Discover the Acea Group online 2019 Consolidated Report

Operating results and financial position for the year

Operating results and financial position(€ million)31/12/201931/12/2018Change% Change
Operating profit/(loss) (EBIT)(29.4)(6.6)(22.8)n.s.
Average headcount66866350.8%
Net financial debt250.4236.414.05.9%
EBITDA(€ million)31/12/201931/12/2018Change% Change
EBITDA - Corporate Segment(5.6)(34.9)29.4(84.1)%
EBITDA - Group1,042.3933.2109.111.7%
Percentage weight(0.5)%(3.7)%3.2 p.p. 

Corporate closed 2019 with a negative EBITDA of € 5.6 million (+ € 29.4 million compared to 31 December 2018). The variation is due to the combined effect of several phenomena: (i) the recognition of out-of-period income of € 16.2 million as a result of the decision of the Regional Administrative Court to annul the fine imposed by the AGCM served on 8 January 2019 and against which an appeal was filed and which in 2018 was among the costs; (ii) the reduction in operating costs for Information Technology, (iii) the increase in personnel costs only partially offset by higher capitalisation. Moreover, the first application of IFRS 16 resulted in a benefit to EBITDA in terms of lower rentals for € 4.8 million.

The average workforce at 31 December 2019 stood at 668 and was slightly up compared to the previous year (663 employees).

Investments amounted to € 21.7 million and, compared to 2018 increased by € 11.7 million. Investments mainly refer to IT developments and investments in the company offices.

Net debt at 31 December 2019 amounted to € 250.4 million, a drop of € 14.0 million compared to the closure of 2018. The worsening of financial indebtedness was affected by the payment made to Acea International to finance the further purchase of shares in Consorcio Agua Azul for € 8.7 million, the acquisition of the equity investment in Pescara Distribuzione Gas, the remainder of the 2018 dividends not yet paid for € 77.1 million and the first-time application of IFRS 16 which generated a decrease of € 16.0 million. Net financial indebtedness also derived from the requirements generated by changes in working capital.