Discover the Acea Group online 2019 Consolidated Report
Operating figures, equity and financial results for the year
| Operating data | U.M. | 31/12/2019 | 31/12/2018 | Change | % Change |
| Water Volumes* | Mm3 | 538 | 440 | 98 | 22.3% |
| Electrical Energy Consumed* | GWh | 663 | 440 | 223 | 50.8% |
| Disposed Sludge** | kTon | 134 | 96 | 38 | 39.4% |
| Gas Delivered** | m3 | 60,641,789 | 0 | 60,641,789 | n.s. |
| Gas no. of active users** | No. | 62,068 | 0 | 62,068 | n.s. |
| Net realised** | Km | 325 | 0 | 325 | n.s. |
| White Certificates** | No. | 7,974 | 0 | 7,974 | n.s. |
* The values refer to fully consolidated companies (including Gori and AdF).
| Equity and financial results(€ million) | 31/12/2019 | 31/12/2018 | Change | % Change |
| Revenues | 1,049.2 | 841.0 | 208.2 | 24.8% |
| Costs | 544.3 | 408.0 | 136.2 | 33.4% |
| EBITDA | 505.0 | 433.0 | 72.0 | 16.6% |
| Operating profit/(loss) (EBIT) | 252.2 | 221.0 | 31.2 | 14.1% |
| Average headcount | 3,094 | 2,551 | 543 | 21.3% |
| Capex | 380.1 | 329.7 | 50.4 | 15.3% |
| Net financial debt | 1,286.5 | 1,039.0 | 247.4 | 23.8% |
| EBITDA(€ million) | 31/12/2019 | 31/12/2018 | Change | % Change |
| EBITDA - Water Segment | 505.0 | 433.0 | 72.0 | 16.6% |
| EBITDA - Group | 1,042.3 | 933.2 | 109.1 | 11.7% |
| Percentage weight | 48.4% | 46.4% | 2.1 p.p. |
EBITDA for the Segment stood at € 505.0 million at 31 December 2019, an increase of € 72.0 million compared to 2018 (+ 16.6%).
The increase is mainly due to the line-by-line consolidation of Gori (as from 8 November 2018) and AdF (whose line-by-line consolidation began from 7 October 2019), previously valued using the equity method, which accounted for € 53.9 million and € 13.5 million respectively. Also contributing to the increase was the consolidation of the company Pescara Distribuzione Gas (acquired in March 2019) for € 1.7 million. There were also lower costs for rentals following the first-time application of IFRS 16 for € 3.0 million, and finally a decrease in the contribution to EBITDA of water companies valued at net equity of € 3.7 million, as shown below:
| (€ million) | 31/12/2019 | 31/12/2018 | Change | % Change |
| Publiacqua | 16.3 | 15.8 | 0.5 | 3.1% |
| Acque Group | 12.3 | 13.9 | (1.6) | (11.3)% |
| Fiora | 3.7 | 4.6 | (1.0) | (21.0)% |
| Umbra Acque | 2.1 | 1.1 | 1.0 | 86.7% |
| Gori | 0.0 | 3.0 | (3.0) | (100.0)% |
| Nuove Acque and Intesa Aretina | 0.7 | 0.5 | 0.2 | 47.9% |
| Geal | 1.2 | 1.0 | 0.2 | 20.4% |
| Total | 36.2 | 39.9 | (3.7) | (9.2)% |
The quantification of revenues for the year deriving from the integrated water service is valued on the basis of the determinations made by the area governing bodies (AGBs) and ARERA. The item includes the estimate of the tariff adjustments relating to the so-called carry-over items for the year that will be invoiced as from 2021. In addition, starting from the second regulatory period the Authority has put in place incentive measures that provide the Managers with rewards related to "contractual quality" and "technical quality" based on certain objectives and quality standards. It should therefore be noted that the amount of € 35.8 million (+ € 2.2 million), which represents the best estimate of the 2019 commercial quality award, and penalties for commercial quality and technical quality amounting to a total of € 0.5 million have been recorded among the revenues of Acea Ato 2. The following two tables summarise the status of the procedures for approving tariff proposals and the other revenues from the IWS, broken down by company and component.
The operating result was mainly affected by the increase in amortisation and depreciation (+ € 28.0 million), attributable to the full consolidation of Gori and AdF for € 25.9 million and € 9.3 million respectively.
The average workforce as at 31 December 2019 increased by 543 employees, mainly due to the change in the scope of consolidation related to AdF (+ 394 employees) and Pescara Distribuzione Gas (+ 12 employees). Gori also contributed to the change (+ 117 employees) with regard to the transfer of the "Regional Works" which includes the redeployment and efficient use of the related personnel in IWS activities.
Investments in the Segment were € 380.1 million and were mainly attributable to Acea Ato 2 for € 277.8 million and € 33.2 million to Acea Ato 5, while the consolidation of Gori and AdF contributed € 43.8 million and € 11.1 million respectively. The main investments in the period include those relating to the work carried out for the reclamation and expansion of the water and sewage pipes of the various Municipalities, the extraordinary maintenance of the water centres, the interventions on the treatment plants, works to reduce water leaks and improve relationships with users and the local region and on IT applications.
Net debt of the Segment at 31 December 2019 was € 1,286.5 million, a decrease of € 247.4 million compared to the previous year. This change is mainly due to: (i) Acea Ato 2 for the lower liquidity resulting from the investments made during the year; (ii) to the consolidation of AdF and Pescara Distribuzione Gas which contribute to a worsening of financial indebtedness for € 89.6 million and € 7.1 million respectively, partly offset by Gori which contributes to the improvement of the financial position for € 12.2 million. Finally, the first application of IFRS 16 contributed to the worsening of financial debt of the Segment by € 18.2 million