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Acegas-Aps Spa Via del Teatro, 5 34121 Trieste Cap.Soc.283.690.762.80 i.v. Codice Fiscale e iscrizione n. 00930530324 R.E.A.n. 111554 - CC.I.A.A. Trieste P.IVA 00930530324 www.acegas-aps.it
EBITDA of the Power Division rose by 0.1 million, from 8.8 million in 9M09 to 8.9 million in 9M10. The bulk of this increase was due to greater sales activity (+ 0.5 million), thanks to a more profitable customer portfolio and a more careful supply policy. Distribution (- 0.2 million) and generation (- 0.1 million) activities both registered slight falls. As regards volumes, generation at the Elettrogorizia power plant increased by 9 GWh (+18.2%). Volumes of electricity distributed totalled almost 600 GWh, corresponding to growth of 1.4% versus 9M09. Volumes of electricity sold rose sharply, from 588 GWh in 9M09 to 634 GWh in 9M10 (+7.8%). EBITDA of the Gas Division rose to 24.0 million, ending the first nine months of 2010 with an increase of 2.1 million. Sales activities increased, with a positive change in EBITDA of 0.8 million, while overhead costs advanced (+ 0.4 million). EBITDA of distribution activities came out 1.2 million ahead of the 9M09 figure, owing to the new tariff model that came into force in 2009. Volumes in 9M10 registered significant growth, both in terms of distribution activities (336 million cubic metres, versus 293 million in 9M09, +14.9%), and sales (296 million cubic metres in 9M10, versus 266 million in 9M09, +11.3%). EBITDA of the Services Division increased by 1.3 million, from 9.5 million to 10.8 million. Note, within this business line, growth of subsidiary Sinergie, which expanded its customer portfolio and improved its profitability. Sinergie closed the period with a rise in EBITDA of 1.4 million, from 6.5 million in 9M09 to 7.7 million in 9M10. Provisions came in at a negative 2.6 million, from a positive figure of 0.8 million in 9M09, a period marked by the release of provisions for the dispute relating to the landfill site at Ponte San Nicol. Provisions for disputes with third parties, employees (dispute with INPS) and for the management of waste in storage totalled 2.6 million in the period under review. Depreciation, amortisation and write-downs increased by 3.3 million, from 36.9 million to 40.2 million. Depreciation increased by 2.8 million, from 35.7 million to 38.5 million. This rise relates to the significant investment made over the last few years, particularly in the water and waste businesses. Provisions for the doubtful accounts fund totalled 1.7 million (versus 1.3 million in 9M09), and were implemented to bring the fund into line with the customer insolvency risk. The provisions to 30 September 2010 are higher than for the same period of 2009 ( 0.4 million), since analyses showed that the existing fund needed to be increased, given the nature of the credit positions managed and the greater risk inherent in certain positions. EBIT in 9M10 totalled 33.8 million versus 31.3 million in 9M09, an increase of 2.5 million (+7.9%). The Groups operating efficiency also improved, which had an impact on 9M10 results, leading to a 9.4% EBIT margin on sales, versus 9.0% in 9M09. Financial charges fell by 6.0 million, from 11.7 million in 9M09 to 5.7 million in 9M10. This major reduction was mainly due to the structure of the Groups borrowings, 95% of which are variablerate, and to the tangible decrease of base interest rates seen between the two periods. Note too that in 9M09, this item was affected by non-recurring financial charges of 4.0 million related to the clawback of the tax moratorium.
Investor Relations:
Media Relations: Maurizio Stefani comunicazione.pd@acegas-aps.it comunicazione.ts@acegas-aps.it Office PD: +39-049-8280.551 Office TS: +39-040-7793.534 Fax PD: +39-049-8280.554 Fax TS: +39-040-7793.295
Acegas-Aps Spa Via del Teatro, 5 34121 Trieste Cap.Soc.283.690.762.80 i.v. Codice Fiscale e iscrizione n. 00930530324 R.E.A.n. 111554 - CC.I.A.A. Trieste P.IVA 00930530324 www.acegas-aps.it
Income taxes fell by 2.8 million, from 15.6 million to 12.8 million. 9M09 was negatively affected by the contingent liabilities relating to the payment of IRPEG taxes calculated on the years of the tax moratorium from 1997 to 1999 totalling 5.9 million. Stripping out this phenomenon, the tax rate would have been down compared to that recorded in the same period of 2009 (51.3% in 2009 versus 45.2% in 2010). Net profit came in at 15.6 million, compared with 3.2 million in 9M09, an increase of 12.4 million. Without the non-recurring impact of the tax moratorium, growth in net profit in 9M10 would have been 3.5 million (+28.8%) against the same period last year. As regards investments, Group capital expenditure totalled 65 million in 9M10, versus 89 million in 9M09. Investments therefore fell by 24 million in 9M10, mainly owing to the lower rate of investment in the Padua WTE plant, which came on stream in May 2010. The net financial position rose from 407.4 million as of 31 December 2009 to 451.2 million as of 30 September 2010. In absolute terms, this is an increase of 43.8 million.
Business outlook
The approval of the new rates for the Integrated Water Management Division in Trieste, determined according to the Normalised Method and in force from 22 June, has led to sustained revenues growth in the Trieste area: the effect on revenues of reaching the maximum annual increase threshold allowed by the tariff method (tariff limit) is approximately 0.6 million/month, also valid for the fourth quarter of 2010. In the Padua area, activities continue to determine the 2007-2009 tariff rebalancing by the Bacchiglione AATO (Optimum Territorial Area Authority). Finally, through appropriate synergies between Group Divisions and Companies, the Group is assessing the possibility of optimising the disposal process for biological sludge resulting from purification plants, partly by industrialising the incineration process for this by-product (firstly on an experimental basis) at the Companys WTE plants.
Investor Relations:
Media Relations: Maurizio Stefani comunicazione.pd@acegas-aps.it comunicazione.ts@acegas-aps.it Office PD: +39-049-8280.551 Office TS: +39-040-7793.534 Fax PD: +39-049-8280.554 Fax TS: +39-040-7793.295
Acegas-Aps Spa Via del Teatro, 5 34121 Trieste Cap.Soc.283.690.762.80 i.v. Codice Fiscale e iscrizione n. 00930530324 R.E.A.n. 111554 - CC.I.A.A. Trieste P.IVA 00930530324 www.acegas-aps.it
Investor Relations:
Media Relations: Maurizio Stefani comunicazione.pd@acegas-aps.it comunicazione.ts@acegas-aps.it Office PD: +39-049-8280.551 Office TS: +39-040-7793.534 Fax PD: +39-049-8280.554 Fax TS: +39-040-7793.295
Acegas-Aps Spa Via del Teatro, 5 34121 Trieste Cap.Soc.283.690.762.80 i.v. Codice Fiscale e iscrizione n. 00930530324 R.E.A.n. 111554 - CC.I.A.A. Trieste P.IVA 00930530324 www.acegas-aps.it
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INCOME STATEMENT
9M10
9M09
3Q10
3Q09
Materials & services bought Other operating costs Employee costs Ebitda
Financial income Financial costs Share of associates Share of associates accounted by the equity method Other income and expenditure Pre-tax profit
(12,818) 15,565
(15,617) 3,199
(4,178) 6,932
(8,109) (2,510)
Income/Outcome from activities (to be) sold Net profit for the period
--15,565
--3,199
--6,932
--(2,510)
Profit/(Loss) for the period attributable to: Minorities Group profit/loss Earnings/(Loss) per ordinary share (in euros) 73 15,492 0.282 48 3,151 0.057 28 6,904 0.126 (680) (1,830) (0.033)
Investor Relations:
Media Relations: Maurizio Stefani comunicazione.pd@acegas-aps.it comunicazione.ts@acegas-aps.it Office PD: +39-049-8280.551 Office TS: +39-040-7793.534 Fax PD: +39-049-8280.554 Fax TS: +39-040-7793.295
Acegas-Aps Spa Via del Teatro, 5 34121 Trieste Cap.Soc.283.690.762.80 i.v. Codice Fiscale e iscrizione n. 00930530324 R.E.A.n. 111554 - CC.I.A.A. Trieste P.IVA 00930530324 www.acegas-aps.it
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BALANCE SHEET
Assets Non-current assets Intagible assets Goodwill Investment in plant & machinery Property investments Tax reserve Associates Non-current financial assets Other non-current assets Total non-current assets Current assets Cash Stocks Account receivables Work in progress against orders Current financial assets Other current assets Total current assets Assets held for sale Total assets
30/09/10
31/12/09
1,071,995
1,047,532
Investor Relations:
Media Relations: Maurizio Stefani comunicazione.pd@acegas-aps.it comunicazione.ts@acegas-aps.it Office PD: +39-049-8280.551 Office TS: +39-040-7793.534 Fax PD: +39-049-8280.554 Fax TS: +39-040-7793.295
Acegas-Aps Spa Via del Teatro, 5 34121 Trieste Cap.Soc.283.690.762.80 i.v. Codice Fiscale e iscrizione n. 00930530324 R.E.A.n. 111554 - CC.I.A.A. Trieste P.IVA 00930530324 www.acegas-aps.it
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BALANCE SHEET
Liabilities Net assets Share capital Share premium reserve Other reserves Profit/Loss carried forward Profit/Loss for the period Group net assets Minorities Total net assets Non-current liabilities Employee funds Provisions Medium/Long term financing Non-current financial liabilities Liability for deferred tax Other non-current liabilities Total non-current liabilities Current liabilities Account payables Short-term financing Share of current financing Current financial liabilities Tax liabilities Other current liabilities Total current liabilities Total liabilities
30/09/10
31/12/09
283,691 6,643 46,748 2,382 15,492 354,956 460 355,416 26,601 16,067 287,093 11,551 13,774 32,566 387,652
283,691 6,643 46,393 (3,022) 10,743 344,448 392 344,840 26,969 17,067 257,405 12,610 1,469 30,906 346,426
Investor Relations:
Media Relations: Maurizio Stefani comunicazione.pd@acegas-aps.it comunicazione.ts@acegas-aps.it Office PD: +39-049-8280.551 Office TS: +39-040-7793.534 Fax PD: +39-049-8280.554 Fax TS: +39-040-7793.295
Acegas-Aps Spa Via del Teatro, 5 34121 Trieste Cap.Soc.283.690.762.80 i.v. Codice Fiscale e iscrizione n. 00930530324 R.E.A.n. 111554 - CC.I.A.A. Trieste P.IVA 00930530324 www.acegas-aps.it
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9M10
(119,386) (119,386) 15,565 40,243 2,603 (164) 328 (368) (15,049) (7,095) 36,063 (59,421) (4,589) 4,651 (307) (59,666) 40,175 (5,252) 14,515
9M09
(33,427) (33,427) 3,199 36,884 (770) 909 (261) (17,818) (2,064) 20,079 (79,016) (5,900) (19,967) (104,883) 2,609 (5,072) 17,201
Investor Relations:
Media Relations: Maurizio Stefani comunicazione.pd@acegas-aps.it comunicazione.ts@acegas-aps.it Office PD: +39-049-8280.551 Office TS: +39-040-7793.534 Fax PD: +39-049-8280.554 Fax TS: +39-040-7793.295