DOCSLIB.ORG

Financial Statements of Acea Spa Acea Group Consolidated Financial Statements 2018 Financial Statements of Acea Spa Acea Group Consolidated Financial Statements Index

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Financial Statements of Acea Spa Acea Group Consolidated Financial Statements 2018 Financial Statements of Acea Spa Acea Group Consolidated Financial Statements Index 2018 FINANCIAL STATEMENTS OF ACEA SPA ACEA GROUP CONSOLIDATED FINANCIAL STATEMENTS 2018 FINANCIAL STATEMENTS OF ACEA SPA ACEA GROUP CONSOLIDATED FINANCIAL STATEMENTS INDEX LETTER TO SHAREHOLDERS 4 ACEA YESTERDAY, TODAY AND TOMORROW 6 GROUP STRUCTURE 8 INVESTOR RELATIONS 9 HIGHLIGHTS 10 THE ORGANISATIONAL MODEL 12 THE ACEA BUSINESS MODEL 14 REPORT ON OPERATIONS Corporate bodies 18 Summary of Results 19 Summary of operations and income, equity and financial performance of the Group 21 Summary of Results: performance of economic results 22 Reference context 29 Trend of operating segments 45 Significant facts occurring during the reporting period 69 Significant events occurring after the end of the financial year 69 Main risks and uncertainties 70 Operating (and Financial) Outlook 75 Resolutions regarding the result for the year and the distribution to Shareholders 76 ACEA FINANCIAL STATEMENTS Form and structure 80 Accounting Standards and Measurement Criteria 81 Accounting Standards, Amendments, 86 Interpretations and Improvements Applied as of 1 January 2018 Accounting Standards, Amendments and Interpretations Applicable after the end 88 of the Financial Year and not adopted earlier Income statement 90 Statement of Comprehensive Income 90 Statement of Financial Position 91 Statement of Changes in Equity as at 31 December 2017 92 Statement of Changes in Equity as at 31 December 2018 93 2 ACEA GROUP / CONSOLIDATED FINANCIAL STATEMENTS 2018 Statement of cash flow 94 Notes to the Income Statement 95 Notes to the Balance Sheet - Assets 101 Notes to the Balance Sheet - Liabilities 109 Information on Related Parties 116 Update on Major Disputes and Litigation 119 Additional Information on Financial Instruments and Risk Management Policies 122 Commitments and Contingencies 125 Resolutions regarding the result for the year and the distribution to Shareholders 125 Annexes to the Explanatory Notes of which they form an integral part 126 Report of the Board of Statutory Auditors to the Shareholders Meeting 132 Independent Auditor’s Report 144 Certification of separate financial statements in accordance 151 with art. 154-bis of Legislative Decree 58/98 CONSOLIDATED FINANCIAL STATEMENTS Form and structure 154 Consolidation Policies, Procedures and Scope 155 Basis of Consolidation 157 Accounting Standards and Measurement Criteria 158 Consolidated Income Statement 168 Consolidated Statement of Comprehensive Income 169 Consolidated Statement of Financial Position 170 Consolidated Statement of Cash flows 171 Statement of changes in consolidated equity 172 Notes to the Consolidated Income Statement 173 Notes To The Consolidated Statement Of Financial Position 183 Commitments and Contingencies 202 Service Concession Arrange 203 Related party transactions 214 Update on major disputes and litigation 216 Additional Information on Financial Instruments and Risk Management Policies 224 Annexes 230 Independent Auditor’s Report 244 Certification of consolidated financial statements in accordance 256 with art. 154-bis of Legislative Decree 58/98 Report on Corporate Governance and on the ownership structure 258 INDEX 3 LETTER TO SHAREHOLDERS DEAR SHAREHOLDERS, The fiscal year that ended 31 December 2018 consisted of a series to 2017). Investments recorded a significant increase (+ 19%) com- of events that make it possible to see 2018 as a tangible turning pared to 2017 of € 631 million (€ 532 million in 2017), of which ap- point. First of all at an industrial level thanks to the impetus given by proximately 88% focused on regulated activities. The breakdown the operating areas and based on values like innovation, technolog- shows the Water sector with € 330 million and the Energy Infra- ical development and sustainability, which have long since become structures segment with € 238 million. The other segments and the essential, cutting across all processes at a Group level. A plan that Parent Company followed with substantially lower numbers. is in line with the multi-utility model with a strong industrial orien- The Group’s net financial debt recorded an overall increase mainly tation that the Acea Group intended to relaunch starting from the due to investments of € 147 million, the overall total going from € elaboration of the new and demanding 2018-2022 Business Plan 2,421 million at the end of 2017 to € 2,568 million at 31 Decem- in the second half of 2017. ber 2018, and was reduced by € 63 million compared to 30 Sep- The plan turned out not only to be possible but even revised upwards tember 2018 due to an increase in working capital. The ratio be- in terms of its objectives, as demonstrated both by the repeated re- tween net financial debt and EBITDA is 2.8x, an improvement visions in the guidance given during 2018 and the need to present compared to 2.9x in 2017. the financial community with a substantial update of this plan well To verify continuity and consistency in the management of your ahead of schedule, with goals that are even more challenging. Company in the early months of 2019, we note that 2019 guid- This result was made possible by the expertise and commitment of ance forecasts further growth compared to 2018, indicating that management and each employee, together with the Chairwoman with the same range of activities EBITDA will increase between 5% Michaela Castelli and the Board of Directors, with the support of and 6%, investments more than 10% and net financial debt at the Shareholders and Stakeholders. end of the year will be between € 2.85 billion and € 2.95 billion. Building on this foundation the economic and financial side of the As mentioned, 2018 was the year we launched a particularly chal- business saw extraordinarily positive financial statements with a lenging Business Plan that generated an acceleration in Acea Group net profit that is 50% higher than 2017 and distribution of a Group’s most strategic projects and processes, in constant align- € 0.71 dividend, and the crucial customer service side saw consid- ment with both the more general scenario of reference and with erable improvement even in historically critical areas. more specific scenarios linked to the core business. But it was al- 2018 also stood out for the acceleration of the construction of the so a year of consolidation and building on what was started in the Peschiera Aqueduct’s second line in order to meet Rome’s water second half of 2017 in order to pursue levels of excellence both needs, pursued by Acea with determination and attention to main- in terms of overall compliance to ensure the engagement of all tain a harmonious relationship with local communities. employees, and with respect to the main issues that a multi-util- Focusing on the results achieved by the Group in 2018, the figure for ity like Acea is called to manage, like innovation, sustainability, consolidated net revenues is detailed, which, amounting to € 3,028 the market, the public and the local community – and of course million, shows an increase of € 231 million (+ 8%) compared to 2017, its own people. It is important to underline the impetus given to and particularly worthy of note is the growth of consolidated EBIT- the two pillars of Innovation and Sustainability referenced in the DA which amounted to € 933 million (+ 11%), mainly due to the 2018-2022 Business Plan, both critical for all of the Group’s in- contribution of the water and electricity distribution and generation dustrial and non-industrial activities. sectors and, to a lesser extent, by the Environment, Engineering and With regard to Sustainability, we remind you that from 2018 it is Services and Overseas segments. More in detail, the performance of mandatory for major listed companies to produce a Non-Finan- the Water segment was influenced by the results of Acea Ato 2 and cial Statement relating to the previous year, which for the Acea Acea Ato 5, which recorded increases of € 50 million and € 4 mil- Group is essentially the Sustainability Report, this year in its 21st lion respectively, in addition to the greater contribution of the con- edition. So once again in 2018 a tool has been made available to solidated water companies to shareholders’ equity for € 16 million, provide a significant amount of information relating to the activ- specifying that Gori was fully consolidated on 8 November 2018 and ities carried out by the Group’s Companies and their impacts, contributed € 12 million to EBITDA. classified according to GRI (the most common reporting stand- The Group’s net result amounted to € 271 million (+ 50% compared ard) to ensure understanding. 4 ACEA GROUP / CONSOLIDATED FINANCIAL STATEMENTS 2018 Some significant events took place in 2018 that are worth noting levied jointly and severally against Acea, Acea Energia and areti for here. These include the agreement stipulated by Acea and Open abuse of a dominant position in the electricity market, which the Fiber for the development of a broadband communications net- Acea Group will challenge with all legal remedies available to it. work and the implementation of innovative services for the city of Considering that in 2018 the Acea Group beat all forecasts as Rome; the placement of bond issues for € 1 billion exclusively for presented here, one can envisage a continuation of this same institutional investors of the Euromarket, which received requests success in 2019. equal to more than 2.5 times the amount of the Bonds ofered The Group will continue to make major investments in infrastruc- (Fitch Ratings and Moody’s assigned a rating BBB+ and Baa2 re- ture, generating an immediate positive impact on performance, spectively, in line with Acea); the Memorandum of Understanding EBITDA and invoicing and collection processes without afecting (MoU) signed by Acea and Huawei Italia for the definition of high the soundness of the financial structure. value technological projects; the 100% acquisition of Bioecologia Indeed, the Group’s financial structure will remain solid for many S.r.l. involved in the purification, treatment and intermediation of years to come.
Load more

Recommended publications
  • Risultati 2013 E Business Plan 2014-2018
    ACEA GROUP 2013 Results Business Plan 2014-2018 Agenda Acea Group description 3 2014-2018 Business Plan highlights • Environment 5 • Energy 10 • Water 15 • Grids 22 • Corporate 29 • Acea Group 31 Business Plan Key Takeaways 35 Closing remarks 37 APPENDIX 2013 Results 40 9M2013 Results 50 1H2013 Results 52 2012 Results 54 Acea Group description: an Integrated Multi-Utility ACEA Group Acea is one of the leading Italian multi-utilities. The company engages in the development of grids and services in the water, energy and environmental sectors. Founded in 1909, ACEA has been listed on the Italian Stock Exchange since 1999. The City of Rome is the largest shareholder. Group Structure Shareholder Structure ENVIRONMENT ENERGY WATER 18.15% 100% Acea Risorse e 100% Acea Energia Holding 96% Acea Ato2 Impianti per 100% Acea Energia l’Ambiente 100% Acea Produzione 94% Acea Ato5 2.02% 99% Sarnese Vesuviano 37% Gori 88% Acquaser 100% Crea Gestioni 51.00% 100% Acea8cento 50% Ecomed 40% Umbra Acque 16.35% 85% Ombrone 40% Acquedotto del Fiora GRIDS OTHER SERVICES 69% Acque Blu Arno Basso 100% Acea Reti e Servizi 45% Acque 12.48% Energetici 100% Laboratori 69% Acque Blu Fiorentine 50% Acea Distribuzione 40% Publiacqua City of Rome 51% Ecogena 49% Acea illuminazione Suez Environnement Company SA (held through Ondeo Italia) Pubblica 35% Intesa Aretina Caltagirone Group 46% Nuove Acque 50% Acea Illuminazione Norges Bank Pubblica 1% Ingegnerie Toscane Other 50% Acea Distribuzione 25% Consorcio Agua Azul Source: CONSOB (March 2014) 51% Aguazul Bogotà 100% Acea Domenicana 3 Acea Group description: Main Business Units ACEA Group A leading player in the Italian market ENVIRONMENT Acea ranks fifth in Italy for waste treated, with over 700,000 tons in 2013.
    [Show full text]
  • Italian Competition Law Newsletter, October 2019
    October 2019 Italian Competition Law Newsletter — Highlights — The TAR Lazio rules on Enel’s and Acea’s appeals against ICA decisions that the incumbents abused their dominant position in local markets for retail electricity supply. — The Court of Salerno rules on the invalidity of a guarantee agreement containing clauses from an anticompetitive form. The TAR Lazio reviews ICA decisions on alleged abuses of dominant position in the retail supply of electricity On October 17, 2019, the Regional Administrative on procedural reasons, such as the fact that both Tribunal for Latium (the “TAR Lazio”) ruled decisions were adopted by a board composed of on appeals by companies belonging to the Enel only two members (which did not include the and Acea groups, two major energy firms active, President of the ICA). among others, in the distribution and sale of electricity in Italy, against Italian Competition Background Authority (“ICA”)’s decisions finding that the two On December 20, 2018, in parallel proceedings incumbents had abused their dominant position in against Enel and Acea, the ICA found that the local markets for retail electricity supply.1 two incumbents had infringed Article 102 TFEU The TAR Lazio upheld Acea’s appeals and annulled by carrying out an abusive strategy based on their the Acea Decision.2 Conversely, Enel’s appeals position as companies active in both the enhanced against the Enel Decision were upheld only with protection service (“EPS”) and the retail supply of respect to the fine calculation.3 As a consequence, electricity at market prices. the TAR Lazio ordered the ICA to recalculate The EPS is a regulated regime, reserved to domestic the fine imposed on Enel on the basis of the clients and small businesses that do not opt for parameters indicated in the TAR Lazio’s Enel offers at market prices.
    [Show full text]
  • Acea Spa Financial Statements
    2016 ACEA SPA FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS ACEA GROUP ACEA SPPA FINANCIAL STTATEMENTS CONSOLIDAATED FINANCIAL STTATEMENTS ACEA GROUP CONTENTS 6 ACEA AT A GLANCE 17 REPORT ON OPERATIONS 18 Corporate bodies 19 Summary of results 21 Summary of operations and income, equity and financial performance of the Group 28 Reference context 43 Trends of operating segments 43 Economic results by segments 46 Environment Operating Segment 49 Energy Operating Segment 49 Water Operating Segment 55 Networks Operating Segment 58 Corporate 59 Significant events during and after the period 61 Main risks and uncertainties 65 Operating outlook 66 Resolutions on profit for the year and distribution to Shareholders 69 ACEA S.P.A. FINANCIAL STATEMENTS 70 Form and structure 71 Measurement criteria and accounting standards 76 Accounting standards, amendments, interpretations and improvements applied from 1 January 2016 78 Accounting standards, amendments and interpretations applicable after the end of the year and not adopted in advance 81 Income Statement 81 Statement of Comprehensive Income 82 Statement of Financial Position 83 Statement of changes in shareholders’ equity at 31 December 2015 83 Statement of changes in shareholders’ equity at 31 December 2016 84 Statement of Cash Flows 85 Notes to the Income Statement 91 Notes to the Statement of Financial Position - Assets 99 Notes to the Statement of Financial Position - Liabilities 106 Related Party Transactions 109 List of related party transactions 110 Updates on major disputes and litigation 113 Additional disclosures on financial instruments and risk management policies 116 Commitments and contingencies 117 Annexes 4 ACEA GROUP • 2016 FINANCIAL STATEMENTS 124 Report of the board of the statutory auditors 135 Independent auditors’ report 138 Certification of separate financial statements in accordance with art.
    [Show full text]
  • Acea Spa Financial Statements Acea Group Spa Consolidated Financial Statements
    Acea SpA fi nancial statements Acea Group SpA consolidated fi nancial statements 2008 Acea SpA financial statements Acea Group SpA consolidated financial statements 2008 2008 Acea SpA financial statements Acea Group SpA consolidated financial statements Acea SpA Registered office Piazzale Ostiense 2 – 00154 Rome Share capital 1,098,898,884 euros, fully paid-up Tax code, VAT number and Rome Companies’ Register no. 05394801004 Registered in Rome at REA no. 882486 Prepared by Planning and Finance Editorial coordination External Relations and Communication Graphic design, editing and copyediting Message Photographs Acea archives Fabio Anghelone Printed by Primaprint Printed in April 2009 Contents Management report on operations The Acea Group 12 Other information 63 Acea SpA share price Management performance 63 Shareholdings of directors Medium/long-term incentive and statutory auditors 14 schemes 65 Corporate Governance 16 Executive Responsible for Financial Reporting 65 Powers of the Board of Directors, Third tariff cycle 66 the Chairman and Chief Executive Antitrust Authority investigation Officer of Acea SpA and the of the acquisition of Publiacqua 67 Executive Responsible for Financial Reporting 17 Events after 31 December 2008 68 Chairman’s statement 19 Risks and uncertainties 69 Acea Group financial highlights Regulatory risk 69 for 2008 23 Legislative risk 72 Strategic risk 73 Group operating review 23 Operational risk 75 Energy networks 23 Litigation risk 76 Electricity transmission 24 Service quality 25 Outlook 80 Energy services,
    [Show full text]
  • Competition Law in Italy the First 20 Years of Law and Practice
    Mario Siragusa – Matteo Beretta – Matteo Bay Competition Law in Italy The first 20 years of law and practice CONTENTS I. INTRODUCTION A. General Comparison of Italy’s Competition Laws, Enforcement, Procedures with Those of the United States B. Overview of Applicable Statutes 1. Main Legislative Reforms (a) Interim Measures (b) Commitments (c) Leniency Program 2. Relationship between EU and National Competition Rules C. Overview of Structure, Independence and Jurisdiction of Enforcement Agencies D. Overview of Structure, Independence, and Jurisdiction of Judicial Authorities E. Additional Policy & Practical Considerations 1. Costs and Time Considerations in Litigation 2. Costs and Time Considerations in Administrative Proceedings 3. Intervention of Agencies and Political Bodies in Litigation II. OVERVIEW A. General Policies Underlying Italy’s Competition Laws 1. Consumer Welfare 2. Protection of Smaller Enterprises Against Larger Enterprises 3. Protection of Domestic Enterprises Against Foreign Competition B. Role of Economic Doctrines and Analysis 1. Generally 2. Use of Specific Economic Analysis 3. Extent to Which Courts Have Embraced Economic Analysis III. SUBSTANTIVE LAW A. Horizontal Agreements and Practices 1. General Principles (a) Introduction (b) The Notion of “Undertaking” (c) Agreements, Decisions, and Concerted Practices (d) Restrictive Object or Effect (e) Appreciability of the Restriction (f) The Burden of Proof (g) Reliability of Documentary Evidence (h) Relevance of Criminal Findings in the Context of the Competition Authority’s
    [Show full text]
  • Base Prospectus Acea
    BASE PROSPECTUS ACEA S.p.A. (incorporated with limited liability under the laws of the Republic of Italy) €1,500,000,000 Euro Medium Term Note Programme ___________________________________ This Base Prospectus has been approved by the Luxembourg Commission de Surveillance du Secteur Financier (the "CSSF"), which is the Luxembourg competent authority for the purpose of Directive 2003/71/EC, as amended, (the "Prospectus Directive") and relevant implementing measures in Luxembourg (the Luxembourg law of 10th July, 2005, as amended by the Luxembourg law of 3rd July, 2012, which implements the Prospectus Directive, (the "Luxembourg Prospectus Law")), as a base prospectus issued in compliance with the Prospectus Directive and relevant implementing measures in Luxembourg for the purpose of giving information with regard to the issue of notes ("Notes") issued under the Euro Medium Term Note Programme (the "Programme") described in this Base Prospectus during the period of twelve months after the date hereof and will be published in electronic form on the website of the Luxembourg Stock Exchange (www.bourse.lu). Such approval only relates to Notes which are to be admitted to trading on the regulated market of the Luxembourg Stock Exchange or other regulated markets for the purposes of Directive 2004/39/EC. Applications have been made for such Notes to be admitted during the period of twelve months after the date hereof to listing on the official list and to trading on the regulated market of the Luxembourg Stock Exchange. The Programme also permits Notes to be issued on the basis that they will not be admitted to listing, trading and/or quotation by any competent authority, stock exchange and/or quotation system or to be admitted to listing, trading and/or quotation by such other or further competent authorities, stock exchanges and/or quotation systems as may be agreed with the Issuer.
    [Show full text]
  • EV CHARGING INFRASTRUCTURES» Field Trip January 12, 2021 Acea Is a Leading Multi-Utility Player in the Italian Market
    «EV CHARGING INFRASTRUCTURES» Field Trip January 12, 2021 Acea is a leading multi-utility player in the Italian market Commercial & 2019 EBITDA Water Trading Power generation Green With more than Leader With more One of With 6.5 player 250 MW than in the water 9 M the main TWh in power of installed 1.042 M€ supply sector in customers players in the of electricity sold generation in Italy capacity1 EBITDA Italy in Lazio, Italian energy 2019 Toscana, market Engineering and Umbria, Molise e services Campania 81% regulated Energy Business line With more offering than 100 M€ Ownership structure Infrastructure Environment technical of services (Source: CONSOB December 2020) to every year Caltagirone services the Group 5.5% Leading With 10 TWh 4th player With more Italian player in of distributed in the Italian than 1.3 Market the electricity electricity waste treatment M tons 20.2% Roma Gas distribution Capitale distribution sector of treated / 51% market disposed waste Entry in the gas distribution Suez business with ~100k 23.3% redelivery points2 Note: (1) ~120 from hydroelectric plants and ~97 from thermoelectric plants; (2) Pescara gas acquired in 2019 and Alto Sangro Gas acquired in 2020 2 MIL Presentazione Acea_EV Ch ... deo_v6 G R I D S Growth Renewables Innovation Delivery Sustainability Growth driven by …also supported by …together with …proving a …with increasing regulated investments in investments for new consistent track focus on businesses, with RES, both industrial innovative services record of environmental significant scale and consumer (VAS) outperforming impact and circular investment related business plan economy to RAB… targets 6.7% 747 MW 0.6 B€ >5% -11 pp EBITDA CAGR Installed PV capacity Innovation capex Avg.
    [Show full text]
  • The Utility of Reinvention
    The utility of reinvention Acea Energia’s new digital core accelerates meter-to-cash processes At a glance Deregulation of the Italian energy-and-utility sector forced Acea Energia upgrades SAP for Utilities Acea Group to modernize and adapt to a free market where from ECC to S/4HANA. digital-native entrants had the obvious advantage. Outcomes: • 40% faster time to invoice Innovation generates rapid value • Rapid 8-month upgrade In an organization that has evolved over The energy company’s monthly billing- • Increased invoice throughput capacity 100 years, change can be complicated. invoicing-printing (UBIP) process was taking • Zero disruption to users or processes When the organization has historically five days total elapsed from measurements served at the heart of Italy’s energy sector, upload to printing of bills, which was and the change is a complete overhaul of becoming unmanageable. It was choking digital infrastructure, it requires a measured billing capacity, delaying cashflow and About Acea SpA approach. stunting growth. As Acea Group’s transformation path Italian multiutility company Acea SpA is the unfolded, it soon arrived at the need to top national operator in the water sector, upgrade the billing and credit management serving 9 million customers in the Lazio, system of its highly visible energy subsidiary, Tuscany, Umbria, Campania and Molise Acea Energia. regions. It is one of the main national operators in the energy market with about 7 TWh of electricity sold, and about 10 TWh distributed in the city of Rome. Acea is also one of the leading waste processing operators in Italy. Acea’s history is documented in photographs like this one.
    [Show full text]
  • Financial Statements of ACEA S.P.A. Consolidated Financial Statements
    Financial Statements of ACEA S.p.A. Consolidated Financial Statements of the ACEA Group 2009 WorldReginfo - 1a8ea87f-896f-42dd-920d-4f9e81c34663 WorldReginfo - 1a8ea87f-896f-42dd-920d-4f9e81c34663 Financial Statements of ACEA S.p.A. 2009 Consolidated Financial Statements of the ACEA Group 2009 WorldReginfo - 1a8ea87f-896f-42dd-920d-4f9e81c34663 WWW.CENTENARIO.ACEA.IT Agenzia pubblicitaria: Publicis Fotografo: Luciano Viti WorldReginfo - 1a8ea87f-896f-42dd-920d-4f9e81c34663 Dal 1909 Acea e Roma fanno parte di un’unica ACEA. IL TUO MONDO storia fatta di innovazione e rispetto per il territorio. AL CENTRO DEL NOSTRO. WorldReginfo - 1a8ea87f-896f-42dd-920d-4f9e81c34663 2009 Financial Statements of ACEA S.p.A. 2009 Consolidated Financial Statements of the ACEA Group Acea SpA Registered office Piazzale Ostiense 2 – 00154 Rome Share capital 1,098,898,884 euros, fully paid-up Tax code, VAT number and Rome Companies’ Register no. 05394801004 Registered in Rome at REA no. 882486 Prepared by Planning and Finance Editorial coordination External Relations and Communication Graphic design, editing and copyediting Message Photographs Acea archives Fabio Anghelone Printed by Officine Europee Printed in April 2010 WorldReginfo - 1a8ea87f-896f-42dd-920d-4f9e81c34663 Contents Operations’ Report The ACEA Group 12 Significant events after the balance sheet date 90 Corporate bodies 14 Bonds 90 Shareholdings of Directors and Relationships between ACEA Statutory Auditors 15 and Gaz de France - Suez 90 Chairman’s statement 16 Piano della Luce (Lighting Plan) 90
    [Show full text]
  • Highlights of 2020 Consolidated Financial Statements
    2020 FINANCIAL STATEMENTS OF ACEA SPA ACEA GROUP CONSOLIDATED FINANCIAL STATEMENTS SUMMARY FIGURES WHO WE ARE A LEADING INTEGRATED MULTIUTILITY IN THE ITALIAN MARKET THAT INVESTS IN SUSTAINABILITY, A PRIMARY FACTOR GUIDING THE GROUP'S BUSINESS STRATEGIES, COMBINING ECONOMIC GROWTH AND VALUE CREATION. WE INVEST IN INNOVATION, DIGITISATION AND STRENGTHEN OUR COMMITMENT TO THE ENERGY TRANSITION PROCESS. 2 ACEA GROUP / 2020 CONSOLIDATED FINANCIAL STATEMENTS Leader in the integrated water sector and one of the leading operators in the electricity distribution, energy and environment sectors, it is a company that puts its business and expertise at the service of the territory and its citizens. The Group's industrial vocation also passes through the strategy of sustainable growth and innovation, cross-cutting development leverage applied to every business activity. SUMMARY FIGURES 3 LETTER TO SHAREHOLDERS DEAR SHAREHOLDERS, In fact, the experience of this past year highlights how es- sential sustainability is for a new development model on a The year ended 31 December 2020 was made histor- global level and how crucial the role of utilities is to enable ic year by the spread of a pandemic that has not only this evolution and to relaunch the economy in our country. overwhelmed the whole of the human race in terms of health, but has unbalanced much that was thought to be Once again Acea has outlined its sustainable growth plan in unshakeable. the new 2020-2024 Business Plan, which shows, in pre- senting substantial aspects of continuity with respect to Our company faced the crisis with an extraordinary re- the previous plan, notable elements of change, especially sponse which deserves to be read beyond the numbers with regard to the significant growth in the production of represented here, but which are also an expression of the electricity from renewable sources, particularly in regard to commitment made.
    [Show full text]
  • 12664923.Pdf
    1 Contents A year of sustainability .............................................................................................. 4 Strategy, sustainability and value ................................................................................. 7 About us ............................................................................................................ 7 Sustainability for the Hera Group ............................................................................. 10 Sustainability and risk management .......................................................................... 19 Dialogue with our stakeholders ................................................................................ 34 The economic value for our stakeholders .................................................................... 38 Customers ............................................................................................................ 47 Objectives and performance ................................................................................... 47 Our customers .................................................................................................... 49 The cost of our services ........................................................................................ 53 Service quality ................................................................................................... 71 Quality of drinking water ....................................................................................... 74 Service safety and continuity
    [Show full text]
  • 2020 Base Prospectus
    BASE PROSPECTUS ACEA S.p.A. (incorporated as a joint stock company (società per azioni) under the laws of the Republic of Italy) €4,000,000,000 Euro Medium Term Note Programme ___________________________________ This Base Prospectus has been approved by the Luxembourg Commission de Surveillance du Secteur Financier (the "CSSF"), which is the Luxembourg competent authority for the purpose of Regulation (EU) No. 2017/1129 of 14 June 2017 (the "Prospectus Regulation") and relevant implementing measures in Luxembourg (loi du 16 juillet 2019 relative aux prospectus pour valeurs mobilières dated 16 July 2019, which implements the Prospectus Regulation (the "Luxembourg Prospectus Law")). This Base Prospectus constitutes a base prospectus for the purposes of the Prospectus Regulation and has been prepared for the purpose of giving information with regard to the issue of notes ("Notes") issued under the Euro Medium Term Note Programme (the "Programme") described in this Base Prospectus during the period of twelve months after the date hereof and will be published in electronic form on the website of the Luxembourg Stock Exchange (www.bourse.lu). The CSSF only approves this Base Prospectus as meeting the standards of completeness, comprehensibility and consistency imposed by the Prospectus Regulation. Such approval should not be considered as an endorsement of either the Issuer or the quality of the Notes that are the subject of this Base Prospectus and investors should make their own assessment as to the suitability of investing in the Notes. Such approval only relates to Notes which are to be admitted to trading on the regulated market of the Luxembourg Stock Exchange or other regulated markets for the purposes of Directive 2014/65/EU for a period of twelve months from the date of approval, provided that it is completed by any supplement, pursuant to Article 23 of the Prospectus Regulation.
    [Show full text]