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Acegas-Aps Spa Via del Teatro, 5 34121 Trieste Cap.Soc.283.690.762.80 i.v. Codice Fiscale e iscrizione n. 00930530324 R.E.A.n.

111554 - CC.I.A.A. Trieste P.IVA 00930530324 www.acegas-aps.it

Interim management report to 30 September 2010 approved


Results for the period register a sharp improvement: Net revenues: 360.9 million (+ 13.6 million, i.e. +3.9% vs. 9M09) EBITDA: 76.6 million (+ 9.2 million, or +13.7%) Group net profit: 15.6 million (+ 12.4 million, or +387%)
Trieste, 11 November 2010: Today the Board of Directors of AcegasAps, under the chairmanship of Massimo Paniccia, reviewed and approved the Groups results for the first nine months of 2010 (9M10). The AcegasAps Groups net revenues increased by 13.6 million (+3.9%), from 347.4 million in 9M09 to 360.9 million in 9M10. This growth was supported by the significant increase in revenues in the Services Division, up a total of 7.9 million, related to the positive performance of subsidiary Sinergie, thanks to the acquisition of new customers and the launch of new contracts (Padua Hospitals). Also posting significant growth were the Waste Management Division, with revenues up 5.6 million, mainly owing to the launch of the third line of the waste-to-energy plant in Padua, and the Integrated Water Management Division (+ 5.0 million), which benefited from the 6% tariff increase in the Padua area, and, from June 2010, also in the Trieste area (around 28%). Finally, the Gas Division registered a decline in revenues of 4.5 million. This was due to lower gas sales prices as a result of the trend in oil prices. EBITDA advanced from 67.4 million to 76.6 million, an increase of 13.7%. The Integrated Water Management Division made the most significant contribution to EBITDA growth, with an increase in its EBITDA figure of 4.2 million (+18.4%). Specifically, EBITDA of the Integrated Water Management Division rose from 23.0 million in 9M09 to 27.2 million in 9M10. Contributions to this growth were provided by both the Padua area, with an average tariff increase of 6%, and the Trieste area, where from June 2010, the new tariff system was fully applied, resulting in an average tariff increase of around 28%. As regards volumes, the Integrated Water Management Division registered a slight fall in quantities distributed, from 40.5 million cubic metres in 9M09 to 40.2 million in 9M10 (-0.8%). The Waste Management Division closed 9M10 with a rise of 0.9 million, from 26.0 million to 26.8 million. This was mainly the result of the coming on stream of the third line of the WTE plant in Padua, whose EBITDA advanced by 3.7 million in 9M10 versus 9M09. Note too that this result was affected by the fact that from 1 January 2010, Green Certificates for the power generated by L2 of the Padua plant (12.8 GWh in the first nine months of last year) were no longer recognised, which had a negative impact of 1.1 million on the figure. As regards the management of the WTE plant in Trieste, the 9M10 result was affected by a negative change in EBITDA of 0.6 million, corresponding to a positive CIP6 equalisation payment registered in 2009 related to the previous year. In volume terms, waste-toenergy processing decreased slightly (163,000 tonnes in 9M10, down 1.9% versus 9M09), as did power generated (82 GWh, down 10.6%), owing to the work undertaken during the year to launch the third line of the Padua WTE plant, but also, more recently, owing to the decline in production at the Trieste plant due to breakdowns that limited activity.
Investor Relations: Federico Trevisan ftrevisan@acegas-aps.it Office: +39-040-7793.368 Fax: +39-040-7793.233 Media Relations: Maurizio Stefani comunicazione.pd@acegas-aps.it comunicazione.ts@acegas-aps.it Office PD: +39-049-8280.551 Office TS: +39-040-7793.534 Fax PD: +39-049-8280.554 Fax TS: +39-040-7793.295

Acegas-Aps Spa Via del Teatro, 5 34121 Trieste Cap.Soc.283.690.762.80 i.v. Codice Fiscale e iscrizione n. 00930530324 R.E.A.n. 111554 - CC.I.A.A. Trieste P.IVA 00930530324 www.acegas-aps.it

EBITDA of the Power Division rose by 0.1 million, from 8.8 million in 9M09 to 8.9 million in 9M10. The bulk of this increase was due to greater sales activity (+ 0.5 million), thanks to a more profitable customer portfolio and a more careful supply policy. Distribution (- 0.2 million) and generation (- 0.1 million) activities both registered slight falls. As regards volumes, generation at the Elettrogorizia power plant increased by 9 GWh (+18.2%). Volumes of electricity distributed totalled almost 600 GWh, corresponding to growth of 1.4% versus 9M09. Volumes of electricity sold rose sharply, from 588 GWh in 9M09 to 634 GWh in 9M10 (+7.8%). EBITDA of the Gas Division rose to 24.0 million, ending the first nine months of 2010 with an increase of 2.1 million. Sales activities increased, with a positive change in EBITDA of 0.8 million, while overhead costs advanced (+ 0.4 million). EBITDA of distribution activities came out 1.2 million ahead of the 9M09 figure, owing to the new tariff model that came into force in 2009. Volumes in 9M10 registered significant growth, both in terms of distribution activities (336 million cubic metres, versus 293 million in 9M09, +14.9%), and sales (296 million cubic metres in 9M10, versus 266 million in 9M09, +11.3%). EBITDA of the Services Division increased by 1.3 million, from 9.5 million to 10.8 million. Note, within this business line, growth of subsidiary Sinergie, which expanded its customer portfolio and improved its profitability. Sinergie closed the period with a rise in EBITDA of 1.4 million, from 6.5 million in 9M09 to 7.7 million in 9M10. Provisions came in at a negative 2.6 million, from a positive figure of 0.8 million in 9M09, a period marked by the release of provisions for the dispute relating to the landfill site at Ponte San Nicol. Provisions for disputes with third parties, employees (dispute with INPS) and for the management of waste in storage totalled 2.6 million in the period under review. Depreciation, amortisation and write-downs increased by 3.3 million, from 36.9 million to 40.2 million. Depreciation increased by 2.8 million, from 35.7 million to 38.5 million. This rise relates to the significant investment made over the last few years, particularly in the water and waste businesses. Provisions for the doubtful accounts fund totalled 1.7 million (versus 1.3 million in 9M09), and were implemented to bring the fund into line with the customer insolvency risk. The provisions to 30 September 2010 are higher than for the same period of 2009 ( 0.4 million), since analyses showed that the existing fund needed to be increased, given the nature of the credit positions managed and the greater risk inherent in certain positions. EBIT in 9M10 totalled 33.8 million versus 31.3 million in 9M09, an increase of 2.5 million (+7.9%). The Groups operating efficiency also improved, which had an impact on 9M10 results, leading to a 9.4% EBIT margin on sales, versus 9.0% in 9M09. Financial charges fell by 6.0 million, from 11.7 million in 9M09 to 5.7 million in 9M10. This major reduction was mainly due to the structure of the Groups borrowings, 95% of which are variablerate, and to the tangible decrease of base interest rates seen between the two periods. Note too that in 9M09, this item was affected by non-recurring financial charges of 4.0 million related to the clawback of the tax moratorium.

Investor Relations:

Federico Trevisan ftrevisan@acegas-aps.it Office: +39-040-7793.368 Fax: +39-040-7793.233

Media Relations: Maurizio Stefani comunicazione.pd@acegas-aps.it comunicazione.ts@acegas-aps.it Office PD: +39-049-8280.551 Office TS: +39-040-7793.534 Fax PD: +39-049-8280.554 Fax TS: +39-040-7793.295

Acegas-Aps Spa Via del Teatro, 5 34121 Trieste Cap.Soc.283.690.762.80 i.v. Codice Fiscale e iscrizione n. 00930530324 R.E.A.n. 111554 - CC.I.A.A. Trieste P.IVA 00930530324 www.acegas-aps.it

Income taxes fell by 2.8 million, from 15.6 million to 12.8 million. 9M09 was negatively affected by the contingent liabilities relating to the payment of IRPEG taxes calculated on the years of the tax moratorium from 1997 to 1999 totalling 5.9 million. Stripping out this phenomenon, the tax rate would have been down compared to that recorded in the same period of 2009 (51.3% in 2009 versus 45.2% in 2010). Net profit came in at 15.6 million, compared with 3.2 million in 9M09, an increase of 12.4 million. Without the non-recurring impact of the tax moratorium, growth in net profit in 9M10 would have been 3.5 million (+28.8%) against the same period last year. As regards investments, Group capital expenditure totalled 65 million in 9M10, versus 89 million in 9M09. Investments therefore fell by 24 million in 9M10, mainly owing to the lower rate of investment in the Padua WTE plant, which came on stream in May 2010. The net financial position rose from 407.4 million as of 31 December 2009 to 451.2 million as of 30 September 2010. In absolute terms, this is an increase of 43.8 million.

Events after 30 September 2010


The Group launched a company restructuring with a view to integrating the activities conducted by some of its minor subsidiaries. In this regard, it decided to put Ricicla Srl into liquidation (an operation that will be completed by the end of the current year) and to fully demerge Nestenergia Spa in favour of subsidiaries Sinergie Spa and Nestambiente Spa. Iniziative Ambientali Srl, a full subsidiary of AcegasAps Spa operating in environmental services, was also established.

Business outlook
The approval of the new rates for the Integrated Water Management Division in Trieste, determined according to the Normalised Method and in force from 22 June, has led to sustained revenues growth in the Trieste area: the effect on revenues of reaching the maximum annual increase threshold allowed by the tariff method (tariff limit) is approximately 0.6 million/month, also valid for the fourth quarter of 2010. In the Padua area, activities continue to determine the 2007-2009 tariff rebalancing by the Bacchiglione AATO (Optimum Territorial Area Authority). Finally, through appropriate synergies between Group Divisions and Companies, the Group is assessing the possibility of optimising the disposal process for biological sludge resulting from purification plants, partly by industrialising the incineration process for this by-product (firstly on an experimental basis) at the Companys WTE plants.

Investor Relations:

Federico Trevisan ftrevisan@acegas-aps.it Office: +39-040-7793.368 Fax: +39-040-7793.233

Media Relations: Maurizio Stefani comunicazione.pd@acegas-aps.it comunicazione.ts@acegas-aps.it Office PD: +39-049-8280.551 Office TS: +39-040-7793.534 Fax PD: +39-049-8280.554 Fax TS: +39-040-7793.295

Acegas-Aps Spa Via del Teatro, 5 34121 Trieste Cap.Soc.283.690.762.80 i.v. Codice Fiscale e iscrizione n. 00930530324 R.E.A.n. 111554 - CC.I.A.A. Trieste P.IVA 00930530324 www.acegas-aps.it

Declaration of the Corporate Financial Reporting Manager


The Corporate Financial Reporting Manager, Massimo Forliti, herewith declares that the financial disclosure contained in this press release matches documentary evidence, corporate books, and accounting records. The following pages show the income statement, balance sheet, net financial position and cash flow statement of the AcegasAps Group.

Investor Relations:

Federico Trevisan ftrevisan@acegas-aps.it Office: +39-040-7793.368 Fax: +39-040-7793.233

Media Relations: Maurizio Stefani comunicazione.pd@acegas-aps.it comunicazione.ts@acegas-aps.it Office PD: +39-049-8280.551 Office TS: +39-040-7793.534 Fax PD: +39-049-8280.554 Fax TS: +39-040-7793.295

Acegas-Aps Spa Via del Teatro, 5 34121 Trieste Cap.Soc.283.690.762.80 i.v. Codice Fiscale e iscrizione n. 00930530324 R.E.A.n. 111554 - CC.I.A.A. Trieste P.IVA 00930530324 www.acegas-aps.it
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INCOME STATEMENT

9M10

9M09

3Q10

3Q09

Sales Other income Total net income

329,925 31,013 360,938

318,325 29,053 347,378

92,633 18,225 110,858

91,066 9,714 100,780

Materials & services bought Other operating costs Employee costs Ebitda

(215,306) (3,198) (65,826) 76,608

(213,095) (3,717) (63,161) 67,405

(60,513) (1,061) (21,199) 28,085

(55,552) (1,121) (20,496) 23,611

Provisions Amortisation and write-downs Ebit

(2,603) (40,243) 33,762

770 (36,884) 31,291

(715) (14,125) 13,245

(846) (11,785) 10,980

Financial income Financial costs Share of associates Share of associates accounted by the equity method Other income and expenditure Pre-tax profit

982 (6,679) (2) 164 156 28,383

1,071 (12,814) 156 (909) 21 18,816

456 (2,274) (2) (380) 65 11,110

247 (5,505) 156 (279) --5,599

Tax Net income from trading

(12,818) 15,565

(15,617) 3,199

(4,178) 6,932

(8,109) (2,510)

Income/Outcome from activities (to be) sold Net profit for the period

--15,565

--3,199

--6,932

--(2,510)

Profit/(Loss) for the period attributable to: Minorities Group profit/loss Earnings/(Loss) per ordinary share (in euros) 73 15,492 0.282 48 3,151 0.057 28 6,904 0.126 (680) (1,830) (0.033)

Investor Relations:

Federico Trevisan ftrevisan@acegas-aps.it Office: +39-040-7793.368 Fax: +39-040-7793.233

Media Relations: Maurizio Stefani comunicazione.pd@acegas-aps.it comunicazione.ts@acegas-aps.it Office PD: +39-049-8280.551 Office TS: +39-040-7793.534 Fax PD: +39-049-8280.554 Fax TS: +39-040-7793.295

Acegas-Aps Spa Via del Teatro, 5 34121 Trieste Cap.Soc.283.690.762.80 i.v. Codice Fiscale e iscrizione n. 00930530324 R.E.A.n. 111554 - CC.I.A.A. Trieste P.IVA 00930530324 www.acegas-aps.it

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BALANCE SHEET
Assets Non-current assets Intagible assets Goodwill Investment in plant & machinery Property investments Tax reserve Associates Non-current financial assets Other non-current assets Total non-current assets Current assets Cash Stocks Account receivables Work in progress against orders Current financial assets Other current assets Total current assets Assets held for sale Total assets

30/09/10

31/12/09

163,011 11,577 586,430 3,349 15,719 14,435 834 2,942 798,297

166,359 11,577 557,497 3,430 14,807 14,292 834 3,886 772,682

18,280 10,464 201,273 75 6,055 37,551 273,698

23,318 9,739 202,776 207 11,829 26,981 274,850

1,071,995

1,047,532

Investor Relations:

Federico Trevisan ftrevisan@acegas-aps.it Office: +39-040-7793.368 Fax: +39-040-7793.233

Media Relations: Maurizio Stefani comunicazione.pd@acegas-aps.it comunicazione.ts@acegas-aps.it Office PD: +39-049-8280.551 Office TS: +39-040-7793.534 Fax PD: +39-049-8280.554 Fax TS: +39-040-7793.295

Acegas-Aps Spa Via del Teatro, 5 34121 Trieste Cap.Soc.283.690.762.80 i.v. Codice Fiscale e iscrizione n. 00930530324 R.E.A.n. 111554 - CC.I.A.A. Trieste P.IVA 00930530324 www.acegas-aps.it

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BALANCE SHEET
Liabilities Net assets Share capital Share premium reserve Other reserves Profit/Loss carried forward Profit/Loss for the period Group net assets Minorities Total net assets Non-current liabilities Employee funds Provisions Medium/Long term financing Non-current financial liabilities Liability for deferred tax Other non-current liabilities Total non-current liabilities Current liabilities Account payables Short-term financing Share of current financing Current financial liabilities Tax liabilities Other current liabilities Total current liabilities Total liabilities

30/09/10

31/12/09

283,691 6,643 46,748 2,382 15,492 354,956 460 355,416 26,601 16,067 287,093 11,551 13,774 32,566 387,652

283,691 6,643 46,393 (3,022) 10,743 344,448 392 344,840 26,969 17,067 257,405 12,610 1,469 30,906 346,426

106,547 131,994 31,478 10,718 20,197 27,993 328,927 1,071,995

122,147 142,704 22,926 5,348 32,113 31,028 356,266 1,047,532

Investor Relations:

Federico Trevisan ftrevisan@acegas-aps.it Office: +39-040-7793.368 Fax: +39-040-7793.233

Media Relations: Maurizio Stefani comunicazione.pd@acegas-aps.it comunicazione.ts@acegas-aps.it Office PD: +39-049-8280.551 Office TS: +39-040-7793.534 Fax PD: +39-049-8280.554 Fax TS: +39-040-7793.295

Acegas-Aps Spa Via del Teatro, 5 34121 Trieste Cap.Soc.283.690.762.80 i.v. Codice Fiscale e iscrizione n. 00930530324 R.E.A.n. 111554 - CC.I.A.A. Trieste P.IVA 00930530324 www.acegas-aps.it
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CASH FLOW STATEMENT


Cash & cash equivalents at start of period in the balance sheet Cash & cash equivalents at start of period Total profit/loss before minority interest Depreciation, amortisation, write-downs Net change in provisions Share of results of associates booked at equity Dividends received from companies not consolidated Change in working capital Change in working capital Change in other current assets/liabilities Cash flow from operations Property, plant and equipment Intangible assets assets generated/absorbed by grants related assets Equity interests Cash flow generated (absorbed) by investment activities New borrowing Loan repayments Change in other financial assets/liabilities Assets generated/absorbed by equity pertaining to the Group Net liquid assets generated/absorbed by own shares Dividends paid Cash flow generated (absorbed) by financing activities Change in cash and cash equivalents due to changes in scope of consolidation Change in cash and cash equivalents due to exchange rate movements Cash flows from (used in) from discontinued operations Total cash flow Cash & cash equivalents at end of period Cash and cash equivalents included in non current asset held for sale Cash & cash equivalents at the end of period in the balance sheet

9M10
(119,386) (119,386) 15,565 40,243 2,603 (164) 328 (368) (15,049) (7,095) 36,063 (59,421) (4,589) 4,651 (307) (59,666) 40,175 (5,252) 14,515

9M09
(33,427) (33,427) 3,199 36,884 (770) 909 (261) (17,818) (2,064) 20,079 (79,016) (5,900) (19,967) (104,883) 2,609 (5,072) 17,201

(4,948) 44,490 (41) 20,846 (98,540) (98,540)

(8,247) 6,491 7 (78,306) (111,733) (111,733)

Investor Relations:

Federico Trevisan ftrevisan@acegas-aps.it Office: +39-040-7793.368 Fax: +39-040-7793.233

Media Relations: Maurizio Stefani comunicazione.pd@acegas-aps.it comunicazione.ts@acegas-aps.it Office PD: +39-049-8280.551 Office TS: +39-040-7793.534 Fax PD: +39-049-8280.554 Fax TS: +39-040-7793.295