The consolidated Turnover, up by 5.7%, reached 6.5 billion euros
The Gross Operating Margin (EBITDA) and the Net Profit respectively equalled 1,068 million (+15.6%) and 260 million
The Net Cash Flow generated in the period was positive and equalled 732 million euros
A dividend of 0.026 euros per share (0.013 euros in 2012) was proposed to the Shareholders' meeting
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Brescia, 14 March 2013 - At today's meeting of the Management Board of A2A SpA, chaired by Mr. Graziano Tarantini, the Board examined and approved the separate financial statements and the consolidated annual financial report of the Group at 31 December 2012.
These drafts will be subject to final approval by the Supervisory Board which will meet for this purpose on 29 April 2013.
The Board examined the trend of the ordinary operations which shows a Gross Operating Margin of 1,068 million euros, up by 144 million euros (+15.6%) compared to the previous year.
This positive result seems even more significant if the continuing and profound difficulties characterizing the divisions of the energy sector in which the Group operates are considered, as well as the effects caused by recent changes (or by change proposals put forward) to the legislative and regulatory framework. These changes (some with retroactive effect) in fact had a negative effect on the performances of the Environment and Networks Businesses for around 54 million euros following the conservative adjustments made to their revenues while awaiting the outcome of the administrative disputes already instituted by the involved Companies of the Group.
The growth of the industrial margin can be attributed to the Energy Business whose Gross Operating Margin was up by 205 million euros (+61%), mainly due to the effect of acquiring control of Edipower, a company that entered the consolidation perimeter of the A2A Group from June 2012. The subsidiary company EPCG, whose industrial result became positive again, up by 17 million euros compared to the previous year, also contributed to the Business result.
The extraordinary operations were also positive, which, in the year, provided a contribution of around 111 million euros to the profit for the period due to the net capital gains deriving from the disposal of the shareholdings in Metroweb, Coriance and eUtile as well as extraordinary income of a fiscal nature (IRAP deductability recovery).
The net profit for the period, equal to 260 million euros, is therefore compared with the result of the year 2011 which closed with a loss of 423 million euros, due to write-downs equal to 627 million euros.
During the period the generation of net cash flows was positive and amounted to 732 million euros, after investments of 360 million euros and the payment of dividends for 40 million euros. This cash generation partially offset the effect of the consolidation of the shareholding in Edipower (for 1,083 million euros) on the Net Financial Position which, at the end of 2012, thus amounted to 4,372 million euros (4,021 million at 31 December 2011). The Debt Ratio (Net Financial Position/Gross Operating Margin) was thus reduced from 4.4 (at 31 December 2011) to 4.1.
In view of the positive results of the year, the Management Board thus decided to propose to the Shareholders' Meeting the payment of a dividend of 0.026 euros per ordinary share (0.013 euros in 2012), which will be payable on 27 June 2013 (ex-dividend date 24 June 2013) with record date on 26 June 2013.
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information contained therein.
Source: a2a SpA via Thomson Reuters ONE
