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Ascopiave Investor Presentation 2024
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Investor Presentation
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G r u p p o A s c o p i a v e 6M 2024 CONSOLIDATED RESULTS
Conference Call Pieve di Soligo, 30th July 2024
| Financial highlights ……………………………………………………………………………………………………………………….……………………………………… | Pag. 3 | |
|---|---|---|
| Companies consolidated with full consolidation method …………………………………………………………… |
Pag. 7 | |
| Estenergy …………………………………………………………………………………………………………………………………………………………………………………….… |
Pag. 19 | |
| Disclaimer …………………………………………………………….………………………………………………………………………………………………………………………… | Pag. 21 |
- → Ascopiave Group structure as of 30th June 2024
- → 6M 2024 consolidated income statement
- → Consolidated balance sheet as of 30th June 2024
Companies consolidated with full consolidation method
Estenergy
Ascopiave Group structure as of 30th June 2024 6M 2024 CONSOLIDATED RESULTS
Gas distribution Gas and electricity sales Corporate services to subsidiaries and associates Water management services Renewable energy production ICT services
| (Thousand of Euro) |
6M 2024 |
6M 2023 |
Chg | Chg % |
|---|---|---|---|---|
| Revenues | 99.091 | 83.897 | 15.194 | +18% |
| (Purchase for other raw materials) costs |
(1.082) | (989) | (94) | +9% |
| (Costs for services) |
(25.830) | (24.848) | (982) | +4% |
| (Costs for personnel) |
(10.448) | (11.216) | 768 | -7% |
| (Other costs) management |
(13.156) | (12.792) | (363) | +3% |
| Other income |
136 | 4.130 | (3.994) | -97% |
| EBITDA | 48.711 | 38.182 | 10.529 | +28% |
| (Amortizations and depreciation) |
(24.998) | (23.431) | (1.567) | +7% |
| (Provisions) | (2) | (253) | 252 | -99% |
| EBIT | 23.711 | 14.498 | 9.213 | +64% |
| Financial income / (expenses) |
(4.039) | 489 | (4.528) | -926% |
| (*) Evaluation of with method companies equity net |
4.848 | 794 | 4.054 | +510% |
| EBT | 24.521 | 15.781 | 8.739 | +55% |
| (Income taxes) |
(5.993) | (2.309) | (3.685) | +160% |
| Earnings after taxes |
18.527 | 13.473 | 5.055 | +38% |
| result from discontinued operations Net |
- | 56 | (56) | -100% |
| Net income |
18.527 | 13.529 | 4.998 | +37% |
| income of minorities Net |
(683) | (1.458) | 775 | -53% |
| the Net income of Group |
17.845 | 12.071 | 5.773 | +48% |
(*) Result of the companies consolidated with net equity consolidation method (pro-rata): Estenergy Group and Cogeide.
Consolidated balance sheet as of 30th June 2024 6M 2024 CONSOLIDATED RESULTS
| (Thousand of Euro) |
30/06/2024 | 31/12/2023 | Chg | Chg % |
|---|---|---|---|---|
| Tangible (*) assets |
155 405 |
156 475 |
(1 069) |
-1% |
| (*) tangible Non assets |
773 885 |
766 353 |
531 7 |
+1% |
| (**) Investments in associates |
305 010 |
308 331 |
(3 321) |
-1% |
| Other fixed assets |
41 889 |
42 780 |
(891) | -2% |
| Fixed assets |
1 276 189 |
1 273 939 |
2 250 |
+0% |
| Operating current assets |
137 409 |
129 253 |
8 156 |
+6% |
| (Operating liabilities) current |
(101 837) |
(95 936) |
(5 901) |
+6% |
| liabilities) (Operating non current |
(63 983) |
(63 749) |
(234) | +0% |
| working capital Net |
(28 410) |
(30 432) |
2 021 |
-7% |
| Total capital employed |
||||
| intended sale assets to |
- | 138 | (138) | -100% |
| Total capital employed |
1 247 778 |
1 243 645 |
4 133 |
+0% |
| Group shareholders equity |
832 057 |
844 753 |
(12 696) |
-2% |
| Minorities | 10 117 |
9 529 |
588 | +6% |
| Shareholders equity |
842 173 |
854 282 |
(12 109) |
-1% |
| Net financial position |
405 605 |
389 363 |
16 242 |
+4% |
| Total sources |
1 247 778 |
1 243 645 |
4 133 |
+0% |
(*) According to IFRIC 12, the infrastructures under concession are considered intangible assets.
(**) Value of the associated companies consolidated with net equity consolidation method (pro-rata): Estenergy, Euro 199.3 mln (Euro 202.8 mln as of 31st December 2023); Cogeide, Euro 8.4 mln (Euro 8.2 mln as of 31st December 2023). Other minority shareholdings: Hera Comm, Euro 53.3 mln (Euro 53.3 mln as of 31st December 2023); Acinque, Euro 21.6 mln (Euro 21.6 mln as of 31st December 2023); Acantho, Euro 22.3 mln (Euro 22.3 mln as of 31st December 2023).
Financial highlights
Companies consolidated with full consolidation method
- → Operating data
- → Revenues bridge
- → EBIT bridge
- → Gas distribution tariff revenues and revenues from RES
- → Other net operating costs
- → Personnel
- → Capex
- → Net financial position and cash flow
Estenergy
6M 2024 CONSOLIDATED RESULTS
(*) 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 13 of the current presentation.
Gas distribution tariff revenues
| (Thousand of Euro) (*) |
6M 2024 |
6M 2023 |
Chg | Chg % |
|---|---|---|---|---|
| Gas distribution tariff revenues |
68.560 | 60.039 | 8.521 | +14% |
| distribution Gas tariff revenues |
68.560 | 60.039 | 8.521 | +14% |
Increase of gas distribution tariff revenues: + Euro 8.5 mln
of which:
- change of the remuneration rate on the net capital invested (WACC): + Euro 3.7 mln;
- ▪ monetary revaluation of capital costs: + Euro 1.7 mln;
- ▪ monetary revaluation of operating costs: + Euro 1.5 mln;
- other changes: + Euro 1.6 mln.
Revenues from RES
| (Thousand of Euro) (*) |
6M 2024 |
6M 2023 |
Chg | Chg % |
|---|---|---|---|---|
| Revenues from FER |
15.718 | 8.041 | 7.677 | +95% |
| Revenues from FER |
15.718 | 8.041 | 7.677 | +95% |
(*) Economic data before elisions.
| (Thousand of Euro) |
6M 2024 |
6M 2023 |
Chg | Chg % |
|---|---|---|---|---|
| Other revenues |
14.004 | 15.008 | (1.004) | -7% |
| Other of raw materials and services costs |
(39.123) | (33.689) | (5.434) | +16% |
| Cost of personnel |
(10.448) | (11.216) | 768 | -7% |
| Other operating net costs |
(35.567) | (29.897) | (5.670) | +19% |
Increase of other net operating costs: - Euro 5.7 mln
of which:
- increase of gas distribution concession fees: - Euro 1.4 mln;
- increase of margin on energy efficiency tasks management: + Euro 0.1 mln;
- decrease of costs for consultancy: + Euro 0.2 mln;
- decrease of costs for gas and electricity: + Euro 0.3 mln;
- ▪ decrease of cost of personnel: + Euro 0.8 mln;
- ▪ decrease of revenues for service contracts: - Euro 1.1 mln;
- ▪ increase of gas meter reading costs: - Euro 0.3 mln;
- decrease of capital gains from the sale of assets and shareholdings: - Euro 4.1 mln;
- decrease of other non recurring costs: + Euro 0.6 mln;
- other variations: - Euro 0.8 mln.
6M 2024 CONSOLIDATED RESULTS
Number of employees
Companies consolidated with full consolidation method
(*) Excluding network extension in new urbanized areas that according to IAS are considered 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).
6M 2024 CONSOLIDATED RESULTS
17
(*) Cash flow = net income + amortizations and depreciation; (**) Investments in tangible and intangible assets.
Net financial position and cash flow (2) 6M 2024 CONSOLIDATED RESULTS
| (Thousand of Euro) (*) |
30/06/2024 | 31/12/2023 | Chg | Chg % |
|---|---|---|---|---|
| Long financial borrowings term |
202 839 |
204 064 |
(1 225) |
-1% |
| Current position of long financial borrowings term |
80 698 |
80 642 |
56 | +0% |
| Long bond loans term |
78 559 |
86 347 |
(7 788) |
-9% |
| Current position of bond loans |
720 7 |
708 7 |
12 | +0% |
| Short financial borrowings term |
32 775 |
7 917 |
24 858 |
+314% |
| Total financial debt |
402 .591 |
386 678 |
15.913 | +4% |
| Fixed borrowings rate |
194 836 |
221 994 |
(27 158) |
-12% |
| Floating borrowings rate |
207 755 |
164 684 |
43 071 |
+26% |
6M 2024 average cost of debt: 3.42% (vs 12M 2023 rate: 2.57%)
(*) Data refer 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 2024 |
6M 2023 |
|---|---|---|
| Revenues | 598.500 | 623.055 |
| (Purchase for other raw materials) costs for (Costs services) (Costs for personnel) (Other costs) management |
(364.294) (174.410) (8.075) (473) |
(543.737) (40.685) (7.906) (600) |
| EBITDA | 51.247 | 30.127 |
| (Depreciations and amortizations) + (provisions) |
(25.214) | (19.676) |
| EBIT | 26.033 | 10.451 |
| Financial income / (expenses) |
(333) | (6.337) |
| EBT | 25.700 | 4.114 |
| (Income taxes) |
(7.896) | (2.529) |
| Net income |
17.804 | 1.585 |
| (Thousand of Euro) |
30/06/2024 | 31/12/2023 |
|---|---|---|
| Tangible assets |
5.514 | 5.522 |
| tangible Non assets |
622.007 | 627.170 |
| Investments in associates |
17.446 | 17.704 |
| Other fixed assets |
652 | 781 |
| Fixed assets |
645.619 | 651.177 |
| Operating current assets |
80.648 | 90.953 |
| (Operating liabilities) current |
(244.902) | (206.459) |
| (Operating liabilities) non current |
(72.673) | (64.689) |
| working capital Net |
(236.926) | (180.195) |
| Total capital employed |
408.693 | 470.981 |
| Shareholders equity |
625.589 | 639.625 |
| Net financial position |
(216.896) | (168.644) |
| Total sources |
408.693 | 470.981 |
(*) Data refers to 100% of 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.
