FY 2012 FY 2012 CONSOLIDATED RESULTS

Transcription

1 FY 212 FY 212 CONSOLIDATED RESULTS Conference Call Pieve di Soligo, March, 15th 213 Pag. 1

2 Contents Financial highlights Ascopiave Group structure as of December, 31st 212 FY 212 income statement Balance sheet Operating Data Revenues and EBITDA Gross margin on gas activities and other net operating costs Personnel Capex and lenght of the gas distribution network Net Financial Position and cash flow Dividends Pag. 2

3 Ascopiave Group structure as of December, 31st 212 Gas distribution 57% 89% 1% Pag. 3 51% 1% 51% 1% 1% 1% 1% 1% 49% 1% 48,999% 1% 1% 1% 48,86% 3,64% Gas sales Other activities 8% (in liquidation) (in liquidation)

4 FY 212 income statement (Thousand of Euro) Chg Chg % Revenues (21.23) -1,9% (Cost of raw materials and consumables) (78.822) ( ) ,5% (Cost of services) ( ) ( ) (27.862) +22,4% (Cost of personnel) (25.442) (24.323) (1.119) +4,6% (Other operating costs) (16.952) (13.522) (3.43) +25,4% Other operating income (365) -59,7% EBITDA ,2% (Depreciations and amortizations) (22.116) (19.81) (3.36) +15,9% (Provisions) (7.491) (7.372) (12) +1,6% EBIT ,5% Financial income / (expenses) (6.916) (2.798) (4.118) +147,2% Evaluation of companies with net assets method (11.7) (22.425) ,9% EBT ,8% (Income taxes) (29.59) (33.874) ,9% Earnings after taxes ,9% (Net loss from discontinued operations) ,5% Net income ,4% (Net income of minorities) (2.67) (1.993) (74) +3,7% Net income of the Group ,7% Pag. 4

5 Balance sheet (Thousand of Euro) 31/12/212 31/12/211 Chg Chg % Tangible assets (*) (21.448) -34,6% Non tangible assets (*) (8.589) -1,9% Other fixed assets ,5% Fixed assets (26.962) -4,9% Operating current assets (18.247) -4,8% (Operating current liabilities) ( ) ( ) ,8% (Operating non current liabilities) (64.122) (82.466) ,2% Net working capital ,1% Total capital employed (4.84) -,9% Group shareholders equity ,3% Minorities ,5% Net financial position (31.91) -15,5% Total sources (4.84) -,9% (*) Applying IFRIC 12 involves categorising the infrastructures under concession from tangible assets to intangible assets Pag. 5

6 Contents Financial highlights Operating Data Volumes of gas distributed Volumes of gas sold to end customers Volumes of gas sold on trading and wholesaling activities Number of gas sales customers Revenues and EBITDA Gross margin on gas activities and other net operating costs Personnel Capex and lenght of the gas distribution network Net Financial Position and cash flow Dividends Pag. 6

7 Volumes of gas distributed (1) Volumes of gas distributed (Million of standard cubic meters) = -,4 = +6,9 -,5% ,6% ,3 877, ,8 151, New consolidation area 211 consolidation area New consolidation area 211 consolidation area Gas distributed Companies consolidated at 1% Gas distributed Companies consolidated at 49% Pag. 7

8 Volumes of gas distributed (2) Volumes of gas distributed: hystorical trend (Million of standard cubic meters) 784,6 Avg ,4% (*) (*) Excluding volumes of natural gas distributed by ASM DG, Edigas Esercizio Distribuzione Gas and Unigas Distribuzione Pag. 8

9 Volumes of gas sold to end customers Volumes of gas sold to end customers (Million of standard cubic meters) = -63,2 = -87,4-5,6% ,1% 1.59, , , , ,4 621, New consolidation area 211 consolidation area (*) New consolidation area 211 consolidation area Gas sold to end customers Companies consolidated at 1% Gas sold to end customers Companies consolidated at 49%-51% (*) 1stH 212 of Amgas Blu Pag. 9

10 Volumes of gas sold on trading and wholesaling activities Volumes of gas sold on trading and wholesaling activities (Million of standard cubic meters) = -537,4-46,6% , , Gas sold on trading and wholesaling activities Companies consolidated at 1% Pag. 1

11 Number of gas sales customers Gas sales customers Companies consolidated at 1% ,7% 31/12/212 31/12/211 New consolidation area 211 consolidation area Gas sales customers Companies consolidated at 49%-51% = = ,3% /12/212 31/12/211 New consolidation area 211 consolidation area Pag. 11

12 Pag. 12 Contents Financial highlights Operating Data Revenues and EBITDA Revenues bridge EBITDA bridge Gross margin on gas activities and other net operating costs Personnel Capex and lenght of the gas distribution network Net Financial Position and cash flow Dividends

13 Revenues bridge (1) Revenues bridge (Thousand of Euro) = ,9% Revenues from gas sales to end customers Revenues from gas trading and wholesaling activities Revenues from electricity sales Other revenues 212 Pag. 13

14 Revenues bridge (2) Pag (*) 1stH 212 of Amgas Blu Revenues bridge (Thousand of Euro) = ,9% (*) Chg in revenues of 211 consolidation area Revenues of new consolidation area

15 EBITDA bridge (1) Pag EBITDA bridge (Thousand of Euro) = ,2% EBITDA 211 Gross margin on gas sales Gas distribution tariff revenues Other changes EBITDA 212

16 EBITDA bridge (2) EBITDA bridge (Thousand of Euro) = ,2% (*) EBITDA 211 Chg in EBITDA of 211 consolidation area EBITDA of new consolidation area EBITDA 212 (*) 1stH 212 of Amgas Blu Pag. 16

17 Contents Financial highlights Operating Data Revenues and EBITDA Gross margin on gas activities and other net operating costs Gross margin on gas sales Distribution tariff revenues Other net operating costs Personnel Capex and lenght of the gas distribution network Net Financial Position and cash flow Dividends Pag. 17

18 Gross margin on gas sales (Thousand of Euro) Chg Chg % Revenues from gas sales to end customers ,2% Revenues from gas trading and wholesaling ( ) -45,6% Revenues from gas sales (63.746) -6,7% (Gas purchase costs) (689.41) ( ) ,9% (Distribution costs) (14.586) (99.713) (4.872) +4,9% Gross Margin on Gas Sales ,1% The increase of gross margin on gas sales (+ Euro 15,9 mln) is referable to: 1) change of consolidation area (Amgas Blu S.r.l.): + Euro 2,4 mln 2) increase of gross margin on gas sales to end customers of 211 consolidation area: + Euro 15,1 mln 3) decrease of margin on gas trading and wholesales activities: - Euro 1,6 mln Pag. 18

19 Distribution tariff revenues (Thousand of Euro) Chg Chg % Tariffs applied to sales companies ,3% Equalization amount (+ / -) ,8% Gas distribution tariff revenues ,3% The increase of gas distribution tariff revenues (+ Euro 3,6 mln) is due to: 1) change of gas distribution tariffs applied to gas sales companies: + Euro,2 mln 2) equalization amount: + Euro 3,4 mln Pag. 19

20 Other net operating costs Change of other net operating costs: - 1,M p Net operating costs of new consolidation area: -,7M p Increase of net operating costs of 211 consolidation area: - 9,3M of which: Increase of gas distribution concession fees: - 2,9M Increase of personnel cost: -,9M Decrease of gross margin in electricity sales: -,1M Increase of marketing and customer acquisition cost: - 1,2M Decrease of energy efficiency margin: -,3M Increase of provision for risks and charges: - 3,1M Decrease of revenues for distribution network connection services : -,5M Other changes: -,3M Pag. 2

21 Contents Financial highlights Operating Data Revenues and EBITDA Gross margin on gas activities and other net operating costs Personnel Number of employees Cost of Personnel Capex and lenght of the gas distribution network Net Financial Position and cash flow Dividends Pag. 21

22 Number of employees (1) No. of employees Companies consolidated at 1% 453 = -1 -,2% 31/12/212 31/12/211 New consolidation area 211 consolidation area 454 No. of employees Companies consolidated at 49%-51% = ,8% 31/12/212 31/12/211 New consolidation area 211 consolidation area 161 Pag. 22

23 Cost of personnel Cost of personnel 261 (Thousand of Euro) (*) = ,6% Cost of personnel 211 Cost of personnel of new consolidation area Change of capitalized cost of personnel Other changes Cost of personnel 212 (*) 1stH 212 of Amgas Blu Pag. 23

24 Pag. 24 Contents Financial highlights Operating Data Revenues and EBITDA Gross margin on gas activities and other operating costs Personnel Capex and lenght of the gas distribution network Net Financial Position and cash flow Dividends

25 Capex and lenght of the gas distribution network Capex (*) (Thousand of Euro) = ,7% (**) Gas distribuition system: Euro 14,9 mln gas meters: Euro 1,9 mln buildings: Euro 2,6 mln gas distribution concession fees: Euro 1,4 mln other: Euro 2,3 mln (*) Excluding network extension in new urbanized areas that according to IAS are operating costs and not investments (**) Investments in tangible assets: 3,8 million of Euro; investments in intangible assets: 19,3 million of Euro (realization of tangible and intangible assets and participation investments are excluded) Pag. 25

26 Pag. 26 Contents Financial highlights Operating Data Revenues and EBITDA Gross margin on gas activities and other net operating costs Personnel Capex and lenght of the gas distribution network Net Financial Position and cash flow Dividends

27 Net Financial Position and cash flow ,2 (Million of Euro) +57,9-15,5-3,4 31/12/211 Cash flow Capex Change in net working capital (operating activities) = +31,1 (*) -15,5% -4,2 Change in net working capital (fiscal activities) -3,7 Change in shareholders' equity +2,4 +6,5-17,1 Sales (price) NFP from sales 31/12/212 (*) Euro 27,5 Mln of which for covering Sinergie Italiane losses and bringing the share capital back up to the par value of 1 million. Pag. 27

28 Pag. 28 Contents Financial highlights Operating Data Revenues and EBITDA Gross margin on gas activities and other net operating costs Personnel Capex and lenght of the gas distribution network Net Financial Position and cash flow Dividends

29 Dividends Dividends payment sustainable with high return to shareholders Sustainability of the dividend policy: p stable cash flow p stable business profitability p well-balanced financial structure Dividend yield at the top of the listed italian utilities companies DIVIDENDS Dividends paid (Thousand of Euro) Group Net Income (Thousand of Euro) Payout ratio 93% % 75% 83% 18% 91% 121% Dividends per share (Euro),11,,1,9,85,85,85 (*) Dividend yeald on detachment date 9,6% n.a. 6,2% 5,7% 5,6% 5,7% 4,2% (*) 212 dividend yield is calculated on official closing price at March, 14th 213. Pag. 29