- RESULTS FOR 2013:
EBITDA up to €766m (up 10.2%), driven by contributions from all four areas of business and the Parent Company. EBIT sees strong growth (up 30.6%), as does net profit (up 83.3%).
Net debt at 31 December 2013 (€2,468m) is down €27m on 2012 and €69m compared with 30 September 2013.
Ratio of net debt to EBITDA down from 3.6x at the end of 2012 to 3.2x at the end of 2013.
Payment of a dividend for 2013 of €0.42 per share (a payout of 63%) will be proposed to the AGM, including the interim dividend of €0.25 already paid.
- BUSINESS PLAN FOR 2014-2018
The Business Plan for the period 2014-2018 envisages capex of over €2.4bn. Acea aims to become number three in Italy in the industrial treatment of waste, with 1.5m tonnes treated (including 75% in the Lazio region), investing €246m. In the Energy sector, the Company intends to further improve the quality of the services it provides to customers by investing in technological innovation. The Company also plans to create a major cogeneration facility in the city of Rome. As regards Water, the Plan envisages investment of €1.3bn, with the largest part to be spent on modernising the network, expanding treatment capacity and on the introduction of new technologies. The Group will also invest €642m in Grids in order to modernise the network by adopting smart technology, expand the public lighting network and progressively replace existing lamps with LED lighting.
The Plan forecasts average annual EBITDA growth, in the period 2014-2018, of 5.2% and a ratio of net debt to EBITDA of 2.4x in 2018, maintaining an adequate dividend payout.
- The Board has also approved a Euro Medium Term Note Programme of up to €1.5bn, with the aim of further reducing borrowing costs and lengthening the average term to maturity of the Company’s debt.
To view the complete text open the attached pdf
