Acea: board approves Results for Q1 2014PDF , 302kb
The Board of Directors of Acea SpA has approved the results for the three months ended 31 March 2014 (Q1 2014). The figures show, for the fifth consecutive quarter, a progressive improvement in the Group’s performance. In particular, EBITDA is up €166.0m (an increase of 5.7%), reflecting the contribution of all four areas of business. The period also saw strong growth in EBIT (up 11.9%) and net profit (up 20.9%). Net debt at 31 March 2014 (€2,323.9m) down €81.4m on 31 March 2013.
The Group invested a total of €66.4m during Q1 2014 (€63.3m in Q1 2013).
Rome, 8 May 2014 – The Board of Directors of ACEA SpA, chaired by Giancarlo Cremonesi, has approved the quarterly report for the three months ended 31 March 2014 (Q1 2014).
“Thanks to efficient management and clear prospects for growth, our Group has achieved an improved performance for the fifth consecutive quarter,” commented Acea’s Chairman, Giancarlo Cremonesi. “Acea’s growth,” he went on, “brings immediate and real benefits for our shareholders and investors, for our many partner companies and, more generally, for the communities in the areas in which we are investing.Results like these are made possible by the day-to-day commitment of management and everyone who works for Acea,” concluded Cremonesi.
“Through our efforts over recent months,” stated Acea’s CEO, Paolo Gallo, “we have transformed Acea into an increasingly productive and effective organisation, closely focused on efficiency and the market. The results for the first quarter,” continued Gallo, “again reflect improved margins across all areas of business, above all in the Energy and Water segments. Our cost efficiency drive has continued, yielding results in line with expectations. Despite the market environment remaining difficult, we have continued to keep working capital under control and, as a result, net debt. This is the direction in which we must continue to move in order to create further value for our shareholders, customers and the communities in which we work each and every day,” concluded Gallo.
The adoption of new accounting standards regarding control (IFRS 10 - Consolidated Financial Statements and IFRS 11 - Joint Arrangements) became mandatory from 1 January 2014. This essentially requires the Company to consolidate its investments in water companies in Tuscany, Umbria and Campania using the equity method (previously these were consolidated using proportionate consolidation).
For comparative purposes, amounts in the consolidated statement of financial position at 31 December 2013 and those in the consolidated income statement and statement of financial position at and for the three months ended 31 March 2013 have been restated.
The portion of the investee company’s profit or loss resulting from consolidation using the equity method is conventionally included in the components that contribute to EBITDA, namely the item “Profit/(loss) on non-financial investments”, given that there have not been any events resulting in a discontinuation of control or governance structures or of the operating activities of the industrial partner.
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