Ascopiave, an Italian joint-stock company that operates in the construction and management of networks and plants for the distribution of methane gas and plants for the production and distribution of electricity, closed the budget 2022 with revenues consolidated equal to 163,7 million euro (+21,3% compared to 2021). The expansion of the perimeter to include the newly acquired companies resulted in revenues of 24,9 million euros, of which 11,6 million in the hydroelectric and wind sectors and 13,3 million in gas distribution. The gross operating margin stands at 77,9 million euros (+17,4%) while theNet income consolidated was 32,4 million, a decrease of 28,4% compared to the previous year. The results of the subsidiary weigh on the profits EstEnergy penalized by adverse climatic conditions characterized by high drought. The Roperational result reaches almost 32 million euros (down by 5,7%). The reduction is due to the higher depreciation recorded in 2022 (+€13,5 million), mainly due to the consolidation of the new acquisitions.
Proposed, to the shareholders' meeting, the distribution of a dividend of €0,13 per share, for a total of 28,2 million. If approved, the dividend will be paid on May 4, 2023 with coupon detachment on May 2, 2023.
Cecconato: Positive results despite the difficult period
The President and Chief Executive Officer of Ascopiave, Nicholas Cecconato, commented on the results: “Ascopiave closes the 2022 financial year with positive results, despite the difficult market environment. In 2022 the energy sector went through a unfavorable situation, characterized by high price volatility and regulatory interventions which negatively affected the profitability of operators. As a reflection of this particular situation, the Group had to register a flexion of the proceeds from its participation in EstEnergy, while the new businesses acquired in the renewable energy sector produced lower results than expected due to government measures. It should also be added that this segment was penalized by the adverse climatic conditions characterized byhigh drought which have led to a low production of hydroelectric plants. On the other hand, the Group confirmed its performance in the regulated activities of natural gas distribution, guaranteeing overall substantial stability of operating results. That said, pending the overcoming of the current situation and the return of more stable market conditions, the results achieved and the solidity of the balance sheet encourage us to continue along the path of development and growth outlined in our strategic plan”.
Performance of management and investments
I volumes of gas distributed through the networks managed by the Group companies totaled 1.472 million cubic meters, down by 7,6% compared to 2021. At December 31, 2022 the ryou are managed by the Group has an extension of 14.614 kilometers and connects 901.970 users. During 2022, the hydroelectric and wind plants managed by the Group companies, with a total capacity of 62,5 MW, produced 89,2 GWh of electricity, a figure heavily affected by the significant drought in the period.
During the 2022 financial year, the Group has made investments in intangible and tangible fixed assets for 87,0 million euros, up on the previous year by 33,7 million euros. They mainly concerned the development, maintenance and modernization of gas distribution networks and plants. Investments in renewable energies amounted to 25,1 million, while the investments in corporate acquisitions amounted to €149,3m in 2022, mainly due to equity investments in Asco EG and RomeoGas.
