Ownership structure and general economic indicators

[GRI - 102-5], [GRI - 102-10], [GRI - 102-15], [GRI - 103-1], [GRI - 103-3], [GRI - 102-7], [GRI - 201-1], [GRI - 102-6], [GRI - 201-2],

Consolidated report

Acea SpA is listed on the Italian Stock Exchange organised and managed by Borsa Italiana. The Company is included in the FTSE Italia Mid Cap index. Roma Capitale is Acea SpA’s majority shareholder, holding 51% of its share capital. As at 31/12/2021, 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 5).
The portion of floating capital on the market is worth 20.2%, with institutional investors controlling approximately 14% of the share capital, with a geographical distribution indicating a predominance of North American shareholders, followed by Italian, English and Northern European interests (see Chart 6). Retail investors hold approximately 4% of the share capital.

Chart no. 5 – Ownership structure as at 31/12/2021

Chart 5

Chart no. 6 – Geographical representation of Acea institutional investors

Chart 6

In spite of a complex scenario due to the continuing pandemic and the volatility of the energy markets, the 2021 results recorded growth. The strategy implemented by Acea, supported by the financial structure, allowed the Group to seize the economic recovery. The positive performance in all business areas generated constantly improving results, as documented by the EBITDA that surpassed the guidance, previously revised upward during the reporting year. 2021 was characterised by important industrial operations, with the acquisition of new treatment plants in the environment segment and the signing of an agreement with Equitix in the renewables sector. The gross operating margin reached € 1,256 million (+9% on 2020) and the operating profit was € 581 million (+9% on 2020). Group profit totalled € 313 million (+10% on 2020).

Table no. 7 – The main economic and equity data of the Acea Group (2020-2021)

(in € million) 2020 2021
net revenues 3.379,40 3.972
operating costs 2.254,60 2.737
staff costs 267,7 275,8
external costs 1.986,90 2.461,20
income/(expense) from non-financial investments 30,3 21
gross operating margin (EBITDA) 1.155,50 1.256,10
operating profit (EBIT) 535 581,1
financial management -88 -85,9
investments management 14,2 7,8
profit/(loss) before tax 461,2 503
income tax 134,6 150,7
net profit/loss 326,6 352,3
profit/loss attributable to third parties 41,6 39
net profit/(loss) of the Group 284,9 313,3

Consolidated revenues in 2021 totalled € 3,972 million (€ 3,378.9 million in 2020), up by 17.6%. External costs increased by around 24% to approximately € 2.46 billion (€ 1.98 billion in 2020) mainly due to the purchase of energy (procurement, transportation and metering), materials and services, in line with the increase in revenues and the growth in the corporate scope.
The gross operating margin (EBITDA) of € 1,256.1 million is up compared to € 1,155.5 million last year (+8.7%), with regulated activities contributing 82%. The Industrial Segments contributed to the overall value of EBITDA, as follows:

  • the water industrial segment at 52%, with € 655.3 million, a 6.7% increase respect to the data from 2020 (€ 614.4 million). This growth is the result of greater operating efficiencies and the change in the scope of consolidation;
  • the energy infrastructure industrial segment for 30%, with € 371.6 million, up by 1.1% compared to the previous year (€ 367.6 million) thanks to the performance of the networks arising from the resilience plan and the partnership with Open Fiber;
  • the generation industrial segment for 6%, with € 79.5 million, a 75.1% increase compared to the previous year (€ 45.4 million). This result is affected by the increase in volumes produced in particular by hydroelectric and photovoltaic and the price effect on the market;
  • the commercial and trading segment for 6%, with € 80.5 million, up by 11% (€ 72.4 million in 2020), driven by the increase in margins on the free market and the improvement in the margin on the gas market;
  • the environment segment for 5%, with € 63.7 million, up by 26.6% on the previous year (€ 50.3 million), which benefits from higher margins in Waste-to-Energy and the waste delivery activities. The companies recently acquired in the industrial segment also made a positive contribution.

The following areas also contribute to the Group's EBITDA Foreign area, the Engineering and Services area and the Parent Company, by 1% cumulatively.

Chart no. 7 – Contribution of the industrial segments to overall EBITDA (2020-2021)

Chart 7

The operating result (EBIT) was € 581 million (+8.6% on 2020). The increase was offset by the growth in amortisation, including as a result of the change in scope and a limited increase in receivable write-downs.

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