FINANCIAL HIGHLIGHTS

 

  • Consolidated revenue:

888.2     million euros    up 1.6%

  • EBITDA:

177.7     million euros    up 12.5%

  • EBIT:

94.8       million euros    up 32.6%

  • Group net profit (before non-controlling interests):

38.9       million euros    up 60.7%

Rome, 13 May 2013 – The Board of Directors of ACEA SpA, chaired by Giancarlo Cremonesi, has approved the quarterly report for the three months ended 31 March 2013 (Q1 2013).

 

FINANCIAL HIGHLIGHTS

(€m)

Q1 2012

Q1 2013

% inc./(dec.)

Consolidated revenue

873.8

888.2

+1.6%

EBITDA

157.9

177.7

+12.5%

EBIT

71.5

94.8

+32.6%

Profit/(Loss) before tax

43.0

71.1

+65.3%

Group net profit/(loss) (before non-controlling interests)

24.2

38.9

+60.7%

Group net profit/(loss) (after non-controlling interests)

22.4

36.8

+64.3%

The above amounts do not take account of the reclassifications required by IFRS 5 and therefore include the Q1 2012 results of the photovoltaic unit sold at the end of 2012.

 

(€m)

Q1 2012

Q1 2013

% inc./(dec.)

Investment

189.6*

77.5

-59.1%

(*) This figure includes the cost of purchasing the Group’s headquarters premises, amounting to approximately 113 million euros.

 

(€m)

31 Mar 2012

restated**

31 Mar 2013

% inc./(dec.)

Net debt

2,638.8

2,638.9

0%

Equity

1,323.5

1,352.7

+2.2%

Invested capital

3,962.3

3,991.6

+0.7%

(**) Entry into effect of amendments to IAS 19.

 

“In the first three months of the current year the Company has again delivered a solid operating and financial performance and confirmed its commitment to its home market and the quality of its services, commented Acea’s Chairman, Giancarlo Cremonesi, in spite of the difficult macroeconomic environment in which we have operated for a number of years, which has had a significant impact on the country’s productive system“.

“The Group was highly profitable in the first quarter, with double-digit growth across all key performance indicators, noted Paolo Gallo, Acea’s CEO, thanks to the contributions from all areas of the business, the Parent Company’s effective cost controls and sound management of our finances. We confirm our focus on operating efficiency and strong commitment to improving cash flow management.”

 

ACEA GROUP’S RESULTS FOR Q1 2013

Consolidated revenue of 888.2 million euros is up 1.6% on Q1 2012.

Consolidated EBITDA is up from the 157.9 million euros of Q1 2012 to 177.7 million euros in Q1 2013, marking an increase of 12.5%. This result was achieved thanks to:

  • the significant improvement registered by the Parent Company, reflecting an increase in service contract revenue and an overall reduction in the cost of materials and overheads as a result of the Company’s cost efficiency drive;
  • contributions from all the businesses and, above all, the Energy segment, following the repowering of the Salisano and Orte plants, and the Environment segment, essentially reflecting the post-revamp operation of the Terni plant.

Contributions to total EBITDA are as follows: Water 46%, Networks 33%, Energy 13%, Environment 6%; Parent Company 2%.

Consolidated EBIT is up from the 71.5 million euros of Q1 2012 to 94.8 million euros for Q1 2013, an increase of 32.6%.

 

Group net profit, before non-controlling interests is 38.9 million euros (up 60.7% on Q1 2012).

The net profit, after non-controlling interests, is 36.8 million euros (up 64.3% on the 22.4 million euros of Q1 2012).

The tax rate is up from 43.7% for Q1 2012 to 45.3% for Q1 2013.

 

The Group’s investment in Q1 2012 amounts to 77.5 million euros (189.6 million euros in Q1 2012, when the figure included the cost of purchasing the Company’s headquarters premises). The figure breaks down as follows: Water 46.8 million euros; Networks 24.0 million euros; Environment 2.5 million euros; Energy 2.1 million euros; the Parent Company 2.1 million euros.

 

Net debt at 31 March 2013 totals 2,638.9 million euros (in line with the figure at 31 March 2012). The level of debt also reflects continuingdifficulties in the market, affecting cash generation at the Group’s principal companies, a situation in part influenced by seasonal factors, which are historically compensated for in subsequent quarters.