The Shareholders' Meeting of CVA (Compagnia Valdostana delle Acque – Compagnie Valdôtaine des Eaux SpA) – parent company of the homonymous group operating in the sector of production, distribution and sale of 100% renewable energy (on the free market and on the protected market ) approved the financial statements for the 2018 financial year and the consolidated financial statements of the industrial group to which it belongs, drawn up in accordance with the International Accounting Standards (IFRS). In 2018, the process of growth and diversification in the production of renewable energy continued, reaching, thanks to a series of acquisitions, an installed capacity of 933 MW hydroelectric, 158 MW wind and 13 MW photovoltaic.
The Group's gross operating margin (EBITDA) as at 31 December 2018 amounted to Euro 141 million, up by 16,6% compared to 2017, with an operating margin in terms of incidence on revenues increasing (+2,3 %) and passed from 14,4% in 2017 to 16,7%. This result is mainly due to the higher volumes of energy produced (from 2.705 GWh in 2017 to 3.380 GWh in 2018, the best result ever in the history of CVA). Furthermore, the acquisitions of a wind farm in Pontedera (installed capacity: 8 MW; annual production: approximately 10 GWh) and a wind park in Monteverde (installed capacity: 37.95 MW; annual production: approximately 73 GWh) During 2018, CVA continued to work in the direction of increasing efficiency, with a containment of operating costs, which fell by 2%, going from 718,1 million in 2017 to 703,6 million in 2018.
The net operating margin (EBIT) amounted to Euro 91 million (+44,2% compared to 2017). As at 31 December 2018, the consolidated net profit was growing sharply and amounted to 64 million euros (+53,8% on 2017), of which 62,7 million euros attributable to the Group. Net financial debt as at 31 December 2018 amounted to 173,5 million euros, (+21,3% compared to the end of 2017), while the Group's shareholders' equity amounted to 794,5 million euros (- 1,5% compared to the end of 2017). “The results obtained in 2018 – declares Enrico de Girolamo, CEO of CVA – confirm the excellent state of health of the CVA Group, which during the last financial year has seen important improvements in all the fundamentals representative of its technical situation, economic, financial and patrimonial".
“This situation – continues de Girolamo – allows us to look to the future with optimism, with the concrete prospect of positioning the CVA Group among the reference companies at European level in the production of electricity from renewable sources, with important repercussions also on the economic fabric Valle d'Aosta". “Once again in 2018 the CVA Group - adds Marco Cantamessa, President of CVA - demonstrated its ability to generate significant economic value with a view to full environmental sustainability, according to a strategy which, as a vertically integrated pure green energy operator, makes it unique in the national panorama. I feel it is my duty to thank all the collaborators who, in the various companies of the Group, have made these important results possible with their professionalism and dedication. CVA therefore looks to future challenges with confidence, in a context that promises to be characterized by increasingly rapid changes and an intensification of competition along all stages of the value chain".
