Post on 12-Oct-2020
1Q 2010 Financial Results
Milan, 17th May 2010
www.gasplus.it
Euro – Us Dollar Exchange rate
1
Market Scenario General
TTF Gas Price
Eni Gas Release PriceBrent Price
20
40
60
80
100
120
140
160
May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May
$/bbl - 2008/2009 $/bbl - 2009/2010
0
5
10
15
20
25
30
35
May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
Gas TTF (€/MWh) - 2008/2009 Gas TTF (€/MWh) - 2009/2010
1,2
1,25
1,3
1,35
1,4
1,45
1,5
1,55
1,6
1,65
May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
EUR - USD 2008/2009 EUR - USD 2009/2010
10
15
20
25
30
35
40
45
May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
(€/MWh) - 2008/2009 (€/MWh) - 2009/2010
2
1Q10 Results Highlights
Steady 1Q10 gross production and decrease of Ebitda due to lower gas price
Drilled an exploration well in Italy, gas discovery, reserve amount under evaluationItalian+Int. E&P
Sales 494.1MScm (+17.0% vs 1Q10);
Positive profitability trend from previous quarter thanks to higher volumes, number of customers and
purchasing policies
Retail
Storage
Volume of gas sold : 207.2 MScm (+43.2% vs 1Q09);
Strong sales results, with better profitability
Distributed volumes: 94.1 MScm (+11.4% vs 1Q09);
Increase of Ebitda (+5.2% vs. 1Q09) due both to new tariff mechanism (act 159/08) and cooler temperatures;
Development of the Transportation business unit by acquiring 11km of regional network
Sinarca: near to be convened “Conferenza dei Servizi” in order to obtain the concession;
San Benedetto: continuing the JV’s operative activities; successful outcome of the litigation with other competitor on the assignment of the concession
Strong Increase of volumes sold ( +17%)
Decrease of turnover and Ebitda due to lower gas price (-34%); recovery from 2Q10
Revenues 145.0 M€ (-17.9% vs. 1Q09), EBITDA 15.3 M€ (-26.0% vs. 1Q09), EBIT 11.0 M€ (-31.3% vs.
1Q09), Net Profit 6.3 M€ (-37.6% vs. 1Q09).
Temporary increase in Net Financial Position to 65.4M€ due to working capital funding
Fin. Overview
S&S
Transportation
Network
33
1Q10 Results Fin. Overview
Total Revenues 145.0 100.0% 176.5 100.0% -17.9%
Operating Costs 129.7 89.4% 155.8 88.3% -16.8%
EBITDA 15.3 10.6% 20.7 11.7% -26.0%
EBIT 11.0 7.6% 16.1 9.1% -31.3%
Profit before Tax 10.4 7.2% 16.4 9.3% -36.8%
Net Profit 6.3 4.3% 10.1 5.7% -37.6%
EPS 0.14 0.23
%
change (Euro M)
1Q10%
on sales 1Q09%
on sales
8,8
3,8
4,8
4,2
0,3
0,9
2,3
2,5
1Q09 1Q10
M€
Exploration & Production Supply & Sales Retail Network Other Activities
16,1
11,0
- 31,3%
12,3
7,2
4,8
4,2
0,3
0,9
3,1
3,3
0,3
1Q09 1Q10
M€
Exploration & Production Supply & Sales Retail Network Other Activities
20,7
15,3
- 26,0%
(39,634)
15,312
(4,066)
(31,517)
(3,877)(945) (653)
(65.380)
(70.000)
(60.000)
(50.000)
(40.000)
(30.000)
(20.000)
(10.000)
0
Initial NFP @ 1st Jan
2010
Ebitda
Taxes Change in funds and WC
Net Capex / Disposal
Trading on treasury shares Financial
profit/loss
Final NFP @ 31st March
2010
4
1Q10 Financial Data Fin. Overview
Balance Sheet Net Debt and Cash Flow
EBITDA by Business Unit EBIT by Business Unit
- 0.2 -0.1 -0.3
31 March 2010 31 December 2009 Change 10 - 09
Inventories 10,369 38,596 -73.1%
Receivables 198,680 122,881 61.7%
Payables (73,808) (52,334) 41.0%
Other working credits/debts (1,338) (6,108) -78.1%
Net work ing capital 133,903 103,035 30.0%
Non current assets 219,795 220,317 -0.2%
Tax, Abandonment, Severance and other
provisions (61,352) (62,001) -1.0%
Net Invested Capital 292,346 261,351 11.9%
Net financial Position 65,380 39,634 65.0%
Equity 226,966 221,717 2.4%
Total Sources 292,346 261,351 11.9%
55
E&P E&P
Gross Production 1Q09 vs. 1Q10
Ebitda 1Q10 lower than previous year due to the
decrease of gas price (-31%)
Stable quarterly production; decrease of about 10% on
yearly basis foreseen due to natural decrease of
reservoirs
Successful drilling of Masseria Morano 1dir well.
Capex level linked to the result of the possible
acquisition of e&p production assets
.
13,5
14
14,5
15
15,5
16
16,5
17
17,5
jan feb mar
Production 1Q09 (Msmce) Production 1Q10 (Msmce)
1Q10 1Q09 D%
Gas Gross Production (MScm) 49.1 49.0 + 0.2%
Exploration Capex Italy (M€) 2.6 0.6 + 333.3%
Exploration Capex International (M€) 0.4 0.6 - 33.3%
Development Capex Italy (M€) 0.6 6.6 - 90.9%
EBITDA (M€) 7.2 12.3 - 41.5%
66
International Activities
Romania (15% )
Field Development Plan foreseen in IIH10. Increase of
gross resources to approx 1.4 BSmc (Melrose
announcement)
UK
Block P001-Monkwell foreseen in 2Q10
Poland
Assigned Block 106 on December 08
3D seismic survey by the end of 2010
NL
JVS on Blocks E15c, E13, D9 with
Tullow Oil (op)
Romania
E&P
77
Supply & Sales - Retail S&S - Retail
S&S Retail
Sales increase due to enlargement of customer
base and colder than average temperatures
Continuation of high margin results from
previous quarter thanks to effective purchasing
policy
Positive level and trend of profitability; normal
variations compared to 1Q09
Effective gas storage policy
Historical highest quarterly sales
Residential: good profitability although slight
increase of competition
SB/Multipod: discount policy related to the
expansion phase
Industrial: strong increase in spite of economic
scenario
1Q10 1Q09 D%
Supply (MSmc) 388,0 346,2 + 12,1%
Sales (MSmc) 494,1 422,4 + 17,0%
Captive retail 212,1 152,0 + 39,5%
Third retail 236,3 131,3 + 80,0%
Trading 45,7 139,1 - 67,2%
EBITDA (M€) 4,2 4,8 - 12,3%
1Q10 1Q09 D%
Sales (MSmc) 207,2 144,7 + 43,2%
Residential 66,6 61,7 + 7,9%
Small Business/Multipod 54,5 34,7 + 57,1%
Industrial 86,0 48,3 + 78,1%
EBITDA (M€) 0,9 0,3 + 228,9%
88
Network & Transportation Network & Transportation
Increase of revenues and Ebitda due to both new tariff system (act AEEG #159/08) and favourable weather
condition
Referring to the expired concessions, Gas Plus is negotiating in order to establish the fair value. Succesful
bid for the 12y renewal of the Vigolzone concession, unsuccesful for S.Agostino
Transportation: further development of transportation Gas Plus own network by acquiring about 11 km of
previous distribution network in Valnure (PC).
1Q10 1Q09 D%
Distributed volumes (MSmc) 94.1 82.2 + 14.5%
Direct end users (#k) 90.4 89.7 + 0.8%
Pipeline (km) 1524.0 1510.0 + 0.9%
EBITDA (M€) 3.3 3.1 + 5.2%
9
Storage Storage
SINARCA PROJECT (60% GPS)
Forthcoming to convene “Conferenza
dei Servizi” in order to finalize the
concession authorization;
Assignment of EPIC underway;
SAN BENEDETTO (49% GPS)
JV operating and technical bodies
continue the activities;
Finalization of the EIA study;
Positive outcome of the litigation
raised by other competitor
POGGIOFIORITO (100%GPS)
Ongoing the setting up of the EIA
study.
Poggiofiorito (100% GPS)
Working Gas : 157 MSmc
San Benedetto (49% GPS)
Working Gas : 522 MSmc
Sinarca (60% GPS)
Working Gas : 324 MSmc
Total Working Gas 1,003 MSmc
Total Gas Plus Share 607 MSmc
Gas Plus is operator in all the projects
2009 2010 2011 2012 2013 2014
Sinarca
San Benedetto
Poggiofiorito
Projects Schedule
1010
Company Profile Annex
Shareholding Share information
N. of share: 44,909,620
Price as of 05/12/10: € 5.40 per share
Mkt capitalization: € 237M
Italian Stock Exchange – segment MTA
Own shares as of 04/29/2010: 1,375,155
Specialist: Banca Akros S.p.A.
Share price performance
Group structure Management
Gas Plus SpA
Gas Plus
Italiana SpA
Gas Plus
Energia Srl
Gas Plus
Vendite Srl
Gas Plus
Trasporto Srl
Gas Plus
Reti Srl
Gas Plus
Storage Srl
E&P
Business
Unit
S&S
Business
Unit
Storage
Business
Unit
Network & Transportation
Business
Unit
Retail
Business
Unit
Other
100% 100% 100% 96.1% 85%
100%
Davide Cornaggia
Giovanni Dell’Orto
Cinzia Triunfo
Achille Capelli
Luigi Diamante
Davide Usberti
Paolo Tedesco
Gianmaria Viscardi
Chief Executive Officer
Chairman International Exploration & Production
Chief Financial Officer and Investor Relator
Director of Network Business Unit
Director of Supply & Sales and Retail Business Units
Director General Affairs and Responsible Storage Business Unit
Network Chief Executive Officer
Director Exploration & Production Business Unit
Others groups executive
Us.Fin. S.r.l.73,74%
Findim S.A.12,74%
Treasury shares3,06%
Market10,45%
Us.Fin. S.r.l. Findim S.A. Treasury shares Market
0,7
0,8
0,9
1
1,1
1,2
1,3
1,4
1,5
1,6
FTSE Mib 09/10 Gas Plus 09/10
1111
Disclaimer
This presentation contains forward-looking statements concerning the financial condition, results of operations and businesses of Gas
Plus. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking
statements are statements of future expectations that are based on management’s current expectations and assumptions and involve
known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those
expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the
potential exposure of Gas Plus to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts,
projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as ‘‘anticipate’’,
‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘objectives’’, ‘‘outlook’’, ‘‘probably’’, ‘‘project’’, ‘‘will’’, ‘‘seek’’, ‘‘target’’,
‘‘risks’’, ‘‘goals’’, ‘‘should’’ and similar terms and phrases. There are a number of factors that could affect the future operations of Gas
Plus and could cause those results to differ materially from those expressed in the forward-looking statements included in this Report,
including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for the Group’s products; (c)
currency fluctuations; (d) drilling and production results; (e) reserve estimates; (f) loss of market and industry competition; (g)
environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and
successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject
to international sanctions; (j) legislative, fiscal and regulatory developments including potential litigation and regulatory effects arising
from recategorisation of reserves; (k) economic and financial market conditions in various countries and regions; (l) political risks,
project delay or advancement, approvals and cost estimates; and (m) changes in trading conditions.
All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary statements
contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Each forward-looking
statement speaks only as of the date of this presentation. Neither Gas Plus nor any of its subsidiaries undertake any obligation to
publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of
these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this
presentation.
Disclaimer