Operating figures, equity and financial results for the period

Operating figures U.M. 2014 2013 Restated

Increase/
(Decrease)

Increase/
Decrease %

Electricity distributed GWh 10,294 10,784 (490) (4.5%)
Energy produced by photovoltaic plants GWh 15 17 (2) (11.4%)
Energy efficiency certificates sold/cancelled No. 92,698 3,578 89,120 2,490.8%
No. Customers N/000 1,623 1,627 (4) (0.3%)
Network (Km)  (Km) 29,752 29,421 331 1.1%

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

Increase/
(Decrease)

Increase/
Decrease %

Revenue 551.4 601.0 (49.6) (8.3%)
Costs 298.1 343.7 (45.6) (13.3%)
Gross operating profit 253.3 257.3 (4.0) (1.6%)
Operating profit/(loss) 158.4 161.0 (2.6) (1.6%)
Average number of staff 1.377 1.400 (23) (1.6%)
Capex 122.4 103.2 19.2 18.6%
Net debt 623.1 683.5 (60.4) (8.8%)

EBITDA at 31 December 2014 was 253.3 million euros, a fall of 4.0 million euros vis-à-vis the previous year.

The drop is a combination of (i) the decrease for ACEA Distribuzione with regard to the first margin on the sale of energy, down 10.6 million euros, chiefly due to the new business tariff for 2014, (ii) the reduction in the Vatican margin, and (iii) a drop in consumption. These falls were only partially offset by (i) the rise in cost efficiency obtained by the company, and (ii) the drop in margins of the PV division by 1.4 million euros. Margins deriving from public lighting were basically in line with those of the previous year. Staff costs fell by 7.0 million euros compared with 2013, basically due to the rise in capitalised costs as a result of changes during the course of 2014 to procedures for the capitalisation of in-house costs.

In terms of staff, as of 31 December 2014 the average number of employees was 1,377, 23 less than the same period of the previous year, mainly attributable to ACEA Distribuzione.

Net debt at the end of 2014 was 623.1 million euros, a rise of 60.4 million euros, chiefly due to actions on working capital, leading to higher revenue towards the end of 2014. Positive net debt changes were recorded for both ACEA Distribuzione (- 41.1 million euros) and ARSE (- 24.8 million euros).

Segment capital expenditure amounted to 122.4 million euros, a rise of 19.2 million euros. The change is entirely attributable to ACEA Distribuzione, mainly due to capital expenditure in information systems and extension of its HV, MV and LV networks.