Strong increase of the Group Net Result, +49.1%, to 237 million euros Further reduction of the Net Financial Debt by 225 million euros compared to 31 December 2014
The Gross Operating Margin equalled 814 million euros, an increase of 31 million euros compared to the first nine months of 2014 (+4%)
Revenues amounted to 3.6 billion euros, in line with the first nine months of 2014 (+0.2%)
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Milan, 12 November 2015 – 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 2015.
In the first nine months of the year the A2A Group recorded an industrial margin with strong growth compared to the same period of the previous year and a further reduction of the net financial position.
The excellent performance achieved by the thermoelectric plants (even following the high temperatures recorded in the third quarter of 2015) and on the environmental certificates markets, as well as the continuous effort towards operational efficiency, have more than offset the lower margins of the hydroelectric sector which, in 2014, benefited from extraordinary hydraulicity, allowing the margin to be further increased with respect to the levels already recorded in the first six months of the year.
The Gross Operating Margin amounted to 814 million euros, recording an increase of 31 million euros (+4%). The result was influenced by significant non-recurrent elements in both 2014 and 2015 (lower mobility charges for around 12 million euros in 2015 and 31 million euros of non-recurrent positive elements of income recorded, mainly, in the first nine months of 2014). Net of these non-recurrent effects, the Gross Operating Margin increased by 50 million euros (+6.7%). The growth can be mainly attributed to the Generation and Trading Business Unit and the Networks Business Unit. The result of the Environment Business Unit was down while the margins of other Business Units of the Group (Commercial, Heat and EPCG) were essentially in line.
The Net Operating Income of the period amounted to 454 million euros (+8.4%), while the Net Profit reached 237 million euros (+49.1%).
Contributions to the Group's Net Profit were made by:
- lower depreciation and amortisation deriving from the review (effective from July 2014) of the useful life of the thermoelectric plants and the write-downs of assets following the 2014 Impairment Test;
- lower net financial charges mainly attributed to the reduction of the average debt and the effects of the financial strategy implemented by the Group;
- the lower tax load starting from 2015 primarily following the abolition of the “Robin Hood Tax” and the full deductibility of the labour costs relative to employees with permanent contracts.
These positive effects were only partially offset by the greater provisions for risks recorded in the first nine months of 2015 in large part due to the proceedings relating to the dispute linked to the district heating project for the city of Novara.
During the period, the generation of net cash flows was positive and amounted to 225 million euros, after investments of 208 million euros and the payment of dividends for 113 million euros. The Net Financial Position at the end of September 2015 thus amounted to 3,138 million euros (3,363 million euros at 31 December 2014).
For further information:
Media relations:
tel. 02 7720.4583
ufficiostampa@a2a.eu
Investor Relations:
tel.02 7720.3974
ir@a2a.eu
Duty to notify the public in accordance with Consob decision no. 11971 of 14.05.1999 as amended.
