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1H 2010 Financial Results
Milan, 6th August 2010
www.gasplus.it
Euro – Us Dollar Exchange rate
1
Market Scenario General
TTF Gas Price
Eni Gas Release PriceBrent Price
2
1H10 Results Highlights
Gross margin reduction (-24%), of which -22% due to gas price and -2% to production decrease
Investment policy, production and reserves replacement ratio affected by the expectation of a possible relevant
acquisition.Italian+Int. E&P
Sales 743.3 MScm (+26.9% vs 1H09); enlarged customer base
Temporary reduction in profitability (EBITDA € 2.0 M, -51.2% vs. 1H09) due to higher storage costs and
negative margin on some non recurrent trading sales
S&S
Network
Transport
Retail
Storage
Volume of gas sold : 309.2 MScm (+56.2% vs 1H09);
Ebitda increase (negative Ebitda in 1H09), due to sale formula revision and higher tariff for residential customers
Distributed volumes: 123.2 MScm (+15.0% vs 1H09);
Increase of Ebitda (+11.8% vs. 1H09) due to new tariff mechanism (act 159/08);
Definitive tariffs issued in July; expected increase in Revenues and Ebitda
Sinarca: in May started “Conferenza dei Servizi”
San Benedetto: continuing the JV’s operative activities; VIA procedure in start-up
Revenues 218.2 M€ (-2.8% vs. 1H09), EBITDA 20.2 M€ (-15.5% vs. 1H09), EBIT 9.1 M€ (-38.0% vs. 1H09),
Net Profit 4.2 M€( -58.4% vs. 1H09).
Increase in volumes (+26.9%); decrease in average selling price ( -22.4%) and unit margin
Temporary increase in Net Financial Debt 52.5 M€; expected reduction in 2H10, net of acquisition effect
Selling price recovery already started; price level expected in 2H10 higher than in 2H09
Fin. Overview
33
1H10 Results Fin. Overview
(Euro M)% % % change
IH10 on sales IH09 on sales 2010-2009
Total Revenues 218,2 224,5 (2,8%)
Operating Costs 198,0 90,7% 200,6 89.3% (1,3%)
EBITDA 20,2 9,2% 23,9 10.7% (15,7%)
EBIT 9,1 4,2% 14,6 6.5% (38,0%)
Profit before Tax 8,3 3,8% 17,1 7.6% (51,5%)
Net Profit 4,2 1,9% 10,2 4.5% (58,4%)
EPS 0,10 0,23
44.909.620
Net Debt 52,5 22,0
Equity 217,7 218,8
Fixed assets 217,9 225,6
4
1H10 Financial Data Fin. Overview
Balance Sheet Net Debt and Cash Flow
EBITDA by Business Unit EBIT by Business Unit
-1,1-0,7 -1,1 -1,0
(39.634)
20.167
(4.054)
(11.225)
(9.033)
(6.538)
(2.187)
(52.504)
(55.000)
(50.000)
(45.000)
(40.000)
(35.000)
(30.000)
(25.000)
(20.000)
(15.000)
(10.000)
(5.000)
0
Initial NFP
@ 1st Jan
2010
Ebitda
Taxes
Change
In funds
and WC
Net Capex /
Disposal
DividendsFinancial
profit
and loss
Final NFP
@ 30th Jun
2010
-0.1 -0.3
30 June 2010 31 December 2009 Change 10 - 09
Inventories 23.796 38.596 (38,3%)
Receivables 168.752 122.881 37,3%
Payables (55.177) (52.334) 5,4%
Other working credits/debts (24.381) (6.108) 299,2%
Net working capital 112.990 103.035 9,7%
Non current assets 217.942 220.317 (1,1%)
Tax, Abandonment, Severance and other
provisions (60.731) (62.001) (2,0%)
Net Invested Capital 270.201 261.351 3,4%
Net financial Debt 52.504 39.634 32,5%
Equity 217.697 221.717 (1,8%)
Total Sources 270.201 261.351 3,4%
55
E&P E&P
Gross Production 1H10 vs. 1H09
Slowdown of revenues and Ebitda due to slight
decrease of production and fall of commodities price
compared to the previous year (-22%)
Decrease in production foreseen on an annual basis
( less than 10%) due to natural decrease of reservoirs
On an annual basis, capex level linked to the result of
the possible acquisition of E&P production assets
Masseria Morano 1dir reserve appraisal subject to long
production test
Unsuccessful drilling of Monkwell (UK North sea)
17,1
14,9
17,0 17,218,2
17,217,015,4
16,7 16,7 16,4 16,3
0,0
2,0
4,0
6,0
8,0
10,0
12,0
14,0
16,0
18,0
20,0
gen feb mar apr mag giu2009 2010
MSmc
1H10 1H09 D%
Gas Production (MScme) 98,5 101,6 - 3,0%
Exploration Capex Italy (M€) 3,1 0,8 + 287,5%
Exploration Capex International (M€) 2,2 0,9 + 144,4%
Development Capex Italy (M€) 2,9 8,6 - 66,3%
EBITDA (M€) 13,9 19,4 - 28,4%
66
International Activities
Romania (15% )
Formal permitting procedure expected in 2H 10. Gross
resources of approx 1.4 BSmc (as per Melrose report)
UK
Block P001-Monkwell unsuccessful in IIQ10
Poland
Assigned Block 106 on December 08
3D seismic in IIIQ 10
NL
Plan of additional 3D seismic on Blocks
E15c, E13, D9 with Tullow Oil (op)
Romania
E&P
7
Storage Storage
SINARCA PROJECT (60% GPS)
“Conferenza dei Servizi” started in
May in order to finalize the
concession authorization
Assignment of EPIC underway
SAN BENEDETTO (49% GPS)
JV operating and technical bodies
continue the activities; VIA procedure
in start-up
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
88
Supply & Sales - Retail S&S - Retail
S&S Retail
Strong increase in # of customers and volumes
Colder than average winter temperatures
Margin reduction in 2Q 10 due to some non
recurrent storage costs and trading transactions
Increase of profitability for residential sales, due
to revised gas price formula (Act 64/09)
Increase in volumes and # of customer for other
than residential customers
(sb/multipod/industrial)
Conservative provisions for bad debt due to the
negative macroeconomic situation
1H10 1H09 D%
Supply (MSmc) 692,1 615,9 + 12,4%
Sales (MSmc) 743,3 585,9 + 26,9%
Captive 314,2 204,2 + 53,8%
Third retail 294,8 156,8 + 88,0%
Trading 134,4 224,9 - 40,3%
EBITDA (M€) 2,0 4,1 - 51,2%
1H10 1H09 D%
Sales (MSmc) 309,2 197,9 + 56,2%
Residential 77,8 74,4 + 4,5%
Small Business/Multipod 69,7 42,3 + 64,8%
Industrial 161,7 81,2 + 99,1%
EBITDA (M€) 1,3 (1,1) n.a.
99
Network & Transportation Network & Transportation
Increase of Revenues and Ebitda due to new tariff system (act AEEG #159/08) and colder than average
winter temperature
Definitive tariffs issued at the end of July 10; increase in Revenues and EBITDA expected
Fair value agreed with some municipalities confirms Gas Plus industrial recovery value approach;
successful bid for the 12y renewal of the Vigolzone (PC)concession; unsuccessful for S.Agostino (FE)
Temporary renewal for two other expiring concessions
Still uncertain the process of public tender for the renewal of the network concessions
Further increase in Gas Plus transportation own network (11 km in Valnure, previously included in
distribution network) starting in 2H 10
Network & Transportation
1H10 1H09 D%
Distributed volumes (MSmc) 123,2 107,1 + 15,0%
Direct end users (#k) 91,0 90,1 + 1,0%
Pipeline (km) 1497,0 1482,0 + 1,0%
EBITDA (M€) 3,8 3,4 + 11,8%
1010
Company Profile Annex
Shareholding Share information
N. of share: 44,909,620
Price as of 08/05/10: € 5.255 per share
Mkt capitalization: € 236M
Italian Stock Exchange – segment MTA
Own shares as of 08/06/2010: 1,375,155
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
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
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