GENERATION
Operating figures, equity and financial results for the period
oPERATING DATA | U.M. | 31/12/2021 | 31/12/2020 | Change | % change |
---|---|---|---|---|---|
Energy produced (hydro+thermal) | GWh | 599 | 524 | 75 | 14.4% |
- of which hydro | GWh | 428 | 370 | 57 | 15.5% |
- of which thermal | GWh | 172 | 154 | 18 | 11.7% |
(Photovoltaic) Energy Produced | GWh | 71 | 64 | 8 | 12.2% |
Energy produced (cogeneration) | GWh | 40 | 41 | (1) | (3.2%) |
Equity and financial results (€ million) | 31/12/2021 | 31/12/2020 | Change | % change |
---|---|---|---|---|
Revenues | 126.3 | 79.1 | 47.2 | 59.8% |
Costs | 46.8 | 33.7 | 13.1 | 38.9% |
EBITDA | 79.5 | 45.4 | 34.1 | 75.2% |
Operating profit/(loss) (EBIT) | 49.4 | 18.1 | 31.2 | 172.1% |
Average workforce | 88 | 84 | 4 | 5.0% |
Capex | 39.4 | 39.0 | 0.5 | 1.2% |
Net Financial Position | 237.0 | 224.2 | 12.7 | 5.7% |
EBITDA (€ million) | 31/12/2021 | 31/12/2020 | Change | % change |
---|---|---|---|---|
EBITDA - Energy Infrastructure Segment | 79.5 | 45.4 | 34.1 | 75.2% |
EBITDA - Group | 1,256.1 | 1,155.5 | 100.6 | 8.7% |
Percentage weight | 6.3% | 3.9% | 2.4 p.p. |
Year review
EBITDA at 31 December 2021 was € 79.5 million, an increase of € 34.1 million compared to 31 December 2020, mainly due to Acea Produzione (+€ 25.5 million) as a result of the increase in both the volumes produced and the higher water contributions (+55.1 GWh) and the prices on the energy markets (+60.67€/MWh). The increase in margins also refers to Ecogena (+€ 2.5 million) partly due to income from the sale of Alfasigma’s cogeneration plant (+€ 0.6 million) and for the remainder to higher revenues from activities relating to design and permitting services for the Acea Group’s mobility plan.
Finally, EBITDA for the photovoltaic segment, identifiable with the scope of the operating subsidiaries of Acea Sun Capital and Acea Solar, was € 17.3 million, up by € 5.3 million primarily due to the
effect of the change in scope. As extensively described in the paragraph “Information on IFRS 5” of the Notes to the Financial Statements, at the end of the year a contract was signed for the sale of certain companies in the photovoltaic sector, which in 2021 contributed € 16.5 million to EBITDA. The closing of the transaction and the related sale of the equity investments will occur by 2022.
The average workforce was in line with the previous year. Note that the photovoltaic companies do not have employees.
Investments amounted to € 39.4 million and are mainly attributable to Acea Produzione (€ 17.5 million), mainly for the installation of the third engine at the Tor di Valle thermal power station, for the requalification work on the substations of the S. Angelo, Salisano and Orte Power Stations and for the extension and restoration of the district heating grid in the Mezzocammino district in the south of Rome, to the investments made by Acea Solar (€ 10,5 million) developed by Aiem, Solarfields and Enertronica and by Fergas (20 MW) for the construction of photovoltaic plants on both agricultural and industrial land and to Fergas Solar (€ 10.4 million) for the Ferrandina plant.
The net financial position stood at € 237.0 million as at 31 December 2021, an increase of € 12.7 million compared with 31 December 2020. The changes are mainly linked to the dynamics of acquisitions of companies in the photovoltaic segment and operating cash flow.
Significant events for the 2021 financial year