The Gross Operating Margin equalled 337 million euros, an increase of 32 million euros compared to the first quarter of 2014 (+10.5%)
An increase compared to the first three months of 2014 was also recorded for the Net Operating Income which amounted to 228 million euros (+25.3%) and the Net Profit which, in the quarter in question, reached 117 million euros (+46.3%)
The Net Financial Position, amounting to 3,307 million euros, was down by further 56 million euros compared to 31 December 2014
Milan, 15 May 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 Interim Report on Operations at 31 March 2015.
The period in question was characterized by a higher industrial margin than that of the corresponding quarter of 2014 and 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 continues to be very negative.
With reference to the Gross Operating Margin, a positive performance was achieved by all the Business Units.
In particular, the following should be noted:
The Net Operating Income of the period amounted to 228 million euros (+25.3%), while the Net Profit reached 117 million euros (+46.3%).
This performance can essentially be attributed to the lower amortisation and depreciation in the period deriving from the review (starting from July 2014) of the useful life of the CCGT plants, the write-downs of assets resulting from the Impairment Test performed at 31 December 2014 as well as a lighter tax load starting from 2015 due to the abolition of the “Robin Hood Tax” and the full deductibility from the IRAP taxable amount of the labour costs relative to employees with permanent
During the period the generation of net cash was positive and equalled 56 million euros, after investments for 49 million euros. The Net Financial Position at the end of March 2015 thus amounted to 3,307 million euros (3,363 million euros at 31 December 2014).