Operating figures, equity and financial results for the period

Operating figures U.M. 2014

2013 
Restated

Increase/
(Decrease)

Increase/
decrease % 

Energy produced GWh 498 500 (2) (0.4%)
Electricity sold – Free market GWh 7,887 9,382 (1,495) (15.9%)
Electricity sold – Protected market GWh 3,000 3,234 (234) (7.2%)
Electricity no. Free market customers (P.O.D.) N/000 347 301 46 15.4%
Electricity no. Protected market customers (P.O.D.) N/000 1,023 1,072 (48) (4.5%)
Gas sold Msm3 103 100 4 3.9%
Gas no. Free market customers N/000 155 99 56 56.7%

Equity and financial results (millions of euros) 2014

2013
Restated

Increase/
 (Decrease)

Increase/
decrease %

Revenue 2,073.7 3,164.7 (1,091.0) (34.5%)
Costs 1,962.0 3,073.0 (1,111.0) (36.2%)
Gross operating profit 111.7 91.7 20.0 21.8%
Operating profit/(loss) 4.4 2.6 1.8 69.2%
Average number of staff 532 546 (14) (2.6%)
Capex 19.7 11.4 8.3 72.8%
Net debt 356.1 302.6 53.5 17.7%

The Segment closed 2014 with an EBITDA of 111.7 million euros, 20.0 million euros up on the previous year.

This positive change was the result of alternating fortunes:

  • production activity performed by ACEA Produzione fell by 3.6 million euros, as a result of a drop in the energy margin (- 3.6 million euros) due to lower prices (despite larger quantities of energy produced due to greater hydraulicity), whereas other costs were basically unchanged vis-à-vis 2013 (+ 0.1 million euros),
  • the sales segment closed 2014 with an EBITDA of 77.8 million euros, compared with 54.2 million euros in 2013; this change was due to the higher energy margin (+ 15.6 million euros), partially offset by the rise in external costs incurred by ACEA Energia (+ 2.8 million euros). With reference to the energy margin it is noted that i) the margin for the protected categories service was 49.1 million euros, up on 2013 (+ 14.4 million euros) chiefly due to the tariff update for the sale of energy (RCV), further to Resolutions 637/2013, 136/2014 and 670/2014 of AEEGSI, which created two compensation mechanisms (arrearage and arrearage of fraudulent withdrawals), that can be used by operators in the protected categories market that have carried out efficient debt management and recovery actions in addition to the suspension of the defaulting withdrawal point; ii) the margin for the Free market was 77.0 million euros, 12.4 million euros up on 2013, due to the results of the mass market segment, partially offset by the lower margins of the B2B segment (lower volumes), and by the bonus for actions to optimise energy flows, positively influenced by the ruling of TAR Lombardy of 24 June 2014, repealing AEEGSI resolutions nos. 342/2012, 239/2013, 285/2013 and 197/2013 regarding unbalancing regulations; iii) the margin for the sale of Gas was 10.5 million euros, up significantly on 2013 (+ 18.6%), due mainly to the better unit margins.

In terms of staff numbers, at 31 December 2014 the average number of employees was 532, 14 fewer than the previous year, the result of a drop in staff numbers in ACEA800 (- 23 units) and an increase in ACEA Energia (+ 8 units).

Segment capital expenditure stood at 19.7 million euros, an increase of 8.3 million euros, mainly due to expenditure undertaken by Ecogena (+ 5.4 million euros).

Net debt at the end of 2014 increased to 356.1 million euros, 53.5 million euros higher than the figure at the end of 2013. This increase is primarily attributable to the sales sector (59.3 million euros), basically due to the increase in net working capital, thanks to greater billing, which resulted in greater liquidity needs and a worsening net financial position. The fall in the production sector (- 5.8 million euros) was mainly in relation to a drop in debt for ACEA Produzione (- 14.0 million euros), partly offset by higher debt of 8.2 million euros reported by Ecogena which, in 2013, was consolidated using the equity method.