Edison closes the year 2021 with revenues at 11.7 billion euros (vs. 6.4 billion euros in 2020), Ebitda above guidance at 989 million euros (+45% vs. 2020) and net profit at 413 million euros (vs. 19 million in 2020)

The strong results reported in 2021, after a 2020 significantly impacted by the pandemic, allows Edison to distribute a dividend of 0.285 euros per each savings share and 0.055 euros per each ordinary share

Milan, February 17, 2022 – Edison’s Board of Directors met yesterday and examined the financial statements at December 31, 2021, which, after a 2020 significantly impacted by pandemic and by energy consumptions decrease, show a solid growth in all economic indicators and a strong performance of all activities. These results are mainly driven by the strong economic recovery and by portfolio transactions that strengthened the strategic positioning of the company towards the energy transition businesses: low-carbon generation, in particular renewable, efficient use of gas and energy services to customers. The company also reinforced its commitment to sustainable development goals of the 2030 Agenda.

The EBITDA grew to 989 million euros, with a 44.6% increase compared to 2020, mainly due to the contribution of Electric Power Operations. This is in particular driven by strong performance on ancillary services and renewable production. The improvement in profitability was also supported by the good results of the energy efficiency services and sales to the retail market divisions, after a 2020 significantly impacted by the pandemic and weather conditions reducing energy demand. Gas Operations saw an increase in volumes sold and the disposal of Infrastrutture Distribuzione Gas (IDG).

The Group ended 2021 with a profit for the year of 413 million euros, compared to 19 million euros in 2020. This result was due to the solid business performance - boosted by the economic recovery - which, despite the non-recurring items related to non-Energy Activities1 was positively impacted by the exercise of the option to realign the fiscal values of some assets and goodwill. The current net result2 reached 463 million euros.

Financial debt3 at December 31, 2021 decreased to 104 million, from 520 million euros at December 31, 2020. The industrial performance allowed a 20% growth in investments in low-carbon generation (two last-generation thermoelectric power plants in construction in Veneto and Campania), in renewable production and in energy and environmental services. Cash position was boosted by extraordinary operations linked to the strategic repositioning of the company: the disposals of both the E&P assets in Norway and IDG, as well as the entry of a financial partner in Edison Renewables capital, following the 70% purchase of E2i Energie Speciali. This positive impact was partially offset by the highly volatile market price context which led to a material increase in working capital requirements in the second half of the year. This phenomenon is expected to be temporary.

 

HIGHLIGHTS GRUPPO EDISON

in millions of euros 2021  2020
Sales revenues 11,739 6,390
EBITDA 989 684
EBIT 466 239
Profit from continuing operations 431 191
Group interest in profit (loss) 413 19

 

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