9M 2013 CONSOLIDATED RESULTS

Transcription

1 Gruppo 9M 213 CONSOLIDATED RESULTS Conference Call Pieve di Soligo, November, 15th 213 1

2 CONFERENCE CALL 2 Contents Financial highlights Ascopiave Group structure as of September, 3th 213 9M 213 income statement Balance sheet Operating Data Revenues and EBITDA Gross margin on gas and electricity activities and other net operating costs Personnel Capex Net Financial Position and cash flow

3 CONFERENCE CALL Ascopiave Group structure as of September, 3th % 89% 1% 51% 3 1% Gas distribution Gas sales Other activities (in liquidation) 51% 1% 1% 8% 1% 1% 1% 49% 48,999% 1% 1% 3,94% (in liquidation) 48,86% 1% (in liquidation)

4 9M 213 income statement (Thousand of Euro) 9M 213 9M 212 Chg Chg % Revenues ( ) -19,5% (Cost of raw materials and consumables) (426.3) ( ) ,% (Cost of services) (98.2) (18.198) ,4% (Cost of personnel) (19.653) (18.864) (788) +4,2% (Other operating costs) (15.372) (1.194) (5.178) +5,8% Other operating income ,1% EBITDA ,4% (Depreciations and amortizations) (15.759) (14.659) (1.1) +7,5% (Provisions) (7.45) (3.777) (3.269) +86,5% EBIT ,2% CONFERENCE CALL Financial income / (expenses) (3.666) (5.582) ,3% Evaluation of companies with net assets method (112) (1.84) ,9% EBT ,4% (Income taxes) (24.463) (18.865) (5.598) +29,7% Earnings after taxes ,8% (Net loss from discontinued operations) (1.323) -1,% Net income ,5% (Net income of minorities) (1.796) (1.672) (125) +7,5% Net income of the Group ,9% 4

5 Balance sheet (Thousand of Euro) 3/9/213 31/12/212 Chg Chg % Tangible assets (*) (1.341) -3,3% Non tangible assets (*) (4.19) -,9% Other fixed assets ,7% Fixed assets (4.348) -,8% Operating current assets ( ) -47,8% (Operating current liabilities) (14.999) ( ) ,% (Operating non current liabilities) (61.845) (64.122) ,6% Net working capital (13.272) (51.413) -134,8% CONFERENCE CALL Total capital employed (55.761) -1,% Group shareholders equity ,9% Minorities (336) -7,% Net financial position (58.699) -34,5% Total sources (55.761) -1,% (*) Applying IFRIC 12 involves categorising the infrastructures under concession from tangible assets to intangible assets 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 and electricity activities and other net operating costs Personnel Capex Net Financial Position and cash flow CONFERENCE CALL 6

7 CONFERENCE CALL Volumes of gas distributed (1) 7 Volumes of gas distributed (Million of standard cubic meters) = -2,3 = +7,8 9-3,4% 9 +7,5% ,7 6, ,1 13,3 9M 213 9M 212 9M 213 9M 212 Gas distributed Companies consolidated at 1% Gas distributed Companies consolidated at 49%

8 Volumes of gas distributed (2) Volumes of gas distributed: hystorical trend (Million of standard cubic meters) ,3 Avg ,9% CONFERENCE CALL 9M 22 9M 23 9M 24 9M 25 9M 26 9M 27 9M 28 9M 29 9M 21 9M 211 9M 212 9M 213 (*) (*) Excluding volumes of natural gas distributed by ASM DG, Edigas Esercizio Distribuzione Gas and Unigas Distribuzione Gas 8

9 Volumes of gas sold to end customers ,1 Volumes of gas sold to end customers (Million of standard cubic meters) = -147,4-19,3% 9 764, , = -28,8-7,9% 365,8 CONFERENCE CALL M 213 9M 212 9M 213 9M 212 Gas sold to end customers Companies consolidated at 1% Gas sold to end customers Companies consolidated at 49%-51% 9

10 CONFERENCE CALL 1 Volumes of gas sold on trading and wholesaling activities Volumes of gas sold on trading and wholesaling activities (Million of standard cubic meters) = -54,1 7-1,% , M 213 9M 212 Gas sold on trading and wholesaling activities Companies consolidated at 1%

11 CONFERENCE CALL Number of gas sales customers 11 Gas sales customers Companies consolidated at 1% Gas sales customers Companies consolidated at 49%-51% = = ,8% -2,6% /9/213 31/12/212 3/9/213 31/12/212

12 CONFERENCE CALL 12 Contents Financial highlights Operating Data Revenues and EBITDA Revenues bridge EBITDA bridge Gross margin on gas and electricity activities and other net operating costs Personnel Capex Net Financial Position and cash flow

13 Revenues bridge Revenues bridge (Thousand of Euro) = ,5% CONFERENCE CALL M 212 Revenues from gas sales to end customers Revenues from gas trading and wholesaling activities Revenues from electricity sales Other revenues (*) 9M 213 (*) of which 88,3 million relating to sale at Exchange Hub (PSV) of gas from Russia procured through take or pay contracts signed by Sinergie Italiane, regulated in the sphere of the framework supply agreement on the part of the Group's reference shipper 13

14 CONFERENCE CALL EBITDA bridge EBITDA 9M 212 EBITDA bridge (Thousand of Euro) = ,4% Gross margin on gas sales Gross margin on electricity sales Gas distribution tariff revenues -38 Other changes EBITDA 9M 213

15 CONFERENCE CALL 15 Contents Financial highlights Operating Data Revenues and EBITDA Gross margin on gas and electricity activities and other net operating costs Gross margin on gas sales Gross margin on electricity sales Distribution tariff revenues Other net operating costs Personnel Capex Net Financial Position and cash flow

16 Gross margin on gas sales (Thousand of Euro) (*) 9M 213 9M 212 Chg Chg % Revenues from gas sales to end customers (55.966) -11,1% Revenues from gas trading and wholesaling ( ) -1,% Revenues from gas sales (23.555) -31,2% (Gas purchase costs) ( ) ( ) ,1% (Distribution costs) (8.84) (7.86) (9.278) +13,1% Gross margin on gas sales ,3% The increase of gross margin on gas sales to end customers is equal to + Euro 12,9 mln. CONFERENCE CALL (*) Economic data before elisions 16

17 Gross margin on electricity sales (Thousand of Euro) (*) 9M 213 9M 212 Chg Chg % Revenues from elecricity sales (38.365) -34,% (Electricity purchase costs) (45.322) (69.156) ,5% (Distribution costs) (25.598) (41.981) ,% Gross margin on electricity sales ,2% The increase of gross margin on electricity sales is equal to + Euro 1,9 mln. CONFERENCE CALL (*) Economic data before elisions 17

18 Distribution tariff revenues (Thousand of Euro) (*) 9M 213 9M 212 Chg Chg % Tariffs applied to sales companies ,5% Equalization amount (+ / -) (1.368) -19,7% Gas distribution tariff revenues ,2% The increase of gas distribution tariff revenues (+ Euro,6 mln) is due to: 1) change of gas distribution tariffs applied to gas sales companies: + Euro 2, mln; 2) equalization amount: - Euro 1,4 mln. CONFERENCE CALL (*) Economic data before elisions 18

19 Other net operating costs (Thousand of Euro) (*) Increase of net operating costs: -,4M of which: Decrease of gas distribution concession fees: +,6M Increase of personnel cost: -,8M Decrease of marketing and customer acquisition cost: +,1M Decrease of energy efficiency margin: -,6M Decrease of revenues for distribution network connection services : -,7M Capital gain realized on the disposal of distribution plants: +,7M Decrease of provision for risks and charges: +,4M Other changes: +,3M 9M 213 9M 212 Chg Chg % Other revenues ,% Other costs of raw materials and services (65.83) (57.242) (8.562) +15,% Cost of personnel (19.653) (18.864) (788) +4,2% Other net operating costs (45.66) (45.28) (38) +,1% CONFERENCE CALL (*) Economic data before elisions 19

20 CONFERENCE CALL Contents 2 Financial highlights Operating Data Revenues and EBITDA Gross margin on gas and electricity activities and other net operating costs Personnel Number of employees Cost of Personnel Capex Net Financial Position and cash flow

21 CONFERENCE CALL Number of employees No. of employees Companies consolidated at 1% = ,7% /9/213 31/12/212 No. of employees Companies consolidated at 49%-51% = ,3% /9/213 31/12/212

22 CONFERENCE CALL Cost of personnel Cost of personnel 9M 212 Cost of personnel (Thousand of Euro) = ,2% 222 Cost of personnel of new consolidation area Change of capitalized cost of personnel Other changes Cost of personnel 9M 213

23 CONFERENCE CALL 23 Contents Financial highlights Operating Data Revenues and EBITDA Gross margin on gas and electricity activities and other operating costs Personnel Capex Net Financial Position and cash flow

24 Capex = ,2% (**) Capex (*) (Thousand of Euro) Gas distribuition system: Euro 7,9 mln gas meters: Euro,5 mln gas distribution concession: Euro 4,4 mln other: Euro 1,8 mln CONFERENCE CALL 9M 213 9M 212 (*) Excluding network extension in new urbanized areas that according to IAS are operating costs and not investments (**) Investments in tangible assets: 1,3 million of Euro; investments in intangible assets: 13,3 million of Euro (realization of tangible and intangible assets and participation investments are excluded) 24

25 CONFERENCE CALL 25 Contents Financial highlights Operating Data Revenues and EBITDA Gross margin on gas and electricity activities and other net operating costs Personnel Capex Net Financial Position and cash flow

26 Net Financial Position and cash flow (Million of Euro) -17,1 +52,2-9,6 = +58,7-34,5% -14,7 31/12/212 Cash flow Capex Change in net working capital (operating activities) +57,7 Change in net working capital (fiscal activities) -26,9 Change in shareholders' equity -111,4 3/9/213 CONFERENCE CALL 26