Gross operating margin of 328 million euro, down on the first quarter of 2018 lacking the contribution of green certificates and the unusual weather conditions
UGroup net margin amounted to 104 million euro (173 million euro at 31 March 2018)
Capex totalled 109 million euro, up 43% compared to the first quarter of 2018
Cash generation of 24 million euro, despite major investments: on a like-for-like basis, the NFP fell to 2,998 million euro. Including the accounting effects deriving from the application of IFRS 16, the NFP amounted to 3,110 million euro
Milan, 15 May 2019 – 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 quarterly Financial Information as at 31 March 2019.
The first quarter of 2019 ended with overall economic and financial results decreasing, due exclusively to the Generation and Trading Business Unit, which were offset by the excellent results of the other Business Units and the contribution deriving from the consolidation of the ACSM-AGAM group.
The scenario in the first quarter of 2019 was marked by better electricity and gas prices with respect to the same period of 2018: the PUN Base Load increased by 9.4% in the first quarter, rising to 59.4 €/MWh, compared with 54.3 €/MWh in the first quarter of 2018. The price of natural gas at the Virtual Trading Point (VTP) was down after last September's peak price – opposite to the typical seasonal dynamics; the average price for the first quarter of 2019 was 20.8 €/MWh, i.e. 5% lower than in the first quarter of 2018.
The cost of CO2, increasing from 9.8 €/Ton in the first quarter of 2018 to 22.2 €/Ton in the corresponding period of 2019, bucked the trend.
The reported results incorporate the effects of the application of the new accounting standard IFRS 16, which came into force on 1 January 2019. The standard applies to all contracts concerning the right to use an asset for a certain period of time in exchange for a specific fee. IFRS 16 sets, for lessees, a single accounting model for all leases (with specific cases of exclusion and exemption), eliminating the accounting differences between operating and financial lease.
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