The Board of Directors of Gas Plus approves the 2015 results
25 Marzo 2016 - 3:00PM
Annunci Borsa (Testo)
Gas Plus: The Board of Directors approves the draft financial
statements and the consolidated financial statements as at December
31 st, 2015
Positive 2015 Net Result despite the adverse scenario of the
energetic scenario Step forward in the development of the main
E&P projects with a first contribution to production in 2016
Rationalization of gas commercial activities with the exit from the
not profitable wholesale business Further strong Net Financial
Position reduction, at the lowest level for the last five years
Maintained the dividend policy despite the negative context
proposed a dividend amounting to 0.10 per share Updated the
business plan with an EBITDA target, at 2020, included in the range
70-90 M and total investment of about 140 M
Total Revenues: 104.6 M vs. 113.9 M in FY14 EBITDA: 31.5 M vs. 38.5
M in FY14 EBIT: 3.4 M vs. 15.1 M in FY14 EBT: -1.4 M vs. 5.7 M in
FY14 Discontinued operations: -1.3 M vs -2.2 M in FY14 Net Result:
7.2 M vs. 16.9 M in FY14 NFP: 41.1 M vs. 71.2 M as at December 31 ,
2014
th st
Milan, March 24 , 2016 The Board of Directors of Gas Plus S.p.A.,
a company listed on the Italian Stock Exchange, approved today the
draft separate financial statements and the st consolidated
financial statements as at December 31 , 2015. Gas Plus Group
closed positively the first year characterized by a negative
context of the energetic market and of the oil & gas industry,
recording a net result amounting to 7.2 M and a strong net debt
reduction. This result, in particular for the E&P industry,
with respect to 2014 has been influenced by higher depreciation and
amortization for 4.7 M and a lower contribution from positive no
recurring fiscal items for 8,0 M but also by the achievements of no
recurring revenues connected to the ordinary activity for 5.3 M.
For what concerns the other business, it has continued the positive
trend of the network and retail activities, while in the 3Q15 it
has stopped the not more profitable wholesale activity.
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Under a financial point of view, it has been confirmed the further
reduction of the net debt that move from 71.2 M of December 31 ,
2014 to the present 41.1 M, the lowest level since the Società
Padana Energia acquisition, happened in 2010. This lower level is
an effect of the positive cash flow generation from each business
unit, of the new business model for the gas sale and the resulting
lower working capital investment, as well as of the postponement of
some investment for which the Group has already obtained, at the
end of the previous year a specific 64 M credit line, at today
still fully available. Approved the update of the 2016/2020 Group
Business Plan that foresees an increase of the E&P investment,
with resulting natural gas production increase in Italy. The CEO
Davide Usberti has declared: "Despite the negative energetic market
context the Gas Plus Group, with the 2020 Business Plan, existing
the conditions, will increase from the current year the new
investment, of which 100 million in the strategic area of Emilia
Romagna region, leveraging on a solid asset and financial
structure". 2015 TREND OF THE MAIN ACTIVITIES During the year the
result of the main Group business unit (BU Exploration and
Production) have been influenced by the progressive decrease of the
selling price and by the physiological volume reduction of the
mature fields produced volume, whose effect has been amplified by
the missed contribution of a concession not operated by the Group
and by the postponement of the gas-in of the new projects. This
postponement is due to the block of the authorization iter of the
new E&P and of the storage projects in the Emilia Romagna
Region, where the main Group development projects are located. This
situation has been solved also thanks to the positive outcome of
"Laboratorio Cavone" and it has been removed during 2015 but only
from July. In this context the Group has anyway: Given strong pulse
to the gas-in, targeted in first half 2016, of a relevant project
within its asset portfolio; Restarted exploration activity, where
unfortunately, in the unpredictability that characterize this
activity, it has been recorded the negative outcome of an
exploration well, whose drilling has ended at the beginning of
August; Continued the initiative for the restart of the minor
fields, now not producing, and a further control on operating cost.
The B.U. Network and Transportation, through an efficient
management, has confirmed its previous economic trend, favored in
the first part of the year by a climatic trend, even if not
particularly cold, less mild vs. 2014.
st
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In a future view the Group has emphasized its strength even in the
empowerment of regulated activities with the award of a tender for
the share of a company which manage and own the natural gas network
plant of two municipalities in Brescia province and of the plant
belonging to those municipalities. FY 2015 CONSOLIDATED ECONOMIC
AND FINANCIAL DATA FY 2015 Total Revenues amounted to 104.6 M vs.
113.9 M of FY14. The change over the previous year was due to the
lower hydrocarbon production and to the lower selling prices. The
revenues of the period included also no recurring items for 5.3 M
resulting from the renewal of a service contract of the B.U.
E&P. EBITDA decreased, moving from 38.5 M of FY14 to the
present 31.5 M. On this result, there was the impact of the E&P
trend that reduced its contribution from 27.4 M of FY14 to the 20.1
M of FY15. The performance of the B.U. Retail had an opposite trend
vs. the Group EBITDA result, recording an increase from 4.4 M to
5.7 Pretty stable the contribution of the BU Network and
Transportation ( 6.5 M in FY15 vs. 6.9 M in FY14). EBIT amounted to
3.4 M vs. 15.1 M of the FY14. The strong EBIT reduction, higher in
absolute term vs. EBITDA one, is attributable to the higher
amortization, mainly as effect of the negative outcome of an
exploration well and to the write-down of some mining assets to
align the book value to the existing energetic market conditions.
Operating results amounted to 5.0 M vs. 15.5 M of FY14 while the
EBT amounted to 1.4M vs. 5.7M of FY14. The discontinued operations,
composed of the B.U. S&S, have recorded a negative result of
1.3 M vs. -2.2 M of FY14. The Group achieved a 2015 Net Result
amounting to 7.2 M vs. 16.9 M of FY14 thanks to the positive tax
balance amounting to 9.8 M (of which 7.8 M no recurring as effect
of the IRES corporate tax reduction from 27,5% to 24% from 2017).
The Net Debt, thanks to the cash flows generated in the period, the
postponement of some investments and to the lower working capital
needs, as effect of the new business model, recorded a remarkable
improvement ( 41.1 M as at December 31 , 2015 vs. 71.2 M as at
December 31 , 2014). OUTLOOK 2016
st st
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In case of persistence of the current energetic scenarios level,
the consolidated EBITDA 2016 is foreseen to substantially decrease
with respect to 2015 as well as the net result which, currently not
considering the contribution of no recurring positive items, is
expected to be negative. The E&P activities, assuming the first
new gas-in foreseen within the 1H 2016, will register an increase
in hydrocarbon production with respect to 2015 provided that the
new issues arisen in connection to the gas transportation of
Garaguso concession will be shortly sorted out. At an EBITDA level,
the increase in production foreseen in 2016 will not be enough to
compensate the negative effects deriving from the current energetic
scenarios level. Only with the progressive gas-in, during the
following years, of the remaining development projects it will be
possible to recover, also considering the present prices scenario
levels, the E&P B.U. marginality. In this sector, a strong
focus will be granted on the control of the operating costs. The
regulated and the retail activities will continue, also in the next
year, to register a positive trend. Anyway, regarding their
profitability, the retail activities will be affected by the
current weakness of domestic demand and the high level of sector
competition, while the regulated activities will face the further
reduction in the related regulated revenues. Also in this
persisting critical market situation, the efforts of the Group in
development projects related to regulated and commercial downstream
activities will be significant. The restart of the investments
during 2016, in particular related to E&P activities, will
cause the progressive liquidity reduction of the initial period and
the increase of the financial debt within the limits of the
currently available medium-long term financing facilities.
BUSINESS PLAN UPDATE
The Group has carried over the update of the Business Plan,
confirming the main development initiatives of the previous plan
but providing for the related cash flows in the 2016-2020 period.
The new Business Plan for the 2016-2020 period, which update is due
to external factors that have determined the delay of the main
E&P projects, foresees an EBITDA target for the end of period
within a range of 70-90 M and investments in Italy, during the
plan, for roughly 140 M, of which more than 90% in E&P
activities, with an expected production level at the end of the
period of 450 MSmce. The further main assumptions of the 2016-2020
Business Plan are the following: scenario: Brent with an increasing
trend in a range from ca. 30 $/bbl to 70 $/bbl (with flat exchange
rate equal to 1,1 /$); Business Units:
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E&P: increase in hydrocarbon production through the development
of Group Italian fields. Foreseen anyway selected exploration
investments in Italy with potential further investments in foreign
activities without considering their eventual contribution in terms
of additional net results; Retail: growth of customers portfolio
and related marginality; Network: active role in the next gas
distribution concession tenders, in order to maintain at least the
same perimeter of activity; Storage: pre-development phases until
concession assignment. NFP: positive net financial position in
2020. Considering the initial financial structure, the Business
Plan foresees the financing of the investments through the
medium-long term financial facilities, already secured by the Group
and still fully available, and the cash flows forecasted during the
period. The cash flows generated will also allow the full repayment
of the outstanding debt at the end of 2015 and of the facilities
financing the planned investments within the range of their
availability.
PROPOSAL FOR DISTRIBUTION OF DIVIDENDS The Board of Directors also
will propose to the shareholders' meeting called on April 29th,
2016 the payment of an ordinary dividend of Eur 0.10 per share,
ex-dividend date on May 23th, 2016, and record date on May 24th,
2016, with payment date on May 25th, 2016.
CALL OF THE ORDINARY SHAREHOLDERS' MEETING ON APRIL 29 , 2016
th
The Board of Directors has called the ordinary shareholders'
meeting on April 29th, 2016 h.8.30 (single call) to resolve upon
the approval of the 2015 financial statements, the destination of
the Net Result, and either the appointment of a member of the Board
of Directors or the reduction of the number of members of the
Board. The notice of call of the meeting will be published
according to the applicable law. ******* The Board of Directors
also approved the Annual Corporate Governance Report. A copy of the
report will be made available to the public in compliance with
applicable law. ******* The manager responsible for preparing the
company's financial reports, Germano Rossi, declares, according to
Article 154-bis, paragraph 2, of the Consolidated Law on Finance,
that
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the accounting information contained in this press release
corresponds to the document results, books and accounting records.
******* The Annual Financial Report (according to article 154-ter
of the Consolidated Law on Finance) will be made available to the
public at the Company registered office, on the Company web site
www.gasplus.it (Investor Relations section) and on the storage
mechanism NIS-Storage in compliance with the applicable law.
On March 25 , 2016 at h. 10.00 (CET), Gas Plus Group will host the
conference call for analysts/investors on FY 2015 financial
results. Speakers: Davide Usberti Chief Executive Officer Cinzia
Triunfo General Manager Germano Rossi Chief Financial Officer
To connect to the conference-call: Italia: UK: USA: Press: +39 02
805 88 11 +44 1 212818003 + 1 718 7058794 +39 02 805 88 27
th
Gas Plus is the fourth largest producer of natural gas (as
estimated by the Authority for Electricity and Gas, AEEG) after
Eni, Edison and Shell Italia E&P. It is active in the main
sectors of the industry of natural gas, particularly in the
exploration, production, purchase, distribution and sale to final
customers. At 31 December 2015 the Group has 48 exploitation
concessions located throughout the Italian territory, manages a
total of approximately 1,500 kilometers of distribution network
located in 37 municipalities, serves a total of more than 75,000
end users, with a staff of 187 employees.
For Further information: www.gasplus.it
Investor relations contacts: Germano Rossi (IR)
germanorossi@gasplus.it +39 02 71 40 60
Media relations: Giorgio Brugora giorgio.brugora@gmail.com +39 335
78 75 079
The attached tables summarise the consolidated financial statements
as of Decembre 2015 and the financial statements of Gas Plus
S.p.A.. The data below have not been audited yet.
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CONSOLIDATED BALANCE SHEET Amounts in thousands of Euro ASSETS
Non-current assets Property, plant and equipment Goodwill
Concessions and other intangible assets Investments in associated
companies Other non-current assets Deferred tax assets Total
non-current assets Current assets Inventory Trade receivables
Income tax receivables Other receivables Receivables from
associated companies Receivables from parent company Financial
assets Cash and cash equivalents Total current assets TOTAL ASSETS
SHAREHOLDER'S EQUITY Share capital Reserves Other equity components
Net result for the period Equity attributable to equity holders of
the parent Minority interests TOTAL SHAREHOLDER'S EQUITY
LIABILITIES Non-current liabilities Lont-term borrowings
Termination indemnity Deferred tax liabilities Liabilities for
acquisition of business Other non-current liabilities Provisions
Total non-current liabilities Current liabilities Trade payables
Payables to associated companies Short-term borrowings Liabilities
for acquisition of business Other current liabilities Income tax
payables Total current liabilities TOTAL LIABILITIES TOTALE
SHAREHOLDER'S EQUITY AND LIABILITIES 31/12/2015 31/12/2014
102.607 750 342.371 4.598 25.311 475.637 4.153 16.842 1.472 10.990
320 5.190 29.932 68.899 544.536
104.170 750 361.636 4.477 25.948 496.981 19.283 34.535 3.521 14.871
41 193 5.339 6.386 84.169 581.150
23.353 192.869 (230) 7.128 223.120 463 223.583
23.353 179.623 931 16.886 220.793 446 221.239
41.836 4.424 90.010 27.757 3.194 115.193 282.414 21.838 6.556 112
10.030 3 38.539 320.953 544.536
46.286 4.866 103.501 27.757 3.150 113.777 299.337 35.545 8.715 121
16.113 80 60.574 359.911 581.150
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CONSOLIDATED PROFIT & LOSS STATEMENT Amounts in thousands of
Euro 31/12/2015 31/12/2014 Restated 92.505 9.401 104.606 (31.474)
(31.033) (10.632) 1.604 (28.047) 5.024 1.975 (8.397) (1.398) 9.832
8.434 108.084 5.864 113.948 (34.538) (29.571) (11.365) 366 (23.379)
15.461 1.406 (11.143) 5.724 13.416 19.140
Revenues Other revenues Total revenues Raw materials and
consumables costs Services and other costs Personnel costs Other
income (charges) Share of result of associated companies
Depreciation and devaluation OPERATING RESULT Financial income
Financial expense PRE-TAX RESULT Income tax NET RESULT Net result
of the period from discontinued operations NET RESULT FOR THE YEAR
Attributable to: Group Minority interests
(1.284) 7.150
(2.229) 16.911
7.128 22
16.886 25
Basic earnings per share (amounts in Euro) Diluted earnings per
share (amounts in Euro)
0,16 0,16
0,39 0,39
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CONSOLIDATED CASH FLOW STATEMENT Amounts in thousands of Euro Cash
flow from operating activities Net result Depreciation and
devaluation of tangible and intangible assets (1) Other
non-monetary provisions Discounted retirement fund Financial
charges capitalized on liabilities for acquisition of business
Capital (gains) losses Change in fair value of assets and
liabilities Change in deferred taxes Change in operating assets and
liabilities Change in inventory Change in trade receivables from
third parties and associated companies Change in trade payable from
third parties and associated companies Asset retirement obligations
Change in termination indemnity Change in other operating assets
and liabilities Net cash flow from operating activities Cash flow
from investing activities Purchase of tangible and intangible
assets (1) Net cash flows used in investing activities Cash flows
from financing activities Net change in short-term borrowings Sale
of current financial assets Loans reimbursed Dividends paid Other
movements in share equity Net cash flows generated (used) in
financing activities Effects of exchange rate on cash Net cash flow
from discontinued operations Increase (decrease) in cash at bank
and in hand Cash and cash equivalent at the beginning of the year
Cash and cash equivalent at the end of the year Dividends received
Taxes paid in the period Interests paid in the period 31/12/2015
31/12/2014 Restated 19.140 21.959 (16) 4.637 319 19 (19.322)
8.434 24.057 (998) 4.229 588 138 (1.297) (12.984)
(390) 374 4.943 (667) (64) 155 26.518
364 7.384 (414) (626) 70 (425) 33.089
(6.494) (6.494)
(5.922) (5.922)
685 925 (5.000) (4.362) (214) (7.962) (280) 11.764 23.546 6.386
29.932 1.168 900 2.611
(879) (15.400) (6.978) (23.257) (766) (285) 2.859 3.527 6.386 366
8.305 6.398
(1) net of depreciation of exploration costs incurred in the period
(respectively Euro 3.380 in 2015 and Euro 1.417 in 2014).
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GAS PLUS S.P.A. BALANCE SHEET
BALANCE SHEET Amounts in Euro ASSETS Non-current assets Intangible
assets Property, plan and equipment Investments in subsidiary
companies Deferred tax assets Total non-current assets Curent
assets Trade receivable Receivables from subsidiary companies
Receivables from parent company Income tax receivables Other
receivables Financial assets Cash and cash equivalents Total
current assets TOTAL ASSETS SHAREHOLDER'S EQUITY Share capital
Reserves Other equity components Net result for the period TOTAL
SHAREHOLDER'S EQUITY LIABILITIES Non-current liabilities Long-term
borrowings Termination indemnity Provisions Total non-current
liabilities Current liabilities Trade payables Payables to
subsidiary companies Short-term borrowings Other current
liabilities Income tax payables Total current liabilities TOTAL
LIABILITIES TOTAL SHAREHOLDER'S EQUITY AND LIABILITIES 31/12/2015
31/12/2014
863.765 1.284.351 241.873 338.401 295.192.544 293.404.190 233.510
458.289 296.531.692 295.485.231 4.603 18.768
9.474.436 9.477.329 81.048 79.915 710.862 2.434.909 379.410 154.091
5.190.424 5.339.315 22.460.224 1.325.217 38.301.007 18.829.544
334.832.699 314.314.775
23.353.002 23.353.002 172.061.009 174.386.708 527.537 (377)
4.709.668 2.031.973 200.651.216 199.771.306
41.835.896 1.044.882 42.880.778
46.285.708 1.028.140 1.600.000 48.913.848
708.762 785.072 83.284.436 57.174.089 5.736.967 5.933.810 1.570.540
1.736.650 91.300.705 65.629.621 134.181.483 114.543.469 334.832.699
314.314.775
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PROFT & LOSS STATEMENT
Amounts in Euro Revenues Other revenues Total Revenues Raw
materials and consumables costs Services and other costs Personnel
costs Other income and (charges) Depreciation OPERATING RESULT
Financial income Financial expense PRE-TAX RESULT Income tax NET
RESULT FOR THE YEAR
31/12/2015 6.026.447 47.197 6.073.644 (34.520) (3.124.512)
(3.591.236) 4.403.666 (249.592) 3.477.450 4.229.897 (5.407.656)
2.299.691 2.409.977 4.709.668
31/12/2014 6.150.724 40.472 6.191.196 (33.530) (3.198.048)
(3.355.483) 3.701.814 (248.434) 3.057.515 4.826.888 (9.054.893)
(1.170.490) 3.202.464 2.031.974
Basic earnings per share (amounts in Euro) Diluted earnings per
share (amounts in Euro)
0,11 0,11
0,05 0,05
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CASH FLOW STATEMENT 31/12/ 2015 Cash flow from operating activities
Net income (loss) Depreciation of tangible and intangible assets
Capital gain (loss) on assets Change in the fair value of financial
assets and liabilities Change in deferred taxes Change in trade
receivables from associated companies Change in trade payables Net
change in receivables/payables from tax consolidation from
subsidiary companies Net change in receivables/payables from Group
VAT regime Income from tax consolidation Net change in other
operating assets and liabilities Change in termination indemnity
Net cash flows from operating activities Purchase of tangible
assets Purchase of intangible assets Other changes in financial
assets Gains on disposal of fixed assets Net cash flows used in
investing activities Net change in short-term borrowings Net change
in cash pooling activities Loans (repaid) and received from parent
company Loans (repaid) or received Dividends paid Other movement in
shareholders' equity Net cash flows generated (used) in financing
activities 4.709.668 31/12/ 2014 2.031.973
249.592 (3.615) (684.422) 5.955 429.215 (85.666) (2.389.508)
(1.029.013) 1.724.047 (391.429) 16.742 2.551.566 (28.982) (16.770)
(4.000.000) 3.615 (4.042.137) 476.682 29.832.635
248.434 (10.750) 4.513.015 2.098 1.454.038 82.777 (158.147)
(1.334.274) 66.159 245.154 7.140.475 (241.561) (181.406) 10.750
(412.217) (421.962) 17.254.570
927.195 (5.000.000) (15.400.000) (4.357.294) (6.971.671) 746.361
130.032 22.625.578 (5.409.031)
Increase (decrease) in cash at bank and in hand Cash and cash
equivalent at the beginning of the year Cash and cash equivalent at
the end of the year Dividends received from the subsidiary
companies Taxes paid in the period Interest paid in the period
21.135.007
1.319.227
1.325.217 22.460.224
5.990 1.325.217
5.015.312 659.384
8.301.814 3.901.375 3.879.507
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