Edison revised upwards its guidance for 2018 EBITDA which will exceed 740 million euros. Net debt at 310 million euros from the 116 million euros as at December 31, 2017 following the acquisition of Gas Natural Vendita Italia, Attiva, and Zephyro.
Milan, October 26, 2018 – The Edison Board of Directors met yesterday to examine the Quarterly Report at September 30, 2018, which closed with a net profit of 87 million euros, compared to the loss of 110 million euros in the same period of 20171, as a result of the good performance of the electric power and the E&P activities as well as of the limited impact of the volatility related to commodities and currency hedges.
Considering the scenario and the results of the period, Edison further improved its guidance for 2018 EBITDA which will exceed 740 million euros.
At September 30, 2018, net financial debt was 310 million euros, compared with 116 million euros recorded at the end of 2017, including the acquisitions of Gas Natural Vendita Italia, Attiva, and Zephyro, which had an impact of 368 million euros including debt. Through these transactions, Edison confirmed its downstream growth strategy by consolidating its positioning as the third largest operator in the Italian retail market 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 |
9 months 20181 |
9 months 20171 |
|---|
| Sales revenues |
6,521 |
6,353 |
| EBITDA |
620 |
647 |
| EBIT |
235 |
84 |
| Group interest in net Profit/Loss |
87 |
(110) |
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Public disclosure obligations pursuant to Consob Resolution No. 11971 of 14.5.1999, as amended.
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.
