Accounting standards and supplementary information pursuant to regulation 852/2020
This section explains the accounting policy, i.e. the method for constructing the percentages of turnover, CapEx and OpEx associated with the eligible and aligned activities that the Group has defined on the basis of the indications shown in Annex 1 of Delegated Act (EU) 2021/2178.
For the purposes of allocating the amounts of turnover, CapEx and OpEx to the eligible and aligned activities, Acea has defined a clear and viable hierarchy of sources, used with respect to the quantitative and qualitative reporting requirements. Specifically, Acea has reconstructed the indicators using the information reported in the general, business and regulatory accounts: the percentage of KPIs relating to each individual economic activity is calculated on the total turnover, investments and total ordinary costs relating exclusively to the types of OpEx provided for by the European Taxonomy.
For the calculation of the eligible turnover the numerator used was the portion of consolidated net revenue generated by the sale of products or services, including intangible, associated with economic activities eligible for the Taxonomy, and the denominator was the total net revenue44.
Net turnover was identified by using the data of the consolidated financial statements prepared according to international accounting standards and making reference to the provisions of IAS1, section 82, lett. a).
Specifically, to create the indicator, the items “Revenue from sales and services” and “Other revenue and proceeds” of the consolidated income statement were used as reference; no amounts connected to economic activities included in the Taxonomy conducted for the Group’s internal consumption are present.
For the calculation of the eligible CapEx the numerator used was the portion of capital expenditure posted to the assets of the consolidated financial statements associated with eligible activities and defined based on the criteria under point 1.1.2.2. of the Delegated Act) and the denominator was the total capital expenditure quantified on the basis of the criteria under point 1.1.2.1. of the Delegated Act.
In particular, the denominator includes the increases to the tangible and intangible assets during the year considered before amortisation, write-down and any revaluation, including those deriving from recalculations and reductions of value and excluding fair value changes.
For the purpose of creating the indicator, the capital expenditure was identified using data from the consolidated financial statements, with reference to the provisions of a) IAS 16 “Property, plant and equipment”; b) IAS 38 “Intangible assets” and c) IFRS 16 “Leasing”. The values reported do not include amounts associated with economic activities included in the Taxonomy relative to expenditure capitalised according to d) IAS 40 “Investment property” and e) IAS 41 “Agriculture" since these are not applicable for the Group. For the calculation of the eligible OpEx, the numerator used was the portion of operating expenses associated with the eligible activities and defined on the basis of criteria under point 1.1.3.2 of the Delegated Act and the denominator was the total operating expenses quantified on the basis of the criteria under point 1.1.3.1. of the Delegated Act.
he latter includes direct non-capitalised costs that relate to research and development, building renovation measures, short-term lease, maintenance and repair, and any other direct expenditures relating to the day-to-day servicing of assets of property, plant and equipment by the undertaking or third party to whom activities are outsourced that are necessary to ensure the continued and effective functioning of such assets.
For the creation of the indicator, the operating expenses were identified using data from the consolidated financial statements, prepared according to international accounting standards. Specifically, the items “Personnel costs” and “External costs” included in the Consolidated Income Statement were used as reference (pro rata). With respect to the provisions contained in the Delegated Act, when defining the eligible operating costs, Acea considered all daily maintenance and necessary costs to ensure the continued and effective functioning of the assets, meaning that the operating expenditure included all maintenance expenses of the assets, including the portions of costs for the purchase of materials, services and personnel costs directly attributable to the maintenance activity. Specifically, for the OpEx KPI, only non-capitalised direct costs related to research and development, building renovation measures, short-term lease, maintenance and repair as well as any other direct expenditure related to the day-to-day maintenance of property, plant and equipment, either by the company or by third parties to whom these tasks are outsourced, necessary to ensure the continuous and effective operation of these assets, were considered in accordance with the Regulation.
In addition to the provisions of the legislation, the Group also decided to calculate and represent the “normalised” turnover, CapEx and OpEx KPIs, i.e. using as denominator the consolidated values net of the non-assessed portion, attributable to the Companies not included in the NFS scope (equal to 11% of the turnover, 4% of the CapEx and 9% of the OpEx).
In line with the Models for Key Performance Indicators (KPIs) for non-financial undertakings contained in Annex II of the Delegated Regulation (EU) 2021/2178, the proportion of turnover, CapEx and OpEx of the Acea Group in 2023 from products or services associated with Taxonomy-aligned economic activities are reported below.
Table no. 6 – Acea Group's share of Turnover from products or services associated with Taxonomy-aligned economic activities45 - disclosure for 202346
Table no. 7 – Eligibility percentage and alignment for each environmental goal (Turnover KPI)
Table no. 8 – Acea Group's share of capital expenditure (CapEx) from products or services associated with Taxonomy-aligned economic activities47 - disclosure for 202348
Table no. 9 – Percentage of eligibility and alignment for each environmental goal (CapEx KPI)
Table no. 10 – Acea Group's share of operating expenses (OpEx) from products or services associated with Taxonomy-aligned economic activities49 - disclosure for 202350
Table no. 11 – Eligibility percentage and alignment for each environmental goal (OpEx KPI)
As indicated in the previous table, Acea is also eligible in the context of one of the six activities regarding energy production from nuclear and fossil fuels, regulated by the Complementary Delegated Act: this is activity 4.30 "High-efficiency co-generation of heat/cool and power from fossil gaseous fuels"51 which, following the analyses performed, was found not to be aligned; the table below, simplified with respect to the standard model in Annex III of the Delegated Act, shows the relative KPIs for turnover, CapEx and OpEx.
Table no. 12 – Taxonomy-eligible but not aligned nuclear and fossil gas related economic activities
44 Pursuant to art. 2, point 5 of Directive 201334/EU.
45 For activities marked with an asterisk (*), partial alignment is reported.
46 Note that the values of activities 5.1, 5.3 of the Climate Change Mitigation goal, highlighted in 2022, are no longer shown in the table, because after the 2023 analysis, activities 2.1 and 2.2 of the Sustainable use and protection of water and marine resources goal were valued. For 2022, the aligned turnover portions were 5.1 = 14.56% and 5.3 = 8.16%, and eligible and unaligned turnover was 5.3 = 3.62%.
47 For activities marked with an asterisk (*), partial alignment is reported.
48 Note that the values of activities 5.1, 5.2, 5.3 and 5.4 of the Climate Change Mitigation objective, highlighted in 2022, are no longer shown in the table, since, after the 2023 analyses, activities 2. 5.1 = 20.26%, 5.2 = 8.80%, 5.3 = 16.23% and 5.4 = 0.72% and those of eligible and unaligned turnover were 5.3 = 3.68% and 5.4 = 1.96%.
49 For activities marked with an asterisk (*), partial alignment is reported.
50 Note that the values of activities 5.1, 5.3 of the Climate Change Mitigation goal, highlighted in 2022, are no longer shown in the table, because after the 2023 analysis, activities 2.1 and 2.2 of the “Sustainable use and protection of water and marine resources” goal were valued. For 2022, the aligned OpEx portions were 5.1 = 39.29% and 5.3 = 20.23%, and eligible and unaligned turnover was 5.3 = 10.07%
51 Activity 5 pursuant to Annex III, Standard templates for the disclosure referred to in Article 8(6) and (7) of Delegated Regulation (EU) 2022/1214 of the European Commission.