The A2A S.p.A. Management Board has approved the Interim Report on Operations at 30 September 2013

07 November 2013 - 13:32

The achievement of the objectives defined in the 2013-2015 Industrial Plan is at an advanced stage, as also confirmed by the positive economic-financial results for the first nine months of 2013
The Gross Operating Margin, of 839 million euros, is up by 63 million euros (+8.1%) compared to the corresponding period of 2012
The Net profit for the period, equal to 159 million euros, shows an increase of 32 million euros (+35.6%) compared to that recorded in 2012 net of the extraordinary items; the year 2012 in fact benefited from greater reversals of funds and net capital gains for 51 million euros
The Net Financial Debt is down by 324 million euros in the period

Milan, 7 November 2013 – At today's meeting of the A2A S.p.A. Management Board, chaired by Mr Graziano Tarantini, the Board examined the progress of the 2013-2015 Industrial Plan a year after it was launched and approved the Interim Report on Operations at 30 September 2013.

The objectives for the three-year period defined in the Plan are already partly achieved or are already at an advanced stage of implementation. Specifically:

The Program to strengthen the financial structure has led to a reduction in net debt of over 800 million euros compared with the peak reached following the consolidation of Edipower. The Group simultaneously maintained large financial resources (2.4 billion euros at 30 September 2013) and a residual debt life exceeding 5 years;
the reorganization of the Environment Business allowed the setting-up and putting into operation, from 1 July last, of A2A Ambiente, the leading company operating in the waste treatment, waste disposal and waste-to energy sector in Italy;
from 1 November 2013 the controlling share in Edipower increased to 71%. The full control of the company has already allowed the integration of the operating activities to continue and be speeded up, strengthening the A2A Group's position as second electricity operator in Italy;
the Efficiency Plan, called AXE 80, aimed at achieving significant savings of an operational and financial nature, is operative and is generating results which are proving to be better than those initially planned.

The positive economic-financial results achieved by the Group in the first nine months of the year fit into this scenario, despite the worsening of most of the economic indicators concerning specifically the energy sector.

The ordinary operations show a Gross Operating Margin of 839 million euros, up by 63 million euros (+8.1%) compared to the same period of the previous year. This result includes the entry, for 23 million euros, of the total charges relating to the plan to gradually reduce the workforce in the threeyear period of the 2013-2015 Plan.

The Energy Business mainly contributed to the performance of the Gross Operating Margin with a growth of 67 million euros compared to the first nine months of 2012. This benefited from the consolidation for the entire period of the company Edipower (which entered the Group's perimeter from June 2012) and the positive results of the subsidiary company EPCG in Montenegro. The profit trend of the Environment Business and the Cogeneration and District Heating Business was also positive, while the margin of the Networks Business was slightly reduced due to the effect of the aforementioned entry of a part of the mobility charge.

The net profit for the period equalled 159 million euros (178 million euros at 30 September 2012). It should be pointed out that the first nine months of 2012 benefited from greater reversals of funds and net capital gains for approximately 51 million euros. Net of this effect, the net profit from the ordinary activities was up by 32 million euros (+35.6%) compared with the first nine months of 2012.

During the period, the generation of net cash flows was positive and amounted to 324 million euros, after investments of 194 million euros and the payment of dividends for 81 million euros. The Net Financial Position at the end of September 2013 thus amounted to 4,048 million euros (4,372 million euros at 31 December 2012).

07 November 2013 - 13:32

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