From Rome to Milan, passing through Emilia Romagna today is utilities day, called to present the accounts for the first three months of 2019.
Starting from the capital, Acea closed the quarter with net consulate revenues of 823 million, up 10% compared to the same period of the previous year. EBITDA was up 8% to 248 million euros, while EBIT was 133 million euros, +4% compared to the first quarter of 2018.
As of March 31, the Roman company recorded a net profit of 76 million euros, down by 2% on the first three months of last year when, however, the result had "benefited from an income of 9 million euros relating to the acquisition of the TWS group”, underlines the company in a note.
Boost on investments, which grew by 14% to 151 million. Net financial debt rose from 2,568 billion as at 31 December 2018 to 2,676 billion (pro forma net of IFRS16 2.621 million euros).
Acea confirmed the guidance for 2019 which expects an EBITDA to increase between 5 and 6% compared to 2018, investments to grow by more than 10% and a net financial debt between 2,85 and 2,95 billion.
Stefano Donnarumma, CEO of Acea, commented: "The data for the first quarter of 2019 are fully consistent with the growth prospects of the Business Plan presented on 2 April at the Milan Triennale". "A growth - continued the CEO - obtained by acting only within the historical perimeter of ACEA, which does not yet take into account the constant work put in place to expand into other market segments, already identified within our strategic basket ”
Moving from Rome to Milan, A2a closed the first quarter with revenues up 16,4% at 2,11 billion. The gross operating margin fell, down by 20% to 328 million euros "due to the absence of the contribution of green certificates and anomalous climate change", explains the company, while the EBIT dropped by 31,4% to 181 million euros. However, both results beat analysts' expectations.
Net income is down sharply, marking -40% at 104 million euro. On investments, increased by 43% to 109 million while the net financial position, on a like-for-like basis, decreased to just under 3 billion (including the accounting effects deriving from IFRS 16, it amounted to 3,11 billion).
As regards 2019, management's expectations regarding the economic-financial performance are good despite the absence of the contribution of green certificates (over 100 million euros of contribution to the gross operating result in 2018): the gross operating margin is expected between 1.155 and 1.185 million euros (including 25 million euros of positive non-recurring income items); net profitability is expected to be between 300 and 330 million euro.
Green light to the accounts also from the Hera board of directors. The quarter ended with a net profit up 3% to 129,7 million euros and revenues up 11,4% to 1,94 billion thanks to the "growth of trading activities, in the production of electricity and in waste treatment, as well as higher revenues and higher volumes in the sale of gas and electricity”.
Ebitda recorded an increase of 2,5% to 330,8 million, while investments, gross of capital grants, amounted to 96,3 million (+7,4%) and mainly regarded interventions on plants, networks and infrastructures. Added to these are investments for the replacement of meters and in the purification and sewage sector. Finally, the net financial position came to 2,622 billion at the end of March (against 2,585 billion at the end of 2018).
A Business Square, on a very difficult day for the Stock Exchange (FtseMib - 1,5%) due to the increase in the spread, A2a achieves one of the best performances of the main list, rising by 1,77% to 1,494 euro. The Hera share, on the other hand, dropped 0,49% to 3,252 euro, while on the Mid Cap the Acea shares dropped 1,29% to 16,84 euro.
