FY 2010 FY 2010 CONSOLIDATED RESULTS

Transcription

1 FY 21 FY 21 CONSOLIDATED RESULTS Conference Call Pag. 1

2 Contents Financial highlights Ascopiave Group structure as of December, 31 st income statement Balance sheet Operating Data Revenues EBITDA Gross margin on gas activities Other net operating costs Personnel Capex and lenght of the gas distribution network Net Financial Position and cash flow Dividends CONFERENCE CALL FY 21 results Pag. 2

3 CONFERENCE CALL FY 21 results Ascopiave Group structure as of December, 31 st 21 7% 89% 5% Pag. 3 51% 49% 1% 48,999% 1% 51% 1% 1% 1% 1% 1% 1% 1% 1% 1% 96% 1% 27,61% 64%

4 21 income statement (Thousand of Euro) Chg Chg % Revenues ,% (Cost of raw materials and consumables) (66.3) ( ) (42.647) +6,9% (Cost of services) (87.528) (58.888) (28.64) +48,6% (Cost of personnel) (21.91) (18.377) (2.715) +14,8% (Other operating costs) (1.213) (9.934) (279) +2,8% Other operating income (988) -5,% EBITDA ,8% (Depreciations and amortizations) (17.414) (16.283) (1.132) +7,% (Provisions) (4.841) (4.174) (667) +16,% EBIT ,7% Financial income / (expenses) (767) (1.322) ,% Evaluation of companies with net assets method (735) 464 (1.199) -258,3% EBT ,9% (Income taxes) (21.48) (14.34) (7.68) +49,3% (Net income of minorities) (1.671) (63) (1.68) +177,% Net income of the Group ,3% CONFERENCE CALL FY 21 results Pag. 4

5 Balance sheet (Thousand of Euro) 31/12/21 31/12/29 Chg Chg % (*) Tangible assets ,9% (*) Non tangible assets (4.12) -1,% Other fixed assets ,6% Fixed assets ,3% Operating current assets ,3% (Operating current liabilities) (28.928) (178.75) (3.853) +17,3% (Operating non current liabilities) (47.526) (44.468) (3.58) +6,9% Net working capital (1.747) ,6% Total capital employed ,8% Group shareholders equity ,3% Minorities ,6% CONFERENCE CALL FY 21 results Net financial position ,4% Total sources ,8% (*) 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 Number of end-users connected to the gas distribution network Volumes of gas sold to end customers Volumes of gas sold on trading and wholesaling activities Number of gas sales customers Revenues EBITDA Gross margin on gas activities Other net operating costs Personnel Capex and lenght of the gas distribution network Net Financial Position and cash flow Dividends CONFERENCE CALL FY 21 results Pag. 6

7 Volumes of gas distributed Volumes of gas distributed (Million of standard cubic meters) = +96,1 +11,3% 944,1 847, Volumes of gas distributed: hystorical trend (Million of standard cubic meters) Avg ,9% (*) CONFERENCE CALL FY 21 results (*) Excluding volumes of natural gas distributed by ASM DG and Edigas Esercizio Distribuzione Gas Pag. 7

8 CONFERENCE CALL FY 21 results Number of end-users connected to the gas distribution network End-users connected to the gas distribution network = Pag ,2% /12/21 31/12/29

9 Volumes of gas sold to end customers Volumes of gas sold to end customers (Million of standard cubic meters) = +156,2 = +7,6 +17,6% ,5% 1.42, , , ,1 566, , CONFERENCE CALL FY 21 results New consolidation area (*) 29 consolidation area Gas sold to end customers Companies consolidated at 1% Gas sold to end customers Companies consolidated at 49%-51% (*) 1stH 21 of Pasubio Servizi Pag. 9

10 CONFERENCE CALL FY 21 results Pag. 1 Volumes of gas sold on trading and wholesaling activities Volumes of gas sold on trading and wholesaling activities (Million of standard cubic meters) = +274, ,% ,1 783,

11 Number of gas sales customers Gas sales customers Companies consolidated at 1% -2,3% /12/21 31/12/ Gas sales customers Companies consolidated at 49%-51% = = ,6% /12/21 31/12/29 CONFERENCE CALL FY 21 results Pag. 11

12 CONFERENCE CALL FY 21 results Pag. 12 Contents Financial highlights Operating Data Revenues Revenues bridge EBITDA Gross margin on gas activities Other net operating costs Personnel Capex and lenght of the gas distribution network Net Financial Position and cash flow Dividends

13 CONFERENCE CALL FY 21 results Revenues bridge (1) Pag Revenues bridge (Thousand of Euro) = ,% Chg in revenues of 29 consolidation area Revenues of new consolidation area

14 Revenues bridge (2) Revenues bridge (Thousand of Euro) = ,% CONFERENCE CALL FY 21 results Revenues from gas sales to end customers Revenues from gas trading and wholesaling activities Revenues from electricity sales Other revenues 21 Pag. 14

15 CONFERENCE CALL FY 21 results Pag. 15 Contents Financial highlights Operating Data Revenues EBITDA EBITDA bridge Gross margin on gas activities Other net operating costs Personnel Capex and lenght of the gas distribution network Net Financial Position and cash flow Dividends

16 CONFERENCE CALL FY 21 results EBITDA bridge (1) Pag EBITDA bridge (Thousand of Euro) = ,8% EBITDA 29 Chg in EBITDA of 29 consolidation area EBITDA of new consolidation area 78.9 EBITDA 21

17 CONFERENCE CALL FY 21 results EBITDA bridge (2) Pag EBITDA bridge (Thousand of Euro) = ,8% EBITDA 29 Gross margin on gas sales Gas distribution tariff revenues Other changes EBITDA 21

18 Contents Financial highlights Operating Data Revenues EBITDA Gross margin on gas activities 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 CONFERENCE CALL FY 21 results Pag. 18

19 Gross margin on gas sales (Thousand of Euro) Chg Chg % Revenues from gas sales to end customers ,8% Revenues from gas trading and wholesaling ,% Revenues from gas sales ,6% (Gas purchase costs) ( ) ( ) (19.141) +3,2% (Distribution costs) (97.164) (76.258) (2.95) +27,4% Gross Margin on Gas Sales ,9% The increase of gross margin on gas sales (+ Euro 27,1 mln) is referable to: 1) change of consolidation area (1stH 21 of Pasubio Servizi): + Euro 3,1 mln 2) increase of gross margin on gas sales to end customers of 29 consolidation area: + Euro 24, mln Margin on gas trading and wholesales activities has remained stable. CONFERENCE CALL FY 21 results Pag. 19

20 Distribution tariff revenues (Thousand of Euro) Chg Chg % Tariffs applied to sales companies ,% Equalization amount (+ / -) (125) 3.86 (3.211) -14,% Gas distribution tariff revenues ,3% The increase of gas distribution tariff revenues (+ Euro 4, mln) is due to: 1) change of gas distribution tariffs applied to gas sales companies: + Euro 7,2 mln 2) equalization amount: - Euro 3,2 mln CONFERENCE CALL FY 21 results Pag. 2

21 CONFERENCE CALL FY 21 results Contents Pag. 21 Financial highlights Operating Data Revenues EBITDA Gross margin on gas activities Other net operating costs Personnel Capex and lenght of the gas distribution network Net Financial Position and cash flow Dividends

22 Other net operating costs Other net operating costs: p Net operating costs of new consolidation area: -,6M p Increase of net operating costs of 29 consolidation area: - 14,M of which: Decrease of revenues for distribution network connection services: -,8M Increase of personnel cost: - 2,3M Increase of gross margin in electricity sales: + 1,1M Decrease of gross margin in heat management business: - 1,9M Decrease of net costs for white certificates: -,7M Increase of gas distribution concession fees: - 5,5M Increase of costs for commercial services and marketing: -,5M Extraordinary item of Estenergy (gas distribution cost pertaining to 29): -,3M Other changes: - 2,M CONFERENCE CALL FY 21 results Pag. 22

23 Contents Financial highlights Operating Data Revenues EBITDA Gross margin on gas activities 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 CONFERENCE CALL FY 21 results Pag. 23

24 CONFERENCE CALL FY 21 results Number of employees No. of employees Companies consolidated at 1% = ,6% Pag /12/21 31/12/29 No. of employees Companies consolidated at 49%-51% = ,% /12/21 31/12/29

25 Cost of personnel Cost of personnel 387 (Thousand of Euro) (*) = ,8% CONFERENCE CALL FY 21 results Cost of personnel 29 Cost of personnel of new consolidation area Change of capitalized cost of personnel Other changes Cost of personnel 21 (*) 1stH 21 of Pasubio Servizi Pag. 25

26 CONFERENCE CALL FY 21 results Pag. 26 Contents Financial highlights Operating Data Revenues EBITDA Gross margin on gas activities Other operating costs Personnel Capex and lenght of the gas distribution network Net Financial Position and cash flow Dividends

27 Capex and lenght of the gas distribution network Capex (*) (Thousand of Euro) = (**) -2,7% Length of the gas distribution network (km) = ,8% /12/21 31/12/29 CONFERENCE CALL FY 21 results (*) Excluding network extension in new urbanized areas that according to IAS are operating costs and not investments (**) Investments in tangible assets: 16.8 million of Euro; investments in intangible assets: 12.3 million of Euro (realization of tangible and intangible assets and participation investments are excluded) Pag. 27

28 CONFERENCE CALL FY 21 results Pag. 28 Contents Financial highlights Operating Data Revenues EBITDA Gross margin on gas activities Other net operating costs Personnel Capex and lenght of the gas distribution network Net Financial Position and cash flow Dividends

29 Net Financial Position and cash flow ,1 (Million of Euro) 53,1-27,7 = -16,9 +21,4% -32,8 12,8-22,3-96, CONFERENCE CALL FY 21 results /12/29 Cash flow Capex Change in net working capital (operating activities) Change in net working capital (fiscal activities) Change in shareholders' equity 31/12/21 Pag. 29

30 CONFERENCE CALL FY 21 results Pag. 3 Contents Financial highlights Operating Data Revenues EBITDA Gross margin on gas activities Other net operating costs Personnel Capex and lenght of the gas distribution network Net Financial Position and cash flow Dividends

31 Dividends Dividend payment sustainable with high return to shareholders Sustainability of the dividend policy: stable cash flow stable business profitability well-balanced financial structure Dividend yield at the top of the listed italian utilities companies DIVIDENDS AVG 6 9 CHG 1-9 CHG 1 - AVG 6 9 Dividends paid (Thousand of Euro) ,1% 16,1% Dividend per share (Euro),1,9,86 11,1% 15,9% CONFERENCE CALL FY 21 results Dividend yeald on detachment date 5,7% 5,2% Dividend yeald on official price (*) 6,2% Dividend yeald on placement price 5,6% 8,2% 17,9% (*) Official price at March 17 th 211. Pag. 31