Strongly increasing revenues and investments, declining profits pushed down by the tax on extra profits. This is the summary of the 2022 of Acea, the Roman multiutility listed on Euronext Milan, where it lost 0,7 percent in mid-afternoon.
Acea's 2022 accounts
Acea filed 2022 with consolidated revenues equal to 5,138 billion euros, an increase of 29% compared to 2021. A growth, explains the company in a note, mainly due to the increase in revenues deriving from the sale of electricity.
L'ebitda rose by 4% to 1,305 billion euros, while the net profit stood at 280 million, marking a drop of 11% compared to 2021. It was above all the item that weighed tax on extra profits, which accounts for -38,5 million euros. Net of the impact of the tax on extra profits, the multi-utility points out, net profit rose by 2%.
Growing too investments which have broken through the 1 billion euro quota, rising by 8% compared to the previous year. In detail, last year 562 million were invested in the Water sector, 269 in Areti and Public Lighting, 30 million in Production, 30 million, 50 in Commercial and Trading, 46 million in Acea Ambiente, 44 million in other businesses and the Parent Company.
THEnet financial debt amounted to 4,439 billion euro, an increase compared to 3,988 billion as at 31 December 2021. The trend was affected, among other things, by the greater absorption of working capital due to the strong volatility of the PUN which amplified the delay effect between receipts and payments (about 130 million euros) and the payment of the tax on extra profits, underlines the company.
By virtue of the results achieved, the board will propose to the shareholders' meeting, convened for 18 and 20 April and called to approve the financial statements and renew the board, a dividend equal to 85 cents per share, a figure in line with 2021. The payout is 65% determined on the net result after attributions to third parties.
Palermo CEO: "Complex year, but positive performance"
“2022 was a complex year due to geopolitical instability with inflationary effects and strong volatility on the energy markets – commented theCEO Fabrizio Palermo – The Acea group recorded a positive performance also thanks to the important actions implemented in the final months of the year, such as the reduction of costs, greater operating efficiency and the recovery of margins”.
Guidance for 2023
"For the 2023, in a scenario that is still difficult, they predict positive and growing results also thanks to the further industrial and financial optimization initiatives implemented by the management since the beginning of the year”, explained Palermo.
In detail, the company expects an increase inebitda between 2% and 4% compared to 2022, investments broadly in line with last year and a Net financial debt/Ebitda ratio less than 3,8x.
