The quarterly season continues with utilities. To disseminate their results today are some bigwigs in the industry, including Ivy (+2%) ed That (+ 1,6%).
Both, as expected, show a revenue jump, due in particular to the increase in the price of energy commodities, which reached very high levels, especially in the third quarter. But let's see in detail how the first 9 months of the year went for the three energy companies.
The nine months of Hera: growing revenues, investments and services
Hera closed the first 9 months of 2022 with a gross operating margin equal to 875 million euros, up by 2,4% compared to the same period of the previous year. The expensive commodity inflated i revenues, which grew by 122,9% to 14,32 billion, while the net result fell by 5,6% to 248 million euro. Lnet financial debt it stood at 4,489 billion, up from 3,261 billion as at 31 December 2021, with a ratio of 3,62 times the EBITDA.
Double-digit increases investments, which in the January-September period recorded an increase of 22,8% reaching 463,3 million euros, with an important focus on "projects oriented towards resilience and circularity in line with the provisions of the business plan, underlines the multiservice in one note.
The company also reports growth in energy services linked to interventions aimed at energy efficiency in homes (bonus facades and 110% superbonus) and the increase in activities for value-added services for customers. A significant share of financial resources (approximately 820 million euros, more than 10 times the value of 2021) was invested in gas storage activities, in line with the effort required by the Government of sector operators to contribute to the security of supplies in the following months.
“Despite the complexity of the external scenario, the quarterly report as at 30 September 2022 shows a growing gross operating margin compared to 2021. The multi-business industrial model, balanced between internal growth and M&A, and the capital and financial solidity of the group have made it possible to the strategic opportunities of the market, while keeping the risk profile low, and to confirm the generation of value for all stakeholders, with support actions also for customers in difficulty", explains Hera in a note.
Acea's nine-month accounts
Acea's board of directors also approved the accounts for the first 9 months of 2022, filed with a net profit group share up 4% to 257,4 billion euros. The company led by Fabrizio Palermo explains that the result is partly characterized by the positive effect of the recognition of the capital gain realized following the sale of a majority stake in Acea's photovoltaic assets (18,8 million) and the technical bonus in the sector Water (18 million). However, there is also a negative effect of 25,7 million due to the tax on extra profits.
Going forward with the data, in the 9 months i consolidated revenuesi grew by 37,2% to 3,793 billion euros, while theconsolidated EBITDA it went from 930,2 million as at 30 September 2021 to 1,002 billion as at 30 September 2022 (+7,8%). The contribution of the industrial areas to the consolidated EBITDA is as follows: Water 52%; Energy Infrastructure 26%; Generation 8%; Commercial and Trading 6%; Environment 8%.
THEebit recorded an increase of 5,4% to 484,7 million. The increase in the margin reflects the positive trend in operations partly offset by the increase in depreciation (+10,3%).
Down by 4,3 million to 58,5 million net financial charges, while the overall average "all in" cost of the Acea group's debt is equal to 1,41% (substantially in line with the 1,42% as at 31 December 2021). Net financial debt increased by 405 million, going from 3,988 billion as at 31 December 2021 to 4,393 billion as at 30 September 2022.
In the 9 months they were made investments for 699,6 million, up 5% on the previous year. Resources were broken down as follows: Water 395,5 million, Energy Infrastructure 191,9 million, Generation 26,0 million, Commercial and Trading 31,0 million, Environment 27,5 million, other business areas and Parent Company 27,7 million . Approximately 84% of investments is destined for regulated activities.
Acea confirmed the guidance for 2022 in terms of Ebitda and investments. Instead, it is reviewed on net financial debt: +4%/+6% growth in Ebitda compared to 2021; investments substantially in line with 2021; net financial debt between 4,4 and 4,5 billion (previous guidance of 4,2/4,3 billion).
