The turnover, up by 157 million, reached 6.2 billion euros.The Environment Business and the Cogeneration and District Heating Business showed a positive trend. The result of the Energy Business was down, while the Gas Sector showed a positive trend.The Profit for the year, after deducting capital gains for the disposals of assets (39 million euros) and the net write-downs (627 million euros) primarily relative to the agreements connected to the shareholding reorganization of Edison, amounted to 168 million euros (243 million euros in 2010). Average Debt down by 300 million euros.Net financial debt at 31 December 2011 equal to 4,021 million euros. *** Milan, 23 March 2012 – At today’s meeting of the Management Board of A2A S.p.A., chaired by Dr. Giuseppe Sala, the Board examined and approved the separate financial statements and the consolidated annual financial report of the Group at 31 December 2011. These drafts will be subject to final approval by the Supervisory Board which will meet for this purpose on 26 April 2012. The Board examined the trend of the normal operations expressing its satisfaction with the solid performance of the industrial results, despite the difficult period experienced by the Italian and European energy markets. The reduction of the Gross Operating Margin (942 million euros compared to 1,040 million euros in the previous year) can essentially be attributed to the performance of the subsidiary EPCG, which was specifically affected by a massive reduction in the production of hydroelectricity (-56%) due to an exceptionally dry season. The Environment business (specifically in the waste-to-energy sector) and the Cogeneration and District Heating business (a significant increase in the customers served in the city of Milan) showed positive trends. The Gas Sector benefited from an efficient purchasing policy while the Electricity Sector was affected, compared to the previous year, by the lower unit margins connected to the weak demand. Net of the one-off effects (which had a positive impact in the year 2010), the Networks business result was stable. The Board also examined the state of progress of the agreements with EdF relative to the shareholding reorganization of Edison, hoping for a swift and positive conclusion to the project. In this context an assessment was made of the extraordinary effects connected with the agreements signed last 15 February between A2A, its subsidiary company Delmi, EdF, Edison and Alpiq, as well as further write-downs of assets or shareholdings, for a total amount of 627 million euros. This value incorporates the net effect, equal to 433 million euros, of Delmi's disposal to EdF of 50% of Transalpina di Energia, as well as the effects deriving from the write-down of assets for a total of 194 million euros, relative in particular to the shareholding of 20% already directly held by A2A in Edipower (for 123 million euros) and the shareholding in EPCG (for 41 million euros). The year benefited from net capital gains of 39 million euros deriving from the disposal of a stake held in Metroweb and other minor shareholdings. In 2010, the capital gains specifically connected to the disposal of the shareholding in Alpiq amounted to 212 million euros. The Group's net profit, before these extraordinary effects, amounted to 168 million euros. Consequently, the loss for the year equalled 420 million euros. The net financial position at 31 December 2011 was 4,021 million euros, an increase of 128million euros compared to the end of 2010. This value incorporates the payment of dividends relative to the year 2010 for around 300 million euros and an increase in tax credits, which will be reabsorbed in the current year, for around 120 million euros. The Group's average debt during the year was lower by 300 million euros than that of 2010. In consideration of the priority goal to reduce the debt ratio, the Management Board proposed to the shareholder's Meeting to distribute an ordinary dividend per share equal to 0.013 euro, to be paid on June 21 2012 (June 18 2012 - ex dividend date). Full text (with date and tables) of the press release
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