Ascopiave — Investor Presentation 2021

Aug 5, 2021

G r u p p o A s c o p i a v e 6M 2021 CONSOLIDATED RESULTS

Conference Call Pieve di Soligo, 6th August 2021

Financial highlights ……………………………………………………………………………………………………………………….………………………………………	Pag. 3
Companies consolidated with full consolidation method ……………………………………………………………	Pag. 7
Estenergy …………………………………………………………………………………………………………………………………………………………………………………….…	Pag. 17
Disclaimer …………………………………………………………….…………………………………………………………………………………………………………………………	Pag. 19

• → Ascopiave Group structure as of 30th June 2021
• → 6M 2021 consolidated income statement
• → Consolidated balance sheet as of 30th June 2021

Companies consolidated with full consolidation method

Estenergy

Ascopiave Group structure as of 30th June 2021 6M 2021 CONSOLIDATED RESULTS

Financial highlights

(Thousand of Euro)	6M 2021	6M 2020	Chg	Chg %
Revenues	66.085	86.518	(20.433)	-24%
(Purchase for other raw materials) costs	(1.113)	(1.047)	(66)	+6%
(Costs for services)	(19.529)	(18.376)	(1.154)	+6%
(Costs for personnel)	(9.148)	(9.600)	452	-5%
(Other costs) management	(5.222)	(27.917)	22.696	-81%
Other income	511	27	484	+1799%
EBITDA	31.585	29.605	1.979	+7%
(Amortizations and depreciation)	(17.679)	(16.722)	(957)	+6%
EBIT	13.872	12.883	989	+8%
Financial income / (expenses)	2.425	2.724	(299)	-11%
(*) Evaluation of companies with equity method net	14.258	9.341	4.917	+53%
EBT	30.555	24.948	5.607	+22%
(Income taxes)	(3.699)	(3.763)	64	-2%
income Net	26.856	21.185	5.671	+27%

(*) Result of the company consolidated with net equity consolidation method (pro-rata): Estenergy, Euro 14,3 mln (Euro 9,3 mln in 6M 2020).

Consolidated balance sheet as of 30th June 2021 6M 2021 CONSOLIDATED RESULTS

(Thousand of Euro)	30/06/2021	31/12/2020	Chg	Chg %
(*) Tangible assets	34.552	33.443	1.109	+3%
(*) Non tangible assets	631.585	626.685	4.900	+1%
(**) Investments in associates	512.743	515.729	(2.986)	-1%
Other fixed assets	33.406	34.276	(871)	-3%
Fixed assets	1.212.286	1.210.134	2.152	+0%
Operating current assets	72.265	128.046	(55.781)	-44%
(Operating liabilities) current	(74.411)	(98.759)	24.347	-25%
(Operating liabilities) non current	(45.888)	(47.071)	1.183	-3%
Net working capital	(48.035)	(17.784)	(30.251)	+170%
Total capital employed	1.164.250	1.192.350	(28.099)	-2%
Group shareholders equity	846.474	853.903	(7.429)	-1%
Minorities	-	-	-	n.a.
Net financial position	317.777	338.447	(20.670)	-6%
Total sources	1.164.250	1.192.350	(28.099)	-2%

(*) According to IFRIC 12, the infrastructures under concession are consedered intangible assets;

(**) Value of the associated companies consolidated with net equity consolidation method (pro-rata): Estenergy, Euro 425,8 mln (Euro 429,0 mln as of 31st December 2020); Hera Comm, Euro 54,0 mln (Euro 54,0 mln as of 31st December 2020); Acsm-Agam, Euro 24,9 mln (Euro 24,9 mln as of 31st December 2020); Cogeide, Euro 8,0 mln (Euro 7,8 mln as of 31st December 2020).

Financial highlights

Companies consolidated with full consolidation method

• → Operating data
• → Revenues bridge
• → EBIT bridge
• → Gas distribution tariff revenues and other net operating costs
• → Personnel
• → Capex
• → Net financial position and cash flow

Estenergy

Volumes of gas distributed

(Million of standard cubic meters)

(*) Tariff revenues include the tariff component for the recovery of the fee paid to local entities according to art. 46-bis DL 159/2007.

(*) Further details on page 11 of the current presentation.

Gas distribution tariff revenues and other net operating costs 6M 2021 CONSOLIDATED RESULTS

(Thousand of Euro) (*)	6M 2021	6M 2020	Chg	Chg %
Gas distribution tariff revenues	54.218	54.375	(158)	-0%
Gas distribution tariff revenues	54.218	54.375	(158)	-0%
(Thousand of Euro)	6M 2021	6M 2020	Chg	Chg %
Other revenues	11.000	31.484	(20.485)	-65%
Other of raw materials and services costs	(24.484)	(46.655)	22.170	-48%
Cost of personnel	(9.148)	(9.600)	452	-5%
Other operating net costs	(22.633)	(24.770)	2.137	-9%

Decrease of other net operating costs: + Euro 2,1 mln

of which:

• decrease of cost of personnel: + Euro 0,5 mln;
• increase of margin on energy efficiency tasks management: + Euro 1,0 mln;
• increase of gas distribution concession fees: - Euro 0,3 mln;
• decrease of CSEA contributions for security incentives: - Euro 0,4 mln;
• increase of costs for consultancy: - Euro 0,5 mln;
• decrease of provisions for risks: + Euro 0,9 mln;
• decrease of non recurring costs: + Euro 0,6 mln;
• other variations: + Euro 0,3 mln.

(*) Economic data before elisions

Number of employees

14

(*) Excluding network extension in new urbanized areas that according to IAS are considerated as operating costs and not capital expenditures;

(**) Investments in intangible assets and in tangible assets (excluded realizations, investments in associated and investments relative to the application of IFRS 16 accounting principle).

(*) Cash flow = net income + amortizations and depreciation;

(**) Net investments in tangible and intangible assets;

(***) Purchase of own shares: + Euro 0,2 mln; dividends distributed to Ascopiave shareholders: - Euro 34,7 mln.

Companies consolidated with full consolidation method

Net financial position and cash flow (2) 6M 2021 CONSOLIDATED RESULTS

Chg Chg %	30/06/2021 31/12/2020	(*)
(21.698) -11%	174.301 195.999	financial borrowings (>12 months)
3.359 +8%	43.383 40.024	position of long financial borrowings term
(3.395) -3%	100.628 104.023	financial borrowings (<12 months)
(21.734) -6%	318.312 340.046	Total financial debt
(15.965) -7%	203.308 219.273	Fixed borrowings rate
(5.769) -5%	115.004 120.773	Floating borrowings rate
		6M 2021 average cost of debt: 0,30% (vs 12M 2020 rate: 0,34%)

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

Companies consolidated with full consolidation method

Estenergy

→ Financial highlights

Income statement (*) Balance sheet (*)

(Thousand of Euro)	6M 2021	6M 2020
Revenues	212.830	191.006
(Purchase for other raw materials) costs	(111.903)	(96.636)
(Costs for services)	(73.226)	(70.798)
for personnel) (Costs	(3.910)	(3.630)
(Other costs) management	(316)	(278)
EBITDA	23.474	19.663
(Depreciations and amortizations) + (provisions)	(7.480)	(6.794)
EBIT	15.994	12.869
Financial income / (expenses)	476	451
EBT	16.470	13.320
(Income taxes)	(4.405)	(3.116)
Net income	12.065	10.204

(Thousand of Euro)	30/06/2021	31/12/2020
Tangible assets	1.731	1.812
tangible Non assets	317.100	314.141
Investments in associates	8.230	8.424
Other fixed assets	1.049	1.683
Fixed assets	328.110	326.061
Operating current assets	87.202	139.482
(Operating liabilities) current	(111.175)	(93.126)
(Operating liabilities) non current	(26.224)	(51.913)
working capital Net	(50.197)	(5.557)
Total capital employed	277.913	320.504
Shareholders equity	346.217	348.864
Net financial position	(68.304)	(28.360)
Total sources	277.913	320.504

(*) Pro-rata amounts, i.e. proportional to the Ascopiave's capital stake in Estenergy (48%).

Estenergy

Companies consolidated with full consolidation method

Estenergy

• ❑ This presentation has been prepared by Ascopiave S.p.A. for information purposes only and for use in presentations of the Group's results and strategies.
• ❑ For further details on the Ascopiave Group, reference should be made to publicly available information, including the Quarterly Reports and the Annual reports.
• ❑ Statements contained in this presentation, particularly the ones regarding any Ascopiave Group possible or assumed future performance, are or may be forward looking statements and in this respect they involve some risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward looking statement. Such factors include, but are not limited to: changes in global economic business, changes in the price of certain commodities including electricity and gas, the competitive market and regulatory factors. Moreover, forward looking statements are currently only at the date they are made.
• ❑ Any reference to past performance of the Ascopiave Group shall not be taken as an indication of the future performance.
• ❑ This document does not constitute an offer or invitation to purchase or subscribe for any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.
• ❑ By attending the presentation you agree to be bound by the foregoing terms.