The Net Profit, up by 5.3%, reached 80 million euros
The Net Financial Debt, amounting to 3,721 million euros,was down by a further 153 million euros
Milano, May 15, 2014 (GLOBE NEWSWIRE) -- At today's meeting of the A2A S.p.A. Management Board, chaired by Mr Graziano Tarantini, the Board examined and approved the Interim Report on operations at 31 March 2014.
The quarter was marked by a further drop in the company's net debt (for the seventh consecutive quarter) and an increase in the net profit. The industrial margin (Ebitda), net of the effects on sales of energy for heating (heat and gas) deriving from the high and unusual temperatures recorded in the first quarter of the year, was in line with that of the corresponding quarter of 2013.
These results were achieved also thanks to the positive contribution of the plan to improve operational efficiency plan currently in progress, which made it possible to counteract the current economic situation in the electricity sector which continues to be very negative. This sector saw a drop in the domestic demand for the tenth consecutive quarter (-3.7%) and the market prices in the period were lower by over 10 euros/MWh (-18%) and 29 euros/MWh (-36%) compared to the corresponding periods of 2013 and 2012.
The Gross Operating Margin amounted to 305 million euros (328 million euros in the first quarter of 2013). The reduction of 23 million euros includes the effects connected to the high temperatures which can be quantified at around 20 million euros, as well as those relative to the expiry (from October 2013) of the CIP6 incentive on the production of electricity by the waste-to-energy plant in Brescia, for 11 million euros. These impacts were partially offset by effective ordinary operations.
With reference to the individual activity sectors, the profitability of the Networks Business, the Environment Business (despite the CIP6 expiry) and the Energy Business was essentially stable. Commercial development in the Cogeneration and District Heating Business, on the other hand, was not able to offset the drop in sales deriving from the unusual climate conditions. The net operating income of the period amounted to182 million euros (+2.2%), while the Group result of the period reached 80 million euros (+5.3%).
During the period the generation of net cash was positive and equalled 153 million euros, after investments for 50 million euros. The Net Financial Position at the end of March 2014 thus amounted to 3,721 million euros (3,874 million euros at 31 December 2013).
Full text (with date and tables) of the press release http://hugin.info/148297/R/1785910/612558.pdf
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