4.
4
0
9		 5.
5
5
9
2		 (
)
1
0.
8
4
6		 -1
1,
4
%
E
B
I
T
D
A
Sa
le
-
E
B
I
T
D
A
D
is
i
bu
ion
tr
t
-
E
B
I
T
D
A
As
iav
(
*)
co
p
e
-		 4
1.
0
1
5
4
7.
7
5
5
(
)
4.
3
9
6		 6
0.
2
3
5
3
5.
0
2
0
-		 (
1
9.
1
8
4
)
1
2.
7
3
5
(
)
4.
3
9
6		 -3
1,
8
%
3
6,
4
%
+
n.a
E
B
I
T		 5
9.
9
3
9		 7
2.
1
3
7		 (
)
1
2.
1
9
7		 -1
6,
9
%
E
B
I
T
Sa
le
-
E
B
I
T
D
is
i
bu
ion
tr
t
-
E
B
I
T
As
iav
(
*)
co
p
e
-		 3
5.
9
1
3
3
0.
2
3
2
(
)
6.
2
0
5		 5
4.
9
4
0
1
7.
1
9
6
-		 (
)
1
9.
0
2
8
1
3.
0
3
5
(
)
6.
2
0
5		 -3
4,
6
%
7
5,
8
%
+
n.a

(*) In 2016 Ascopiave contributes to the results of the distribution SBU.

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

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

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

The increase of gas distribution tariff revenues of the companies consolidated with full consolidation method (+ Euro 8,3 mln) is due to:

  • 1) change of the consolidation area (AP Reti Gas Vicenza, 2ndQ+3rdQ+4thQ 2017): + Euro8,7 mln;
  • 2) reduction of gas distribution tariff revenues due to the accounting in the 2016 of theequalization amount accounted for the positive difference between the definitive andprovisional tariffs related to year 2015 (- Euro 1,2 mln).
  • 3) change of gas distribution tariff revenues: + Euro 0,8 mln.
T
ho
d
f
Eu
)
(
*)
us
an
o
ro		 1
2
M
2
0
1
7		 1
2
M
2
0
1
6		 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.
7
1
0		 5.
8
0
3		 (
)
9
3		 -1
6
%
,
is
i
io
i
f
f r
(
)
Ga
d
bu
A+
B
tr
t
ta
s
n
r
ev
en
ue
s		 7
5.
5
4
6		 6
7.
2
9
0		 8.
2
5
5		 1
2,
3
%
+

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

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

The decrease of gross margin on gas sales of the companies consolidated with full consolidation method, equal to - Euro 17,8 mln, is due to:

  • 1) increase of the gas purchase cost due to the accounting in the 2016 of thecompensation entitled to the Group for the adhesion to the mechanism for therenegotiation of the long-term gas procurement agreements in the years 2014-2016according to the ARERA Res. 447/2013/R/gas (+ Euro 11,1 mln);
  • 2) lower unit profit margins, in spite of higher volumes of gas sold.

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

Gross margin on trading gas sales

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

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

Gross margin on electricity sales

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

The increase of gross margin on electricity sales of the companies consolidated with full consolidation method, equal to + Euro 1,0 mln, is due to higher unit profit margins andhigher volumes of electricity sold.

(
T
ho
d
f
Eu
)
(
*)
us
an
o
ro		 M
1
2
2
0
1
7		 M
1
2
2
0
1
6		 C
hg		 C
hg
%
Gr
in
lec
ic
i
les
(
B
)
tr
ty
os
s
ma
rg
on
e
sa
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		 1.
3
3
4		 1.
1
2
9		 2
0
5		 1
8,
2
%
+
Gr
in
lec
ic
i
les
(
A+
B
)
tr
ty
os
s
ma
rg
on
e
s
a		 5
7.
0
9		 6.
3
0
7		 1.
2
0
2		 1
9,
1
%
+

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

(
T
ho
d
f
Eu
)
us
an
o
ro		 1
2
M
2
0
1
7		 1
2
M
2
0
1
6		 C
hg		 C
hg
%
O
he
t
r re
ve
nu
es		 8.
9
1
6
5		 3
0.
3
0
0		 2
8.
6
1
5		 9
4,
4
%
+
O
he
f ra
ia
ls
d s
ice
t
ts
te
r c
os
o
w
ma
r
an
er
v
s
Co
f p
l
t o
s
er
so
nn
e		 (
8
6.
4
3
)
7
(
2
4.
8
)
5
5		 (
9
9
)
5
5.
5
(
2
4.
2
3
3
)		 (
3
0.
4
8
)
7
(
6
2
2
)		 4,
4
%
5
+
2,
6
%
+
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
mp
an
y
co
ns
o
w
l
i
da
ion
ho
d
t
t
co
ns
o
m
e		 (
)
5
2.
4
1
3		 (
)
4
9.
9
2
8		 (
)
2.
4
8
5		 5,
0
%
+

Net operating costs referred to the change of the consolidation area: - Euro 6,6 mln

Decrease of other net operating costs of 2016 consolidationarea: + Euro 4,1 mln

of which:

  • increase of cost of personnel: - Euro 0,2 mln;
  • increase of margin on energy efficiency tasks management: + Euro 3,6 mln;
  • decrease of contingent assets: - Euro 0,6 mln;
  • increase of CCSE contributions for security incentives: + Euro 0,6 mln;
  • increase of advertising costs: - Euro 1,1 mln;
  • increase of capitalizations: + Euro 1,5 mln;
  • other variations: + Euro 0,3 mln.

Other net operating costs (2)

ho
d
f
Eu
)
us
an
o
ro		 1
2
M
2
0
1
7		 1
2
M
2
0
1
6		 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
mp
an
y
co
ns
o
w
l
i
da
ion
ho
d
t
t
co
ns
o
m
e		 (
5
2.
4
1
3
)		 (
4
9.
9
2
8
)		 (
2.
4
8
5
)		 5,
0
%
+
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 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		 (
1
1.
0
8
4
)		 (
8.
2
2
9
)		 (
2.
8
5
5
)		 3
4,
%
7
+
O
he
in
(
A+
B
)
t
t o
t
ts
r n
e
p
er
a
g
co
s		 (
6
3.
4
9
6
)		 (
5
8.
1
5
7
)		 (
5.
3
3
9
)		 9,
2
%
+

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

Number of employees

(*) Data are considered pro-rata; (**) AP Reti Gas Vicenza.

Cost of personnel changes:

  • change of the consolidation area: + Euro 0,4 mln
  • capitalized cost of personnel: - Euro 0,2 mln
  • other: + Euro 0,4 mln, of which:
  • o - Euro 0,4 mln: compensations related to the long term incentive plan
  • o+ Euro 0,8 mln: other changes

2017 cost of personnel of the companies consolidated with net equity consolidationmethod (Sinergie Italiane excluded): Euro 3,1 mln (-3,1%).

Consolidated capital expenditures

Consolidated capital expenditures (*)

2017 investments of the companies consolidated with net equity consolidation method(Sinergie Italiane excluded): Euro 1,6 mln (+49,0%).

(*) Excluding network extension in new urbanized areas that according to IAS are considerated as operating costs and not investments;.(**) Investments in tangible assets: Euro 1,1 mln; investments in intangible assets: Euro 22,5 mln (excluded realizations of tangible and intangible assets and investments in associated); (***) AP Reti Gas Vicenza: 2ndQ+3rdQ+4thQ2017.

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)

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

2017 average cost of debt: 0,38% (vs 2016 rate: 0,57%)

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

Contents

Annexes: financial data

-FY 2017 financial results

-2010-2017 financial comparison

→ I
t
t
t
n
c
o
m
e
s
a
e
m
e
n














































 P
g.
a		 7
4
→ B
l
h
t
a
a
n
c
e
s
e
e

















































 P
g.
a		 7
5

-6M 2018 financial results

Income statement

IFR
S 1
1		 IFR
S 1
1		 IFR
S 1
1		 IFR
S 1
1		 IFR
S 1
1 re
ted
sta
(
ho
d
)
T
Eu
usa
n
ro		 2
0
1
7		 2
0
1
6		 2
0
1
5		 2
0
1
4		 2
0
1
3		 2
0
1
3		 2
0
1
2		 2
0
1
1		 2
0
1
0
Re
ve
nu
es		 5
3
2.
7
9
2		 4
9
7.
6
8
9		 5
8
1.
6
5
5		 5
8
5.
3
0
0		 6
6
7.
8
3
7		 8
5
4.
3
3
4		 1.
0
7
8.
0
3
8		 1.
0
9
9.
2
4
1		 8
5
5.
8
8
4
(
Co
f ra
ia
ls a
d c
b
les
)
st
ate
o
w m
r
n
on
su
ma
(
Co
f s
ice
)
st
o
erv
s
(
Co
f p
l
)
st
o
ers
on
ne
Ot
(
he
ing
)
t
sts
r o
p
era
co
Ot
he
ing
inc
t
r o
p
era
om
e		 (
27
0.
)
5
77
(
1
1
3.
45
7
)
(
2
4.
8
)
5
5
(
4
0.
2
2
4
)
7
3
1		 (
2
4
9.
9
1
6
)
(
1
0
7.5
0
3
)
(
2
4.
2
3
3
)
(
2
1.
3
77
)
5
9
6		 (
3
4
6.
4
3
1
)
(
1
1
9.
15
1
)
(
2
1.5
3
)
7
(
1
4.
1
0
6
)
5
9
1		 (
3
9.
3
6
6
)
5
(
1
0
7.7
4
0
)
(
2
2.7
2
6
)
(
15
9
1
4
)
3
2		 (
47
3.
4
6
9
)
(
7
3.
75
1
)
(
2
2.
8
2
2
)
(
1
2.
6
6
6
)
1.
1
4
6		 (
4.5
1
8
)
5
7
(
1
3
3.
4
4
2
)
(
27
1
9
3
)
(
1
4.
3
3
7
)
1.
1
4
8		 (
8
0.
8
2
2
)
7
(
15
2.
4
3
4
)
(
25
4
4
2
)
(
1
6.
9
5
2
)
2
47		 (
8
4
4.
2
6
8
)
(
1
2
4.5
7
2
)
(
2
4.
3
2
3
)
(
1
3.
5
2
2
)
6
1
2		 (
6
6
0.
0
3
0
)
(
8
7.5
2
8
)
(
2
1.
0
9
1
)
(
1
0.
2
1
3
)
9
8
9
E
B
I
T
D
A		 8
4.
4
0
9		 5.
5
5
9
2		 8
0.
9
8
3		 5
5
7
9.
8		 8
6.
2
7
6		 5.
1
0
9
9
2		 5
1
0
2.
6
3		 9
3.
1
6
9		 7
8.
0
0
9
(
)
De
iat
ion
d a
rt
iza
t
ion
p
rec
s a
n
mo
s
(
)
Pro
is
ion
v
s		 (
)
2
2.5
8
5
(
)
1.
8
8
5		 (
)
2
0.
2
27
(
)
2.
8
9
1		 (
)
2
0.
0
2
9
(
)
4.
0
0
4		 (
)
2
0.
0
9
9
(
)
6.
8
1
9		 (
)
1
8.
27
3
(
)
6.
0
3
9		 (
)
2
0.
5
7
0
(
)
8.
5
4
8		 (
)
2
2.
1
1
6
(
)
7.
4
9
1		 (
)
1
9.
0
8
1
(
)
7.
3
7
2		 (
)
17
4
1
4
(
)
4.
8
4
1
E
B
I
T		 5
9.
9
3
9		 2.
1
3
7
7		 5
6.
9
5
0		 5
2.
6
6
7		 6
1.
9
6
4		 6.
8
4
7
7		 3.
0
2
7
7		 6
6.
1
7
7		 5
5.
5
4
7
F
ina
ia
l
inc
/
(
)
nc
om
e
ex
p
en
se
s
Ev
lua
ion
f c
ies
it
h e
ity
ho
d
t
t
a
o
om
p
an
q
me
w
u		 (
)
4
6
8
3
9
8
7.		 (
)
5
4
4
0
7.7
5		 (
)
5
1
8
4
4
9
7.		 (
)
1.5
9
3
4.
45
3		 (
)
1.5
15
6.
4
6
8		 (
)
3.
9
6
1
(
2
6
2
)		 (
)
6.
9
1
6
(
1
1.
0
0
)
7		 (
)
2.7
9
8
(
2
2.
4
25
)		 (
)
7
6
7
(
3
)
7
5
E
B
T		 6
6.
8
6
9		 7
9.
3
4
3		 6
3.
8
8
1		 5
5.
5
2
7		 6
6.
9
1
7		 7
2.
6
5
1		 5
5.
1
0
4		 4
1.
4
9
4		 5
4.
2
5
3
(
Inc
)
e t
om
ax
es		 (
17
6
17
)		 (
2
2.
4
0
1
)		 (
1
8.
1
9
)
5		 (
1
8.
1
9
4
)		 (
25
8
0
)
7		 (
3
1.5
4
1
)		 (
2
9.
0
9
)
5		 (
3
3.
8
4
)
7		 (
2
1.
4
0
8
)
Ea
ing
fte
r ta
rn
s a
xe
s		 4
9.
2
5
2		 5
6.
9
4
2		 4
5.
3
6
2		 3
3
3
3
7.		 4
1.
1
1
1		 4
1.
1
1
1		 2
5.
5
9
5		 6
2
0
7.		 3
2.
8
4
5
(
)
fro
Ne
inc
los
d
isc
inu
d o
ion
t
t
t
om
e
s
m
on
e
p
era
s		 - - - - (
)
7
1		 (
)
7
1		 4.
3
3
6		 6
3
9		 -
Ne
inc
t
om
e		 4
9.
2
5
2		 5
6.
9
4
2		 4
5.
3
6
2		 3
3
3
3
7.		 4
1.
0
4
0		 4
1.
0
4
0		 2
9.
9
3
2		 8.
2
5
9		 3
2.
8
4
5
(
Ne
inc
f m
ino
it
ies
)
t
om
e o
r		 (
)
2.
1
17		 (
)
3.
3
0
7		 (
)
2.
3
4
9		 (
)
1.7
5
0		 (
)
2.
3
6
1		 (
)
2.
3
6
1		 (
)
2.
0
6
7		 (
)
1.
9
9
3		 (
)
1.
6
7
1
Ne
inc
f t
he
Gr
t
om
e o
ou
p		 4
7.
1
3
5		 5
3.
6
3
5		 4
3.
0
1
4		 3
5.
5
8
3		 3
8.
6
7
8		 3
8.
6
7
8		 2
7.
8
6
5		 6.
2
6
6		 3
1.
1
7
4

Balance sheet

IFR
S 1
1		 IFR
S 1
1		 IFR
S 1
1		 IFR
S 1
1		 IFR
S 1
1 r
d
est
ate
(
T
ho
d
Eu
)
usa
n
ro		 3
1
/
1
2
/
2
0
1
7		 3
1
/
1
2
/
2
0
1
6		 3
1
/
1
2
/
2
0
1
5		 3
1
/
1
2
/
2
0
1
4		 3
1
/
1
2
/
2
0
1
3		 3
1
/
1
2
/
2
0
1
3		 3
1
/
1
2
/
2
0
1
2		 3
1
/
1
2
/
2
0
1
1		 3
1
/
1
2
/
2
0
1
0
Ta
i
b
le
ts
ng
as
se		 3
2.
3
3
4		 3
2.
3
6
4		 3
4.
9
8
7		 3
6.
6
1
4		 3
8
4
0
7.		 3
9.
2
7
7		 4
0.
3
4
5		 6
1.
9
8
3		 4
3.
8
1
4
No
i
b
le
tan
ts
n
g
as
se		 4
2
6
9
2
7.		 3
9
6
6
4
7.		 3
9
4
1
8
7.		 3
9
4.
3
0
5		 3
8
0
0
7.
5		 4
4
8
9
8
7.		 4
0.
4
5
5
7		 4
9.
0
4
6
5		 4
1
0.
6
7
5
Inv
in
ia
tm
ts
tes
es
en
as
so
c		 6
8.
8
8
7		 6
8.
3
8
7		 6
8.
0
8
7		 6
4
3
5.
5		 2.
4
2
1
7		 1 - - -
O
he
f
ixe
d a
t
ts
r
ss
e		 2
4.
4
9
4		 2
3.
8
0
8		 2
6.
6
9
9		 2
9.
5
5
5		 3
9.
6
8
7		 4
4.
3
5
1		 2
9.
8
1
7		 2
6.
7
4
1		 1
6.
1
3
3
F
ixe
d a
ts
ss
e		 5
5
3.
3
9
7		 5
2
2.
5
7
4		 5
2
7.
1
8
2		 5
2
6.
1
5
2		 5
3
7.
4
4
9		 5
3
1.
5
2
7		 5
2
0.
8
0
8		 5
4
7.
7
7
0		 4
7
0.
7
1
2
Op
ing
t
t a
ts
era
cu
rre
n
ss
e		 2
2
2.
9
7
7		 2
0
1.
9
0
8		 2
2
3.
4
8
2		 2
2
9.
0
9
5		 2
0
4.
0
6
6		 2
7
5.
8
6
4		 3
6
3.
4
3
6		 3
8
1.
6
8
4		 2
6
1.
1
3
7
(
Op
)
ing
l
ia
b
i
l
i
ies
t
t
t
era
cu
rre
n		 (
)
1
5
6.
5
9
7		 (
)
1
3
8.
0
0
3		 (
)
1
6
6.
7
9
3		 (
)
1
6
2.
5
4
8		 (
)
1
6
0.
2
3
4		 (
)
2
1
1.
9
8
6		 (
)
2
6
1.
1
7
5		 (
)
2
8
3.
1
9
9		 (
)
2
0
8.
9
2
8
(
Op
)
t
ing
t
l
ia
b
i
l
i
t
ies
era
no
n c
urr
en		 (
)
4
9.
4
1
1		 (
)
4
8.
1
5
1		 (
)
4
9.
6
9
8		 (
)
5
3.
3
6
0		 (
)
5
4.
7
9
2		 (
)
6
1.
1
2
6		 (
)
6
4.
1
2
2		 (
)
8
2.
4
6
6		 (
)
4
7.
5
2
6
Ne
k
ing
i
l
t w
ta
or
ca
p		 1
6.
9
6
9		 1
5.
7
5
4		 6.
9
9
1		 1
3.
1
8
8		 (
1
0.
9
6
0
)		 2.
7
5
2		 3
8.
1
4
0		 1
6.
0
1
9		 4.
6
8
3
To
l c
i
l e
loy
d
ta
ta
ap
mp
e		 5
7
0.
3
6
7		 5
3
8.
3
2
8		 5
3
4.
1
7
3		 5
3
9.
3
4
0		 5
2
6.
4
8
9		 5
3
4.
2
7
8		 5
5
8.
9
4
8		 5
6
3.
7
8
9		 5.
5
4
7
3
9
Gr
ha
ho
l
de
i
ty
ou
p
s
re
rs
eq
u		 4
4
5.
5
1
1		 4
3
8.
0
5
5		 4
1
5.
2
6
4		 4
0
5.
3
5
7		 3
9
6
8
9
7.		 3
9
6
8
9
7.		 3
8
4.
0
5
3		 3
5
8
1
7.
7		 3
5.
5
3
5
7
M
ino
i
ies
t
r		 4.
9
8
9		 6.
1
5
4		 4.
8
7
3		 4.
3
1
0		 4.
9
8
9		 4.
9
8
9		 4.
7
6
5		 4.
6
9
6		 3.
8
6
6
Ne
f
ina
ia
l p
i
ion
t
t
nc
os		 1
1
9.
8
6
7		 9
4.
1
1
9		 1
1
4.
0
3
7		 1
2
9.
6
3
7		 1
2
3.
8
1
0		 1
3
1.
6
0
0		 1
0.
1
3
0
7		 2
0
1.
2
2
1		 9
5.
9
9
5
To
l s
ta
ou
rce
s		 5
7
0.
3
6
7		 5
3
8.
3
2
8		 5
3
4.
1
7
3		 5
3
9.
3
4
0		 5
2
6.
4
8
9		 5
3
4.
2
7
8		 5
5
8.
9
4
8		 5
6
3.
7
8
9		 4
7
5.
3
9
5

Contents

Annexes: financial data

-FY 2017 financial results

-2010-2017 financial comparison

-6M 2018 financial results

→ 6
2
0
8
l
d
d
M
1
i
i
t
t
t
t
c
o
n
s
o
a
e
n
c
o
m
e
s
a
e
m
e
n


































 P
7
7
g.
a
→ l
d
d
b
l
h
h
C
i
3
0
j
2
0
1
8
t
t
t
t
o
n
s
o
a
e
a
a
n
c
e
s
e
e
a
u
n
e






























 P
7
8
g.
a
→ l
f
d
b
d
V
i
i
t
t
g
o
u
m
e
s
o
a
s
s
r
u
e










































 P
7
9
a
g.
→ V
l
f
l
d
g
o
u
m
e
s
o
a
s
s
o














































 8
0
P
a
g.
→ V
l
f
l
i
i
l
d
t
t
o
u
m
e
s
o
e
e
c
r
c
y
s
o










































 8
P
1
a
g.
→ R
b
i
d
g
e
v
e
n
u
e
s
r
e
















































 P
8
2
g.
a
→ B
D
A
b
i
d
E
I
T
r
g
e


















































 P
8
4
g.
a
→ B
A
b
k
d
E
I
T
D
r
e
a
o
n
w















































 P
8
6
g.
a
→ G
d
b
f
f
i
i
i
i
t
t
t
a
s
s
r
o
n
a
r
r
e
e
n
e
s
u
v
u







































 P
8
8
g.
a
→ l
G
i
g
g
r
o
s
s
m
a
r
n
o
n
a
s
s
a
e
s











































 P
8
9
g.
a
→ d
l
G
i
i
t
g
g
g
r
o
s
s
m
a
r
n
o
n
r
a
n
a
s
s
a
e
s






































 P
9
0
a
g.
→ G
i
l
i
i
l
t
t
g
r
o
s
s
m
a
r
n
o
n
e
e
c
r
c
y
s
a
e
s






































 9
P
1
a
g.
→ O
h
i
t
t
t
t
g
e
r
n
e
o
p
e
r
a
n
c
o
s
s











































 P
9
2
a
g.
→ N
b
f
l
u
m
e
r
o
e
m
p
o
y
e
e
s













































 P
9
4
g.
a
→ C
l
i
d
d
f
l .
t
t
o
n
s
o
a
e
c
o
s
o
p
e
r
s
o
n
n
e







































 P
9
5
g.
a
→ C
l
d
d
l
d
i
i
i
t
t
t
o
n
s
o
a
e
c
a
p
a
e
p
e
n
r
e
s
x
u





































 P
9
6
g.
a
→ l
d
h
f
l
N
F
i
i
P
i
i
t
t
e
n
a
n
c
a
o
s
o
n
a
n
c
a
s
o
w




































 P
9
7
g.
a

6M 2018 consolidated income statement

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

(*) Result of the companies consolidated with net equity consolidation method (data are considered pro-rata): sale companies, Euro 3,6 mln (Euro 3,4 mln in 6M 2017); distributioncompanies, Euro 0,8 mln (Euro 0,5 mln in 6M 2017); Sinergie Italiane, Euro 0,8 mln (Euro 0,6 mln in 6M 2017).

Consolidated balance sheet at 30th june 2018

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

(*) 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 44,3 mln (Euro 48,0 mln as of 31st December 2017); distribution companies, Euro 21,0 mln (Euro 20,8 mln as of 31st December 2017).

Equal consolidation area

(*) Data are considered pro-rata; (**) AP Reti Gas Vicenza: 1stQ 2018.

(*) Data are considered pro-rata.

Volumes of electricity sold

(*) Data are considered pro-rata.

∆ = +13.083 +4,4%Revenues bridgeCompanies consolidated with full consolidation method(Thousand of Euro)

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

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

(*) For more details check out to slide at page 92.

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

b
k
d
E
B
I
T
D
A
r
e
a
o
w
n
l
d
d
h
f
l
l
l
d
h
d
C
i
i
i
i
i
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

(Thousand of Euro)

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

(Thousand of Euro) 6M 2018 6M 2017 Var Var %EBITDA 7.304 7.429 (125) -1,7%EBITDA - Sale 5.634 6.081 (447) -7,4%EBITDA - Distribution 1.670 1.348 322 +23,9%EBIT 6.054 5.601 453 +8,1%EBIT - Sale 4.972 4.845 127 +2,6%EBIT - Distribution1.083 756 326 +43,1%

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

Gas distribution tariff revenues

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

The increase of gas distribution tariff revenues of the companies consolidated with full consolidation method (+ Euro 3,1 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 0,2 mln.
ho
d
f
(
T
Eu
)
(
*)
us
an
o
ro		 6
2
0
8
M
1		 6
2
0
M
1
7		 C
hg		 C
hg
%
d
bu
Ga
is
i
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		 2.
8
5
1		 2.
8
3
6		 1
5		 0,
5
%
+
d
bu
Ga
is
i
io
i
f
f r
(
A+
B
)
tr
t
ta
s
n
r
ev
en
ue
s		 3
9.
0
6
6		 3
5.
9
6
1		 3.
1
0
5		 8,
6
%
+

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

Gross margin on gas sales

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

The decrease of gross margin on gas sales of the companies consolidated with full consolidation method, equal to - Euro 3,9 mln, is due to lower unit profit margins, in spiteof higher volumes of gas sold.

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

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

Gross margin on trading gas sales

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

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

Gross margin on electricity sales

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

The increase of gross margin on electricity sales of the companies consolidated with full consolidation method, equal to + Euro 0,4 mln, is due to higher unit profit margins, inspite of lower volumes of electricity sold.

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

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

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

Decrease of other net operating costs of equal consolidation area: + Euro 1,4 mln

of which:

  • decrease of cost of personnel: + Euro 0,7 mln;
  • increase of margin on energy efficiency tasks management: + Euro 0,2 mln;
  • decrease of CCSE contributions for security incentives: - Euro 1,0 mln;
  • decrease of advertising and commercial costs: + Euro 0,5 mln;
  • increase of margin on distributor services: + Euro 0,9 mln;
  • decrease of contingent assets on firm acquisitions: - Euro 0,4 mln;
  • decrease of bank and postal current accounts costs: + Euro 0,4 mln;
  • increase of contingent assets: + Euro 0,5 mln;
  • other variations: - Euro 0,4 mln.

Other net operating costs (2)

ho
d
f
Eu
)
us
an
o
ro		 6
M
2
0
1
8		 6
M
2
0
1
7		 C
hg		 C
hg
%
he
O
in
(
A
)
t
t o
t
ts
g
r n
e
p
er
a
co
s
l
da
d
h
f
l
l
Co
i
i
te
t
mp
an
y
co
ns
o
w
u
l
da
ho
d
i
io
t
t
co
ns
o
n
me		 (
2
4.
7
6
3
)		 (
2
3.
9
0
1
)		 (
8
6
2
)		 3,
6
%
+
he
O
in
(
B
)
t
t o
t
ts
g
r n
e
p
er
a
co
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		 (
3.
8
1
3
)		 (
4.
1
8
3
)		 3
7
0		 -8
8
%
,
O
he
in
(
A+
B
)
t
t o
t
ts
r n
e
p
er
a
g
co
s		 (
2
8.
5
7
7
)		 (
2
8.
0
8
4
)		 (
4
9
2
)		 1,
8
%
+

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

Number of employees

(*) Data are considered pro-rata.

Cost of personnel changes:

  • change of the consolidation area: + Euro 0,3 mln
  • capitalized cost of personnel: - Euro 0,4 mln
  • other: - Euro 0,3 mln, of which:
  • o - Euro 0,8 mln: compensations related to the long term incentive plan
  • o + Euro 0,1 mln: net balance of staff recruitments and terminations
  • o+ Euro 0,4 mln: other changes

6M 2018 cost of personnel of the companies consolidated with net equity consolidation method (Sinergie Italiane excluded): Euro 1,6 mln (-0,3%).

Consolidated capital expenditures

6M 2018 investments of the companies consolidated with net equity consolidation method(Sinergie Italiane excluded): Euro 0,7 mln (+36,5%).

(*) Excluding network extension in new urbanized areas that according to IAS are considerated as operating costs and not investments;.(**) Investments in tangible assets: Euro 0,5mln; investments in intangible assets: Euro 8,9 mln (excluded realizations of tangible and intangible assets and investments in associated); (***) AP Reti Gas Vicenza: 1stQ 2018.

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

6M 2018 average cost of debt: 0,65% (vs 2017 rate: 0,38%)

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

Disclaimer

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 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 certaincommodities 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 nopart 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.

More from Ascopiave

Report Publication Announcement 2025
Dec 11
AGM Information 2025
Dec 11
Investor Presentation 2025
Nov 10
Interim / Quarterly Report 2025
Nov 7
Investor Presentation 2025
Nov 6
Management Reports 2025
Nov 6
Earnings Release 2025
Nov 6
Earnings Release 2025
Nov 6
Report Publication Announcement 2025
Aug 1
Report Publication Announcement 2025
Aug 1
View all filings →

Talk to a Data Expert

Have a question? We'll get back to you promptly.