By Liam Moloney
A2A SpA (A2A.MI), Italy's biggest municipal utility by revenue,
said Thursday it expects to report higher earnings under the
2013-15 plan, published earlier Thursday, after letting go of joint
control of Edison SpA in exchange for new energy assets and as it
reduces debt.
A2A said third-quarter results swung to a net profit thanks to
the consolidation of energy asset Edipower.
A2A delayed publishing a new business plan in recent years while
it negotiated with Electricite de France SA (EDF.FR) over their
joint control of Edison. The two companies agreed on a deal, which
was completed early this year, in which A2A receives some energy
assets and EDF sole control of Edison.
The company's third-quarter net profit was 53 million euros
($68.4 million), compared with a EUR6 million net loss in the same
period last year, while revenue stood at EUR1.63 billion, up from
EUR1.29 billion.
Earnings before interest, tax, depreciation and amortization,
known as Ebitda, was EUR292 million, compared with EUR183 million a
year earlier.
A Dow Jones Newswires survey of five analysts estimated an
average net profit of EUR55.0 million on revenue of EUR1.53
billion. The average forecast for Ebitda was EUR240.3 million.
A conference call is slated for 1400 GMT Thursday.
The Italian company expects Ebitda to be EUR1.3 billion in 2015,
or EUR280 million higher from the one forecast for 2012. Net debt
is expected to drop about EUR1.4 billion over the same period.
Write to Liam Moloney at liam.moloney@dowjones.com
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