Price Sensitive Press Release

H1 2014 RESULTS

The Board of Directors of Acea SpA has approved the results for the six months ended 30 June 2014.

  • EBITDA of €331.0m is in line with the figure for H1 2013.
  • Had EBITDA been determined on the basis of the accounting standards applied until 31 December 2013, the figure would have been €383m, up 3.4% on H1 2013.
  • EBIT is up 3.6% and net profit up 14.0%.
  • Net debt of €2,376.7m at 30 June 2014.


The Group’s capex totalled €142.3m in H1 2014 (€135.2m in H1 2013).

The Board of Directors has confirmed the targets in the Business Plan for 2014-2018, envisaging average annual EBITDA growth of over 6%, a ratio of net debt to EBITDA of 2.6x in 2018 and total capex of €2.1bn.
 

Rome, 28 July 2014 – The Board of Directors of ACEA SpA, chaired by Catia Tomasetti, has approved the interim report for the six months ended 30 June 2014 (H1 2014) and confirmed the targets in the Business Plan for the period 2014-2018.

“Today’s positive results, achieved thanks to the hard work and commitment shown by our colleagues and employees, indicate that Acea continues to create value, whilst at the same time helping to drive growth in the areas in which it operates, starting with Rome and the Lazio region,” declared Acea’s Chairwoman, Catia Tomasetti. “Our challenge,” she continued, “is to further improve efficiency and the quality of the services we provide, investing in innovative technologies and in initiatives designed to leverage our human capital”.

 

Acea has once again proved that it is a solid and reliable industrial enterprise,” commented Acea’s CEO, Alberto Irace, “as the success of our recent bond issue helps to demonstrate. Today’s results show that we are on track to accelerate growth in our key areas of business. We have embarked on our capex programme, investing resources that will bring innovation and jobs to the surrounding areas. We intend to continue to play a leading role in the grids, energy, water and environment sectors”.

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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 income statement and statement of financial position in the condensed consolidated interim financial statements at and for the six months ended 30 June 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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