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
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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 positive contribution of the Generation and Trading Business Unit (+6 million euros compared to the first quarter of 2014) following the greater margins achieved in the thermoelectric sector which almost completely offset the lower and expected hydroelectric productions, on the environmental certificates markets and on the reduction of operating costs;
- the increased margin of the Environment Business Unit (+4 million euros compared to the first three months of 2014) mainly due to the effect of the greater quantities of waste disposed of at the Group's treatment plants;
- the increase in the Gross Operating Margin of the Heat and Services Business Unit (+7 million euros compared to the first quarter of 2014), mainly resulting from more favourable climatic conditions compared to the same period of the previous year;
- the increase, with regard to the Networks Business Unit, of the margin of the public lighting sector (+3 million euros) following the launch, in July 2014, of the project to replace the lighting equipment in the Municipality of Milan with new LED lamps;
- the improved results of the subsidiary EPCG (+5 million euros compared to 31 March 2014) following the greater quantities of electricity sold to end users.
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
contracts.
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).
- Società
