(Alliance News) - Acinque Spa reported Monday that it closed the first nine months with a net profit of EUR9.1 million, which compares with EUR28.3 million in the same period last year.

In contrast, net income after minority shareholders' share of profit fell to EUR8.7 million from EUR27.6 million as of Sept. 30 a year earlier.

It should be pointed out that the first nine months of 2022 benefited from a nonrecurring income of EUR15.3 million related to past items in the water business; net of this, the results for the nine months of this year are in line despite the contraction in volumes of energy sales for heating use, due to extraordinarily mild weather and attention to consumption.

Revenues fell to EUR443.8 million from EUR472.7 million, with revenues from sales and services falling to EUR421.9 million from EUR427.0 million while other operating income and revenues fell to EUR21.9 million from EUR45.7 million.

Ebitda dropped to ERU59.5 million from EUR75.2 million while net income decreased to EUR18.4 million from EUR35.9 million. Pre-tax profit fell to EUR13.5 million from EUR35.6 million.

As of September 30, net financial debt was EUR280.8 million, up from EUR241.5 million as of December 31, 2022, when it was EUR241.5 million, related to the increases in both net working capital and fixed assets commented on above.

The ratio of net financial debt to shareholders' equity was 0.54 from 0.46 as of Dec. 31, 2022. As of June 30, due to the increase in net financial debt, one of the three covenants of the EIB's medium-long term loan was exceeded, specifically the one related to the ratio of net financial debt to Ebitda, which stood at 3.4 compared to the limit of 3 stipulated on the contract.

Acinque then applied to the European Investment Bank for the issuance of a waiver and that the bank confirmed its issuance conditioned on the industrial partner A2A Spa issuing a first demand guarantee for the full amount financed. A2A confirmed that it will issue the guarantee as soon as the text is finalized with EIB, which is currently being finalized. Exceeding the covenant required reclassifying all debt with a medium-long maturity of more than 11 years into the short-term.

Acinque's stock is down 2.8 percent at EUR1.75 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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