A2a closed 2017 with record profits. In detail, profit before taxes and net of write-downs reached i 489 million euros, up 31% compared to the previous year, according to the preliminary data of last year approved by the group's board of directors.
THEEbitda settled at 1,2 billion, "in line with the record figure for 2016 which however included the contribution of the Montenegrin Epcg for 69 million", while the net financial position – impacted by the deconsolidation of Epcg and the M&A – grew to approximately 3,23 billion from 3,14 billion as at 31 December 2016 with a ratio to EBITDA of 2,7 times. Net of the non-recurring components and the contribution of the EPCG, A2017A's gross operating profit in 2 rose to 1,1 billion (+10% on 2016); also all the business unit “show an ordinary result higher than that recorded in 2016”.
The board of directors of the Lombard multi-utility also approved the results of the impairment test (entrusted to an independent third party) which resulted in goodwill write-downs of 34 million. Overall the net adjustments balance sheet amount to 94 million, including the 60 million associated with the exercise of the put option on the EPCG. The investments, net of Epcg, they amounted to 450 million (+29%).
“We are really happy for another financial year which ended very positively in which we increased investments in the territories and operational efficiencies in line with our strategic plan”, commented the managing director Valerio Camerano. “The economic-financial results represent the confirmation of the company's ability to grow in all the industrial sectors chosen”.
Il President Giovanni Valotti on the other hand, he considers 2017 “a very positive year for A2a. The economic-financial results are accompanied by a consolidation of the growth process and strategic reorientation of the company. Competitiveness, innovation and sustainability are the drivers on which we will continue to base our ambitious development projects".
Finally, it should be underlined that, based on what is stated in the note issued by the company, the board of directors has authorised the issuance of one or more bonds unsubordinated, unsecured and non-convertible, under the Emtn Programme, up to a total maximum of one billion euro, by 30 April 2020.
The board of directors of the group has mandated the president and the managing director to implement the resolution. "The proceeds deriving from the issue of the bond loans - the company states - may be used, among other things, to finance or refinance the group's investments or to maintain suitable levels of liquidity or be used for one or more liability transactions management.” The decision fits into the context of the medium-term financial strategy of the group "also aimed at guaranteeing efficient management of the group's repayment profiles, at lengthening the average life of the debt and at supporting the rating".
At Piazza Affari the title dropped 0,3% against a stock market performance of -0,9%.
