(Alliance News) - Acea Spa saw adjusted net income rise during the first half of the year, a period in which capital spending increased and revenues fell slightly year-on-year, the company reported Tuesday.

The company's adjusted net income -- post minority interests -- rose 6% to EUR144 million from EUR138 million in the same period a year earlier while the unadjusted figure fell 22% to EUR142 million from EUR183 million.

Revenues fell 2 percent to EUR2.30 billion from EUR2.35 billion in the previous year. Revenues related to the Water, Energy Infrastructure and Environment areas accounted for 52 percent of the total and increased by about 5 percent.

Ebitda decreased 2 percent to EUR670.4 million from EUR682.5 million while the adjusted figure showed a 3 percent growth to EUR663 million from EUR644 million a year earlier.

Operating income dropped to EUR300.0 million from EUR348.3 million, impacted by a 13 percent increase in depreciation and amortization.

Capital expenditures in the first six months of the year amounted to EUR503 million and increased from EUR462 million in the previous year: the company invested in Water EUR293 million, Energy Infrastructure EUR129 million, Environment EUR18 million, Generation EUR25 million, Commercial and Trading EUR24 million, and other business areas and parent company EUR14 million. More than 87 percent of investments are allocated to the regulated drico, regulated Energy Infrastructure and Environment businesses.

The group's net debt increased by EUR358.6 million to EUR4.80 billion from EUR4.44 billion as of December 31, 2022, with a NFP/Ebitda LTM ratio of 3.7 times compared to 3.4 times as of December 31, 2022 and 2023 guidance of a lower figure of 3.8 times.

Medium- to long-term debt is 91 percent fixed-rate and has an average maturity of 4.6 years. In January and February, the issuances of two green bonds for a total amount of EUR700 million were successfully completed, "allowing to further strengthen Acea Group's positioning as a leading sustainability operator," the company said.

The parent company has committed lines of EUR700 million undrawn and uncommitted lines of EUR425 million, of which EUR21 million have been drawn.

Acea's stock is down 1.5 percent at EUR11.43 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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