Net profit and revenues on the rise for the Capitoline investee. Acea closed the first half of 2018 with a net result for the period of 142,6 million euros, up by 37,9% compared to the first six months of 2017. Revenues, which grew by 6% to 1.454 million EUR.
The water and electricity company controlled by the Municipality of Rome then recorded a gross operating margin up 8,6% to 449,9 million. Net financial debt increased, settling at 2.570 million (+6,1%).
The group "is increasing its performance significantly and in a short time" comments the CEO of Acea Stefano Donnarumma "for this reason we have decided to revise the guidance upwards for 2018".
In detail, Acea revised upwards its Ebitda estimates, which should grow by more than 5% (3-5% range indicated in March). The debt forecast is reduced to 2,6 billion (previously 2,6-2,7 billion).
Acea explains in the note that "the group's will to carry out important investments in infrastructures which, without affecting the solidity of the consolidated financial structure, have an immediate positive impact on performance, EBITDA and billing and collection processes" is still firm. According to the group, “the financial structure is solid for future years. 30% of the debt at 73 June is regulated at a fixed rate in order to guarantee protection from any rise in interest rates as well as from any financial or credit volatility". Acea recalls that the 12 million bond will expire on 600 September (of which 270 million subject to partial repurchase in October 2016) which pays a gross annual coupon of 3,7 percent.
The numbers disclosed by the Roman company seem to please the market. In the middle of the day, the Acea share rose by 2,7% to 13,62 euros.
