The contribution in kind to Edison of Fenice, the EDF Group company specialized in energy and environmental services, is approved.
Milan, February 16, 2016 – Edison’s Board of Directors, meeting yesterday, reviewed the annual financial statements for the year ended December 31, 2015 and approved a corporate reorganization project that will bring under Edison’s control the activities of Fenice, the EDF Group company specialized in energy solutions and environmental services.
Edison ended 2015 with a sharp gain in EBITDA, which rose to 1.3 billion euros, boosted by the successful conclusion of the last gas supply contract arbitration and thanks to a program to curtail operating cost. The negative net result reflects the effect of after tax writedowns totaling 1.3 billion euros, recognized to align asset values with a lower profitability environment in the energy markets. Edison also generated a positive cash flow of more than 600 million euros in 2015, which contributed to strengthening the Group’s financial profile (debt/Ebitda ratio close to 1).
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