The Board of Directors of A2A S.p.A. examined and approved the half year financial report at June 30, 2019
Relevant growth in revenues vs H1 2018 (+20%)
Gross operating margin of 582 million euro (657 million euro at 30 June 2018), down on the first half of 2018 lacking the contribution of green certificates and other incentives. Net of those items posted in 2018, Gross operating margin rises 4%
Second quarter showed strong growth (Ordinary EBITDA +10% vs second quarter of 2018) supported by the Generation, Market and Networks and District Heating Business Units
Group net profit amounted to 166 million euro (267 million euro at 30 June 2018)
Capex of 252 million euro, up 35% compared to the first half of 2018
NFP at 3,116 million euro.
Excluding the accounting effects deriving from IFRS 16 application and the perimeter change, NFP amounted to 3,041 million euro
Milan, 02 August 2019 –The Board of Directors of A2A S.p.A., met today under the chairmanship of Mr. Giovanni Valotti, examined and approved the half year report at 30 June 2019.
A2A Group - Consolidated results at 30 June 2019
The first half of the year closed with economic-financial results down, mainly related to the Generation and Trading Business Unit, offset by the excellent results of the Networks and District Heating Business Units and the retail segment of the Market Business Unit. The consolidation of the ACSM-AGAM group contributed towards the results.
The scenario of the first half of 2019 was characterised by favourable electricity and gas prices compared to the corresponding period of 2018: the PUN Base Load increased by 2.4% in the first half, coming in at 55.1 €/MWh, compared with 53.8 €/MWh in the first half of 2018. The price of natural gas at the Virtual Trading Point (VTP) for the first half of 2019 was 18.7 €/MWh, or 16.4% less than in the first half of 2018.
The cost of CO2, which increased from 12.1 €/Tonne in the first half of 2018 to 23.9 €/Tonne in the corresponding period of 2019, bucked the trend.
The results incorporate the effects of the application of the new accounting standard IFRS 16, which came into force on 1 January 2019.
The standard applies to all contracts concerning the right to use an asset for a certain period of time in exchange for a specific fee. IFRS 16 sets, for lessees, a single accounting model for all leases (with specific cases of exclusion and exemption), eliminating the accounting differences between operating and financial leases.