2017 1H Consolidated Results. July 28, 2017 Italgas 1H 2017 Results/ 1

Transcription

1 2017 1H Consolidated Results July 28, 2017 Italgas 1H 2017 Results/ 1

2 Consolidated Perimeter at 30th June 2017 Italgas SpA Equity method Fully consolidation method Italgas Reti 100% Acam Gas 100% Napoletana Gas* 100% Toscana Energia 48.08% Metano S.Angelo Lodigiano 50% *As of April 20th, 2017, Napoletana Gas is a fully owned subsidiary pursuant to the re-grouping of the number of shares ( old shares making 1 new share). Umbria Distribuzione 45% Italgas 1H 2017 Results/ 2

3 1H 2017: delivering superior results, growth [ mn ] Revenue % EBITDA % Operating cash flow % EBITDA Margin 69.1% Capex % EBIT % Consolidated Net Debt 3,682* Net Profit % (*) year end 2016: 3,618 mn Italgas 1H 2017 Results/ 3

4 ..and operational progress July 1 st : 14 territorial units started for more efficient regional management E Liguria C Piemonte D F Veneto Lombardia H B Centro Tirreno I Roma Est L A Friuli - Venezia G Roma Ovest N Campania Including NPG and Acam Gas Centro Adriatico Puglia - Molise M O Calabria - Basilicata June 27th: Tender offer delivered for Turin2 ATEM Italgas Affiliates P Sicilia Italgas 1H 2017 Results/ 4

5 Impressive capex 1H H mn 243 mn 9% 34% 7% 48% 57% Network Metering Other 45% 243,000 smart meters installed 801,000 smart meters installed Italgas 1H 2017 Results/ 5

6 Income Statement [ mn ] st Half st Half Change Revenues Operating expenses EBITDA Depreciation & amortisation EBIT Net interest income (expenses) Net income from associates EBT Income taxes NET PROFIT Italgas 1H 2017 Results/ 6

7 Revenues [ mn ] st Half st Half Change Regulated revenues Distribution Tariff contribution for meters replacement Other distribution revenues Other revenues TOTAL REVENUES Italgas 1H 2017 Results/ 7

8 Opex [ mn ] st Half st Half Change Regulated activities Fixed costs Net labour cost Net external cost Variable costs Other costs Tee Concessions fees Other activities Net labour cost Net external cost TOTAL COSTS Italgas 1H 2017 Results/ 8

9 Ebit Analysis [ mn ] mn due to the accelerated depreciation of meters to be replaced with smart ones by Ebit 2016H1 Ebitda D&A Ebit 2017H1 Italgas 1H 2017 Results/ 9

10 Consolidated Net Income [ mn ] mln Lower financial charges - 3 mln Upfront fees paid mln Lower accretion discounts Net income 1H2016 Ebit Net Financial Expenses Income from Associates Income Taxes on EBT Net income 1H2017 Italgas 1H 2017 Results/ 10

11 Consolidated Cash Flow [ mn ] (64) Net income Depreciation & other items Change in working capital Cash flow from operation Net capex Free Cash flow Shareholders' equity & other Change in Net Debt Italgas 1H 2017 Results/ 11

12 Achieving solid and efficient debt structure Italgas Net Debt Structure mn 3,618 3,682 11% 17% 20% 6% 20% 5% 63% 58% December 31st, 2016 June 30th, 2017 Bridge to Bond Term Loan Banking Facilities Bond Instituitonal Lenders Financing Fixed/Floating ratio 42% 58% Fixed Rate Debt Floating Rate Debt Short/Medium-Long Term 17% 83% Medium-Long Term Debt Short Term Debt Debt Maturity Profile As of June 30th, 2017 mn Beyond 2027 Italgas 1H 2017 Results/ 12

13 Balance Sheet [ mn ] Dec, 31st 2016 Change st Half Net invested capital 4, ,720 Fixed capital 4, ,832 Tangible fixed assets Net intangible fixed assets 4, ,531 Net payables investments Equity-accounted and other investments Net working capital Receivables Liabilities Provisions for employee benefits Assets held for sale and directly related liabilities Net financial debt 3, ,682 Shareholders' equity 1, ,038 Italgas 1H 2017 Results/ 13

14 Q & A Italgas 1H 2017 Results/ 14

15 Annex Italgas 1H 2017 Results/ 15

16 Income Statement [ mn ] nd Quarter nd Quarter Change Revenues Operating expenses EBITDA Depreciation & amortisation EBIT Net interest income (expenses) Net income from associates EBT Income taxes NET PROFIT Italgas 1H 2017 Results/ 16

17 Disclaimer Italgas s Manager, Claudio Ottaviano, in his position as manager responsible for the preparation of financial reports, certifies pursuant to paragraph 2, article 154-bis of the Legislative Decree n. 58/1998, that data and information disclosures herewith set forth correspond to the company s evidence and accounting books and entries. This presentation contains forward-looking statements regarding future events and the future results of Italgas that are based on current expectations, estimates, forecasts, and projections about the industries in which Italgas operates and the beliefs and assumptions of the management of Italgas. In particular, among other statements, certain statements with regard to management objectives, trends in results of operations, margins, costs, return on equity, risk management are forward-looking in nature. Words such as expects, anticipates, targets, goals, projects, intends, plans, believes, seeks, estimates, variations of such words, and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Therefore, Italgas s actual results may differ materially and adversely from those expressed or implied in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, economic conditions globally, political, economic and regulatory developments in Italy and internationally. Any forward-looking statements made by or on behalf of Italgas speak only as of the date they are made. Italgas does not undertake to update forward-looking statements to reflect any changes in Italgas s expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. The reader should, however, consult any further disclosures Italgas may make in documents it files with the Italian Securities and Exchange Commission and with the Italian Stock Exchange. Italgas 1H 2017 Results/ 17

18 2017 1H Consolidated Results July 28, 2017 Italgas 1H 2017 Results/ 18