Acea Group results:
• Consolidated revenue: 2,483.3 million euros (2,161.3* million euros in 9M 2010)
• EBITDA: 470.1 million euros (457.3* million euros for 9M 2010)
• EBIT: 136.5 million euros (230.8* million euros for 9M 2010)
• Net profit: 63.4 million euros (102.9* million euros for 9M 2010)
• Interim dividend 2011: 0.28 euros per share
Rome, 8 November 2011 – A meeting of the Board of Directors of Acea SpA, chaired by Giancarlo Cremonesi, has approved the report for the nine months ended 30 September 2011 (9M 2011). The Board has also begun the process of paying an ordinary interim dividend of 0.28 euros per share for 2011.
The results achieved in the first nine months of the year show that the Group is on course to meet its growth targets, thanks to improved margins across all its businesses, continuing efforts designed to boost operating efficiency and the implementation of measures aimed at creating shareholder value.
“Despite a particularly demanding market environment,” emphasised Giancarlo Cremonesi, Acea’s Chairman, “we have again produced a positive operating performance across all businesses, maintaining the levels of profitability seen in the previous year.”
“Our KPIs for the nine months ended 30 September 2011,” commented Acea’s CEO, Marco Staderini, ”reflect effective operational and financial management of the Group. After taking account of the impact of the unwinding of the joint venture in the Energy segment, revenue and EBITDA are up despite the extremely difficult market environment. We confirm our previously announced investment programme and dividend policy and, alongside intensive efforts to improve operating efficiency, we will continue to keep a tight rein on finances and maintain our balance sheet strength”.
The results for the period primarily reflect the following:
• changes in the basis of consolidation due to unwinding of the joint venture with GdF Suez Energia Italia (completed on 31 March 2011);
• the different method of consolidating Acquedotto del Fiora (the company that manages integrated water services in the ATO 6 Siena-Grosseto concession area);
• provisions made in response to the uncertainty surrounding recovery of amounts due under the tariff equalisation mechanism applicable to ATO5-Frosinone and Gori.
It should be noted that the increase in pro forma EBITDA, after adjusting solely for unwinding of the joint venture in the Energy segment, is 2.8%.
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