Edison has returned to positive results (42 million euros compared with the 19 million euros1 loss in the first quarter of 2017) thanks to the good industrial performance of electric power operations and the absence of volatility linked to hedging activities.
Milan, May 4, 2018 - The Edison Board of Directors met today to examine the Quarterly Report at March 31, 2018, which closed with a net profit of 42 million euros, compared to the loss of 19 million euros in the same period of 2017. This result was achieved thanks to the good industrial performance of electric power operations (the EBITDA for the period was +37%) and the recovered stability in commodity hedging activities.
At March 31, 2018, net financial debt rose to 477 million euros from the 116 million euros recorded at the end of 2017 following the acquisition of Gas Natural Vendita Italia which, with roughly 500,000 customers, enabled Edison to expand its customer base while consolidating its role as the third operator in the Italian retail market. This positioning was strengthened in late April with the agreement for the acquisition of Attiva, a company operating in the market of natural gas sales to consumers with a portfolio of roughly 30,000 customers throughout Puglia.
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EDISON GROUP HIGHLIGHTS
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In millions of euros
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3 months 20181
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3 months 20171
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Sales revenues
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2,631
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2,706
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EBITDA
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201
|
229
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EBIT
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95
|
8
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Group interest in net Profit/Loss
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42
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(19)
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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 the EBITDA. The first adoption impacts related to IFRS 9 were recorded in equity without restatement of 2017 data.
