Acea Group results:
· Consolidated revenue: 1,607.3 million euros (1,483.0** million euros in H1 2010)
· EBITDA: 288.9 million euros (298.1** million euros in H1 2010)
· EBIT: 30.4 million euros (144.8** million euros in H1 2010)
· Net profit: 13.2 million euros (73.7** million euros for H1 2010)
Rome, 29 July 2011 –The Board of Directors of ACEA SpA, chaired by Giancarlo Cremonesi, has approved the interim report for the six months ended 30 June 2011 (H1 2011).
Against a difficult macroeconomic backdrop that has led to a significant slowdown in the market, during the first half of 2011 Acea continued to deliver on the growth strategy set out in its Business Plan.
Among other things, the results reflect the impact of the unwinding of the joint venture with GdF Suez Energia Italia, completed on 31 March 2011, and the different method of consolidating Acquedotto del Fiora (the company that manages integrated water services in the ATO 6 Siena-Grosseto concession area).
In line with expectations, earnings for the first six months of the year were also influenced by provisions made necessary by the uncertainty surrounding recovery of amounts due under the tariff equalisation mechanism applicable to ATO5-Frosinone and Gori, in part following the outcome of the recent Referendum.
EBIT is down 82% as a result of the above provisions, amounting to 70 million euros.
After adjusting for the above changes, the Acea Group’s EBITDA is down 3.1%.
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