A2A announces preliminary consolidated results for 2013
- Gross Operating Margin grows 6% to top 1.1 billion euros
- Improvement in Net Financial Debt which falls by 0.5 billion euros (since June 2012) to a balance below 3.9 billion euros
MILAN, Italy, Feb. 19, 2014 (GLOBE NEWSWIRE) -- At today's meeting of the A2A S.p.A. Management Board, chaired by Mr Graziano Tarantini, the Board examined the preliminary consolidated results for 2013.
A2A Group Revenues amounted to 5.6 billion euros, a decrease of 13% compared to the 6.5 billion euros posted in 2012. The change is essentially due to the effect of the Group's decision to reduce the gas trading activity in wholesale markets.
The Gross operating margin amounted to more than 1.1 billion euros, with 6% growth compared to the previous year. This growth incorporates the positive results of the Cogeneration and District Heating Business, the Networks Business and the Environment Business. The performance of the Energy Business was stable, partially thanks to the excellent trend of operating results of the subsidiary company EPCG. The Gross operating margin dynamics on the whole benefited by the first positive results of the threeyear efficiency plan.
The Net Financial Debt at the end of 2013 was below 3.9 billion euros, a reduction of 0.5 billion euros compared with the balance of 4.4 billion euros at the end of 2012 following the positive generation of cash flow attributable to the operating activities, as well as the positive effects of the non-recurring transactions which took place in 2013 (sale of five small run-of-the-river hydroelectric plants and the non-proportional demerger of Edipower S.p.A.), though investment activities amounting to approximately 290 million euros and the payment of dividends for 81 million euros.
The debt ratio (net financial debt/Gross operating margin) thus came to 3.4 at year end (4.1 at the end of 2012).