The Group's commitment to sustainable finance continues: A2A closed a record 2021 in terms of sustainable finance transactions (Sustainability-Linked Bond for 500 million euro, Green Bond for 500 million euro and RCF Sustainability-Linked for 500 million euro), bringing the percentage of sustainable debt over total debt to 44%, above expectations. In addition, in a complex macroeconomic context, A2A successfully issued its second Sustainability-Linked Bond for 500 million euro on 9 March, linked to the achievement of a 2024 sustainability target for installed capacity from renewable sources.
Milan, 17 March 2022 - The Board of Directors of A2A S.p.A. met today and, under the chairmanship of Marco Patuano, examined and approved the drafts of the separate financial statements and the consolidated annual financial report as at 31 December 2021.
"An unprecedented volatility in energy prices earmarked 2021 and it is still presently unsettling the market - comments Renato Mazzoncini, CEO - The A2A Group has confirmed its solidity in facing changes in the scenario, growing in all economic and financial indicators. We have achieved for the first time an ordinary profit of 400 million euro, not so much because of the higher profitability of renewables, but due to contingent factors such as the excellent performance of the ancillary services market. These conditions made it possible a proposal of total dividend of 0.0904 euro per share, equal to 283 million euro, adding, on top of the planned growth, an extraordinary dividend component of 0.008 euro per share (equal to 25 million euro)".
The results recorded in 2021 showed significant and solid economic and industrial growth thanks to the contribution of all the Group's Business Units and to the M&A transactions finalized.
In 2021 the A2A Group operated in a context characterised by an increase in energy consumption driven by the post-pandemic economic recovery and by strong turbulence on the commodities market, with the upward trend in energy prices becoming more pronounced, reaching record values, in the final months of the year.
In particular, Italy's net electricity demand in the year under review was 318,075 GWh, an increase of 5.6% compared to 2020.
Moreover, in 2021, the average PUN (Single National Price) for the year more than tripled (+221.3%) compared to the average value for 2020, standing at €125.0/MWh and peaking in December at 281.2 €/MWh. The increase in the PUN price reflects a similar escalation in gas prices at the PSV (Virtual Trading Point) and CO2. In fact, the average cost of gas at the PSV in the year under review was 45.8 €/MWh, up 342.8% compared to the same period last year. CO2 prices stood at an average price of €53.4/mt in 2021 (€24.7/mt in 2020, +116%). This price dynamic contributed significantly to the increase in turnover (+69%). As in 2020 and as early as 2019, A2A has adopted a prudent commodity price hedging policy, aimed at containing risk and volatility in the medium term with hedges of around 90% for fixed-price productions, considerably reducing the effects that a price surge could have had.
However, the Group ensured excellent results in terms of operating margins thanks to the excellent performance of all Business Units and the contribution of the newly acquired companies.
In 2021, A2A also recorded significant industrial growth, in line with the company's strategy based on energy transition and circular economy thanks to: