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The A2A S.p.A. Board of Directors has approved the 2014 results

The Gross Operating Margin in 2014 was recorded above one billion euros (1,024 million euros, -9.6% compared to 2013) despite the difficult macroeconomic context

The Net Financial Debt, amounting to 3,363 million euros, was down by around 0.5 billion euros compared to 31 December 2013

The Net Operating Income, up by 41%, reached 362 million euros

The Net Profit from ordinary operations, amounting to 175 million euros, was up by 12.2%

The Result for the year, amounting to -37 million euros (62 million euros in 2013), reflects the effects deriving from the write-down of thermoelectric assets for 207 million euros and from the elimination of the “Robin Hood Tax” for 65 million euros
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A dividend of 0.0363 euros per share (corresponding to paid dividends of 112.7 million euros), up by 10% compared to the previous year, was proposed to the Shareholders' Meeting

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Appointment of a Director

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Milan, 9 April 2015 – At today’s meeting of the Board of Directors of A2A S.p.A., chaired by Mr. Giovanni Valotti, the Board approved the drafts of the Separate financial statements and of the Consolidated annual financial report at 31 December 2014.
These drafts will be subject to approval by the ordinary Shareholders' Meeting which will be held on 11 June, together with the proposal for the allocation of the profit of the year and the distribution of dividends.

The positive economic-financial results of the year 2014 were achieved despite the significant negative impact on the margins deriving from the difficult macroeconomic context and the worsening of most of the economic indicators, specifically in the electricity sector.
With respect to these external dynamics, the Group reacted by continuing with the identification and creation of initiatives to improve operational efficiency, the results of which helped to sustain the profitability for the year.


The ordinary operations showed a consolidated gross operating margin of 1,024 million euros (1,133 million euros in 2013). The reduction amounting to 109 million euros can mainly be attributed to the drop in electricity prices recorded on the wholesale markets, the effects connected to the high temperatures recorded during the year in question, as well as the expiry (from October 2013) of the CIP 6 incentive on the production of electricity by the waste-to-energy plant in Brescia.

The consolidated net operating income amounted to 362 million euros (+40.9%), while the net result showed a loss of 37 million euros (profit of 62 million euros in the year 2013). The 2014 result includes the effect of write-downs for a total of 207 million euros, which, net of the fiscal impact, affected the net result by 159 million euros. The write-downs concern thermoelectric assets and shareholdings of the Group and they serve to adjust their book value to the lower earnings prospects deriving from a market characterized in structural terms by generation overcapacity.
The loss for the period was also affected by the recording of higher taxes for 65 million euros attributable to the abolition of the “Robin Hood Tax” from 2015 due to constitutional illegitimacy, while it benefited from capital gains from disposals for a total of 12 million euros.
Net of the extraordinary items, the net result came to 175 million euros, up by 12.2% compared to the previous year (which in turn was affected by extraordinary items for around 94 million euros).

During the year, the generation of net cash flows was positive and amounted to 511 million euros, after investments of 307 million euros and the payment of dividends for 102 million euros. The Net Financial Debt at the end of 2014 thus amounted to 3,363 million euros (3,874 million euros at 31 December 2013).