Operating figures, equity and financial results for the period

Operating figures* U.M. 2014

2013
Restated

Increase/
(Decrease)

Increase/
decrease %

Water Volumes Mm3 540  566 (26) (4.6%)
Electricity consumed GWh 557  535 22 4.1%
Sludge disposed of kTon 214  194 20 10.3%

* Values for the ACEA Group’s share

Financial results (millions of euros) 2014

2013 
Restated

Increase/
(Decrease)

Increase/
Decrease %
Revenue 653.8 624.1 29.7 4.8%
Costs 361.6 343.3 18.3 5.3%
Gross operating profit 292.2 280.8 11.4 4.1%
Operating profit/(loss) 221.0 205.3 13.1 6.4%
Average number of staff 2,413 2,423 (10) (0.4%)
Capex 148.9 130.0 18.9 14.5%
Net debt 488.1 610.8 (122.7) (20.1%)

The Segment’s EBITDA at 31 December 2014 totalled 292.2 million euros, up 11.4 million euros on 2013.

The change was influenced:

  • positively by the recognition of higher revenues following the application of the Water Tariff Method (MTI) passed by AEEGSI in Resolution no. 643/2013: the most significant movements were for ACEA Ato2 (+ 15.7 million euros) and ACEA Ato5 (+ 6.8 million euros); part of the increase was the result of recognition of adjustments of so-called pass-through items, in other words the inclusion in the tariff of some types of costs for 2012 and 2013 including covering costs borne for the environmental emergency and other cost components (i.e. electricity and local charges) as well as inflation in accordance with the regulation in force;
  • negatively by non-recurring events in 2013, not repeated in 2014, concerning (i) the FNI component due for 2012 and 2013 as part of the tariff determination process for 2012 and 2013 set out in Article 6 of the above mentioned resolution; (ii) the discounting to present value of GORI's payables to the Campania Region which generated income (15.0 million euros), currently being re-determined and rescheduled on the basis of the Agreement signed in June between GORI, the Region and the Area Authority. The Agreement includes a twenty-year repayment plan subject to the payment of legal interest (at 2.5%) only from the eleventh year.

In addition, EBITDA of the Companies operating abroad decreased, due in part to the termination of the Aguazul Bogotà management contract at the end of 2012.

With reference to operating costs, there was an overall increase of 18.3 million euros. This increase is mainly attributable to ACEA Ato2, mainly due to higher costs from the service agreement with the Parent Company (+ 3.4 million euros), an increase in the license fee (+ 2.0 million euros), higher energy purchase costs (+ 8.7 million euros) and the disposal of sludge (+ 4.4 million euros).

The following also contributed to the change (i) Laboratories + 2.8 million euros for increases in the cost of staff seconded by ACEA Ato2 (+ 2.9 million euros) and employed in the maintenance of the water network, in technical administrative activities for the management of water licenses and other costs for services provided to the same; (ii) ACEA Ato5 due to an increase in energy costs (+ 1.2 million euros) and other operating expenses, especially due to the adjustment of consumption for previous years. These increases were partially offset by lower operating costs incurred by the other companies, in particular Agua Azul Bogota (- 1.3 million euros)

Staff costs amounted to 79.0 million euros, a fall of 4.2 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.

The average headcount of the Segment at 31 December 2014 was down by 11 units to 2,413.

Net debt in the Segment at 31 December 2014 amounted to 488.1 million euros, down by 122.7 million euros, due in particular to the better performances of ACEA Ato2 and ACEA Ato5 as a result of actions to limit working capital, in relation mainly to the billing of adjustments from previous periods. Negative results were posted for overseas (+ 7.6 million euros) and for engineering services (+ 9.6 million euros).

Segment investments amounted to 148.9 million euros (+ 18.9 million euros), recorded almost exclusively by ACEA Ato2 (+ 17.6 million euros).