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Acea Spa Financial Statements

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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. 154-bis of Legislative Decrete 59/98 141 CONSOLIDATED FINANCIAL STATEMENTS 142 Form and structure 143 Consolidation policies, procedures and basis of consolidation 145 Basis of consolidation 146 Accounting standards and measurement criteria 151 Accounting standards, amendments, interpretations and improvements applied from 1 January 2016 153 Accounting standards, amendments and interpretations applicable after the end of the year and not adopted in advance 156 Consolidated Income Statement 157 Consolidated Statement of Comprehensive Income 158 Consolidated Statement of Financial Position 159 Consolidated Statement of Cash Flows 160 Consolidated Statement of changes in Shareholders’ equity 161 Notes to the Consolidated Income Statement 172 Notes to the Consolidated Statement of Financial Position 190 Commitments and contingencies 191 Service Concession Arrangements 200 Related Party Transactions 202 List of significant related party transactions 203 Update on major disputes and litigation 210 Additional disclosures on financial instruments and risk management policies 216 Annexes 227 Independent auditors’ report 230 Certification of consolidated financial statements in accordance with art. 154-bis of Legislative Decrete 59/98 233 Report on Corporate Governance and on the ownership structure REPORTACEA SPA ON FINANCIAL OPERATIONS STATEMENTS 5 THE GREATEST LEAP FORWARD IN OUR HISTORY IN 2017 ACEA REMODELS ITS BRAND AND ITS DIGITAL SERVICES THE NEW BRAND The new brand combines the “a” in Acea with the iconic pin, the pointer the whole world is familiar with, that merges physical territory into a digital dimension. The colours of the business segments - water, energy, environment - meet in a modern and radiant explosion. The shades of colour and the shape of the pin are blended together into a unique, stylish and digital logo that looks out into the future. THE DIGITAL PLATFORM This extensive remodelling has also involved the digital platform. Thanks to the MyAcea area, relations with customers have been made even easier and more personalised, through advanced functions for account management, payments and monitoring, as well as checking up on maintenance activities. The App version of MyAcea marks enhanced awareness of the role of technological innovation in people’s daily lives. 2017 COMMUNICATION CAMPAIGN Agency Y&R CONNECTED TO YOUR WORLD. The communication campaign launches the new Acea logo and its leit motif is the perfect integration between the most common devices used and the instruments through which the Acea services are supplied in the homes of its customers: interrupters, taps and meters. The communication shows how Acea has simplified its activities, creating a new tie with its customers. As the new pay off itself says: “Connected to your world”. LETTER TO OUR SHAREHOLDERS DEAR SHAREHOLDERS, the results of Acea’s 2016 reporting year bear witness to By contrast, the operating result (Ebit) also increased the extraordinary effectiveness of the Board’s strategy, by more than 36%, nearing 526 million euro, as did the put in place immediately on their taking office, of combi- Group’s net profit, up by about 50% to 262.3 million eu- ning value creation with sustainable growth. The initiatives ros after payments to third parties. undertaken have accordingly been aimed in that direction. In addition to the results for 2016 summarised here, and All this has yielded significant results, indeed even in the also taking into account those obtained in the two prece- shorter run, in the knowledge that our achievements will un- ding years, what emerges at the close of this Board’s term derpin, guarantee and encourage lasting, solid and balanced of office are the deep changes put through during these growth for the Group. In other words, a sustainable future. three years, which do allow us to state that a new Acea On the economic and financial side, special emphasis for has been forged. 2016 must go to the consolidated gross operating profit of New in its approach to the customer, the true focus of 896.3 million euros, a record high for the Group, up 22.5% our attention and a leading player in the ongoing changes. over 2015, and to the extraordinary growth in investmen- Today’s customer has an array of advanced technological ts, which increased to 530.7 million euros, up 23.7% over solutions at his disposal that improve the enjoyment of the preceding year, when they were just this side of the services, either directly through a PC or personal devices, 429 million mark, itself an impressive figure at that time. or through more traditional contact channels such as the The slight worsening of the Group’s net financial position telephone or access to local service facilities that are open (NFP) is connected with this figure; NFP was negative by to the public. approximately 2127 million euros, though improved com- Available data tell us that customers appreciate the effor- pared to September 2016. The 117 million euro increase ts made to meet their needs and are changing their habits, over the preceding reporting period is largely the result of making life easier for themselves while making our activi- the financial requirements ensuing from the substantial ties both more efficient and effective, and less costly at investments made. the same time. 10 ACEA GROUP • 2016 FINANCIAL STATEMENTS There has been a considerable drop in the number of pe- sustainability guidelines, thus ensuring a more markedly ople who physically come to our desks, as in the number strategic outlook. of those who contact us by telephone; on the other hand, But, more than anything, this Board is proud that Acea contacts online have greatly increased, which in most ca- over these years has succeeded in drawing the most va- ses makes it possible to conclude commercial transactions lue from its greatest immaterial asset: People. The People directly, including payments, without any need for back Strategy has strongly upheld merit and valued the people office work by our operators. To the benefit of customers in the Group. Technical training has involved more than and of the environment, in terms of savings in materials 5,000 people in all the companies and as many have been and resources. Some figures can help better to convey the involved in on-the-job training on the ground. But, abo- actual extent of this phenomenon. Compared to 2015, ve all, a new organisational culture has been established in there has been a 10% drop in the number of customers Acea in these years. Acea’s future can rely on a highly solid (around 236,000) who have come to our desks at the management body, who show consistency and determina- Rome head office; the number of calls to our toll-free tion in addressing the company’s challenges and guaran- numbers has also decreased by 14%, down to about 5 mil- teeing its future development. Alongside this, a “network” lion. Advanced computerised systems are not only at the has been encouraged, an agile reticular structure through service of customers but of employees, as well, who ope- which people can directly put forward innovative solutions, rate both in the technical and administrative areas, and of free of company hierarchy filters, and contribute to chan- contractor companies who are required to guarantee the ge on their own initiative. A “dual system” based on vo- same degree of computerisation for their assigned tasks. luntary participation by employees, aimed at accelerating Today’s Acea is new also from a technological point of change, in which the network (about 4,500 volunteers view. A new digital vision has characterised the more than who are available for change and about 2,000 people acti- 1278 milion euros invested over the past three years in vely engaged) is at the management’s side, taking part in water management activities, in the electric distribution its urgency for change and embodying a model of shared network, in the world of energy, in activities for the envi- leadership. This advanced model has changed the way in ronment and services to citizens. which the people of the Group think about and do their There is also a highly significant contribution to the local work, turning the possibility of change into a company economy.
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