Milan, 6 November 2014 – 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 30 September 2014.
The first nine months of the year were marked by the continual worsening of the economic indicators, specifically in the electricity sector. Compared to the corresponding period of 2013, the market prices of electricity fell by approximately 12 euros/MWh (-20%) while domestic demand dropped by 3%.
Despite this difficult market context, the company achieved a further reduction of the Net Debt of 408 million euros.
The favourable hydraulicity recorded in Italy in the first nine months of the year, the continuous effort towards operational efficiency as well as the good performance achieved on the environmental certificates markets and careful management of the gas purchasing sources, helped to contain the decrease of the industrial margin to the same levels already recorded in the first half of the year.
The Gross Operating Income equalled 783 million euros (839 million euros in the first nine months of 2013). The reduction of 56 million euros was heavily influenced by the effects connected to the high temperatures recorded specifically, in the first quarter of the year, those relative to the lower hydraulicity recorded in Montenegro and the expiry (from October 2013) of the CIP 6 incentive on the production of electricity by the waste-to-energy plant in Brescia.
The net operating income of the period amounted to 419 million euros (+2.9%), while the net profit amounted to 159 million euros, in line with the first nine months of the previous year.
During the period, the generation of net cash flow was positive and amounted to 408 million euros, after investments of 205 million euros and the payment of dividends for 102 million euros. The Net Financial Position at the end of September 2014 thus amounted to 3,466 million euros (3,874 million euros at 31 December)
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