AI assistant
Iren Earnings Release 2020
4243_10-k_2021-03-25_7e1bfe02-0f24-4a95-8c52-2db0e7e2bc84.pdf
Earnings Release
Open in viewerOpens in your device viewer
The Board of Directors approves the fiscal year results at 31 December 2020: EBITDA of 927 million euros and investments up 31%. The Group's net income, in line with the previous year, supports the proposed dividend of €9.50c per share, up 2.7%.
Excluding the extraordinary items that characterised both reporting periods, the EBITDA would have increased by approximately 49 million euros (+5.7%) supported by all the strategic pillars. The significant investments made during the period, 685 million euros, and the proposed dividend increase, despite the emergency situation, confirm the ability to achieve the goals set out in the business plan.
Main economic-financial indicators
- Revenues of 3,725 million euros (-12.8% compared to 4,275 million euros at 31/12/2019), a drop mainly due to the Covid-19 impact, commodity prices and mild weather.
- Gross Operating Margin (Ebitda) of 927 million euros (+1.1% compared to 917 million euros at 31/12/2019). Excluding the extraordinary items that characterised both periods, the ebitda increase would have been approximately 49 million euros (+5.7%).
- Operating profit (Ebit) of 416 million euros (-8.0% compared to 452 million euros at 31/12/2019). Excluding the extraordinary items and the extraordinary provision for bad debts due to Covid-19, the EBIT would have increased by 2.3%.
- Group's net profit attributable to shareholders of 235 million euros (-0.4% compared to 236 million euros at 31/12/2019). Excluding the extraordinary items, net income would have increased by 3.7%.
- Net financial debt of 2,948 million euros (+8.9% compared to 2,706 million euros at 31/12/2019). Net working capital helped contain the debt increase generated mainly by investments and consolidation operations.
- Proposed dividend per share of €9.50c, up 2.7%, in line with the Business Plan announcement.
Industrial highlights
- Organic growth and synergies exceeding 50 million euros, partially offset by emerging structural costs on the Market (10 million euros), the impact of regulation on the Networks (10 million euros) and the impact of Covid-19 (15 million euros).
- Consolidation with an effect on Ebitda of approximately 11 million euros, linked to the entry of I.Blu and Unieco into the company sector.
- Investments in the amount of 685 million euros (+30.7%), mainly for the regulated sectors, for the development of the new combined-cycle thermoelectric line and the waste treatment plants.
- Solid customer base in the energy sectors (approximately 1,877 million customers), increased by more than 60,000 customers compared to 31/12/2019.
| Iren Group | Images | Investor Relations Area | Iren Overview |
|---|---|---|---|
2
Reggio Emilia, 25 March 2021 - Today, the Board of Directors of IREN S.p.A. approved the consolidated financial statements at 31 December 2020.
Renato Boero, Chairman of the Group said: "2020 was a year characterised both by organic growth of more than 40 million euros and by important M&A transactions such as I.Blu and Unieco which, contributing a further 11 million euros to the Ebitda, allowed us to expand our environmental services to new areas and become the leading operator in the plastics supply chain in Italy. More than 350 million euros were invested in projects related to the multi-circle economy, highlighting the attention that the Group pays to the environment and lands and guaranteeing important support in a very difficult period. "
"The results just approved highlight the soundness of the business model and the effectiveness of the Group's strategy which, at net of extraordinary items, recorded an Ebitda above the expectations and up by 49 million." - said Massimiliano Bianco, CEO of the Group, who then added - "In 2020 the company further expanded the areas where it operates, taking on for all intents and purposes a national role both in terms of industrial and commercial presence. In addition, the strong push on investments, amounting to 685 million euros, allows us to confirm the achievement of the strategic objectives set out in the last industrial plan and to place ourselves with a leading role in the post-pandemic economic recovery program that will involve the country"
IREN GROUP: CONSOLIDATED RESULTS AT 31 DECEMBER 2020
Consolidated Revenues for 2020 amounted to 3,725 million euros, down -12.8% compared to 4,275 million euros in FY 2019. The decrease in revenues is due mainly due to the drop in energy commodity prices, a reduction in electricity volumes sold partly as a result of the Covid-19 lockdown, lower sales of gas and heat for district heating due to the mild winter, as well as lower electricity generated by the Group's plants.
The EBITDA amounted to 927 million euros, an increase of +1.1% compared to 917 million euros in FY 2019. FY 2019 benefited from 59 million euros of extraordinary items: 14 million euros on Networks for water adjustments, 32 million euros on Energy for energy certificates and thermal adjustments and 13 million euros on the Market for accruals and adjustments. Extraordinary items that had an impact of 20 million euros in 2020 included mainly a water adjustment of 3 million euros for the Networks, a gas adjustment of 4 million euros for the Market and an award for green certificates related to previous years of 13 million euros for Energy. At net of the extraordinary items that characterised both periods, Ebitda would have increased by 5.7%. Therefore, the Group's multibusiness portfolio demonstrated resilience in the energy, climate and emergency context that characterised the year 2020. The improved margins of the Market (+33.1%), Environment (+9.6%) and Networks (+0.9%) business units completely offset the drop in the Energy business unit (-16.7%).
The Operating Profit (Ebit) amounted to 416 million euros, down -8.0% compared to 452 million euros in the corresponding period of 2019. In the fiscal year, there was an increase in depreciation and amortisation of approximately 37 million euros for new investments and the expansion of the consolidation scope, and an increase in accruals for the allowance for doubtful accounts of which 25 million euros, related to the increase in losses on receivables estimated for Covid-19 reasons. In addition, allowances for provisions for risks decreased, net of reversals, by about 9 million euros and write downs by about 8 million euros.
Investor Relations Giulio Domma Tel. + 39 0521.248410 [email protected] Media Relations Roberto Bergandi Tel. + 39 011.5549911 Mob. + 39 335.6327398 [email protected]
The Group's Net Profit attributable to shareholders was 235 million euros, down (-0.4%) from 236 million euros reported in 2019. The result is substantially in line with that of last year, benefiting from lower financial charges and a reduction in the tax rate for some extraordinary items.
Net debt at 31 December 2020 was 2,948 million euros, an increase of approximately 242 million euros compared to 31 December 2019. Overall, the net debt increased by 8.9% as a result of high capital expenditure and consolidation operations (198 million euros). Net working capital dropped by about 124 million euros, following the trend in commercial and tax-related items, as well as the increase in provision for bad debts.
Gross technical investments made in the fiscal year amounted to 685 million euros up sharply (+31%) respect to 2019.
IREN GROUP: MAIN RESULTS BY BUSINESS AREA
| (millions of euros) | 31/12/2020 | 31/12/2019 | Var. % |
|---|---|---|---|
| Revenues | 3,725 | 4,275 | -12.8% |
| BU Networks (energy and water | 1,041 | 1,046 | -0.5% |
| infrastructures) BU Environment |
765 | 715 | 7.0% |
| BU Energy (Generation, TLR, Eff. Energy) | 1,145 | 1,473 | -22.3% |
| BU Market | 2,085 | 2,746 | -24.1% |
| Services and other | 25 | 22 | 10.9% |
| Eliminations and corrections | -1,336 | -1,727 | -22.6% |
| Gross Operating Margin | 927 | 917 | 1.1% |
| BU Networks (energy and water | |||
| infrastructures) | 376 | 373 | 0.9% |
| Electrical infrastructure | 79 | 75 | 5.9% |
| Gas infrastructures | 85 | 89 | -3.9% |
| Water infrastructures | 211 | 209 | 1.1% |
| BU Environment | 173 | 158 | 9.6% |
| BU Energy (Generation, TLR, Eff. Energy) | 228 | 274 | -16.7% |
| BU Market | 147 | 110 | 33.1% |
| Electricity | 56 | 35 | 58.9% |
| Gas and other services | 91 | 75 | 21.3% |
| Services and Other | 3 | 2 | 32.0% |
| Operating Result | 416 | 452 | -8.0% |
| BU Networks (energy and water | 186 | 198 | 5.9% |
| infrastructures) | |||
| BU Environment | 50 | 56 | -9.5% |
| BU Energy (Generation, TLR, Eff. Energy) | 111 | 140 | -20.3% |
| BU Market | 67 | 57 | 17.2% |
| Services and Other | 1 | 1 | -33.3% |
Media Relations Roberto Bergandi Tel. + 39 011.5549911 Mob. + 39 335.6327398 [email protected]
Barabino & Partners
Tel. +39 02 72023535 Giovanni Vantaggi + 39 328 8317379 [email protected]
NETWORKS (ENERGY AND WATER INFRASTRUCTURES)
The Revenues for the segment amounted to 1,041 million euros, down slightly by -0.5% compared to the 1,046 million euros recorded in 2019.
The EBITDA amounted to 376 million euros, an increase of +0.9% compared to 373 million euros reported at 31 December 2019. Organic growth related to the return on investments and the synergies achieved were partially impacted by the regulations and Covid-19. We also highlight the presence of positive non-recurring items in the amount of 3 million euros in 2020, the result of a positive water adjustment partially offset by liabilities in the gas sector, and the absence of approximately 14 million euros in 2019 related to a water adjustment. Excluding extraordinary items, the margin increase would have been 3.9%.
During the fiscal year, the Group distributed 3,587 GWh of electricity, 1,250 million cubic metres of gas and 175 million cubic metres of water.
At 31 December 2020, gross investments in the sector amounted to 294 million euros (-1%) and were used for the modernisation of the gas and electricity networks and the construction of the infrastructures established in the Integrated Water Cycle Sector Plans.
ENVIRONMENT
In the Environment segment, revenues were 765 million euros, up 7% respect to the 2019 amount of 715 million euros. The increase is substantially due to the expansion of the consolidation scope related to I.Blu (+19.7 million euros) consolidated since August 2020 and the companies of the Environment Division of the Unieco group (+29.7 million euros) consolidated since 1 November 2020. On the other hand, energy revenues and revenues from waste disposal activities decreased, only partially offset by higher revenues from brokerage and special waste management activities.
The Gross Operating Profit in the amount of 173 million euros was up (+9.6%) from the 158 million euros reported at December 31, 2019. The increase in margin includes about 11 million euros attributable to the change in the consolidation scope that resulted from the consolidation of I.Blu and the companies in Unieco's Environment Division. However, revenues from electricity generated by the waste-to-energy plants were down sharply as a result of the drop in electricity prices (average PUN 38.9 €/MWh, -25.7%), which was only partially offset by the increased value of the green certificates produced (99.1 €/MWh, +7.5%) and the lower volumes of special waste treated and disposed of in landfills as a result of the health emergency. These negative factors were only partially offset by higher revenues from municipal waste management activities and in particular from collection and brokerage activities.
During the year, waste managed amounted to approximately 3,081,000 tonnes.
At 31 December 2020, gross investments made in the segment amounted to 116 million euros, up sharply from 76.4 million euros in the corresponding period of 2019. The main investments in the period include those related to the revamping of the Cairo Montenotte biodigester, the construction of the paper and plastic sorting plant in Parma, the vehicles and equipment for door-to-door collection in Turin and the development of the new Just Iren management system.
Investor Relations Giulio Domma Tel. + 39 0521.248410 [email protected] Media Relations Roberto Bergandi Tel. + 39 011.5549911 Mob. + 39 335.6327398 [email protected]
Barabino & Partners Tel. +39 02 72023535 Giovanni Vantaggi + 39 328 8317379 [email protected]
4
ENERGY (GENERATION, DISTRICT HEATING AND ENERGY EFFICIENCY)
Energy segment revenues amounted to 1,145 million euros, down (-22%) from the 1,473 million euros recorded in 2019, mainly due to the effect of the drop in electricity selling prices (approximately -260 million euros) resulting from the unfavourable energy scenario, as well as lower electricity production (approximately -40 million euros). The drop in revenues was also affected by lower prices and volumes for district heating heat due to the mild weather (approximately -20 million euros) and lower income from energy securities compared to 2019 (-26 million euros). Only revenues from services increased (+25 million euros).
The segment's Gross Operating Margin amounted to 228 million euros, down (-16.7%) from 274 million euros in fiscal year 2019.
FY 2020 was characterised by a scenario where domestic electricity demand dropped by -5.3% with an average PUN drop of -25.7% compared to FY 2019. The concurrent impact of a contraction in sales of electric power and heat and a sharp reduction in unit prices and margins on electric power generation had a significant impact on margins, which were offset only in part by improved results from the dispatching service (MSD) and, starting in the third quarter of 2020, by an increase in thermoelectric generation.
The above effects were offset, albeit only partially, by the energy efficiency sector, which, thanks to energy requalification activities and building renovations favoured by tax incentives (e.g., facade bonus), recorded positive increases in the amount of approximately 3 million euros.
The result for the period was negatively affected by the lack of some extraordinary items that had characterised fiscal year 2019, amounting to 32 million euros related to energy securities and thermal adjustments. Similarly, 2020 benefited from approximately 13 million euros of extraordinary income referred to the same financial statements items. Excluding non-recurring items, the drop in margin would have been 11%.
In 2020, the total electricity generated was 9,445 GWh, down (-2.8%) from last year's 9,712 GWh, due to lower hydroelectric and photovoltaic generation of 1,284 GWh (-2.8%) and the lower contribution of the thermoelectric and cogeneration sector was 8,161 GWh (-2.7%).
Heat generated for district heating amounted to 2,736 Gwht, down (-3%) respect to 2019. Overall, district heating volumes amounted to approximately 96.7 Mmc up +1.9% compared to approximately 95 Mmc in 2019. The figures include the volumes related to the acquisition of the SEI Energia business unit (leased until the end of April 2020).
At 31 December 2020, gross capital expenditures of 172 million euros were made, up sharply from the 67 million euros of 2019, and mainly related to the start of expansion activities at the Turbigo thermoelectric power plant, which will increase the plant's installed capacity from 850 to 1,280 MW, and the development of the district heating network.
Investor Relations Giulio Domma Tel. + 39 0521.248410 [email protected] Media Relations Roberto Bergandi Tel. + 39 011.5549911 Mob. + 39 335.6327398 [email protected]
MARKET
Revenues in the Market segment amounted to 2,085 million euros, down -24.1% compared to 2,746 million euros in fiscal 2019. The decrease in revenues reflects both lower sales, caused by the halt in production due to Covid-19 and a mild winter, and a reduction in the price of energy commodities. This trend characterised the entire fiscal year, with prices recovering from the third quarter onwards but still below the values of the corresponding period of 2019.
The segment's EBITDA of 147 million euros was up +33.1% compared to 110 million euros recorded in the fiscal year 2019. This increase is attributable both to sales of electric power and natural gas and reflects primarily an improvement in unit sales margins, which more than offset the negative impact of the drop in unit sales caused by the Covid-19 health emergency. Note the absence of 13 million euros of extraordinary items that had characterised the year 2019 related to accruals and adjustments and the presence of an adjustment on the gas sector for approximately 4 million euros in 2020. Excluding non-recurring items, margin growth would have been 47%.
Directly marketed electricity in 2020 amounted to 7,296 GWh, down (-22.8%) from the 9,447 GWh recorded in 2019. The drop in the deregulated market affected all customer segments, particularly the business segment (-34.1%), due in part to the effect of the reduction in Consip contracts and small businesses (-24.2%), which are the ones most affected by the effects of the Covid-19 pandemic.
In addition, 3,018 million cubic meters of gas were purchased, in line with last year.
Gross investments of 51 million euros (+23.9%) were performed at 31 December 2020.
FORESEEABLE EVOLUTION OF OPERATIONS
The Covid-19 pandemic will impact global economies throughout the year 2021 slowing the economic recovery. Therefore, the Iren Group will face a national scenario whose recovery in 2021 is still dependent on the spread of the virus and the consequent countermeasures which, especially in the first half of the year, when the vaccination campaign is still partial, will continue to have a negative impact on the economy.
Despite the difficult context, the Group will continue, thanks to a business profile resilient against the Covid-19 pandemic, to pursue its growth as set out in the latest industrial plan, which calls for significant investments above all in the Networks and Environment divisions, in addition to investments to increase electricity generation capacity and expand the district heating network. The major investment plan in the regulated sectors to improve the quality of the service is therefore confirmed, especially in the water sector, where the goal is to increase purification capacity and reduce the use of the water resource. Regarding the Environment segment, investments will be made to build the waste treatment and disposal plants established in the industrial plan and increase the quality of the service by expanding door-todoor collection and timely pricing.
Iren also confirms sustainability as one of its main strategic pillars thanks to the investments in projects linked to the Multi-circle Economy, equal to about 60% of the investments
Investor Relations Giulio Domma Tel. + 39 0521.248410 [email protected] Media Relations Roberto Bergandi Tel. + 39 011.5549911 Mob. + 39 335.6327398 [email protected]
established in the industrial plan, such as material recovery, efficient use and protection of resources, combined with energy efficiency and reduction of greenhouse gas emissions.
Regarding the energy activities, in 2020 the Group implemented a series of actions that will mitigate the impact of volatility in energy prices thanks to a hedging policy implemented with the goal of stabilising margins.
Therefore, even in the difficult context caused by the continuation of the Covid-19 emergency, the Group confirms its profitability forecast thanks to the aforementioned investments which will sustain organic growth, a strong development of activities concerning energy efficiency projects in buildings, taking advantage of the opportunities offered by current regulations and a complete integration of the recently acquired companies in the Environment segment.
The forecast for profitability growth takes into account the persistent Covid-19 health emergency, which the Group estimates, assuming that the pandemic subsides in the second half of the year, will have a negative effect on the EBITDA of no more than 10 million euros, further provisions for bad debts of no more than 10 million euros and the partial re-absorption, amounting to 40 million euros, of the negative effect on net working capital recorded in 2020.
APPROVAL OF THE 2020 SUSTAINABILITY REPORT
Today, simultaneously with the Economic Report, the Iren Board of Directors approved the Sustainability Report 2020, which also takes the form of a Consolidated Non-Financial Statement (DNF), pursuant to Legislative Decree No. 254/2016. The Report, which explains the Group's economic, environmental and social performance, is a tool for monitoring the objectives of the 2025 Business Plan, which includes sustainability among the strategic pillars of development. It is also an opportunity for discussion with the locals and all stakeholders.
The results reported at the end of 2020 highlight the significant investments made in the amount of 377 million euros, out of which more than 90% to the multi-circle economy. In particular, the development of plants, through plant construction and acquisition, allowed:
- increasing by 38% the volume of waste recovered in the Group's plants, thanks to the entry into the plastics supply chain following the acquisition of I.Blu. In addition, to supply the Group's treatment plants with high quality waste, the door-to-door waste collection service was expanded, which allowed achieving 69.3% separate waste collection.
- increasing the waste water treatment capacity by 3%, thanks to investments to develop this activity, which also include the construction of 5 treatment plants in Liguria.
- extending the district heating network by 1.9% to improve air quality in the Group's areas and at the same time reduce gas and electricity consumption.
Iren's strategy is based on the desire to use resources rationally; to this end, the districtbuilding activities continued in 2020, reaching 56% of the network. This method of network management allows for greater efficiency having as a direct consequence a reduction in network losses, equal to 33.3% compared to a national average of 43.7%, and less need to draw water from the environment (-3%).
To reduce the impact of the Group's activities during 2020, the percentage of electric vehicles in the corporate fleet was increased to 19%, in line with the business plan.
The year 2020 was characterised by social distancing, and a change in the way employees were required to work. To continue along the path taken in past years, with the goal of
Investor Relations Giulio Domma Tel. + 39 0521.248410 [email protected] Media Relations Roberto Bergandi Tel. + 39 011.5549911 Mob. + 39 335.6327398 [email protected] Barabino & Partners Tel. +39 02 72023535 Giovanni Vantaggi + 39 328 8317379 [email protected]
7
developing employees' skills, per capita training hours increased by 35% compared to last year, exceeding the target that the Group had identified in its Industrial Plan for 2025. Lastly, as a result of the strategy pursued with regard to hydroelectric power plants and increased thermoelectric generation, emissions decreased to 400 gCo2/kWh.
DIVIDENDS
The Board of Directors resolved to propose to the Shareholders' Meeting, to be held on 6 May, the payment of a dividend of €9.50c per share, up 2.7% on last year, which will be paid from 23 June 2021 (issuing of check on 21 June 2021 - record date 22 June 2021).
CONFERENCE CALL
The results for the fiscal year ended on 31 December 2020 will be explained today, March 25, at 4:30 p.m. (Italian time) during a conference call with the financial community, which will also be webcast in listen-only mode on the website www.gruppoiren.it in the Investors section.
ALTERNATIVE PERFORMANCE INDICATORS
This press release uses some alternative performance indicators (APM) that are not included in the international accounting principles adopted by the European Union (IFRS-EU) to allow for a better assessment of the performance of the IREN Group's operating and financial performance. In accordance with the recommendations of the Guidelines published in October 2015 by ESMA, the meaning, content and basis of calculation of these indicators are set out below:
- Gross operating margin: calculated by subtracting total revenues from the total operating costs. This APM is used by the Group in both internal and external documents and is a useful tool for assessing the Group's operating performance (both as a whole and at the individual Business Units level), including by comparing the operating results for the reporting period with those for previous periods or fiscal years. This indicator also makes it possible to carry out the analyses of operating trends and to measure performance in terms of operating efficiency over time.
- Operating result: calculated by subtracting amortisation, provisions and operating write-downs from the Gross Operating Margin.
- Net financial debt: calculated as the sum of non-current financial liabilities at net of non-current financial assets and current financial liabilities at net of current financial assets and cash and cash equivalents. This APM is used by the Group in both internal and external documents and represents a useful tool to assess the Group's financial structure, including by comparing the reporting period with those related to the previous periods or fiscal years.
- Investments: calculated as the sum of investments in tangible, intangible and financial assets (equity investments) and reported at gross of the capital gains. This APM is used by the Group in both internal and external documents and represents a useful tool to assess the financial resources used for the purchase of durable goods during the period.
Media Relations Roberto Bergandi Tel. + 39 011.5549911 Mob. + 39 335.6327398 [email protected]
As required by Article 154 bis, Section 2, of the Consolidated Finance Act, Massimo Levrino, in his capacity of Corporate Accounting Documents Officer, states that the accounting information provided in this press release is consistent with the information in the supporting documents and in the Company's accounting books and other accounting records.
The financial report at 31 December 2020 will be filed according to the law at the Company's registered office (Via Nubi di Magellano, 30 - Reggio Emilia) at Borsa Italiana S.p.A. and shall be available to anyone who requests it and will also be available on the Company's website at www.gruppoiren.it. The financial statements of the IREN Group currently being audited are provided below.
Investor Relations Giulio Domma Tel. + 39 0521.248410 [email protected] Media Relations Roberto Bergandi Tel. + 39 011.5549911 Mob. + 39 335.6327398 [email protected]
Barabino & Partners
Tel. +39 02 72023535 Giovanni Vantaggi + 39 328 8317379 [email protected]
PROFIT AND LOSS ACCOUNT
| thousand euros | |||
|---|---|---|---|
| FY 2020 |
FY 2019 Recalculated |
Var. % | |
| Revenues | |||
| Revenue from goods and services | 3,537,250 | 4,081,333 | (13.3) |
| Other income | 188,211 | 193,373 | (2.7) |
| Total revenues | 3,725,461 | 4,274,706 | (12.8) |
| Operating expenses | |||
| Raw materials, consumables, supplies and goods | (1,021,501) | (1,410,798) | (27.6) |
| Services and use of third-party assets | (1,294,058) | (1,458,394) | (11.3) |
| Other operating expenses | (71,472) | (78,976) | (9.5) |
| Capitalised expenses for internal work | 38,262 | 33,444 | 14.4 |
| Personnel expense | (449,341) | (442,721) | 1.5 |
| Total operating expenses | (2,798,110) | (3,357,445) | (16.7) |
| GROSS OPERATING MARGIN | 927,351 | 917,261 | 1.1 |
| Amortisations, provisions and write-downs | |||
| Amortisations | (440,910) | (403,563) | 9.3 |
| Provisions for doubtful accounts | (61,708) | (37,203) | 65.9 |
| Other provisions and write-downs | (8,943) | (24,647) | (63.7) |
| Total amortisations, provisions and write-downs | (511,561) | (465,413) | 9.9 |
| OPERATING RESULT | 415,790 | 451,848 | (8.0) |
| Financial income and expenses | |||
| Financial income | 38,372 | 34,614 | 10.9 |
| Financial expenses | (93,630) | (114,482) | (18.2) |
| Total financial income and expenses | (55,258) | (79,868) | (30.8) |
| Result of investments accounted for using the equity method | 6,535 | 4,477 | 46.0 |
| Value adjustments on equity investments | (1,862) | 558 | (*) |
| Result before tax | 365,205 | 377,015 | (3.1) |
| Income taxes | (100,134) | (111,550) | (10.2) |
| Net result from continuing operations | 265,071 | 265,465 | (0.1) |
| Net result from discontinued operations | - | - | - |
| Net result for the period | 265,071 | 265,465 | (0.1) |
| attributable to: | |||
| - Profit (loss) for the period attributable to shareholders | 235,322 | 236,362 | (0.4) |
| - Profit (loss) for the period attributable to non-controlling interests | 29,749 | 29,103 | 2.2 |
(*) Change of more than 100%
As required by IFRS 3, the 2019 cash flow balances have been recalculated to take into account, at the acquisition date, the effects of the completion, occurred in 2020, of the purchase price allocation at the final fair value of the assets and liabilities acquired (Purchase Price Allocation) of Ferrania Ecologia and Territorio & Risorse.
Media Relations Roberto Bergandi Tel. + 39 011.5549911 Mob. + 39 335.6327398 [email protected]
BALANCE SHEET
| thousand euros | |||
|---|---|---|---|
| 31.12.2020 | 31.12.2019 Recalculated |
Var. % | |
| Non-current assets | 6,580,889 | 6,102,060 | 7.8 |
| Other non-current assets (liabilities) | (421,336) | (444,550) | (5.2) |
| Net Working Capital | 42,070 | 165,707 | (74.6) |
| Deferred tax assets (liabilities) | 165,835 | 158,170 | 4.8 |
| Provisions for risks and employee benefits | (657,188) | (625,240) | 5.1 |
| Assets (Liabilities) held for sale | 1,285 | 1,293 | (0.6) |
| Net invested capital | 5,711,555 | 5,357,440 | 6.6 |
| Net Equity | 2,763,528 | 2,651,313 | 4.2 |
| Long-term financial assets | (166,522) | (148,051) | 12.5 |
| Medium/long term financial debt | 3,825,197 | 3,167,048 | 20.8 |
| Net Medium/long term financial debt | 3,658,675 | 3,018,997 | 21.2 |
| Short-term financial assets | (985,525) | (774,583) | 27.2 |
| Short-term financial debt | 274,877 | 461,713 | (40.5) |
| Net short-term financial debt | (710,648) | (312,870) | (*) |
| Net financial debt | 2,948,027 | 2,706,127 | 8.9 |
| Own funds and net financial debt | 5,711,555 | 5,357,440 | 6.6 |
(*) Change of more than 100%
As required by IFRS 3, the financial position at 31 December 2019 has been restated to take into account, at the acquisition date, the effects of completion, occurred in 2020, of the purchase price allocation at the final fair value of the assets and liabilities acquired (Purchase Price Allocation) of Ferrania Ecologia and Territorio & Risorse.
Media Relations Roberto Bergandi Tel. + 39 011.5549911 Mob. + 39 335.6327398 [email protected]
CASH FLOW STATEMENT
| thousand euros | |||
|---|---|---|---|
| FY 2020 |
FY 2019 Recalculated |
Var. % | |
| Starting Net Financial (debt) | (2,706,127) | (2,452,806) | 10.3 |
| Result for the period | 265,071 | 265,465 | (0.1) |
| Adjustments for non-financial transactions | 747,655 | 718,991 | 4.0 |
| Utilisations of employee benefits | (7,096) | (10,950) | (35.2) |
| Utilisations of provisions for risks and other charges | (30,463) | (42,306) | (28.0) |
| Change in other non-current assets and liabilities | (27,363) | 10,827 | (*) |
| Other changes in capital | (96,981) | (37,635) | (*) |
| Taxes paid | (102,328) | (157,924) | (35.2) |
| Cash flows from operating activities before changes in NWC | 748,495 | 746,468 | 0.3 |
| Cash flows from changes in NWC | 73,018 | (21,817) | (*) |
| Cash flows from operating activities | 821,513 | 724,651 | 13.4 |
| Investments in property, plant and equipment and intangible assets | (685,150) | (523,985) | 30.8 |
| Investments in financial assets | (50) | (277) | (81.9) |
| Investments and change in assets held for sale | 11,289 | 5,955 | 89.6 |
| Change in consolidation scope | (197,824) | (64,795) | (*) |
| Dividends received | 2,787 | 1,784 | 56.2 |
| Total cash flows from/(used in) investing activities | (868,948) | (581,318) | 49.5 |
| Free cash flow | (47,435) | 143,333 | (*) |
| Cash flows of equity capital | (174,540) | (159,176) | 9.7 |
| Other changes | (19,925) | (237,478) | (91.6) |
| Change in net financial (debt) | (241,900) | (253,321) | (4.5) |
| Closing Net financial (debt) | (2,948,027) | (2,706,127) | 8.9 |
(*) Change of more than 100%
As required by IFRS 3, the 2019 cash flow presentation has been recalculated to take into account, at the acquisition date, the effects of the completion, occurred in 2020, of the purchase price allocation at the final fair value of the assets and liabilities acquired (Purchase Price Allocation) of Ferrania Ecologia and Territorio & Risorse.
Media Relations Roberto Bergandi Tel. + 39 011.5549911 Mob. + 39 335.6327398 [email protected]
Barabino & Partners Tel. +39 02 72023535 Giovanni Vantaggi + 39 328 8317379 [email protected]
12