Water
2023 in numbers
Operating data
|
U.M. |
2023 |
2022 |
Change |
% Change |
|
|---|---|---|---|---|---|
|
Water volumes |
Mm3 |
383.8 |
389.4 |
(5.5) |
(1.4%) |
|
Energy consumed |
GWh |
544.5 |
573.9 |
(29.3) |
(5.1%) |
|
Sludge disposed of |
kt |
142.7 |
147.4 |
(5) |
(3.2%) |
Equity and financial results
|
2023 |
2022 |
Change |
% Change |
|
|---|---|---|---|---|
|
Revenues |
1,493.7 |
1,374.4 |
119.3 |
8.7% |
|
Costs |
749.8 |
705.4 |
44.4 |
6.3% |
|
EBITDA |
743.9 |
669.0 |
75.0 |
11.2% |
|
Operating profit/(loss) |
325.0 |
268.7 |
56.3 |
21.0% |
|
Average workforce |
3,969 |
3,891 |
78 |
2.0% |
|
Capex |
682.4 |
611.0 |
71.4 |
11.7% |
Equity and financial results
|
2023 |
2022 |
Change |
% Change |
|
|---|---|---|---|---|
|
EBITDA – Water segment |
743.9 |
669.0 |
75.0 |
11.2% |
|
EBITDA – Group |
1,390.9 |
1,305.0 |
85.9 |
6.6% |
|
Percentage |
53.5% |
51.3% |
2.2 p.p. |
|
The EBITDA for the Segment stood at € 743.9 million at 31 December 2023, an increase of € 75.0 million compared to 31 December 2022 (+11.2%). The increase mainly derives form higher margins, relative to the increase in water tariff revenue, relative to non-pass-through items (+€ 37.0 million), in part influenced by the two year tariff update for 2022-2023. Also contributing to the increase is Gori’s recognition of contributions for Regional Works for the years 2018-2021 (+€ 5.3 million) and the change in the scope following the consolidation of ASM Terni (+€ 9.9 million).
The contribution to EBITDA made by the water companies measured using the equity method, equal to € 21.2 million, was down with respect to the previous year (-€4.4 million) as a consequence of greater amortisation/depreciation recognised by the Acque Group. The contribution to EBITDA of the companies valued at shareholders’ equity is detailed below:
|
€ million |
2023 |
2022 |
Change |
% Change |
|---|---|---|---|---|
|
Publiacqua |
9.3 |
8.6 |
0.8 |
9.2% |
|
Acque Group |
7.4 |
11.3 |
(3.9) |
(34.6%) |
|
Umbra Acque |
2.9 |
3.3 |
(0.5) |
(13.8%) |
|
Nuove Acque and Intesa aretina |
0.5 |
0.5 |
0.0 |
7.7% |
|
Geal |
0.9 |
1.1 |
(0.2) |
(14.6%) |
|
Umbria Distribuzione Gas |
0.1 |
0.0 |
0.1 |
n.s. |
|
Romeo Gas |
0.0 |
0.8 |
(0.8) |
(100.0%) |
|
Total |
21.2 |
25.6 |
(4.4) |
(17.0%) |
Year review
The quantification of the revenues deriving from management of the integrated water service is the consequence of application of the new water tariff method for the third regulatory period (MTI-3), as approved by the Authority (ARERA) with Resolution no. 580/2019/R/idr of 27 December 2019, taking into account the approval of the 2022-2023 tariff provisions which occurred in the meantime. For more details, please see the section “Progress of the procedure for approving tariffs” in this document.
The average workforce as of 31December 2023, equal to 3,969, increased by 78 compared to 31 December 2022, mainly attributable to the consolidation of Acea Ato2 (+24 employees) and Adistribuzionegas (+18 employees), as a consequences of the acquisition of the business unit deriving from the partial demerger of Romeo Gas in October 2022.
Investments by the Segment amounted to € 682.4 million, an increase of € 78.0 million compared to the previous year. The increase is mainly due to greater investments recognised by Gori (+€ 75.3 million), consequent to more works financed (maintenance and development), in part offset by lower investments by Acea Ato2 (-€ 20.9 million) mainly due to lower investments in maintenance and development. The investments refer mainly to extraordinary maintenance work, reconstruction, modernisation and expansion of plants and networks, the reclamation and expansion of water and sewer pipes of the various Municipalities and work on purification and transport plants (ducts and feeders). The change in scope involving consolidation of ASM Terni contributed to the increase (+€ 5.1 million).