Water, waste, photovoltaics and networks. These are the cornerstones around which the Acea's new industrial plan to 2022. The Roma Capitale multiservice company that deals with the management and development of networks and services in the water, energy and environment sectors is not only the only one among the large Roman municipal companies to show signs of good health, but it is also the only one that decides to up the ante, announcing investments of four billion euros in the period 2018-2022, 900 million euros more than what was foreseen in the old plan. They will be the "highest ever", announced the managing director, Stefano Donnarumma, with satisfaction.
Acea therefore tries to shrug off the controversies relating to the judicial investigations by launching an ambitious industrial plan which also aims to make inroads into the "hearts" of the shareholders (Campidoglio in primis) with a more generous dividend policy of the past. In detail, the company expects a minimum dividend of 75 cents per share in 2019. Overall, in the period 2018-2022 coupons of 800 million euros will be paid, "an increase of 100 million euros compared to the previous plan", underlines Acea in a note.
We recall that on the 2018 profits, the board of directors decided to propose to the shareholders' meeting convened for 17-18 April the distribution of a dividend equal to 71 cents per share, up 13% over the previous year and with a payout of 56%. 135 million euros will go to the Municipality of Rome.
Returning to the plan, the investments announced by Acea will be distributed as follows:
- al water sector investments of 250 million euros will go, "thanks to the consolidation of Gori and the launch of the project to double the Peschiera aqueduct", explains the company.
- To the development and M&A of photovoltaic sector 200 million euros will be allocated,
- 250 million will go to the innovation of industrial processes and to "strengthening the resilience of the power grid",
- 100 million will go into M&A focused on recovery plants e waste treatment.
On this last point, the goal is to strengthen the waste treatment cycle, "allowing the group to enter as a major operator in the treatment and recycling of paper and plastic".
“The investment plan – explains Acea – aims at sustainable growth and the creation of value for the group, resulting in an increase of 400 million euros in investments for sustainability, up to 1,7 billion euros in the period 2018-2022”.
In this context, 80 per cent of the investments will be used to finance regulated activities. The Rab (Regulatory Asset Base), by 2022, will reach 4,8 billion euros, up 28% compared to 2018.
“Our strategic pillars – said the CEO, Donnarumma – remain the same as the previous plan, but now we intend to focus increasingly on five specific actions: accelerate growth (Grow), develop and diversify the business portfolio (Reshape), focus on the innovation of industrial processes (Innovate), focus on results (Deliver) and a dynamic and sustainable approach (Smart). These elements are inherent in the acronym “GRIDS” and represent an evolution of the path started two years ago”.
Speaking of the financial parameters, Acea expects that theebitda register an annual growth of 8%, reaching 1,1 billion by 2020 and 1,3 billion by 2022. Overall, the expected increase is equal to 36%. Attention to the control of group debt with a NFP/EBITDA ratio of less than 3x in 2022.
The objectives put on paper by the company seem to please the investors of Piazza Affari: at 11 the Acea title earn 2,65 euros to 15,5 euros.
