Milan, July 28, 2016 – Edison’s Board of Directors, meeting yesterday, reviewed the Semiannual Report at June 30, 2016, which shows a significant increase in EBITDA for the period that reflects primarily a more reasonable profitability in gas wholesale and retail activities. The revision of the gas purchase cost from Libya, combined with an increase in sales volumes of natural gas, boosted the results of the hydrocarbons operations, providing an offset for the performance of the E&P activities and the electric power operations. In the first-half of the year operating costs decreased by further 27 million euros compared to the same period of 2015 at the same scope of consolidation, thanks to programs launched by the Company to cut operating costs, which already led in entire 2015 to savings for 100 million euros. The net result, negative by 67 million euros (-207 million euros in the same period in 2015), is affected by the impact of the volatility of commodity and foreign exchange hedging activities.
The results for the first half of the year take into account the Group’s new scope of consolidation, which now includes Fenice (the company specialized in energy efficiency and environmental services consolidated as of April 1), Cellina Energy (resulting from the swap of Edison’s stakes in Hydros and SelEdison with Alperia’s investment in Cellina Energy, the company that controls the hydroelectric hub on the Cellina River, consolidated line by line as of June 1) and the activities, also in the hydroelectric sector, of IDREG (acquired at the end of May)[1].
Excluding the non-recurring effect related to the swap with Alperia, the impact on half year Ebitda is not relevant.
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