The Gross Operating Margin equalled 562 million euros, an increase of 11 million euros compared to the first half of 2014 (+2%)
Big improvement in Group Net Profit, +56.7%, to 152 million euros
Further reduction of the Net Financial Debt by 123 million euros compared to 31 December 2014
Milan, 30 July 2015 – At today’s meeting of the Board of Directors of A2A S.p.A., chaired by Mr. Giovanni Valotti, the Board examined and approved the Half year financial report at 30 June 2015.
The period in question was characterized by a higher industrial margin than that of the same period of the previous year, which benefited from exceptional hydraulicity and more positive non-recurring elements of income (+7 million euros), and from a further reduction of the company's net debt.
These results were achieved also thanks to the positive contribution of the plan to improve operational efficiency currently in progress, which made it possible to counteract the current economic situation in the electricity sector which, despite weak signs of recovery, continues to be negative
The increase in the Gross Operating Margin can mainly be attributed to the Heat Business Unit where profitability rose by 8 million euros compared to the first half of 2014 (+21%), mainly resulting from more favourable climatic conditions compared to the same period of the previous year. The result of
the Commercial Business Unit was also up, penalized in the first half of 2014 by negative nonrecurring elements of income.
The margin of the Environment Business Unit on the other hand was down essentially as a result of lower revenues from the sale of electricity from the Group's waste-to-energy plants.
The results of the Generation and Trading, Networks, and EPCG Business Units were essentially stable.
The Net Operating Income of the period amounted to 314 million euros (+4.0%), while the Net Profit reached 152 million euros (+56.7%).
Contributions to the Group's Net Profit were made by:
These positive effects were only partially offset by the greater provisions for risks recorded in the first half of 2015 resulting from the outcome of the arbitration proceedings between A2A and Pessina Costruzioni relating to the dispute linked to the district heating project for the city of Novara.
During the period, the generation of net cash flows was positive and amounted to 123 million euros, after investments of 135 million euros and the payment of dividends for 113 million euros. The Net Financial Position at the end of June 2015 thus amounted to 3,240 million euros (3,363 million euros
at 31 December 2014).
Duty to notify the public in accordance with Consob decision no. 11971 of 14.05.1999 as amended.