Edison’s Board of Directors Reviews the Annual Report at December 31, 2006
EDISON: NET PROFIT JUMPS TO 654 MILLION EUROS (+30%)
The Board recommends a dividend of 0.048 euros per common share (+26%)
Net borrowings sharply down at 4,256 million euros
Milan, February 19, 2007 – Edison’s Board of Directors met today at the Company’s Foro Buonaparte headquarters to review the Annual Report at December 31, 2006.
In 2006, Edison earned record results. These results reflect a strong performance by the electric power operations, which benefited from the full availability of the Candela (380MW), Altomonte (770MW) and Piacenza (792MW) power plants and the commissioning of another facility in Torviscosa (770MW).
Even though the first half of the year was characterized by the so-called natural gas emergency, which made it impossible to increase the available supply and, consequently, sales, the hydrocarbons operations were able to report improved results, thanks to the beneficial impact of renegotiated prices for gas purchased under certain long-term contracts and to favorable conditions in the oil market that allowed for better results in the hydrocarbon production businesses.
The synergistic relationships that the Company is developing with its shareholders began to bear fruit. Specifically, sales activities of EdF in Italy were integrated in Edison and the Group began to develop collaborative projects with AEM and other Delmi shareholders, which will provide a foundation for a further profitable expansion of the industrial and commercial relationship between these two companies.
In 2006, sales revenues increased by 28.6% to 8,523 million euros (6,629 million euros in 2005), EBITDA were up about 19% to 1.536 million euros (1.288 million euros in 2005) and EBIT grew to 17.7% to 752 million euros (639 million euros in 2005).
The net profit rose to 654 million euros, or 29.8% more than in 2005 (504 million euros).
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