ACEA S.p.A activities

ACEA S.p.A., in its role of industrial holding, defines the strategic objectives at Group and subsidiary level and coordinates their activities.

Within the Group, ACEA S.p.A acts as a centralised treasurer for the largest subsidiaries.

Intercompany relations are conducted on the basis of:

  • the setting up of a medium/long-term credit line for a pre-established amount to cover requirements generated by investments;
  • the credit facility (i) has a three-year term from 1 January 2011, (ii) generates interest, updated annually, at the 3-year IRS rate plus a spread aligned with that of a bond issued on the equity market with a BBB rating and (iii) envisages annual fees calculated on the ceiling;
  • the establishing of a general purpose credit facility to cover the company’s current needs.

The credit line (i) has a three-year term from 1 January 2011, (ii) generates interest expense, updated annually, at the 3-year IRS rate plus a spread aligned with that of a bond issued on the equity market with a BBB rating and a rate calculated on the arithmetic mean of intraday 3M Euribor rates for each calendar quarter less a 5 bp annual spread and (iii) envisages annual fees calculated on the ceiling.

It should be pointed out that ACEA S.p.A. also acts as guarantor for Group companies: in this regard, the contract that regulates the general purpose credit line establishes a ceiling for guarantees and a cost split between bank guarantees and company guarantees.

ACEA SpA also provides administrative, financial, legal, logistics, management and technical services to subsidiaries and associated companies in order to optimise the use of the company’s existing resources and know-how in an economically advantageous manner. These services are regulated by the necessary service contracts: those in force are effective from 1 January 2011, have a term of three years with the possibility of automatic renewal and the annual payment is based on contractual prices and the quantities actually supplied.