The A2A board of directors approved the preliminary accounts for 2016 which show a record gross profit of 1,22 billion (+16%) and a pre-tax profit, net of write-downs, of 350 million (from 76 million in 2015). At the same time, the board approved the results of the impairment test process which saw net write-downs of assets, goodwill and equity investments totaling 261 million - in reality the adjustments amounted to 312 million and are mainly linked to the Monfalcone plant for 202 million and to other combined cycle plants for 68 million. Investments grew by 22% to 420 million and operating cash flow amounted to 230 million.
The net financial position, which takes into account the first consolidation of Lgh (of which A2A holds 51%), rose to 3,14 billion but the ratio with the gross operating profit, compared to last December 31st, dropped from 2,8 .2,6 to 2016 times. 'We have obtained a very important result which confirms the continuous improvement of the company businesses, of operating efficiency, of the investment capacity and cash generation', underlines the CEO Valerio Camerano. 'In the face of unfavorable market scenarios and within an increasingly competitive context, the 2 results testify to AXNUMXA's ability to innovate on an ongoing basis - said Giovanni Valotti, chairman of the group - This confirms the validity' of a significant strategic change imprinted on the company'.
