Acea — Earnings Release 2024

May 9, 2024

Press Release

ACEA, 1Q2024 RESULTS APPROVED

ECONOMIC AND FINANCIAL SOLIDITY CONFIRMED BY IMPROVED 2024 FIRST QUARTER RESULTS COMPARED TO THE FIRST QUARTER 2023 ORGANIC GROWTH IN REGULATED BUSINESSES, IN LINE WITH THE GROUP'S BUSINESS PLAN

• Capex equal to €247m, focused on regulated businesses¹
• EBITDA: €357m (recurring EBITDA €360m, +7% versus 1Q2023), driven by the growth in regulated businesses (85% of the Group's EBITDA) and the Commercial sector, which more than offset the adverse energy scenario
• Net profit €83m (recurring net profit €85m, +17% versus 1Q2023)
• Solid capital structure confirmed: net debt/LTM EBITDA ratio stands at 3.48x (3.49x at 31 December 2023), in line with the guidance

* * *

Rome, 9 May 2024 – Today's meeting of the ACEA Board of Directors, chaired by Barbara Marinali, has approved the Interim Report for the three months ended 31 March 2024.

ACEA's Chief Executive Officer, Fabrizio Palermo, commented: "The results for the first quarter of the year show a positive and growing trend compared to the same period of 2023, mainly reflecting the investments carried out in the regulated businesses, with a solid net financial position, consistent with our forecasts. We remain strongly committed to the implementation of the business plan with expected results in line with the guidance announced to the market."

	(€m)		1Q2024	1Q2023	% change
	Consolidated revenues		1,026	1,240	-17%
	EBITDA		357	336	+6%
	Recurring EBITDA2		360	336	+7%
	Group net profit (post minorities) Recurring Group net profit2 (post minorities)		83	73	+14% +17%
			85	73
	Capex		247	258	-4%
(€m)		31/3/24 (a)	31/12/23 (b)	31/3/23 (c)	Var.% (b/a)	Var% (c/a)
Net Debt		4,913	4,847	4,339	+1%	+13%

CONSOLIDATED FINANCIAL HIGHLIGHTS

¹ Includes, in addition to the Water Italy and Grids regulated businesses, Public Lighting and Environment businesses

² Data adjusted to take into account non-recurring events

GUIDANCE FOR 2024 CONFIRMED

• EBITDA +3%/+5% versus 2023
• Investments €1.5bn (€1.1bn net of grants)
• NFP/EBITDA ratio ~3.5x

ACEA GROUP 1Q2024 RESULTS

Consolidated revenues amount to €1,026.3 million, compared with €1,239.9 million in 1Q2023, mainly as a result of lower energy market prices. Revenues pertaining to the Water Italy, Grids, Public Lighting and Environment sectors, corresponding to around €0.6 billion, show an increase of 1% in the period.

Recurring EBITDA, at €360 million, is up by 7.2% compared with 1Q2023, due to the organic growth of the regulated businesses (Water Italy, Grids and Public Lighting) and the performance of the Commercial sector, which more than offset the negative impact of the energy scenario.

Recurring EBITDA is adjusted to take into account the effect, in the first quarter of the year, of the downtime for revamping at the Terni WTE plant (approximately €3 million).

The contribution of the businesses to consolidated EBITDA is as follows: Water Italy 52%; Grids and Public Lighting 29%; Environment 4%; Generation 2%; Commercial 12%; other businesses (Overseas Water, Engineering) and Corporate 1%. 85% of EBITDA refers, in addition to the Water Italy and Grids regulated businesses, to Public Lighting and Environment sectors also.

Depreciation has increased to €167.2 million, up by 5.2% compared with 1Q2023, due to investments and the coming on stream of assets that were previously under construction.

Consolidated EBIT, at €168.3 million, shows a growth of 12.3% compared with 1Q2023, despite the increase in depreciation.

Net financial costs are essentially stable at €33 million. At 31 March 2024, the ACEA Group's "allin" average cost of debt is 2.14% (compared with 1.98% at 31 March 2023).

The Group's recurring Net Profit, at €85 million, is up by 16.6% compared with 1Q2023. The focus on cost and investment management, alongside organic growth, more than offset the increase in depreciation linked to the investments carried out.

The tax rate at 31 March 2024 stands at 31.1% (30% at 31 March 2023).

Investments made during the first three months of 2024 amount to €247.5 million (showing a reduction compared with €258.2 million in 1Q2023, due to a different phasing) and are broken down as follows: Water Italy €155.1 million, Grids and Public Lighting €56.8 million, Environment €10.3 million, Generation €5.0 million, Commercial €15.6 million, other businesses (Overseas Water, Engineering & Infrastructure Projects) and Corporate €4.7 million. Approximately 90% of investments was carried out in Water Italy and Grids regulated businesses, and in Public Lighting and Environment activities.

The Group's Net Financial Position increased by €66.4 million, from €4,846.8 million at 31 December 2023 to €4,913.2 million at 31 March 2024. The variation primarily reflects the change in working capital, which is affected by regulatory items and the lower amount of receivables sold. At 31 March 2024, the NFP/LTM EBITDA ratio stands at 3.48x, broadly stable compared with 31 December 2023 (3.49x) and fully in line with the FY2024 guidance. The debt is 91% at fixed rate and has an average maturity of 4 years.

SEGMENT INFORMATION FOR 1Q2024

• WATER Italy - EBITDA stands at €185.5 million, with an organic growth of 6.2% over the same period of 2023.

The contribution to EBITDA of the water companies consolidated at equity amounts to €2.6 million, with a reduction compared to €6.3 million at 31 March 2023 due to higher depreciation linked to the investments.

• GRIDS AND PUBLIC LIGHTING – EBITDA has increased by 13% to €104.4 million (€92.4 million in 1Q2023), mainly as a result of the rise in electricity distribution tariffs (WACC up from 5.2% to 6%).

OPERATIONAL HIGHLIGHTS	1Q2024	1Q2023	% change
Electricity distributed (GWh)	2,253	2,233	+1%
Number of PODs ('000s)	1,665	1,656	+1%

• ENVIRONMENT – The segment closes the first quarter of the year with an EBITDA of €13.9 million, showing a reduction compared to the previous year's result (€20.8 million). The change mainly reflects the lower prices of the electricity sold by the WTE plants, and the downtime for revamping at the Terni WTE plant.

OPERATIONAL HIGHLIGHTS	1Q2024	1Q2023	% change
Treatment and disposal ('000 tonnes)	423	470	-10%
Net WTE electricity sold (GWh)	54	76	-30%

• GENERATION – EBITDA, at €7.9 million, shows a decrease compared to €13.6 million at 31 March 2023, mainly due to lower margins on energy produced by hydroelectric plants, affected by both the significant reduction in energy market prices (SNP -65 Euro/MWh compared to 1Q2023) and the lower volumes (-36.6 GWh).

OPERATIONAL HIGHLIGHTS (GWh)	1Q2024	1Q2023	% change
Hydro + thermo + cogeneration production	166	198	-16%
Photovoltaic production	23	27	-16%
Total electricity production	189	225	-16%

• COMMERCIAL – EBITDA is up by 32.1%, from €32.8 million at 31 March 2023 to €43.4 million at 31 March 2024. This result is mainly attributable to improvement in the margins of the energy sold on the free market and the expansion of the customer base.

OPERATIONAL HIGHLIGHTS	1Q2024	1Q2023	% change
Free market	1,129	1,391	-19%
Protected market	241	325	-26%
Gradual protection market	45	0	ns
Electricity sold (GWh)	1,415	1,716	-18%
Gas sold (million m3 )	89	81	+9%
NUMBER OF CUSTOMERS ('000)	1Q2024	1Q2023	% change
Free market	659	548	+20%
Protected market	491	635	-23%
Gradual protection market	90	0	ns
Total electricity customers ('000)	1,240	1,183	+5%
Total gas customers ('000)	332	260	+28%
Total Commercial segment customers ('000)	1,572	1,443	+9%

• Overseas Water, Engineering and Corporate – The contribution to EBITDA from Overseas Water, Engineering and Corporate totals €1.9 million (€1.5 million in 1Q2023).

OUTLOOK

Although the situation continues to be complex, owing to the geopolitical turbulence in Eastern Europe and the Middle East, the results for the first quarter of 2024 maintain the positive trend recorded during the previous year, with a growth in consolidated EBITDA compared with 1Q2023 and a slight improvement in the NFP/EBITDA ratio with respect to 31 December 2023.

As regards interest rates, within a still volatile context, the Acea Group intends to optimise the funding source mix, taking advantage of the wide flexibility of tools offered by the market, which can be adopted at either a fixed or a variable rate. By constantly monitoring the trend in rates and in the markets, more effective solutions can be identified from both a cost and a risk perspective.

The Group will proceed with its strategy to focus on the development of sustainable infrastructure in regulated markets, with the aim of maintaining a solid financial structure and making a positive impact on operating and financial performance.

KEY EVENTS DURING AND AFTER 1Q2024

On 12 January, the second Green Bond Allocation & Impact Report was published for the years 2019, 2020, 2021 and 2022, relating to the €900 million green bond issuance, divided in two tranches, the first of which equal to €300 million maturing in 2025 and the second equal to €600 million maturing in 2030.

On 17 January, Acea Infrastructure, the ACEA Group company focused on the design of engineering and technological services, was awarded two tenders in Molise and Puglia for a total of approximately €2.1 million.

On 18 January, for the third year in a row, ACEA was awarded Top Employers Italy Certification, official recognition of the company's excellence as regards its personnel policies and strategies.

On 5 February, ACEA announced the launch of its first electricity flexibility services in Rome through the RomeFlex project, aimed at creating an advanced flexibility market in order to regulate the amount of electricity injected into the grid so as to match supply and demand.

On 21 February, ACEA announced that as of the end of January one million new smart meters had been installed on Rome's electricity grid; the advanced technology of the "Rometrix" 2G Smart Meters allows greater transparency in consumption, as well as the possibility to optimise energy efficiency and reduce waste.

On 22 February, the Carbon Disclosure Project (CDP) promoted ACEA among the leaders in the fight against climate change. The company obtained an "A-" rating, improving last year's "B" assessment in the CDP-Climate Questionnaire. Acea ranks in the "Leadership" bracket alongside the companies most committed to fighting the climate change, in line with the Paris Agreement objectives, placing itself above the European (B rating) and the energy utility (B rating) average.

On 27 February, ACEA signed a three-year Memorandum of Understanding with the Ministry of Education and Merit regarding the promotion of educational activities in primary and lower secondary schools to encourage the responsible use of water resources.

On 5 March, ACEA approved the 2024-2028 Business Plan which reinforces the ACEA Group's role as infrastructure operator – focused on regulated activities – within a strongly evolving scenario that offers major investment opportunities: in the water business, to modernise the infrastructure; in the electricity sector, for grid resilience; in the environmental sector, for the circular economy.

On 20 March, Fitch Ratings improved ACEA's outlook from "Negative" to "Stable", confirming its Long-Term Issuer Default Rating (IDR) at "BBB+", Short-term IDR at "F2" and Long-Term Senior Unsecured Rating at "BBB+".

On 12 April, the Annual General Meeting of ACEA SpA's shareholders approved the Separate Financial Statements for the year ended 31 December 2023, deliberated on the allocation of net income for FY2023 and appointed Yves Rannou as Member of the Board of Directors.

Regarding the appointment of the new Board Member, the Board of Directors, within the framework of actions set forth by recommendations 6 and 7 of the Corporate Governance Code, has noted that Yves Rannou has not declared to be in possession of the independence requirements envisaged by applicable law and the Corporate Governance Code.

On 22 April, the Prefect of Rome, Lamberto Giannini, and Fabrizio Palermo, Chief Executive Officer of ACEA, signed a partnership protocol for the protection of legality and the fight against crime, to be applied to projects that the industrial Group will carry out in the coming years within the territory of Rome, in all its sectors of operation: Water, Electricity and Environment.

*.*.*.

BONDS NEARING MATURITY AND CREDIT LINES

On 15 July 2024 the first €600 million bond loan will reach maturity, paying a gross annual coupon of 2.625%.

The Parent Company has access to unused committed credit facilities worth €700m and uncommitted credit facilities totalling €425m, of which €21m has been drawn down.

The results for the three months ended 31 March 2024 will be presented today, 9 May, at 2 p.m. (Italian time), during a conference call with the financial Community. The call will also be available via a webcast in "listen-only" mode in the Investors section of the website at www.gruppo.acea.it, where back-up material will also be made available at the start of the conference call.

The Executive Responsible for Financial Reporting, Sabrina Di Bartolomeo, declares, pursuant to section two of article 154-bis of the Consolidated Finance Act, that the information contained in this release is consistent with the underlying accounting records.

The following schedules are attached:

The consolidated income statement for the three months ended 31 March 2024, the consolidated statement of financial position at 31 March 2024, the statement of changes in equity, the reclassified consolidated statement of financial position at 31 March 2024, the analysis of net debt at 31 March 2024 and the consolidated statement of cash flows for the three months ended 31 March 2024.

ACEA Group Contacts

Investor Relations

Tel. +39 0657991 investor.relations@aceaspa.it

Press Office

Tel. +39 0657997733 ufficio.stampa@aceaspa.it Corporate website: www.gruppo.acea.it

CONSOLIDATED INCOME STATEMENT FOR THE THREE MONTHS ENDED 31 MARCH 2024

	31 March 2024	31 March 2023	Increase/(Decrease)
Sales and service revenues	1,003,278	1,216,006	(212,728)
Other operating income	23,036	23,859	(823)
Consolidated net revenue	1,026,314	1,239,864	(213,550)
Staff costs	89,432	86,914	2,518
Cost of materials and overheads	582,638	823,310	(240,672)
Consolidated operating costs	672,070	910,223	(238,154)
Net profit/(loss) from commodity risk management	0	0	0
Profit/(loss) on non-financial investments	2,701	6,255	(3,554)
Gross Operating Profit	356,945	335,896	21,049
Net impairment losses/(reversals of impairment losses) on trade receivables	19,723	23,357	(3,634)
Amortisation, Depreciation and Provisions	168,931	162,747	6,185
Operating Profit/(Loss)	168,291	149,792	18,498
Finance income	11,135	7,683	3,452
Finance costs	(44,162)	(41,366)	(2,796)
Profit/(Loss) on investments	410	216	194
Profit/(Loss) before tax	135,673	116,326	19,348
Income tax expense	42,194	34,898	7,296
Net Profit/(Loss)	93,480	81,428	12,052
Net Profit/(Loss) from Discontinued Operations
Net Profit/(Loss)	93,480	81,428	12,052
Net Profit/(Loss) attributable to non-controlling interests	10,915	8,829	2,085
Net Profit/(Loss) attributable to the Group	82,565	72,599	9,966
Earnings/(Loss) per share attributable to owners of the Parent
Basic	0.38769	0.34089	0.04680
Diluted	0.38769	0.34089	0.04680
Earnings/(Loss) per share attributable to owners of the Parent net of Treasury Shares
Basic	0.38845	0.34156	0.04689
Diluted	0.38845	0.34156	0.04689

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2024

€000
	31 March 2024	31 December 2023	Increase/(Decrease)
Property, plant and equipment	3,358,255	3,334,868	23,387
Investment property	1,977	1,990	(13)
Goodwill	254,719	254,626	93
Concessions and infrastructure rights	3,848,657	3,787,263	61,395
Intangible assets	400,679	413,162	(12,483)
Right-of-use assets	89,515	93,284	(3,769)
Investments in unconsolidated subsidiaries and associates	364,126	359,281	4,845
Other investments	8,029	8,029	0
Deferred tax assets	209,914	205,065	4,849
Financial assets	21,257	18,852	2,405
Other non-current assets	734,971	716,582	18,389
Non-current assets	9,292,100	9,193,002	99,098
Inventories	97,872	97,843	29
Trade receivables	1,223,798	1,213,200	10,597
Other current assets	429,105	405,026	24,079
Current tax assets	8,634	13,075	(4,442)
Current financial assets	417,462	487,251	(69,789)
Cash and cash equivalents	350,793	359,379	(8,586)
Current assets	2,527,663	2,575,774	(48,112)
Non-current assets held for sale	18,387	18,288	99
TOTAL ASSETS	11,838,149	11,787,064	51,085

	31 March 2024	31 December 2023	Increase/(Decrease)
Share capital	1,098,899	1,098,899	0
Legal reserve	157,838	157,838	0
Other reserves	84,773	73,697	11,076
Retained earnings/(accumulated losses)	1,039,144	752,940	286,204
Net profit/(loss) for the year	82,565	293,908	(211,343)
Total equity attributable to the Group	2,463,219	2,377,281	85,937
Equity attributable to non-controlling interests	457,807	445,803	12,004
Total equity	2,921,026	2,823,084	97,942
Staff termination benefits and other defined-benefit obligations	105,774	109,895	(4,121)
Provisions for liabilities and charges	261,046	224,276	36,770
Borrowings and financial liabilities	4,604,232	4,770,436	(166,205)
Other non-current liabilities	514,810	510,871	3,938
Non-current liabilities	5,485,862	5,615,479	(129,618)
Borrowings	1,077,177	922,950	154,227
Trade payables	1,654,417	1,750,473	(96,057)
Tax liabilities	15,461	13,032	2,429
Other current liabilities	684,008	661,857	22,151
Current liabilities	3,431,063	3,348,313	82,750
Liabilities related directly to assets held for sale	198	188	11
TOTAL EQUITY AND LIABILITIES	11,838,149	11,787,064	51,085

STATEMENT OF CHANGES IN EQUITY

€000
------

	Share capital	Legal reserve	Reserve for measurement of defined benefit plans for employees, net of taxation	Fair value reserve for derivative financial instruments, net of taxation	Reserve for translation differences	Other reserves	Net profit/ (loss) for period	Total equity attributable to the Group	Equity attributable to non controlling interests	Total equity
Balance at 1 January 2023	1,098,899	147,501	(14,329)	44,825	16,592	718,056	279,725	2,291,268	463,975	2,755,243
Net profit/(loss) in income statement	0	0	0	0	0	0	72,599	72,599	8,829	81,428
Other comprehensive income/(losses)	0	0	(257)	15,721	1,526	0	0	16,989	(519)	16,471
Total comprehensive income/(loss)	0	0	(257)	15,721	1,526	0	72,599	89,588	8,310	97,898
Appropriation of net profit/(loss) for 2022	0	0	0	0	0	279,725	(279,725)	0	0	0
Dividends paid	0	0	0	0	0	0	0	0	0	0
Change in basis of consolidation	0	0	0	0	(2)	0	0	(2)	0	(2)
Other changes	0	0	0	0	0	173	0	173	(252)	(78)
Balance at 31 March 2023	1,098,899	147,501	(14,586)	60,546	18,116	997,954	72,599	2,381,027	472,034	2,853,061
Net profit/(loss) in income statement	0	0	0	0	0	(0)	221,309	221,309	24,706	246,015
Other comprehensive income/(losses)	0	0	(1,629)	(74,403)	7,258	(0)	(0)	(68,774)	(3,236)	(72,010)
Total comprehensive income/(loss)	0	0	(1,629)	(74,403)	7,258	0	221,309	152,535	21,470	174,005
Appropriation of net profit/(loss) for 2022	0	10,337	0	0	0	(10,337)	0	0	0	0
Dividends paid	0	0	0	0	0	(180,666)	0	(180,666)	(10,130)	(190,796)
Change in basis of consolidation	0	0	48	(432)	0	25,200	0	24,817	(37,219)	(12,402)
Other changes	0	0	19	(18)	0	(432)	0	(432)	(352)	(784)
Balance at 31 December 2023	1,098,899	157,838	(16,149)	(14,307)	25,374	831,719	293,908	2,377,281	445,803	2,823,084

	Share capital	Legal reserve	Reserve for measurement of defined benefit plans for employees, net of taxation	Fair value reserve for derivative financial instruments, net of taxation	Reserve for translation differences	Other reserves	Net profit/ (loss) for period	Total equity attributable to the Group	Equity attributable to non controlling interests	Total equity
Balance at 1 January 2024	1,098,899	157,838	(16,149)	(14,307)	25,374	831,719	293,908	2,377,281	445,803	2,823,084
Net profit/(loss) in income statement	0	0	0	0	0	0	82,565	82,565	10,915	93,480
Other comprehensive income/(losses)	0	0	323	(3,527)	5,706	0	0	2,502	986	3,489
Total comprehensive income/(loss)	0	0	323	(3,527)	5,706	0	82,565	85,067	11,901	96,968
Appropriation of net profit/(loss) for 2023	0	0	0	0	0	293,908	(293,908)	0	0	0
Dividends paid	0	0	0	0	0	0	0	0	(763)	(763)
Change in basis of consolidation	0	0	0	0	0	0	0	0	566	566
Other changes	0	0	0	(90)	0	960	0	870	300	1,170
Balance at 31 March 2024	1,098,899	157,838	(15,825)	(17,925)	31,080	1,126,587	82,565	2,463,219	457,807	2,921,026

RECLASSIFIED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2024

Financial position	31 March 2024	31 December 2023	Increase/(Decrease)	% Increase/(Decrease)
Non-current assets and liabilities	8,428,658	8,366,059	62,599	0.7%
Net working capital	(594,478)	(696,219)	101,741	(14.6%)
Net invested capital	7,834,180	7,669,840	164,340	2.1%
Net debt	(4,913,154)	(4,846,756)	(66,398)	1.4%
Total equity	(2,921,026)	(2,823,084)	(97,942)	3.5%

ANALYSIS OF CONSOLIDATED NET DEBT AT 31 MARCH 2024

	31 March 2024	31 December 2023	Increase/(Decrease)	% Increase/(Decrease)
A) Cash	350,793	359,379	(8,586)	(2.4%)
B) Cash equivalents	0	0	0	n.s.
C) Other current financial assets	417,462	487,251	(69,789)	(14.3%)
D) Liquidity (A + B + C)	768,255	846,630	(78,375)	(9.3%)
E) Current financial debt	(169,548)	(176,113)	6,565	(3.7%)
F) Current portion of non-current financial debt	(907,629)	(746,837)	(160,792)	21.5%
G) Current financial debt (E + F)	(1,077,177)	(922,950)	(154,227)	16.7%
H) Net current financial debt (G + D)	(308,923)	(76,320)	(232,603)	n.s.
I) Non-current financial debt	(4,604,232)	(4,770,436)	166,205	(3.5%)
J) Debt instruments	0	0	0	n.s.
K) Trade payables and other non- current payables	0	0	0	n.s.
L) Non-current financial debt (I + J + K)	(4,604,232)	(4,770,436)	166,205	(3.5%)
Total financial debt (H + L)	(4,913,154)	(4,846,756)	(66,398)	1.4%

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED 31 MARCH 2024

	31 March 2024	31 March 2023	Increase/(Decrease)
Profit before tax	135,673	116,326	19,348
Amortisation, depreciation and impairment losses	167,246	159,010	8,236
Income/(losses) from equity investments	(3,112)	(6,472)	3,360
Change in provision for liabilities and charges	(1,877)	973	(2,850)
Net change in staff termination benefits	(2,801)	(1,944)	(857)
Net financial income/(costs)	32,178	32,603	(426)
Cash flow from operating activities before changes in working capital	327,307	300,496	26,811
Provision for bad debts	19,723	23,357	(3,634)
Increase/Decrease in receivables included in current assets	(48,963)	(82,679)	33,716
Increase/Decrease in payables included in current liabilities	(71,477)	108,788	(180,265)
Increase/Decrease in inventories	(29)	(6,446)	6,417
Income tax paid	0	0	0
Change in working capital	(100,746)	43,021	(143,766)
Change in other operating assets/liabilities	(15,988)	31,368	(47,356)
Cash flow from operating activities attributable to disposal groups/assets held for sale	0	0	0
Cash flow from operating activities	210,574	374,885	(164,311)
Purchase/sale of property, plant and equipment and intangible assets	(247,477)	(258,178)	10,701
Investments in equity interests, consolidated companies and business divisions	0	(36,939)	36,939
Amounts received from/paid for other financial investments	67,384	(414,637)	482,021
Dividends received	0	0	0
Interest received	11,088	7,631	3,457
Cash flow from investing activities attributable to disposal groups/assets held for sale	0	0	0
TOTAL CASH FLOW FOR INVESTING ACTIVITIES	(169,005)	(702,124)	533,119
New long-term financial borrowings	0	700,000	(700,000)
Repayment of financial borrowings	0	(300,000)	300,000
Reduction/increase in other borrowings	(8,019)	77,868	(85,887)
Interest paid	(42,136)	(39,009)	(3,126)
Dividends paid	0	(615)	615
Cash flow from financing activities attributable to disposal groups/assets held for sale	0	0	0
TOTAL CASH FLOW FOR FINANCING ACTIVITIES	(50,155)	438,244	(488,399)
CASH FLOW FOR THE PERIOD	(8,586)	111,006	(119,592)
Net cash and cash equivalents at beginning of period	359,379	559,908	(200,529)
Cash and cash equivalents from acquisitions	0	0	0
NET CASH AND CASH EQUIVALENTS AT END OF PERIOD	350,793	670,913	(320,120)
Cash and cash equivalents at end of period Attributable to disposal groups/assets held for sale	0	0	0
Cash and cash equivalents at end of period Attributable to continuing operations	350,793	670,913	(320,120)