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03/12/14 - €1.36
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12/16/14 - €0.82
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iren spa (IRE) Details

Iren S.p.A., a multiutility company, is primarily engaged in the production, distribution, and sale of electricity in Italy. It produces electricity principally from hydroelectric and renewable sources. The company also produces and sells heat; and distributes and sells gas and district heat. It distributes electrical energy through its 7,439 kilometers of low, medium, and high voltage networks to approximately 691,000 customers in Turin and Parma; and gas through its 9,000 kilometers network to approximately one million customers. In addition, the company is involved in the provision of technological services that include network engineering services to the markets comprising IT, modelling, and simulation, as well as upgrading services for technological networks; and design and management of waste treatment and disposal plants, as well as management of production plants for district heating. Further, it is engaged in the collection and disposal of waste; sale and distribution of water; and provision of water treatment and sewerage services. Additionally, the company provides street and traffic light services; telecommunications services; and services for the management of air conditioning systems in public buildings. It is also involved in the management of heating and electrical systems; management of technological systems at sports and public service facilities; and maintenance of public parks, snow removal, and cemetery services. The company sells approximately 3.2 billion cubic meters of gas; approximately 17,053 GWh of electrical energy; and 2,980 GWht of heat for the district heating networks, as well as operates 12 hydroelectric plants and 8 thermoelectric cogeneration plants. Iren S.p.A. is headquartered in Reggio Emilia, Italy.

4,504 Employees
Last Reported Date: 11/12/14

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iren spa (IRE) Key Developments

A2A And Iren merger Possible

A merger between Iren SpA (BIT:IRE) and A2A S.p.A. (BIT:A2A) is possible. Giovanni Valotti, Chairman of Italy's utilities federation Federutility, does not rule out a merger of Iren and A2A and says the merger could take place in the medium term, the official told daily Quotidiano Energia in an interview. No path should be ruled out in the medium term, but much will depend on trends and conditions, he said.

Iren SpA Reports Consolidated Earnings Results for the Nine Months Ended September 30, 2014

Iren SpA reported consolidated earnings results for the nine months ended September 30, 2014. For the period, the company reported consolidated revenues in the first nine month of 2014 amounts to EUR 2,071.4 million, a 14.3% fall compared to the EUR 2,416.7 million reported in the same period in 2013, in line with the sector and the last quarters trend, mainly due to a reduction in gas and heat volumes sold linked to the mild winter season, and due to a drop in the electricity price which reached its lowest ever level in July. Ebitda stands at EUR 484.3 million and, despite the reduction in revenues, is slightly up compared to the EUR 482.8 million in the first nine months of 2013, not only confirming, but even improving on the positive trend showed in the first quarter of the year. The positive balance, then, between the excellent results obtained in the regulated sectors, primarily the Integrated water service and Integrated waste cycle areas, and the ones achieved in the energy sector, led to a rise in the Ebitda margin to 23.4%. Moreover, the EBITDA is positively affected by operating synergies achieved and a EUR 21 million capital gain, deriving from the Real Estate Fund set up in 2012, already 2 reported at the close of the first half of the year. Operating profit totaled EUR 282.7 million, a growth compared to the EUR 274.5 million reported in the first nine months of 2013. The operating profit reflects the EBITDA trend and, in addition, benefits from lower provisions which more than offset the increase in depreciation and amortization linked largely to the new plants entering the group's perimeter. Net profit from stands at EUR 88.8 million, a decrease of 10.7% drop compared to the EUR 99.4 million reported at September 30, 2013 but a strong recovery on the first half of the year. This performance is mainly influenced by the operating results and by the effects of the companies consolidated with the equity method. Net financial debt at the end of the first nine months 2014 stood at EUR 2,281 million, a slight growth compared to the EUR 2,192 million at December 31, 2013 mainly due to the capex for the acquisition of a further 24% stake in TRM V S.p.A. and 49% in Tecnoborgo S.p.A, to the public takeover for Società Acque Potabili, in addition to the distributed dividend. Profit before tax was EUR 193,809,000 against EUR 207,189,000 a year ago. Profit for the period from continuing operations was EUR 102,157,000 against EUR 107,966,000 a year ago. Operating cash flow was EUR 189,424,000 against EUR 255,058,000 a year ago. Investments in tangible and intangible assets were EUR 175,490,000 against EUR 158,582,000 a year ago.

Milan's Mayor Plans To Sell Stake In A2A

A2A S.p.A. (BIT:A2A) and Iren SpA (BIT:IRE) may resume once the Milan and Brescia administrations complete a planned stake sale in A2A, Milan's mayor Giuliano Pisapia said in a statement, replying to Turin's mayor Piero Fassino. Milan's city administration approved in June a proposal to extend the deadline of the sale of a combined 5.12% stake Milan and Brescia hold in A2A by December 31, 2014, in view of the fact that the stock trades firmly below €0.91, the minimum price they had agreed for the sale of the stake. Milan's mayor also said that the government's commitment to reduce the number of companies held by municipalities is not only positive but also necessary.


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