(Alliance News) - Edison Rsp Spa reported Tuesday that it closed 2023 with a profit of EUR515 million from EUR151 million recorded in 2022, which was burdened with a tax rate of 74 percent due to the effect of the application of the "extra-profits" decrees.

Sales revenues amounted to EUR18.43 billion, down from EUR30.30 billion in the previous year. The reduction, the company says, is attributable, in particular, to the Gas Activity Branch, which reported revenues down 48 percent to EUR12.13 billion, as a result of the evolution of the price scenario and the contraction of sales volumes. The same dynamics is observed for the Electric Power Sector with revenues down 16 percent to EUR8.34 billion, mainly due to lower thermoelectric production down 9.3 percent.

Renewables are on the rise with hydroelectric production growing by 63% year-on-year, and wind and photovoltaic production increasing by 15% overall, thanks to the commissioning of new plants, increased windiness and a change in the scope of consolidation that took place in July 2022 with the acquisition of Winbis Srl and Cerbis Srl.

Ebitda is EUR1.80 billion, a "record" figure up 71 percent from EUR1.05 billion in 2022. This increase is due to the strong contribution of renewable activities and, in particular, the recovery of hydroelectric production after the severe drought of 2022; as well as the positive contribution of Edison Energia in the Gas&Power segment, which reaches two million contracts in 2023, and of Edison Next's energy and environmental services.

Operating income is EUR796 million from EUR556 million in the previous year.

The proposed dividend is EUR0.075 per share, up from EUR0.022 in 2022.

Financial debt as of Dec. 31 shows a credit balance of EUR160 million, compared to a debt of EUR477 million as of Dec. 31, 2022, mainly due to significant cash generation dictated by robust operating results. "A result that places the group in the best position to achieve its strategic objectives on the security and energy transition front," the note said.

Given the current market environment characterized by high economic, geopolitical uncertainty and a declining gas and electricity price scenario, the Edison group still expects a minimum Ebitda level of EUR1.5 billion for 2024.

The board of directors also approved plans to merge Jesi Energia Spa and Edison Reggane Spa, both of which are directly and wholly owned by Edison, into Edison in order to optimize the Group's corporate structure and reduce related operating costs.

Edison's stock closed Monday at par at EUR1.47 per share.

By Chiara Bruschi, Alliance News reporter

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