Acea, Snam and Erg, trifecta of budgets for energy utilities. In an energy 2014 made difficult by the continuous decline in consumption and conditioned by the collapse in oil prices, That brings home a respectable balance sheet with declining debts and increasing profits (+14,4%). Snam distributes an unchanged coupon of 0,25 euro per share, in line with expectations, and accelerates investments “to increase the flexibility of the gas system and strengthen the interconnection with the European networks”, a real antidote to the ups and downs of crude oil. Erg doubles profit and halves debt, confirming growth in Poland with the acquisition of a new project for a wind farm.
SNAM
The 2014 financial statements closed with a Net income of 1,198 billion (+30,6% on 2013), revenues of 3,566 billion (+1%) and a gross operating margin of 2,776 billion (-1%). The board of directors also gave the green light to the new business plan 2015-2018 which provides for total investments of 5,1 billion euros in the logic, already undertaken some time ago by CEO Carlo Malacarne, to strengthen the group abroad, strengthening the interconnection with the other European networks on the model of Tigf, acquired in France. The title advances on the Stock Exchange, after the presentation of the accounts. On the front of RAB the aim is for an estimated average annual increase of around 1%. Among the other key elements of the business plan is the "enhancement of international assets along the energy corridors of interest" and the dividend on which an "attractive and sustainable remuneration" is envisaged, confirming the guidance of 25 cents per share also for 2015.
ACEA
Acea improves profitability and debt drops more than expected. The title is up 2,9% on the Stock Exchange. The Roman utility closed 2014 with a Net income of 162,5 million euros, up 14,4% on the previous year. Revenues fell by 7,6% to 3,03 billion as margins grew: the EBITDA it rose 6,3% to 717,7 million euros, well above the 690 million expected by analysts, and the operating result increased by 7,5% to 390,4 million euros. Equally significant is the figure on net financial debt: it fell to 2,089 billion euro from 2,248,6 billion in 2013, despite investments having increased to 318,5 million (268,6 million in 2013). The consensus had expected a higher debt at 2,2 billion euros.
At the shareholders' meeting, convened for 23 and 24 April, the Board will propose the distribution of a dividend equal to 0,45 euro per share (59% payout), up on the €0,42 distributed last year and beyond analysts' forecasts. On the occasion of the meeting, the board will also propose an increase in the number of directors from 7 to 9. "The increase in EBITDA and the reduction in debt are the most important signal of a company that wants to continue to innovate", underlined the'ad, Alberto Irace, specifying that the growth and confirmation of profitability concern all business areas and, in particular, the water and energy sectors. Acea is considered in pole position for the risk of acquisitions and consolidation of publicly controlled utilities.
ERG
Erg scores a 2014 net profit at current values of 76 million, doubled compared to 38 million in 2013, and a Mol at adjusted replacement cost of €491 million (569). The dividend returns to 0,5 euro (it was 1 euro with 0,5 of the extraordinary component). The debt it halved from 807 to 330 million (the adjusted one from 1.015 to 538). The group thus achieves the objectives of the plan and is ready to launch a new one, underlines l' to Luca Bettonte: in 2015 EBITDA of 400 million and debt of 850 is expected title flies to +1,9%. The 2014 data are influenced, in comparison with the previous year, by the sale of the last share of the ISAB Refinery at the end of 2013 and the sale of the IGCC plant at the end of the first half of 2014. Hence the presentation of the adjusted data to highlight the performance of operations on a like-for-like basis. Finally, the company communicated that Erg Renew has acquired from the Pai group (Polish Alternative Investments) 100% of the share capital of a Polish company holding the necessary authorizations for the construction of a wind farm in Poland, with an expected capacity of 24 MW and an electricity production, at regime, estimated at over 62 GWh per year. Construction work on the wind farm is expected to begin in second quarter 2015 to enter operational at the end of the year. The estimated total investment for the construction of the park is about 39 million. With this operation Erg Renew in 2015 will have under construction 80 MW in Poland, a country considered strategic for the development and foreign growth of the company.
ENEL GREEN POWER
Enel Green Power also approved today the results for 2014, which closed with a group net result of 359 million euros, down 32% compared to the 528 million of the previous year. Net of extraordinary transactions, the year closed with a drop of 22,3%. A note from the company for the renewables of the Enel group, adding that the shareholders' meeting will be proposed to approve an unchanged dividend of 3,2 cents per share. Ebitda and Ebit already disclosed were respectively 1,9 (+9,2%) and 1,021 (-7,2%) billion. Illustrating the company's performance, CEO Francesco Venturini says that: “With 1 GW of additional installed capacity and growing economic results, Enel Green Power once again confirms for 2014 its excellent ability to execute its strategic decisions. The results are even more relevant when compared to the context of mature markets characterized by weak macroeconomic fundamentals”. The board proposes May 18 as the detachment date coupon, May 19, 2015 as the "record date" and May 20, 2015 as the payment date.
