Financial disclosure

During 2011, around 160 studies and/or notes on Acea were published, while the Investor Relations unit organized presentations extended to Italian and foreign investors, approximately 60 one-on-one encounters99 and conference calls with analysts that cover Acea stock.

The communication of economic-financial information relating to the Group is constantly updated in the shareholders section on the company website, where documents, information and presentations are available. An on-line version of the last set of Acea annual statutory financial statements is also made available and, as from 2011, a specific disclosure section dedicated to ratings, where the latest opinions issued on the company by the agencies and the related summary reports can be found. Once again this year, the company has published the “on-line” versions of the Consolidated financial statements and the Sustainability report (2010), with the intention of making updated and interactive disclosure instruments available to the stakeholders.

Acea, considered to be among the top 100 Italian companies in terms of capitalisation, was subject to the KWD Webranking 2011 Italy Top 100 study100, the survey which assesses the corporate communication of companies on the web in relation to the disclosure requests made by professionals and stakeholders. Following the recovery of roughly 30 places in the ranking (60th place) and a score of 31.5, achieved by Acea last year, in 2011 the opinion was reviewed downwards with a score of 23.5 (scale of 1 to 100) and 71st position in the classification.

Table No. 65 – WEBRANKING ITALIA TOP 100: ACEA’S RANKING (2009-2011)

  2009 2010 2011
position 91 60 71
score 15.25 31.5 23.5

Over the last few years, the on-line communication of the companies on commitment and the performances in terms of society, environment, ethics, governance and dialogue with the stakeholders, also acquired specific significance and important growth. Precisely in this sphere, Acea - part of a panel made up of the 50 leading listed Italian companies - was assessed for the second year running in the 2011 CSR Online Awards 2011 survey.101 The company was acknowledged 28th place in the ranking of this classification, an improvement of one place between 2010 and 2011 despite an over score (21.5 points, on a scale of 1 to 100) lower than the last assessment.


  2010 2011
position 29 28
score 27.5 21.5

99 These are individual disclosure encounters between the issuing company and potential investors.
100 The survey is carried out each year, in collaboration between the consulting firms Hallvarsson & Halvarsson (H&H) and Lundquist, examining the company websites on the basis of 120 content-related aspects, defined by a panel of experts, with reference to which each company analysed is assigned a score and a related classification.
101 CSR Online Awards research, carried out by Lundquist, is based on a protocol defined by CSR experts with 79 assessment criteria, pertaining to 3 specific areas of survey on the basis of which the approaches to social responsibility (contents, navigability and usability, degree of dialogue and involvement) are assessed, via the websites of the companies.