FY 2011 FY 2011 CONSOLIDATED RESULTS

Transcription

1 FY 211 FY 211 CONSOLIDATED RESULTS Conference Call Pag. 1

2 Contents Financial highlights Ascopiave Group structure as of December, 31st 211 FY 211 income statement Impact of Robin Hood Tax review 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 Pag. 2

3 Ascopiave Group structure as of December, 31st 211 7% 49% 5% 48,999% Pag. 3 48,86% 89% 1% 51% 1% 51% 1% 57% (in liquidazione) 27,61% 8%

4 FY 211 income statement (Thousand of Euro) Chg Chg % Revenues ,8% (Cost of raw materials and consumables) ( ) (66.3) ( ) +27,9% (Cost of services) (125.23) (87.528) (37.675) +43,% (Cost of personnel) (24.323) (21.91) (3.231) +15,3% (Other operating costs) (14.53) (1.213) (3.84) +37,6% Other operating income (377) -38,1% EBITDA ,2% (Depreciations and amortizations) (19.938) (17.414) (2.523) +14,5% (Provisions) (7.372) (4.841) (2.531) +52,3% EBIT ,% Financial income / (expenses) (3.164) (767) (2.397) +312,4% Evaluation of companies with net assets method (22.478) (735) (21.743) +2959,9% EBT (11.857) -21,9% (Income taxes) (34.136) (21.48) (12.728) +59,5% Net income (24.585) -74,9% Pag. 4

5 Impact of Robin Hood Tax review (Thousand of Euro) without impact of Robin Hood Tax review Chg Chg % EBT ,% (Income taxes) (34.136) (25.245) (8.891) +35,2% of which: Robin Hood Tax review impact current taxes (4.33) n.a. Robin Hood Tax review impact deferred taxes (4.858) n.a. (Thousand of Euro) Net income (8.891) -51,8% 211 without impact of Robin Hood Tax review 21 Chg Chg % Revenues ,8% (Operating costs) ( ) ( ) (229.37) +29,5% EBITDA ,2% (Depreciations, amortizations and provisions) (5.54) +22,7% EBIT ,% Net financial income / (expenses) (25.642) (1.52) (24.14) +167,4% EBT (11.857) -21,9% (Income taxes) (25.245) - (25.245) n.a. Net income (37.12) -68,4% Pag. 5

6 Balance sheet (Thousand of Euro) 31/12/211 31/12/21 Chg Chg % (*) Tangible assets ,5% (*) Non tangible assets ,8% Other fixed assets ,8% Fixed assets ,4% Operating current assets ,2% (Operating current liabilities) ( ) (28.928) (74.271) +35,5% (Operating non current liabilities) (82.466) (47.526) (34.94) +73,5% Net working capital ,1% Total capital employed ,6% Group shareholders equity (17.664) -4,7% Minorities ,5% Net financial position ,6% Total sources ,6% (*) Applying IFRIC 12 involves categorising the infrastructures under concession from tangible assets to intangible assets Pag. 6

7 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 Pag. 7

8 Volumes of gas distributed (1) Volumes of gas distributed (Million of standard cubic meters) = -66,3 = +151,9-7,% 6 n.a. 877,8 944, ,9 1, New consolidation area 21 consolidation area New consolidation area 21 consolidation area (*) Gas distributed Companies consolidated at Gas distributed Companies consolidated at 49% (*) Unigas Distribuzione S.r.l. Pag. 8

9 Volumes of gas distributed (2) Volumes of gas distributed: hystorical trend (Million of standard cubic meters) 786,1 Avg ,9% (*) (*) Excluding volumes of natural gas distributed by ASM DG, Edigas Esercizio Distribuzione Gas and Unigas Distribuzione Pag. 9

10 Volumes of gas sold to end customers Volumes of gas sold to end customers (Million of standard cubic meters) = +79,9 = -15,4 +7,7% ,4% 1.122, ,4 137, ,7 637,1 985, New consolidation area 21 consolidation area (*) New consolidation area 21 consolidation area Gas sold to end customers Companies consolidated at Gas sold to end customers Companies consolidated at 49%-51% (*) Blue Meta S.p.A. and Amgas Blu S.r.l. Pag. 1

11 Volumes of gas sold on trading and wholesaling activities Volumes of gas sold on trading and wholesaling activities (Million of standard cubic meters) = +96, ,1% ,1 1.57, Gas sold on trading and wholesaling activities Companies consolidated at Pag. 11

12 Number of gas sales customers Gas sales customers Companies consolidated at ,3% /12/211 31/12/ Gas sales customers Companies consolidated at 49%-51% = = ,9% /12/211 31/12/21 New consolidation area 21 consolidation area (*) New consolidation area 21 consolidation area (*) Blue Meta S.p.A. and Amgas Blu S.r.l. Pag. 12

13 Pag. 13 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

14 Revenues bridge (1) Revenues bridge (Thousand of Euro) = ,8% Revenues from gas sales to end customers Revenues from gas trading and wholesaling activities Revenues from electricity sales Other revenues 211 Pag. 14

15 Revenues bridge (2) Pag Revenues bridge (Thousand of Euro) = ,8% Chg in revenues of 21 consolidation area Revenues of new consolidation area

16 EBITDA bridge (1) Pag EBITDA bridge (Thousand of Euro) = ,2% EBITDA 21 Gross margin on gas sales Gas distribution tariff revenues Other changes EBITDA 211

17 EBITDA bridge (2) Pag EBITDA bridge (Thousand of Euro) = ,2% EBITDA 21 Chg in EBITDA of 21 consolidation area EBITDA of new consolidation area EBITDA 211

18 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 Pag. 18

19 Gross margin on gas sales (Thousand of Euro) Chg Chg % Revenues from gas sales to end customers ,9% Revenues from gas trading and wholesaling ,2% Revenues from gas sales ,% (Gas purchase costs) ( ) ( ) ( ) +26,6% (Distribution costs) (99.713) (97.164) (2.55) +2,6% Gross Margin on Gas Sales ,3% The increase of gross margin on gas sales (+ Euro 19,8 mln) is referable to: 1) change of consolidation area (Blue Meta S.p.A. and Amgas Blu S.r.l.): + Euro 9,7 mln 2) increase of gross margin on gas sales to end customers of 21 consolidation area: + Euro 1,5 mln 3) decrease of margin on gas trading and wholesales activities: - Euro,5 mln Pag. 19

20 Distribution tariff revenues (Thousand of Euro) Chg Chg % Tariffs applied to sales companies ,1% Equalization amount (+ / -) (125) ,% Gas distribution tariff revenues ,8% The increase of gas distribution tariff revenues (+ Euro 8,6 mln) is due to: 1) change of consolidation area (Unigas Distribuzione S.r.l.): + Euro 5,2 mln 2) increase of 21 consolidation area: + Euro 3,4 mln Pag. 2

21 Other net operating costs Change of other net operating costs: - 11,M p Net operating costs of new consolidation area: - 6,4M p Increase of net operating costs of 21 consolidation area: - 4,6M of which: Increase of personnel cost: - 1,4M Increase of gross margin in electricity sales: +,3M Increase of gas distribution concession fees: -,9M Decrease of revenues for distribution network connection services: -,7M Increase of energy efficiency credit costs: -,9M Increase of advertising and marketing costs: -,5M Improvement of results of AscoEnergy Group (photovoltaic plants): + 1,2M Other changes: - 1,7M Pag. 21

22 Contents Pag. 22 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

23 Number of employees (1) No. of employees Companies consolidated at = ,1% /12/211 31/12/21 No. of employees Companies consolidated at 49%-51% = ,8% /12/211 31/12/21 New consolidation area New consolidation area (*) (**) 21 consolidation area 21 consolidation area (*) Blue Meta S.p.A. and Amgas Blu S.r.l. (**) Unigas Distribuzione S.r.l. Pag. 23

24 Cost of personnel Cost of personnel (Thousand of Euro) (*) = ,3% Cost of personnel 21 Cost of personnel of new consolidation area Change of capitalized cost of personnel Other changes Cost of personnel 211 (*) Unigas Distribuzione S.r.l. (48,86%) + Blue Meta S.p.A. + Amgas Blu S.r.l. (2ndH 211) Pag. 24

25 Pag. 25 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

26 Capex and lenght of the gas distribution network = (**) +43,4% Capex (*) (Thousand of Euro) Gas distribuition system: Euro 15,4 mln; photovoltaic power plant: Euro 14,2 mln; buildings: Euro 5,3 mln; distribution concession fees : Euro 5,4 mln; other: Euro 1,5 mln. (*) Excluding network extension in new urbanized areas that according to IAS are operating costs and not investments (**) Investments in tangible assets: 22.1 million of Euro; investments in intangible assets: 19.7 million of Euro (realization of tangible and intangible assets and participation investments are excluded) Pag. 26

27 Pag. 27 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

28 Net Financial Position and cash flow , (Million of Euro) 33,6-39,1-23,6 31/12/21 Cash flow Capex Change in net working capital (operating activities) = -15,2 +19,6% -8,6 Change in net working capital (fiscal activities) -26,4 Change in shareholders' equity -54,6 Acquisitions (price) 13,5 NFP from acquisitions -21,2 31/12/211 Pag. 28