Net profit shows strong growth (+67% to 254 million euros) thanks to the good operating performance and to the benefits deriving from the Edipower demerger
Ordinary Net Profit at 212 million euros, up by 60 million euros (+39% compared to the first half of 2015)
Gross Operating Margin at 614 million euros (+9%): excellent industrial performances, cost efficiencies and non-recurring operating income neutralized the strong deterioration in the energy scenario
The Net Financial Position, amounting to 2,832 million euros, was down by a further 65 million euros compared to 31 December 2015
Milan, 29 July 2016 – 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 2016.
The energy and climatic scenario in first half of 2016 was particularly penalising, still characterized at national level by a downturn in the electricity demand (-2%) as well as a considerable, generalized reduction in the price of commodities (oil -31%; gas -37%; PUN Baseload -26%).
Despite this unfavourable energy scenario, which, with respect to the previous financial year, had a negative impact of around 40 million euros on the margins of the generation plants portfolio, the Group's industrial performance in all BUs in the first half of 2016 was excellent and made it possible, together with the adjustment obtained, relating to the recognition of previous tariff items (for the financial years 2007-2011) in the water cycle business, to completely neutralize the negative effects 2 caused by the aforementioned scenario and achieve a Gross Operating Margin of 614 million euros (that is 534 million euros net of the non-recurring items).
The “Ordinary” Net Profit, amounting to 212 million euros, was up by 60 million euros compared to that of the previous financial year (152 million euros). This Ordinary Net Profit excludes the extraordinary items that can be associated with the effects produced by the partial, non-proportional demerger of Edipower with the assignment of the complex comprising the hydroelectric plants of the Udine unit (apart from Ampezzo and Somplago) and its associated assets and liabilities, to Cellina Energy S.r.l. (a full subsidiary of Società Elettrica Altoatesina – SEL S.p.A), with effect as of 1 January 2016.
The 'reported' net profit, amounting to 254 million euros, was up by 67% compared to the first six months of the previous year.
The Net Financial Position, down by 65 million euros, came to 2,832 million euros, net of the outlay associated with the buyback of own shares (37 million euros) and the payment of dividends in the month of June (126 million euros).
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