Discover the Acea Group online 2020 Consolidated Report
Trend of operating segments
Acea's macro structure is organised in corporate functions and six operating segments: Water, Networks, Commercial and Trading, Overseas and Engineering and Services.
The results by segment are shown on the basis of the approach used by the management to monitor Group performance in the financial years compared in observance of IFRS 8 accounting standards. Note that the results of the "Other" segment include those deriving from Acea corporate activities as well as inter-sectoral adjustments.
| Environment | Commercial and Trading | Overse as | Water | Energy Infrastructure | Engineering and Services | Other | Consolidated Total | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| € million 31.12.2020 | Generation | Distribution | IP | Adjustments | Total | Corporate | Consolidation adjustments | ||||||
| Revenues | 200 | 1,586 | 62 | 1,209 | 79 | 577 | 41 | (1) | 697 | 89 | 131 | (571) | 3,403 |
| Costs | 150 | 1,514 | 37 | 595 | 34 | 208 | 43 | (1) | 284 | 74 | 166 | (571) | 2,248 |
| EBITDA | 50 | 72 | 25 | 614 | 45 | 370 | (2) | 0 | 413 | 15 | (35) | 0 | 1,155 |
| Depreciation/amortisatio n and impairment charges | 31 | 61 | 13 | 304 | 27 | 156 | 2 | 0 | 186 | 4 | 21 | 0 | 620 |
| Operating profit/loss | 19 | 12 | 12 | 310 | 18 | 213 | (4) | 0 | 227 | 10 | (56) | 0 | 535 |
| Capex | 24 | 44 | 3 | 476 | 39 | 282 | 4 | 0 | 325 | 7 | 28 | 0 | 907 |
The revenues in the above table include the condensed result of equity investments (of a non-financial nature) consolidated using the equity method, as well as results from equity investments in the gas distribution segment in Abruzzo.
| Environment | Commercial and Trading | Overse as | Water | Energy Infrastructure | Engineering and Services | Other | Consolidated Total | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| € million 31.12.2019 | Generation | Distribution | IP | Adjustments | Total | Corporate | Consolidation adjustments | ||||||
| Revenues | 183 | 1,619 | 48 | 1,049 | 80 | 559 | 45 | (1) | 683 | 79 | 143 | (574) | 3,230 |
| Costs | 131 | 1,550 | 32 | 544 | 35 | 214 | 43 | (1) | 291 | 66 | 148 | (574) | 2,188 |
| EBITDA | 52 | 69 | 17 | 505 | 45 | 345 | 2 | 0 | 392 | 13 | (6) | 0 | 1,042 |
| Depreciation/amortisatio n and impairment charges | 31 | 51 | 9 | 253 | 22 | 130 | 2 | 0 | 154 | 2 | 19 | 0 | 519 |
| Operating profit/loss | 21 | 18 | 8 | 252 | 23 | 215 | 0 | 0 | 238 | 11 | (24) | 0 | 523 |
| Capex | 52 | 43 | 7 | 380 | 19 | 266 | 3 | 0 | 288 | 2 | 21 | 0 | 793 |
Detail by business area
- Environment
- Commercial
- Overseas
- Water
- Infrastructures
- Engineering
- Group
The Environment Segment closed financial year 2020 with an EBITDA of € 50.3 million (-3.1%). This performance is mainly attributable to Acea Ambiente (- € 8.8 million) as a result of lower revenues from CIP 6 tariffs in 2019 (specifically, the scheme had been extended until 31 July 2019) for € 19.6 million, partially offset by an increase due to higher tariffs for landfill and greater volumes of composting treated, and the decrease of Aquaser (- € 0.9 million). This change is offset by the increase recorded due to the change in scope (+ € 7.8 million) which has an impact both for the first consolidation of Cavallari (+ € 2.3 million), Ferrocart (+ € 1.5 million) and Multigreen (+ € 0.4 million) and for the increase recorded by Demap (+ € 2.2 million) and Berg (+ € 1.4 million), which in 2019 were consolidated from July 2019 and from October 2019, respectively.
The average number of employees at 31 December 2020 was 619, an increase of 230 employees compared with 31 December 2019, due mainly to the change in the scope of consolidation. Acea Ambiente has increased its personnel by 16 employees.
Operating data
| U.M. | 31/12/2020 | 31/12/2019 | Change | % Change | |
|---|---|---|---|---|---|
| WTE conferment | kTon | 416 | 437 | (21) | (4.9%) |
| Landfilled waste | kTon | 32 | 34 | (2) | (5.7%) |
| Contributions to composting plants | kTon | 188 | 119 | 69 | 57.9% |
| Contributions to Selection Plants | kTon | 65 | 31 | 34 | 108.3% |
| Intermediated waste | kTon | 206 | 207 | (1) | (0.5%) |
| Liquids treated at Plants kTon | kTon | 423 | 317 | 106 | 33.5% |
| M&A contributions kTon | kTon | 119 | 0 | 119 | n.s. |
| Net Electrical Energy transferred GWh | GWh | 320 | 327 | (7) | (2.0%) |
| Waste produced | kTon | 158 | 119 | 39 | 32.9% |
Equity and financial results
| (€ million) | 31/12/2020 | 31/12/2019 | Change | % Change |
|---|---|---|---|---|
| Revenues | 200 | 182.9 | 17.1 | 9.4% |
| Costs | 149.7 | 130.9 | 18.8 | 14.3% |
| EBITDA | 50.3 | 52 | (1.6) | (3.1%) |
| Operating profit/(loss) (EBIT) | 19.4 | 21.1 | (1.7) | (7.9%) |
| Average workforce | 619 | 389 | 230 | 59.0% |
| Capex | 23.6 | 51.9 | (28.3) | (54.6%) |
| Net financial debt | 268.2 | 256.5 | 11.7 | 4.5% |
EBITDA
| € (million) | 31/12/2020 | 31/12/2019 | Change | % Change |
|---|---|---|---|---|
| EBITDA – Environment Segment | 50.3 | 52.0 | (1.6) | (3.1%) |
| EBITDA – Group | 1,155.5 | 1,042.3 | 113.2 | 10.9% |
| Percentage weight | 4.4% | 5.0% | (0.6 p.p.) |
The Segment, responsible for the management and development of electricity and gas sales and related customer relationship activities as well as the Group's energy management policies, closed 2020 with an EBITDA of € 72.4 million, an increase of € 3.3 million compared to 2019. The increase is primarily attributable to Acea Energia (+ € 3.5 million), as a result of an increase in the energy margin (+ € 6.3 million) offset by greater labour costs attributable largely to the effects of the Acea8cento valid from 1 August 2020, which required direct employment of a portion of its personnel. It is also noted that there were lower revenues from margins for connection fees due to slowing of activities requested by customers in the lockdown period, and lower revenues relative to the 2019 payment by CSEA of customer-exit compensation.
With reference to the workforce, the average number at 31 December 2020 stood at 373 employees, down compared to 31 December 2019 by 97 employees. The change is primarily due to effects of liquidation of Acea8cento (- 135 employees) only partly offset by transfer of a portion of the personnel to Acea Energia (+ 37 employees).
Investments in the Segment amounted to € 44.1 million, an increase of € 1.1 million compared to 31 December 2019, and mainly refer to € 24.8 million for the cost of acquiring new customers in accordance with IFRS 15, € 13.6 million for IT implementation projects and € 4.0 million for implementation of the new Customer Relationship Management system.
Operating data
| U.M | 31/12/2020 | 31/12/2019 | Change | % Change | |
|---|---|---|---|---|---|
| Electrical Energy sold - Free | GWh | 5,051 | 4,235 | 816.3 | 19.3% |
| Electrical Energy sold - Protected | GWh | 1,995 | 2,219 | (224) | (10.1%) |
| Electricity - Free market customers (P.O.D.) | N/1000 | 437 | 399 | 38 | 9.4% |
| Electrical Energy - No. Protected Market Customers (P.O.D.) | N/1000 | 749 | 786 | (37) | n.s. |
| Gas Sold | MSmc | 165 | 140 | 25.4 | 18.2% |
| Gas - No. Free Market Customers | N/1000 | 212 | 192 | 20 | 10.4% |
Equity and financial results
| (€ million) | 31/12/2020 | 31/12/2019 | Change | % Change |
|---|---|---|---|---|
| Revenues | 1,586.0 | 1,619.3 | (33.3) | (2.1%) |
| Costs | 1,513.5 | 1,550.1 | (36.6) | (2.4%) |
| EBITDA | 72.4 | 69.1 | 3.3 | 4.8% |
| Operating profit/(loss) (EBIT) | 11.8 | 18.3 | (6.5) | (35.5%) |
| Average workforce | 373 | 470 | (97) | (20.6%) |
| Capex | 44.1 | 43.1 | 1.1 | 2.5% |
| Net financial debt | (95.7) | (53.2) | (42.5) | 79.8% |
EBITDA
| (€ million) | 31/12/2020 | 31/12/2019 | Change | % Change |
|---|---|---|---|---|
| EBITDA Commercial and Trading Segment | 72.4 | 69.1 | 3.3 | 4.8% |
| EBITDA – Group | 1,155.50 | 1,042.30 | 113.2 | 10.9% |
| Percentage weight | 6.30% | 6.6% | (0.4 pp) |
The Area currently includes the water companies that manage the water service in Latin America.
This Segment closed 2020 with an EBITDA of € 25.3 million, recording an increase of € 8.4 million compared to 31 December 2019. The change is primarily attributable to consolidation of Consorcio Agua Azul (+ € 7.8 million) and increased revenue recorded by Acea Perù in relation to temporary management of the Lima Nord contract (+ € 0.8 million) and Consorcio Servicio Sur for high-margin extra-contractual activities (+ € 0.7 million) partially offset by lower tariff revenues for Agua de San Pedro (- € 0.9 million).
The average workforce at 31 December 2020 stood at 987 employees and was up by 173 compared to 31 December 2019, mainly attributable to Acea Perù (+ 183 employees) and to Consorcio Agua Azul (+ 32 employees), offset by the reduction recorded by other companies in the area, primarily Consorcio Servicio Sur (- 19 employees) and Aguas de San Pedro (- 12 employees).
Investments for the year amounted to € 3.1 million, down by € 3.9 million. The reduction is mainly due to lower water investments in Aguas de San Pedro.
Operating data
| U.M | 31/12/2020 | 31/12/2019 | Change | % Change | |
|---|---|---|---|---|---|
| Water Volumes | Mm3 | 41 | 43 | (3) | -5.8% |
| Volumes fed into the grid | Mm3 | 79 | 80 | (1) | -0.9% |
| Number of customers (user accounts served) | Number | 121,172 | 120,795 | 377 | 0.3% |
Equity and financial results
| (€ million) | 31/12/2020 | 31/12/2019 | Change | Change% |
|---|---|---|---|---|
| Revenues | 62.4 | 48.4 | 13.9 | 28.8% |
| Costs | 37.1 | 31.5 | 5.5 | 17.6% |
| EBITDA | 25.3 | 16.9 | 8.4 | 49.6% |
| Operating profit/(loss) (EBIT) | 12.1 | 7.7 | 4.4 | 57.8% |
| Average workforce | 987 | 814 | 173 | 21.2% |
| Capex | 3.1 | 7 | -3.9 | -55.9% |
| Net financial debt | (9) | (4.5) | (4.5) | 99.7% |
EBITDA
| (€ million) | 31/12/2020 | 31/12/2019 | Change | % Change |
|---|---|---|---|---|
| EBITDA Overseas Segment | 25.3 | 16.9 | 8.4 | 49,6% |
| EBITDA – Group | 1,155.5 | 1,042.3 | 113,2 | 10.9% |
| Percentage weight | 2.2% | 1.6% | 0.6 pp |
The EBITDA for the Segment stood at € 614.4 million at 31 December 2020, an increase of € 109.4 million compared to 31 December 2019 (+ 21.7%).
The operating result was affected by the growth in amortisation and depreciation (+ € 48.8 million), mainly due to the consolidation of AdF (+ € 20.8 million) and the remainder to the higher amortisation and depreciation recorded by Acea Ato2, also due to the entry into operation of the new plants (+ € 24.8 million).
The average workforce at 31 December 2020 of 3,292 employees is an increase on the figure for 31 December 2019 of 198 employees, primarily attributable to Acea Ato2 (+ 80 employees) that employed a portion of the personnel from Acea8cento as described in the Commercial and Trading segment, Gori (+ 63 employees) and consolidation of the company Servizi Idrici Integrati (+ 31 employees).
Investments in the area amounted to € 476.0 million, an increase of € 95.9 million, attributable to higher investments recorded by Acea Ato2 for € 54.3 million, by Acea Ato5 for € 3.5 million, by Gori € 6.5 million and € 26.2 million to the consolidation of AdF. The investments in the Segment mainly refer to the reclamation and expansion of the water and sewer pipes of the various municipalities, the extraordinary maintenance of the water centres, the work on the purifiers and the transport systems (connectors and feeders).
Operating data
| U.M | 31/12/2020 | 31/12/2019 | Change | % Change | |
|---|---|---|---|---|---|
| Water Volumes | Mm3 | 711 | 538 | 173 | 32.16% |
| Electrical Energy Consumed | GWh | 1,014 | 663 | 351 | 52.94% |
| Sludge disposed of | Ton | 253 | 134 | 119 | 88.81% |
| Gas Delivered | Mc | 57,354,910 | 60,641,789 | (3,286,879) | -5.42% |
| Gas No. of active Users | Nr. | 62,058 | 62,068 | (10) | -0.02% |
| Network completed | Km | 180 | 325 | (146) | -44.77% |
| White Certificates | Nr. | 7,190 | 7,974 | (784) | -9.83% |
Equity and financial results
| (€ million) | 31/12/2020 | 31/12/2019 | Change | % Change |
|---|---|---|---|---|
| Revenues | 1,208.90 | 1,049.20 | 159.6 | 15.2% |
| Costs | 594.5 | 544.3 | 50.2 | 9.2% |
| EBITDA | 614.4 | 505 | 109.4 | 21.7% |
| Operating profit/(loss) (EBIT) | 309.9 | 252.2 | 57.7 | 22.9% |
| Average workforce | 3,292 | 3,094 | 198 | 6.4% |
| Capex | 476 | 380.1 | 95.9 | 25.2% |
| Net financial debt | 1,484.90 | 1,286.50 | 198.4 | 15.4% |
EBITDA
| (€ million) | 31/12/2020 | 31/12/2019 | Change | % Change |
|---|---|---|---|---|
| EBITDA Water Segment | 614.4 | 505 | 109.4 | 21.7% |
| EBITDA – Group | 1,155.5 | 1,042.3 | 113.2 | 10.9% |
| Percentage weight | 53.2% | 48.4% | 4.7 pp |
The EBITDA at 31 December 2020 was € 412.9 million, an increase of € 21.0 million compared to 31 December 2019. The change can be attributed to the company Areti (+ € 26.5 million) and is primarily a result of: (1) equalisation of distribution revenues due to the different value of tariff parameters; (2) the change in amounts and different consumption profile in the tiers and equalisation for previous years; (3) regulatory accounting (+ € 6.0 million) for remuneration of investments net of amortisation charges (+ € 8.2 million) and the portion of revenues linked to 1G meter swapping (+ € 1.2 million); (5) positive energy balancing as per ARERA Resolution 162/20 (+ € 11.7 million) and (6) also as a result of the effects connected to the reduction in network losses (+ € 7.6 million).
The average workforce was in line with the previous year. Note that the new photovoltaic companies do not have employees.
Investments amounted to € 325.1 million, with those of Areti (€ 282.6 million) pertaining to the renovation and expansion of the HV, MV and LV networks, works on primary and secondary cabins and on meters, while intangible investments refer to projects for the reengineering of information and commercial systems. Starting from the previous year the so-called "Resilience Plan” was implemented, which consists of works on substations and on the MV and LV grids and projects aimed at limiting the probability of disconnection resulting from the grid's main accident risk factors.
Operating data
| U.M. | 31/12/2020 | 31/12/2019 | Change | Change % | |
|---|---|---|---|---|---|
| Total number of analyses | no. | 1,142,720 | 1,159,931 | (17,211) | (1.5%) |
| Total number of samples | no. | 36,266 | 36,367 | (101) | (0.3%) |
| Worksite inspections | no. | 14,904 | 12,481 | 2,423 | 19.4% |
| Safety Coordination | no. | 286 | 225 | 61 | 27.1% |
Equity and financial results
| (€ milioni) | 31/12/2020 | 31/12/2019 | Change | Change % |
|---|---|---|---|---|
| Revenues | 88.9 | 79 | 9.9 | 12.6% |
| Costs | 74.2 | 66 | 8.2 | 12.4% |
| EBITDA | 14.7 | 13 | 1.7 | 13.5% |
| Operating profit/(loss) (EBIT) | 10.3 | 10.5 | (0.3) | (2.4%) |
| Average workforce | 373 | 281 | 92 | 32.9% |
| Capex | 6.6 | 1.8 | 4.8 | n.s. |
| Net financial debt | 31.1 | 6.7 | 24.4 | n.s. |
EBITDA
| (€ million) | 31/12/2020 | 31/12/2019 | Change | Change % |
|---|---|---|---|---|
| EBITDA Engineering and Services Segment | 14.7 | 13 | 1.7 | 13.5% |
| EBITDA – Group | 1,155.5 | 1,042.3 | 113.2 | 10.9% |
| Percentage weight | 1.3% | 1.2% | 0.0 p.p. |
This Segment closed 2020 with an EBITDA of € 14.7 million, for an increase of € 1.7 million (+ 13.5%) compared to the previous year. This change results from opposing effects deriving on the one hand from Acea Elabori, which recorded a reduction of € 3.9 million due to the internalisation of leak searches in operating companies, as well as other effects related to the restructuring of TLC activities and the consolidation of Simam (+ € 5.2 million), acquired during the month of May. The Segment also includes Ingegnerie Toscane, an engineering company that provides technical support services in the water-environmental sector, and TWS, a company that operates mainly in the construction and renovation of works instrumental to the operation of the Integrated Water Service, and in particular of water treatment plants – drinking water and wastewater – as well as design and engineering services as they relate to plant construction. These companies recorded EBITDA of € 2.4 million and € 1.7 million, respectively.
The average workforce at 31 December 2020 stood at 373 and was up compared to 31 December 2019 (281 employees). This increase is attributable to inclusion within the Group's scope of SIMAM (+ 77 employees) and the increase recorded by Acea Elabori (+15 employees).
Investments amounted to € 6.6 million, mainly related to industrial equipment purchased by Acea Elabori (€ 4.2 million). The change in the scope related to SIMAM contributed € 2.4 million.
Operating data
| U.M. | 31/12/2020 | 31/12/2019 | Change | Change % | |
|---|---|---|---|---|---|
| Total number of analyses | no. | 1,142,720 | 1,159,931 | (17,211) | (1.5%) |
| Total number of samples | no. | 36,266 | 36,367 | (101) | (0.3%) |
| Worksite inspections | no. | 14,904 | 12,481 | 2,423 | 19.4% |
| Safety Coordination | no. | 286 | 225 | 61 | 27.1% |
Equity and financial results
| (€ milioni) | 31/12/2020 | 31/12/2019 | Change | Change % |
|---|---|---|---|---|
| Revenues | 88.9 | 79 | 9.9 | 12.6% |
| Costs | 74.2 | 66 | 8.2 | 12.4% |
| EBITDA | 14.7 | 13 | 1.7 | 13.5% |
| Operating profit/(loss) (EBIT) | 10.3 | 10.5 | (0.3) | (2.4%) |
| Average workforce | 373 | 281 | 92 | 32.9% |
| Capex | 6.6 | 1.8 | 4.8 | n.s. |
| Net financial debt | 31.1 | 6.7 | 24.4 | n.s. |
EBITDA
| (€ million) | 31/12/2020 | 31/12/2019 | Change | Change % |
|---|---|---|---|---|
| EBITDA Engineering and Services Segment | 14.7 | 13 | 1.7 | 13.5% |
| EBITDA – Group | 1,155.5 | 1,042.3 | 113.2 | 10.9% |
| Percentage weight | 1.3% | 1.2% | 0.0 p.p. |
Corporate closed 2020 with a negative EBITDA of € 34.6 million, down by € 29.0 million compared to 31 December 2019. The change can be attributed to the combined effect of multiple phenomena, including booking in 2019 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 Italian Antitrust Authority, the increase in operating costs due in part to the COVID-19 emergency, the increase in personnel costs (larger workforce) and the launch of various projects, offset only partially by higher re-invoicing to the Group companies.
The average workforce at 31 December 2020 stood at 700 employees and was slightly up compared to the previous year (668 employees).
Investments amounted to € 28.5 million and increased by € 7.3 million, compared to 31 December 2019. Investments mainly refer to IT developments and hardware (+ € 7.1 million) and investments in the company offices (+ € 0.2 million).
Equity and financial results
| (€ million) | 31/12/2020 | 31/12/2019 | Change | Change% |
|---|---|---|---|---|
| Revenues | 131.1 | 142.6 | (11.4) | (8%) |
| Costs | 165.7 | 148.1 | 17.6 | 11.9% |
| EBITDA | (34.6) | (5.6) | (29) | n.s. |
| Operating profit/(loss) (EBIT) | (55.7) | (24.3) | (31.4) | 129.22% |
| Average workforce | 700 | 668 | 32 | 4.7% |
| Capex | 28.5 | 21.2 | 7.3 | 34.5% |
| Net financial debt | 283.2 | 250.4 | 32.8 | 13.1% |
EBITDA
| (€ million) | 31/12/2020 | 31/12/2019 | Change | Change % |
|---|---|---|---|---|
| EBITDA Corporate Segment | (34.6) | (5.6) | (29) | n.s. |
| EBITDA – Group | 1,155.5 | 1,042.3 | 113.2 | 10.9% |
| Percentage weight | (3%) | (0.5%) | (2.5 p.p.) |
