Net loss of 176 million euros (loss of 389 million euros in 2016) due to the volatility connected with hedging activities and the write-downs resulting from the deterioration of the long-term view of the commodity scenario.
Indebtedness improved considerably to 116 million euros, from 1,062 million euros as at December 31, 2016, which will allow the Company to support development in renewables, energy efficiency and the retail market.
Milan, February 15, 2018 – Edison’s Board of Directors met yesterday to examine the financial statements as at December 31, 2017, which closed with significantly better operating results than expected, thanks to the Company’s ability to seize the opportunities offered by the recovery in the Italian economic situation and the energy market. During the period all business areas, and in particular thermoelectric generation and E&P, recorded a significant increase in margins, benefiting from the increase in demand and prices of electricity, gas and oil. The achievement of this result was also partly due to the change in the scope of consolidation relating to the energy and environmental services area, which includes the results of Fenice1, and the additional costs savings implemented by the Group. The net loss of 176 million euros (-389 million euros in 2016), was impacted by the temporary effect of the volatility of commodity and currency hedges and by impairment write-downs, primarily relating to E&P assets.
Net financial debt as at December 31, 2017 has still considerably declined, to 116 million euros, creating the best conditions to allow Edison to strengthen its position in renewables, energy efficiency and to expand its customer base, which will materialise with the acquisition of the Italian operations of Gas Natural, planned for the end of February 2018.
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EDISON GROUP HIGHLIGHTS
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In millions of euros
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FY 2017
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FY 2016
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|
Sales revenues
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9,940
|
11,034
|
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EBITDA
|
803
|
653
|
|
EBIT
|
42
|
(260)
|
|
Group interest in net loss
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(176)
|
(389)
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Public disclosure obligations pursuant to Consob Resolution No. 11971 of 14.5.1999, as amended.
1 Fenice has been consolidated since April 1, 2016.
