Equity and financial results for the period

Equity and financial results (millions of euros) 2014 2013 Restated

Increase/
(Decrease)

Increase/
Decrease %

Revenue 122.8 111.1 11.7 10.5%
Costs 116.7 113.9 2.8 2.5%
Gross operating profit 6.1 (2.8) 8.9 (317.9%)
Operating profit/(loss) (21.5) (26.5) 5.0 (18.9%)
Average number of staff 670 680 (10) (1.5%)
Capex 14.2 11.9 2.3 19.3%
Net debt (442.1) (467.0) 24.9 (5.3%)

ACEA closes 2014 with an EBITDA of 6.1 million euros, an improvement compared to 31 December 2013 of 8.9 million euros, basically due to the effect of (i) an increase in revenue for service agreements, (ii) a global fall in external costs following the adoption of general cost-curbing policies, and (iii) the entering of some contingent items. It is noted that 2013 benefited from the partial release of 4.9 million euros in provisions set aside for the second round of the medium/long-term Incentive Scheme and those set aside for senior and middle managers' MBO, as the objectives assigned were only partially achieved. As a result the actual increase in staff costs was 0.2 million euros.

The average number of staff at 31 December 2014 was 670, down on the previous year (680 units at 31 December 2013).

Capital expenditure amounted to 14.9 million euros, an increase of 2.3 million euros compared to 31 December 2013, relating chiefly to the purchase and upgrading of software for administrative activities and company security.

Net debt at 31 December 2014 stood at 442.1 million euros, an improvement over the end of 2013 of 24.9 million euros, as a result of (i) the financial settlement of service agreements and payments due from subsidiaries as part of treasury contracts, (ii) the recording of dividends for 2013 resolved by subsidiaries, (iii) the release of part of the escrow account created to secure photovoltaic plants sold in 2012 to RTR for 4.9 million euros. The above was offset by (i) distribution of the final dividend for 2013 approved by the shareholders' meeting on 5 June 2014, (ii) deterioration in foreign currency valuations and fair value measurement of financial instruments (18.2 million euros), and (iii) liquidity needs generated by changes in working capital.