Operating figures, equity and financial results for the year
Energy Infrastructures operating segment
|Operating data||U.M.||2018||2017||Change||% Change|
|Energy Produced (hydro + thermal)||GWh||540||414||126||30.5 %|
|Energy Produced (photovoltaic)||GWh||10||12||(2)||(16.4%)|
|TEE sold / cancelled||No.||148,557||145,754||2,803||1.9 %|
|No. Customers||N/000||1,629||1,626||3||0.2 %|
|Km of Network||Km||30,704||30,344||360||1.2 %|
|Operating results and financial position (€ million)||31/12/2018||31/12/17||Change||% Change|
|Operating profit/(loss) (EBIT)||198.8||167.8||31.0||18.5 %|
|Average number of personnel||1,387||1,366||21||1.6 %|
|Net financial debt||1,121.9||1,036.6||85.2||8.2 %|
|Gross operating profit (EBITDA) (€ million)||2018||2017||Change||% Change|
|Gross operating profit Energy Infrastructures Segment||360.7||333.1||27.6||8.3%|
|EBITDA GROUP||933.2||840.0||93.3||11.1 %|
|Percentage weight||38.7 %||39.7 %||(1.0 p.p.)|
EBITDA at 30 December 2018 was € 360.7 million, an increase of € 27.6 million compared to 31 December 2017.
This change is mainly attributable to the company areti (+ € 29.8 million) as a consequence of the annual tariff updates in the scope of the fifth regulatory cycle (tariff variation effect between the two periods being compared) as per ARERA resolution no. 175/2018/R/eel of 29 March 2018. With reference to the energy balance, as of 31 December 2018 areti introduced 9,792 GWh into the grid in line with that introduced in 2017.
The EBITDA for public lighting is negative for € 5.4 million, a decrease of € 9.8 million compared to 31 December 2017. The change is caused by the margins deriving from the LED plan launched end June 2016 on the basis of an agreement with Roma Capitale. It should be noted that during 2018, 13,511 lighting fixtures were replaced. During 2019 the transformation of functional light points required by the agreement will be completed, the activity having slowed down – as shared with Roma Capitale – due to the revision of the colour temperature and colour rendering index, thus rescheduling the transformations of artistic and ornamental fixtures mainly located in the city's historic centre.
Acea Produzione contributed to the increase in EBITDA totalling € 10.1 million thanks to an increase in the energy margin of the hydroelectric generation sector, with an increase in production of approximately 12.5%, also due to the greater contribution from the plants of Castel Madama, Mandela and Orte (+ 10.8%), that of Sant'Angelo (+ 30.0%) and the thermoelectric generation sector which recorded a significant increase (+ 80% compared to last year) following completion of construction of the Tor di Valle plant.
The average workforce increased by 21 units, all in areti.
The operating result was mainly affected by higher provisions for the period (+ € 10.1 million) mainly for regulatory risks and redundancy and mobility, offset by the lower component of bad debts (- € 11.1 million) due to the effects of write-downs last year on the matter linked to Gala.
Net financial debt stood at € 1,121.9 million at 31 December 2018, showing an increase of € 85.2 million compared to 31 December 2017. The effects are mainly due to the increasing volume of investments, the increase in pay-outs and the dynamics of operating cash flow.
Investments amounted to € 238.3 million and with regard to areti refer to the work on the HV, MV and LV network and a series of interventions for the expansion of the MV networks and extraordinary overhead lines maintenance. The investments made by Acea Produzione refer mostly to the revamping works of the Mandela hydroelectric plant and for the extension works of the district heating network in the Mezzocammino area in the south of Rome.