1 Table of Contents 2
1.1 List of Tables 5
1.2 List of Figures 5
2 Company Snapshot 6
2.1 Key Information 6
2.2 Company Overview 6
2.3 Industry Outlook – Hydro 6
2.4 Industry Outlook – Power Generation 7
2.5 SWOT Snapshot 8
3 Operational Metrics 9
3.1 A2A SpA, Operational Metrics, By Capacity 9
3.2 A2A SpA, Operational Metrics, By Generation 9
3.3 A2A SpA, Operational Metrics, By Transmission 9
3.4 A2A SpA, Operational Metrics, By Distribution 10
3.5 A2A SpA, Operational Metrics, By Sales 10
4 A2A SpA, Hydro Power Plants 11
4.1 A2A SpA, Hydro Power Plants, Italy 11
5 A2A SpA, Biomass Power Plants 12
5.1 A2A SpA, Biomass Power Plants, Italy 12
6 A2A SpA, Thermal Power Plants 13
6.1 A2A SpA, Thermal Power Plants, Italy 13
7 Business Description 14
7.1 Business Overview 14
8 Major Products and Services 16
9 History 17
10 SWOT Analysis 18
10.1 Overview 18
10.2 A2A SpA Strengths 18
10.2.1 Market Player 18
10.2.2 Diversified Business Portfolio 19
10.2.3 Expanding Market Share in Sector 19
10.3 A2A SpA Weaknesses 19
10.3.1 Operational Inefficiency 19
10.3.2 Limited Geographic Presence 19
10.3.3 Declining Operating Margin 19
10.4 A2A SpA Opportunities 20
10.4.1 Acquisition of Aspem SpA 20
10.4.2 Increasing Demand for Renewable Energy 20
10.4.3 Italian Electricity Demand 20
10.4.4 Positive Outlook for Natural Gas in Italy 20
10.5 A2A SpA Threats 21
10.5.1 Stringent Governing Regulations 21
10.5.2 Economy Dropdown in Domestic Market 21
10.5.3 Volatility in Electricity Prices 21
10.6 Financial Ratios - Capital Market Ratios 22
10.7 Financial Ratios - Annual Ratios 22
10.8 Financial Ratios - Interim Ratios 23
11 Key Employees 24
12 Company Statement 25
13 Locations And Subsidiaries 28
13.1 Head Office 28
13.2 Other Locations & Subsidiaries 28
14 Financial Deals Landscape 29
14.1 A2A SpA, Deals Volume Summary, 2004 to YTD 2010 29
14.2 A2A SpA, Deals Summary By Region, 2004 to YTD 2010 30
14.3 A2A SpA, Deals Summary, 2004 to YTD 2010 31
14.4 A2A SpA Detailed Deal Summary 32
14.4.1 Acquisition 32
14.4.2 Debt Offerings 43
14.4.3 Partnerships 44
15 Recent Developments 48
15.1 Operations Updates 48
15.1.1 Sep 03, 2009: Montenegro, A2A Sign Power Utility Contract 48
15.2 Financial Announcements 49
15.2.1 Nov 12, 2009: A2A Reports Total Revenues Of EUR1.23 Billion In Q3 2009 49
15.2.2 Aug 06, 2009: A2A Reports Net Income Of EUR144 Million In H1 2009 51
15.2.3 May 13, 2009: A2A Reports Net Income Of EUR99 Million In Q1 2009 54
15.2.4 Mar 25, 2009: A2A Reports Net Income Of EUR347 Million In 2008 57
15.3 Strategy and Business Planning 59
15.3.1 Dec 27, 2009: A2A To Unveil Nuclear Plans In 2010 59
16 Appendix 60
16.1 Methodology 60
16.1.1 Coverage 60
16.1.2 Secondary Research 60
16.1.3 Primary Research 61
16.1.4 Expert Panel Validation 61
16.2 Contact Us 61
16.3 Disclaimer 62
1.1 List of Tables
Table 1: A2A SpA, Key Facts 6
Table 2: A2A SpA, Operational Metrics, Capacity 9
Table 3: A2A SpA, Operational Metrics, Generation 9
Table 4: A2A SpA, Operational Metrics, Transmission 9
Table 5: A2A SpA, Operational Metrics, Distribution 10
Table 6: A2A SpA, Operational Metrics, Sales 10
Table 7: A2A SpA, Hydro Power Plants, Italy 11
Table 8: A2A SpA, Biomass Power Plants, Italy 12
Table 9: A2A SpA, Thermal Power Plants, Italy 13
Table 10: Major Products and Services 16
Table 11: A2A SpA, SWOT Analysis 18
Table 12: A2A SpA, Ratios based on current share price 22
Table 13: A2A SpA, Annual Ratios 22
Table 14: A2A SpA, Interim Ratios 23
Table 15: A2A SpA, Key Employees 24
Table 16: A2A SpA, Other Locations 28
Table 17: A2A SpA, Subsidiaries 28
Table 18: A2A SpA, Deals Summary, 2004 to YTD 2010 29
Table 19: A2A SpA, Deals Summary by Region, 2004 to YTD 2010 30
Table 20: A2A SpA, Deals Summary, 2004 to YTD 2010 31
Table 21: Societa Esercizi Aeroportuali Acquires 49% Stake In Malpensa Energia 32
Table 22: A2A Acquires 90% Stake In Aspem 33
Table 23: A2A Acquires 6% Of Ecodeco 34
Table 24: A2A Acquires 100% Share Capital Of Cofathec Coriance Sas 35
Table 25: Aare-Tessin Acquires A2A 37
Table 26: A2A Sells 40% Stake In Proaris To Municipality Of Sesto San Giovanni 38
Table 27: ACSM Acquires Stakes In Serenissima Gas And Serenissima Energia 39
Table 28: AEM Acquires Minority Stake In Aare-Tessin 40
Table 29: Atel And Other Edipower Consortium Acquires Eurogen 41
Table 30: A2A Completes Private Placement Of Bonds For $1.46 Billion 43
Table 31: A2A, Iride And ZMB Forms Joint Venture Company A2A Beta 44
Table 32: A2A Acquires Power Generation Plants From E.ON Produzione 45
Table 33: A2A Completes Project Financing Of $147 Million For Gissi CCGT Power Plant 46
Table 34: Terna Group To Acquire Electricity National Transmission Grid From A2A 47
1.2 List of Figures
Figure 1: A2A SpA, Deals Volume Summary, 2004 to YTD 2010 29