Ebitda amount to 793 million euros, thanks to the good operating performance in all business areas.
Net debt rises to 416 million euros from the 116 million euros at December 31, 2017, as a result of the acquisition of Gas Natural Vendita Italia, Attiva and Zephyro, through which Edison bolstered its activities in sales to end customers and energy and environmental services.
The company also communicates the financial calendar update.
Milan, February 14, 2019 - Edison’s Board of Directors examined the financial statements for the year ended as at December 31, 2018, which closed with a return to profit for the first time since 2014.
The net profit was positive by 54 million euros compared to the loss of 176 million euros recorded in 2017. The strong operating performance in all business areas allowed this result to be achieved, which proves the validity of the strategic decisions taken in the last few years.
In particular, the trend in electric power operations and E&P brought EBITDA well above the expectations. The reduction in the impact of the volatility related to commodities and currency hedges had a particularly positive effect on the net result. At December 31, 2018, net financial debt was 416 million euros compared to 116 million euros recorded at the end of 2017, including the strategic operations of Gas Natural Vendita Italia, Attiva, and Zephyro’s acquisitions, which had an impact of 409 million euros including debt. Through these transactions, Edison confirmed its downstream growth strategy by consolidating its positioning as the third largest operator in the retail market throughout Italy, with 1.6 million contracts and by strengthening its activities in energy efficiency services for industrial businesses, the service sector and public administration.
EDISON GROUP HIGHLIGHTS
| in millions of euros |
2018 full year1 |
2017 full year1 |
|---|
| Sales revenues |
9,159 |
8,783 |
| EBITDA |
793 |
803 |
| EBIT |
199 |
42 |
| Group interest in net Profit/Loss |
54 |
(176) |
Press Release's full text is available downloading the document in PDF format.
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1 On January 1, 2018, two new international accounting standards entered into force: IFRS 15, which applies to “revenue from contracts with customers”, and IFRS 9, relating to financial instruments. In order to improve comparability over time, Edison has decided to apply IFRS 15 retrospectively, by restating 2017 financial statements. As a result of the adoption of this standard, sales revenues decreased, without any impact on EBITDA. The effects resulting from the first adoption of IFRS 9 were instead recorded in equity without restatement of 2017 data.
