Despite the economic crisis triggered by Covid-19, which had an estimated negative impact of 63 million euros on EBITDA for the period, net profit from Continuing Operations, i.e. excluding the E&P activities held for sale, came to 102 million euros (147 million euros in the same period of 2019). The Edison Group’s net result, which includes the E&P activities held for sale, was a negative 78 million euros (-373 million euros in the first 9 months of 2019).
The 2020 EBITDA forecast issued before the Covid 19 emergency, included in a range between 560 and 620 million euros, is revised upwards between 585 and 635 million euros thanks to the positive industrial performance recorded in the period, despite the effects of the pandemic.
Milan, November 6, 2020 – Edison’s Board of Directors, which met yesterday, examined the Quarterly Report at September 30, 2020, which highlighted the effectiveness of the Group’s strategic choices and the ability to register a positive industrial performance in a market context heavily compromised by the Covid-19 pandemic and the measures adopted to contain its spread.
In the first nine months of the year, Edison recorded 7.1% growth in EBITDA, up to 511 million euros (477 million euros in the same period of the previous year), thanks primarily to the contribution of renewables and, in particular, to hydroelectric and wind production, which offset both the lower contribution from thermoelectric generation and the decline in downstream volumes, especially due to the lockdown. Please recall that last year, Edison expanded its perimeter in renewables, becoming the second wind operator in Italy, laying the foundations for development in the photovoltaic sector, and affirming its position as an integrated player throughout the entire business segment.
Net financial debt at September 30, 2020 stood at 645 million euros from 516 million euros at December 31, 2019. Edison maintains a solid economic and financial profile and can draw on significant liquidity reserves to support both its operating requirements and business development plans.
EDISON GROUP HIGHLIGHTS
| in millions of euros |
9 months 2020 (1) |
9 months 2019 (1) |
|---|
| Sales revenues |
4,521 |
6,114 |
| EBITDA |
511 |
477 |
| EBIT |
169 |
207 |
| Profit (Loss) from continuing operations |
102 |
147 |
| Group interest in Profit (Loss) |
(78) |
(373) |
(1) Pursuant to IFRS 5, the economic items that contribute to the result from Continuing Operations: (i) exclude the contribution from E&P activities falling under the scope of the sale to Energean and classified as Discontinued Operations; (ii) include the contribution of E&P activities in Algeria and Norway which remain under the ownership of Edison, whose sale was no longer considered likely in the short-term, and which were re-consolidated retrospectively from January 1, 2020. The values of the first 9 months of 2019 were subsequently re-stated to allow a homogeneous comparison.
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