Milan, 10 May 2012 – At today’s meeting of the A2A S.p.A. Management Board, chaired by Dr. Giuseppe Sala, the Board examined and approved the Interim Report on operations at 31 March 2012.
The Board first expressed satisfaction that agreements were signed relative to the shareholding reorganization of Edison and Edipower, the final and most important part of a process to restructure the portfolio of shareholdings that started with the formation of the A2A Group. The closing of the Edipower shareholding reorganization, expected before the end of this month, will lead to the creation of the second largest operator in the electricity sector in Italy, and a three-year period will begin during which the Company management will be able to concentrate on consolidating the existing industrial activities and on further development initiatives.
The assessment of the economic and financial trend of the quarter was positive, which recorded a Gross Operating Margin of 271 million euros, essentially in line with the first quarter of 2011 (278 million euros at 31 March 2011). The slight reduction can be attributed to the performance of the subsidiary EPCG which was affected, also in the first quarter of 2012, by a massive reduction in the hydroelectric production (-58%) due to an exceptionally dry season.
The Cogeneration and District Heating business (a significant increase in the customers served in the city of Milan) and the Networks business (specifically in the gas distribution sector) showed positive trends. The Gas sector benefited from an effective purchasing policy while the margin of the Electricity sector, net of EPCG performance, recorded stable results despite the 29% reduction in the hydroelectric production. The Environment business was affected, compared with the first quarter of 2011 (-5 million euros), by the expiry of some incentives for the production of electricity from waste-to-energy plants.
The profit for the period, amounting to 76 million euros, incorporates the negative effect, exclusively accounting-related, connected to the fair value posting of a bond due to expire in 2013. This effect, deriving from the higher market value of the bond at 31 March 2012 compared to 31 December 2011, amounted to 19 million euros and will be reabsorbed in the accounts within the loan expiry period. Net of this effect, the profit for the period would have come to 88 million euros, up compared to the first quarter of 2011 (85 million euros), despite the worsening of the fiscal regulation that had a negative effect for 5 million euros in the period.
The net financial position at 31 March 2012 was 3,954 million euros, a reduction of 67 million euros compared to the end of 2011.
For further information:
Communications and External Relations
tel. 02 7720.4582
ufficiostampa@a2a.eu
Investor Relations
tel. 02 7720.3974
ir@a2a.eu
Duty to notify the public in accordance with Consob decision n° 11971 of 05/14/1999 as amended.
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