Edison closes 2020 with revenues of 6.4 billion euros, Ebitda outperforming expectations at 684 million euros (+13.6% vs. 2019) and profit of 19 million euros. A result achieved thanks to the focus of the group on energy transition

Despite the economic crisis triggered by Covid-19, which negatively impacted 2020 EBITDA by an estimated 59 million euros, the Group’s profit margins are up, thanks especially to renewables. Edison Group closed the 2020 with a return to profit after the -436 million euros in 2019 due to the net loss from E&P activities subject to disposal. The net profit from Continuing Operations, i.e., excluding the discontinued E&P operations, came to 191 million euros in 2020 (+35.5% compared to 2019). The sale of all its operated E&P activities marked a crucial step forward in Edison’s strategic development plan through which it aims to lead Italy’s energy transition.

Milan, February 18, 2021 – Edison’s Board of Directors met yesterday and examined the financial statements at December 31, 2020, which show business performance that exceeded expectations, despite the impact of Covid-19.

In 2020, EBITDA grew by 13.6% to 684 million euros, mainly thanks to the contribution of Electric Power Operations, which benefited from the increase in energy generation from renewables. In the second half of 2019, Edison had expanded its perimeter, becoming Italy’s second largest wind power operator, a position that it has now consolidated by increasing its stake in E2i Energie Speciali to 100%. The contribution of Gas Operations was also positive, driven, among other things, by the optimised flexibility of contracts for the importation of gas via pipeline.

The Group ended 2020 with a return to profit: the net result was positive for 19 million euros, compared to a loss of 436 million euros in 2019, which was more affected by the write-downs of E&P assets held for sale. The net profit from Continuing Operations, i.e., excluding the E&P activities subject to the sale, came to 191 million euros (+35.5% compared to 2019).

Net financial debt at December 31, 2020 is stable at 513 million euros, compared to 516 million euros at December 31, 2019, and is the combined result of a lively dynamic in investments, a positive business performance and the disposal of the Discontinued Operations.

In 2020, the sale of all its operated E&P activities marked a crucial step forward in Edison’s strategic development plan through which it aims to lead Italy’s energy transition, in line with the objectives of Italy’s National Energy and Climate Plan and the European Green Deal.

 

EDISON GROUP HIGHLIGHTS

in millions of euro 2020 (1) 2019 (1)
Sales revenues 6.390 8.198
EBITDA 684 602
EBIT 239 174
Net profit from continuing operations 191 141
Group interest in profit (loss) 19 (436)

(1) In accordance with IFRS 5, the economic items that contribute to the profit from continuing operations: (i) exclude the contribution of the E&P activities in the scope of the sale to Energean, which have been classified as discontinued operations; (ii) include the contribution of the E&P activities in Algeria and Norway, which remain within the Edison perimeter and which were retrospectively reconsolidated as from January 1, 2020. The 2019 figures have been restated accordingly for comparative purposes.

 

To read the full text of the press release, download the attached pdf.

Document download
CONTACTS

Press Office

Elena Distaso

Telephone: +39 02 62228522
Mobile: +39 338 2500609

Email: elena.distaso@edison.it

Lucia Caltagirone

Telephone: +39 02 62228283
Mobile: +39 331 6283718

Email: lucia.caltagirone@edison.it

Antonio Caramia

Telephone: +39 02 62228165
Mobile: +39 366 8342902

Email: antonio.caramia@edison.it

Lorenzo Matucci

Telephone: +39 02 62227806
Mobile: +39 337 1500332

Email: lorenzo.matucci@edison.it

CONTACTS

Investor Relations

Anna Maria Ferrari

Telephone: +39 02 62227953

Email: anna.ferrari@edison.it