Ownership structure and general economic indicators generali

[GRI - 102-1], [GRI - 102-6], [GRI - 201-1], [GRI - 201-2],

Consolidated report

Acea SpA is listed on the Italian Stock Exchange organised and managed by Borsa Italiana. The company is listed on the FTSE Italia Mid Cap index and, as of 19 December 2022, is included on the MIB ESG index.
Roma Capitale is Acea SpA’s majority shareholder, holding 51% of its share capital. As at 31 December 2022, other significant direct or indirect equity interests were held by Suez SA with over 23.3% and Francesco Gaetano Caltagirone with approximately 5.5% (see Chart no. 5).
The portion of floating capital on the market is worth 20.2%, with institutional investors controlling approximately 13% of the share capital, with a geographical distribution indicating a predominance of Italian shareholders, followed by North American and British interests (see Chart no. 6).
Retail investors hold 5.5% of the share capital.

Chart no. 5 – Ownership structure as at 31.12.2022

Chart no. 5

Chart no. 6 – Geographical representation of Acea institutional investors

Chart no. 6

NOTE: The percentages shown in the table represent the weight of Shareholders, by geographical area, in relation to the total number of Institutional Investors.

The year under review was characterised by pronounced geopolitical instability, which generated inflationary effects and volatility in the energy markets. The Group also recorded a positive performance due to cost-cutting measures, the operational efficiency achieved and the recovery of margins. Revenues amounted to € 5,138 million while gross operating income (EBITDA) came to € 1,305 million (approx. +4% compared to 2021). Group profit totalled approximately €280 million (approx. -11% on 2021).

Table no. 5 – The main economic and equity data of the Acea Group (2021-2022)

(in # million) 2021 2022
net revenues 3.972 5.138,2
operating costs 2.737 3.861
sta costs 275,8 305,1
external costs 2.461,20 3.556,1
income/(expense) from non-financial investments 21 27,9
gross operating margin (EBITDA) 1.256,10 1.305
gross operating margin (EBIT) 581,1 565,9
financial management (85,9) (85,7)
investments management 7,8 17,8
profit/(loss) before tax 503 498
income tax 150,7 186,8
net profit/loss 352,3 311,2
profit/loss attributable to third parties 39 31
net profit/(loss) of the Group 313,3 279,7

Consolidated revenues in 2022, which amounted to €5,138.2 million, increased by 29.4% (€3,972 million in 2021). External costs increased by around 44% to approximately € 3.55 billion (€2.46 billion in 2021) mainly due to electricity procurement on the free market and the gradual protection market, for the purchase of mate- rials and services, in line with the increase in revenues and the growth in the corporate scope.
The gross operating income (EBITDA) of €1,305 million is up compared to €1,256.1 million in 2021 (approx. +4%), with regulated activities contributing 86% (including the Environment sector).
The Industrial Segments contributed to the overall value of EBITDA, as follows:

  • Water at 51%, with #669 million, a 2.1% increase compared to 2021 (#655.3 million). This growth is due to more ecient operational management, the contribution of Group companies to Shareholders’ Equity and the technical quality performance bonus received by companies consolidated on a line-by-line basis;
  • Energy infrastructure for 27%, with #352.2 million, down 5.2% compared to the previous year (#371.6 million) due to a reduction in the WACC which was partially oset by lower operating costs and the positive eects of the resilience plan;
  • the Production for 7%, with #89.8 million, a 13% increase com- pared to the previous year (#79.5 million). This result reflects pricing trends on the energy market, as well as the lower hydroelectric production, deconsolidation of the photovoltaic business and the price caps introduced by Decree Law “Sostegni ter”;
  • Commercial and trading for 7% at #90 million, up 11.8% (#80.5 million in 2021), mainly due to energy efficiency activities, partly oset by lower margins on the free energy market;
  • Environment for 8%, with #101.6 million, a 59.5% increase compared to the previous year (#63.7 million). This data reflects the positive effects of the price of energy sold from WTE, the exemption of the Terni plan from the obligation to purchase CO2 quotas, and the change in the scope of consolidation.

The Foreign and Engineering and Services areas and the Parent Company had a neutral effect on Group EBITDA.

Chart no. 7 – Contribution of the industrial segments to overall EBITDA (2021-2022)

Chart no. 7

The operating result (EBIT) was €565.9 million (-2.6% on 2020). The value reflects the increase in amortisation and depreciation related to investments for the period, write-downs of receivables attributable to business growth, and the introduction of a stress scenario for the Group's main companies.

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