That ends the first quarter with revenues to 1,193 billion (+28% compared to the first quarter of 2021), ebitda to 318 million (+2%) ed Net income of the group to 99 million (+20%), essentially due to the effect of the deconsolidation of the photovoltaic companies. In fact, at the end of March, Acea finalized the closing of the agreement for the sale to Equitix of a majority stake in a photovoltaic holding company to which the photovoltaic assets already in operation or being connected to the grid in Italy were conferred.
Confirmed guidance for 2022: increase in Ebitda between 2% and 4% compared to 2021, investments substantially in line with 2021, net financial debt between 4,2 and 4,3 billion.
Acea recalls that on 26 April Arera approved the Resolution which defines, for the first time, the incentive mechanism of the technical quality for the integrated water service for the years 2018 and 2019. The water companies of the Acea Group consolidated line-by-line obtain a bonus equal to about 26 million euros.
“In a scenario characterized by great uncertainties regarding the country's economic and development prospects, mainly due to international tensions, the Acea Group confirms, on the basis of its recent operating performance, results in line with expectations and with the guidance for the current year course,” he commented Joseph Gola, CEO of the company.
Il tax rates as at 31 March 2022 it is equal to 30%, in line with the corresponding period of the previous year. The investments realized in the first three months of 2022 amounted to 222,4 million, slightly down on the 228,7 million of the previous year (-2,8%).
THEnet financial debt of the group decreased by 98,1 million, going from 3.988,4 million at 31 December 2021 to 3.890,3 million at 31 March 2022, positively influenced by the sale of a majority stake in Acea's photovoltaic assets (approximately 150 million euros) and the improvement of working capital.
Acea: "We have no business in Russia or Ukraine"
The Acea group, reads the press release for the quarter regarding the foreseeable evolution of management, "it does not have production activities in Russia, Ukraine or in countries geopolitically aligned with Russia and has no direct dealings with companies incorporated under Russian or Ukrainian law in any case affected by the conflict. With reference to the Group's sales companies, it should be noted that the direct price and volume risk of commodities was managed thanks to the commodity risk management policies".
However, the press release continues, “it is not excluded that the persistence of the current crisis scenario could cause further tensions in the electricity market with growth effects on energy prices, especially in the enhanced protection service exposed to the spot markets, with a consequent possible deterioration in the company's collection performance. The management is engaged in monitoring the situation on international markets and on gas supplies and will continue, over the next few months, the activity of analysis on the trend of raw material prices as well as on the credit trend which at present do not represent nonetheless critical elements.
Finally, "with reference to raw materials, in addition to monitoring the balances on the basis of sales forecasts at fixed and variable prices, the Group companies only resort to counterparties of primary standing who meet the requirements established by their own commodity and counterparty risk procedures ”.
Read also - Acea: 2021 profits up (+10%) and up target for 2022, but the Russia-Ukraine war is unknown
