1stH 2014 CONSOLIDATED RESULTS

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1 Gruppo 1stH 2014 CONSOLIDATED RESULTS Conference Call 1

2 Contents Financial highlights Ascopiave Group structure as of June, 30th 2014 Application of IFRS 11 international accounting standard 1stH 2013 restated income statement Balance sheet at December, 31st 2013 restated FY 2013 restated income statement 1stH 2014 consolidated income statement Consolidated balance sheet at June, 30th 2014 Financial ratios 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 2

3 Ascopiave Group structure as of June, 30th % 89% 100% 51% 48,86% 100% 48,999% 49% Until December, 31st 2013: Consolidated with proportionate consolidation method From January,1st 2014: Consolidated with full consolidation method 100% Companies consolidated with net equity consolidation method: 100% 30,94% 100% (in liquidation) Since year of registration: Sinergie Italiane From January, 1st 2014: - sale companies: Asm Set / Estenergy - distribution companies: Unigas Distribuzione 100% 80% Gas distribution Gas sales Other activities 3

4 Application of IFRS 11 international accounting standard In application of IFRS 11 international accounting standard, from January, 1st 2014 the jointly controlled companies are consolidated with net equity consolidation method. Until December, 31st 2013 they were consolidated with proportionate consolidation method. Company 1stH stH 2013 Sinergie Italiane S.r.l. Net equity consolidation method Net equity consolidation method Veritas Energia S.r.l. Full consolidation method Proportionate consolidation method Asm Set S.r.l. Net equity consolidation method Proportionate consolidation method Estenergy S.p.A. Net equity consolidation method Proportionate consolidation method Unigas Distribuzione S.r.l. Net equity consolidation method Proportionate consolidation method = For having a comparable accounting situation: 1stH 2013 income statement has been reclassified (1stH 2013 restated); balance sheet at December, 31st 2013 has been reclassified (31/12/2013 restated); using the same consolidation principles in force in

5 1stH 2013 restated income statement (Thousand of Euro) 1stH 2013 Chg 1stH 2013 restated Revenues ( ) (Cost of raw materials and consumables) ( ) ( ) (Cost of services) (70.608) (39.588) (Cost of personnel) (13.743) (11.548) (Other operating costs) (11.828) 528 (11.300) Other operating income 694 (0) 694 EBITDA (15.040) (Depreciations and amortizations) (10.291) (9.197) (Provisions) (5.451) (3.990) EBIT (12.485) Financial income / (expenses) (2.977) (1.219) Evaluation of companies with net assets method (188) EBT (4.761) (Income taxes) (23.180) (18.419) Earnings after taxes (0) (Net loss from discontinued operations) Net income (0) (Net income of minorities) (1.869) - (1.869) Net income of the Group

6 Balance sheet at December, 31st 2013 restated (Thousand of Euro) 31/12/2013 Chg 31/12/2013 restated Tangible assets (1.437) Non tangible assets (60.398) Investments in associates Other fixed assets (4.664) Fixed assets Operating current assets (71.799) (Operating current liabilities) ( ) ( ) (Operating non current liabilities) (61.126) (54.792) Net working capital (13.712) (10.960) Total capital employed (7.790) Group shareholders equity Minorities Net financial position (7.790) Total sources (7.790)

7 FY 2013 restated income statement (Thousand of Euro) FY 2013 Chg FY 2013 restated Revenues ( ) (Cost of raw materials and consumables) ( ) ( ) (Cost of services) ( ) (73.751) (Cost of personnel) (27.280) (22.909) (Other operating costs) (14.337) (12.666) Other operating income (2) EBITDA (19.716) (Depreciations and amortizations) (20.570) (18.273) (Provisions) (8.548) (6.039) EBIT (14.910) Financial income / (expenses) (3.874) (1.427) Evaluation of companies with net assets method (262) EBT (5.734) (Income taxes) (31.541) (25.807) Earnings after taxes (0) (Net loss from discontinued operations) (71) - (71) Net income (0) (Net income of minorities) (2.361) - (2.361) Net income of the Group

8 1stH 2014 consolidated income statement (Thousand of Euro) 1stH stH 2013 restated Chg Chg % Revenues (68.089) -16,8% (Cost of raw materials and consumables) ( ) ( ) ,5% (Cost of services) (56.312) (39.588) (16.724) +42,2% (Cost of personnel) (12.606) (11.548) (1.058) +9,2% (Other operating costs) (6.397) (11.300) ,4% Other operating income (683) -98,4% EBITDA (11.470) -20,2% (Depreciations and amortizations) (9.721) (9.197) (524) +5,7% (Provisions) (2.998) (3.990) ,9% EBIT (11.001) -25,3% Financial income / (expenses) (728) (1.219) ,2% Evaluation of companies with net assets method (*) (1.973) -34,1% EBT (12.483) -26,0% (Income taxes) (12.892) (18.419) ,0% Earnings after taxes (6.957) -23,5% (Net loss from discontinued operations) n.a. Net income (6.957) -23,5% (Net income of minorities) (1.260) (1.869) ,6% Net income of the Group (6.348) -22,9% (*) Result of the companies consolidated with net equity consolidation method (data are considered pro-quota): sale companies, Euro 1,3 mln (Euro 5,4 mln in 1stH 2013 restated); distribution companies, Euro 0,5 mln (Euro 0,5 mln in 1stH 2013 restated); Sinergie Italiane, + Euro 2,1 mln (- Euro 0,1 mln in 1stH 2013 restated). 8

9 Consolidated balance sheet at June, 30th 2014 (Thousand of Euro) 30/06/ /12/2013 restated Chg Chg % Tangible assets (*) (855) -2,3% Non tangible assets (*) ,4% Investments in associates (**) (8.454) -11,7% Other fixed assets (3.865) -9,7% Fixed assets (7.917) -1,5% Operating current assets (65.215) -32,0% (Operating current liabilities) ( ) ( ) ,9% (Operating non current liabilities) (56.624) (54.792) (1.831) +3,3% Net working capital (33.227) (10.960) (22.266) +203,2% Total capital employed (30.184) -5,7% Group shareholders equity (6.334) -1,6% Minorities (1.161) -23,3% Net financial position (22.688) -18,3% Total sources (30.184) -5,7% (*) Applying IFRIC 12 involves categorising the infrastructures under concession from tangible to intangible assets; (**) Value of the associated companies consolidated with net equity consolidation method: sale companies, Euro 44,4 mln (Euro 52,1 mln at 31/12/2013 restated); distribution companies, Euro 19,5 mln (Euro 20,3 mln at 31/12/2013 restated). 9

10 Financial ratios (Thousand of Euro) 30/06/ /06/2013 restated Var Var % Net Financial Position (NFP) ( ) (76.245) (24.876) +32,6% EBITDA (11.470) -20,2% Finance costs (FC) (728) (1.219) ,2% EBITDA / FC ,5% Shareholders equity (EQUITY) ,9% NFP / EQUITY (Financial leverage) 0,26 0,19 0,06 +31,4% EBITDA / FC NFP / EQUITY 10

11 Contents Financial highlights Operating data Volumes of gas distributed Volumes of gas sold Volumes of electricity sold Revenues and EBITDA Gross margin on gas and electricity activities and other operating costs Personnel Capex Net Financial Position and cash flow 11

12 Volumes of gas distributed Volumes of gas distributed (Million of standard cubic meters) = -101,3 = -11,3-20,3% -22,9% Companies consolidated with full consolidation method Companies consolidated with net equity consolidation method (*) (*) Data are considered pro-quota. 12

13 Volumes of gas sold 445,6 = -103,4-18,8% 549,1 Volumes of gas sold (Million of standard cubic meters) = -75,4-50,7% 148,6 73,2 Companies consolidated with full consolidation method Companies consolidated with net equity consolidation method (*) of which 15,8 mln of cm for enlargement of consolidation perimeter (**) Veritas Energia S.r.l.: from January, 1st 2014 the company has modified its consolidation criterion (from proportionate to full consolidation method). (*) Data are considered pro-quota; (**) Acquisition of 49% stake in Veritas Energia S.r.l. 13

14 Volumes of electricity sold 172,7 = +81,9 +90,3% Volumes of electricity sold (GWh) = -142,5(***) -73,6% 193,6 90,8 51,0 Companies consolidated with full consolidation method Companies consolidated with net equity consolidation method (*) of which 40,3 GWh for enlargement of consolidation perimeter (**) Veritas Energia S.r.l.: from January, 1st 2014 the company has modified its consolidation criterion (from proportionate to full consolidation method). (*) Data are considered pro-quota; (**) Acquisition of 49% stake in Veritas Energia S.r.l. (***) Reduction is mainly due to a rationalization of Estenergy customers portfolio and to a change in consolidation criterion of Veritas Energia. 14

15 Contents Financial highlights Operating data Revenues and EBITDA Revenues bridge EBITDA bridge EBITDA breakdown Gross margin on gas and electricity activities and other net operating costs Personnel Capex Net Financial Position and cash flow 15

16 16 Revenues bridge (1) Revenues bridge Companies consolidated with full consolidation method (Thousand of Euro) = ,8%

17 17 Revenues bridge (2) Revenues bridge Companies consolidated with net equity consolidation method (*) (Thousand of Euro) = ,7% (*) Sinergie Italiane excluded.

18 18 EBITDA bridge (1) EBITDA bridge Companies consolidated with full consolidation method (Thousand of Euro) = ,2%

19 19 EBITDA bridge (2) EBITDA bridge Companies consolidated with net equity consolidation method (*) (Thousand of Euro) = ,0% (*) Sinergie Italiane excluded.

20 EBITDA breakdown (1) (Thousand of Euro) EBITDA breakdown Companies consolidated with full consolidation method (Thousand of Euro) 1stH stH 2013 Var Var % EBITDA (11.470) -20,2% EBITDA - Sale (12.079) -29,4% EBITDA - Distribution ,9% EBIT (11.001) -25,3% EBIT - Sale (10.985) -30,8% EBIT - Distribution (16) -0,2% (*) (**) (*) (**) (*) Sale companies; (**) Distribution companies. 20

21 EBITDA breakdown (2) (Thousand of Euro) EBITDA breakdown Companies consolidated with net equity consolidation method (*) (Thousand of Euro) 1stH stH 2013 Var Var % EBITDA (8.727) -58,0% EBITDA - Sale (8.785) -63,4% EBITDA - Distribution ,8% EBIT (8.479) -67,9% EBIT - Sale (8.465) -71,9% EBIT - Distribution (15) -2,0% (*) (**) (*) (**) (*) Sinergie Italiane excluded; (**) Sale companies; (***) Distribution companies. 21

22 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 Gas distribution tariff revenues Other net operating costs Personnel Capex Net Fincancial Position and cash flow 22

23 Gross margin on gas sales (Thousand of Euro) (*) 1stH stH 2013 Chg Chg % Revenues from gas sales (70.563) -22,6% (Gas purchase costs) ( ) ( ) ,3% (Distribution costs) (44.821) (54.764) ,2% Gross margin on gas sales (A) Company consolidated with full consolidation method (12.046) -24,2% The decrease of gross margin on gas sales of the companies consolidated with full consolidation method is equal to - Euro 12,0 mln: - change on the same consolidation perimeter: - Euro 16,4 mln - change for full consolidation of Veritas Energia S.r.l.: + Euro 4,3 mln (Thousand of Euro) (*) Gross margin on gas sales (B) Company consolidated with net equity consolidation method 1stH stH 2013 Chg Chg % (8.199) (**) -53,6% Gross margin on gas sales (A+B) (20.246) -31,1% (*) Economic data before elisions. (**) Change on the same consolidation perimeter: - Euro 5,1 mln / Change for deconsolidation of Veritas Energia S.r.l.: - Euro 3,1 mln 23

24 Gross margin on electricity sales (Thousand of Euro) (*) 1stH stH 2013 Chg Chg % Revenues from elecricity sales ,6% (Electricity purchase costs) (25.474) (16.582) (8.892) +53,6% (Distribution costs) (16.976) - (16.976) n.a. Gross margin on electricity sales (A) Company consolidated with full consolidation method ,5% The increase of gross margin on electricity sales of the companies consolidated with full consolidation method is equal to + Euro 2,9 mln: - change on the same consolidation perimeter: + Euro 0,5 mln - change for full consolidation on Veritas Energia S.r.l.: + Euro 2,4 mln (Thousand of Euro) (*) Gross margin on electricity sales (B) Company consolidated with net equity consolidation method 1stH stH 2013 Chg Chg % (2.289) (**) -91,7% Gross margin on electricity sales (A+B) ,7% (*) Economic data before elisions. (**) Change on the same consolidation perimeter: - Euro 0,4 mln / Change for deconsolidation of Veritas Energia S.r.l.: - Euro 1,9 mln 24

25 Gas distribution tariff revenues (Thousand of Euro) (*) The decrease of gas distribution tariff revenues of the companies consolidated with full consolidation method (- Euro 0,7 mln) is due to: 1) change of gas distribution tariffs applied to gas sales companies: - Euro 6,8 mln; 2) equalization amount: + Euro 6,1 mln. 1stH stH 2013 Chg Chg % Tariffs applied to sales companies (6.794) -20,2% Equalization amount (+ / -) (2.044) ,8% Gas distribution tariff revenues (A) Company consolidated with full consolidation method (686) -2,2% (Thousand of Euro) (*) Gas distribution tariff revenues (B) Company consolidated with net equity consolidation method 1stH stH 2013 Chg Chg % (32) -1,1% Gas distribution tariff revenues (A+B) (718) -2,1% (*) Economic data before elisions. 25

26 Other net operating costs (1) (Thousand of Euro) (*) 1stH stH 2013 Chg Chg % Other revenues (5.816) -20,9% Other costs of raw materials and services (35.910) (41.115) ,7% Cost of personnel (12.606) (11.548) (1.058) +9,2% Other net operating costs (A) Company consolidated with full consolidation method (26.475) (24.808) (1.668) (**) +6,7% Increase of other net operating costs of the companies consolidated with full consolidation method: - Euro 1,7 mln of which: increase of gas distribution concession fees: - Euro 0,3 mln increase of cost of personnel: - Euro 1,1 mln increase of marketing and customers acquisition cost: - Euro 0,1 mln increase of margin on energy efficiency tasks management: + Euro 1,6 mln decrease of revenues for distribution network connection services (change in accounting method): - Euro 1,5 mln decrease of capital gain realized on the disposal of distribution plants: - Euro 0,7 mln other changes: + Euro 0,4 mln (*) Economic data before elisions. (**) Change on equal method / consolidation perimeter: + Euro 0,3 mln / Change for deconsolidation of Veritas Energia S.r.l.: - Euro 2,0 mln 26

27 Other operating costs (2) (Thousand of Euro) (*) Other net operating costs (A) Company consolidated with full consolidation method Other net operating costs (B) Company consolidated with net equity consolidation method 1stH stH 2013 Chg Chg % (26.475) (24.808) (1.668) +6,7% (3.805) (5.598) (**) -32,0% Other net operating costs (A+B) (30.280) (30.405) 125-0,4% (*) Economic data before elisions; (**) Sinergie Italiane excluded. (**) Change on the same consolidation perimeter: + Euro 0,8 mln / Change for deconsolidation of Veritas Energia S.r.l.: + Euro 1,0 mln 27

28 Contents Financial highlights Operating data Revenues and EBITDA Gross margin on gas and electricity activities and other net operating costs Personnel Number of employees Consolidated cost of personnel Capex Net Financial Position and cash flow 28

29 Number of employees 477 Number of employees = +27 = ,0% -20,8% Companies consolidated with full consolidation method Companies consolidated with net equity consolidation method (*) of which 15 employees for enlargement of consolidation perimeter (**) Veritas Energia S.r.l.: from January, 1st 2014 the company has modified its consolidation criterion (from proportionate to full consolidation method). (*) Data are considered pro-quota; (**) Acquisition of 49% stake in Veritas Energia S.r.l. 29

30 Consolidated cost of personnel Consolidated cost of personnel = ,2% (Thousand of Euro) Other changes: phantom stock options: Euro 0,6 mln change in consolidation criterion of Veritas Energia: 0,9 mln other: Euro 0,4 mln 1stH 2014 cost of personnel of the companies consolidated with net equity consolidation method (Sinergie Italiane excluded): Euro 1,8 mln (+1,6%). 30

31 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 31

32 Capex (**) = ,7% Consolidated capex (*) (Thousand of Euro) Gas distribution systems: Euro 6,0 mln Gas meters: Euro 1,9 mln Other: Euro 0,8 mln 1stH 2014 investments of the companies consolidated with net equity consolidation method (Sinergie Italiane excluded): Euro 1,0 mln (-19,6%). (*) Excluding network extension in new urbanized areas that according to IAS are considerated as operating costs and not investments. (**) Investments in tangible assets: Euro 0,4 mln; investments in intangible assets: Euro 8,3 mln (excluded realizations of tangible and intangible assets and investments in associated). 32

33 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 33

34 Net Financial Position and cash flow (1) Net Financial Position and cash flow Companies consolidated with full consolidation method (Thousand of Euro) = ,3% Change in consolidation criteria: Euro thousand Enlargement of consolidation perimeter: Euro thousand 34

35 Net Financial Position and cash flow (2) Net Financial Position and cash flow Companies consolidated with net equity consolidation method (*) (Thousand of Euro) = ,1% (*) Sinergie Italiane excluded. 35

36 Net Financial Position and cash flow (3) (Thousand of Euro) (*) 30/06/ /12/2013 Var Var % Long term financial borrowings (>12 months) (4.974) -7,9% Current position of long term financial borrowings ,9% Short term financial borrowings (<12 months) (25.936) -38,2% Total financial debt (30.824) -21,9% Fixed rate borrowings (246) -18,9% Variable rate borrowings (30.578) -21,9% 1stH 2014 average cost of debt: 1,36% (vs FY 2013 rate: 1,86%) (*) Data refers to only companies consolidated with full consolidation method. 36

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