Milan, 07 May 2013 – At today’s meeting of the A2A SpA Management Board, chaired by Mr Graziano Tarantini, the Board examined and approved the Interim Report on operations at 31 March 2013.
The ordinary operations show a Gross Operating Margin of 328 million euros, up by 67 million euros (+25.7%) compared to the same period of the previous year. This positive result was achieved despite a reduction of the Revenues of 17.6% specifically following a reduction in natural gas trading activities on the wholesale markets.
With reference to the individual business activities, the Energy Business provided a positive contribution with the consolidation of Edipower and the excellent performance of EPCG having specifically contributed to its result. In the quarter, the subsidiary company in Montenegro showed an industrial margin which was positive for 30 million euros (1 million in the first quarter of 2012). The profit trend of the Cogeneration and District Heating Business was also positive which continues to benefit from the commercial development resulting from the extension of the networks in the Milan and Bergamo areas, as well as from acknowledgement of the new environmental certificates connected to energy savings associated with the start-up of new plants.
The profitability of the Networks Business was stable while that of the Environment Business was down, which was negatively affected in particular by the legislative changes introduced or announced at the end of the previous financial year relating to the sale price of electricity produced by waste-toenergy plants operating under the “CIP 6/92 scheme”.
The net profit for the period, equal to 76 million euros, is in line with the first quarter of 2012 which benefited from the release of funds (risks and bad debt) and capital gains (disposal of e-Utile) for a total of 30 million euros.
During the period the generation of net cash flow was positive and equalled 134 million euros, after investments for 54 million euros. The Net Financial Position at the end of March 2013 thus amounted to 4,238 million euros (4,372 million at 31 December 2012).
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