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Financial capital

What is the financial capital for a2a?

The Financial Capital is the set of economic resources involved in the production processes.

A2A produces and distributes value

In 2019, the gross global value added distributed by A2A (the financial effect of the business of the A2A Group on its main stakeholders) was 1,927 million euro (+ 6,2% on 2018). The Group has also distributed wealth through 1.2 billion euro orders to suppliers, of which 96% for Italian suppliers.

627 million euro the total amount of the expenditure in the A2A Group (+25% compared to 2018), of which 62% is dedicated to projects fall within the very stringent sustainability criteria (ESG), aligned with the Group’s Sustainability Policy and Plan.

In addition, more than 28% of investiments (not included because attributable to fossil fuels), are, however, dedicated to ensuring the stability and security of the energy system in the transition phase

Some numbers of 2019

1,927 

million euro

ECONOMIC ADDED VALUE
produced and distributed by A2A Group (+ 6.2% on 2018)

1.2

billion euro

TOTAL ORDER
Issued to about 4,600 companies, of which 96.1% italian

150

million euro

VALUE OF CREDIT LINE
granted by the EIB in December 2019

400

million euro

VAL UE OF THE 1ST GREEN BOND issued

A2A and the sustainable finance

Since July 2018, A2A has also been included in the FTSE4GoodIndex Series, the series of ethical indices of FTSE Russel designed to measure the sustainability performance (ESG) of companies in the main world markets.

The Group is currently listed in the following ethical indices:

  • FTSE4Good Index
  • ECPI Indices • Ethibel Sustainability Index Excellence Europe
  • EURO STOXX Sustainability Index
  • Euronext Vigeo Index: Eurozone 120
  • Standard Ethics Italian Index

A2A is also included in the Ethibel Excellence Investment Register and in the Ethibel Pioneer Investment Register. In 2019, A2A confirmed the B- score on the CDP Climate Change and the CDP Water questionnaire. In addition, A2A participates in the assessments of Vigeo-Eiris, RobecoSAM, Sustainalytics, MSCI and the "Top 100 Green Utilities" (of the Energy Intelligence Group)

In 2019, the Group has also decided to adopt a Green Financial Framework thanks to which it can issue green bonds and subscribe any type of financial instrument dedicated to specific green projects. Infatti, In July 2019, as part of the Green Financial Framework, A2A successfully allocated the first Green Bond, destined exclusively for institutional investors under the Euro Medium Term Notes Programme. The 400 million euro issue, with a 10-year maturity, carried out after the European roadshow that touched the main markets of Milan, London, Amsterdam, Paris, Munich and Frankfurt, aroused great interest from investors throughout Europe.

The Green Bond received orders for 3.2 billion euro, more than 8 times the amount offered, and obtained a spread of 105 basis points over the mid swap reference rate.

The securities were listed on the regulated market of the Luxembourg Stock Exchange and included in the platform dedicated to sustainable securities Luxembourg Green Exchange (LGX). While in September, A2A's Green Bond was included in the Bloomberg Barclays MSCI Green Bond Index.

At last, A2A has a solid and long-standing relationship with the European Investment Bank (EIB) to support the Group's investment programme.

The EIB finances specific investment projects that meet particular sustainability requirements, applying generally more advantageous economic conditions than the most common forms of financing.

At December 31, 2019, the value of these loans amounted to about 819 million euro, of which 150 still available.

ESG capex

Sources of funds traditional vs sustainable

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