Edison, an Italian company active in the energy sector, wholly owned by the French group Électricité de France, closed the budget 2022 with strong growth of Sales revenues a 30,4 billion euros, mainly as a result of the increase in raw material prices. L'Ebitda (the gross operating margin) goes up by 12,4% to 1,1 billion euros (989 million in 2021). Net profit sharply down – 63% to 151 million euros (413 million euros in 2021).
THEfinancial debt as at 31 December 2022 is 477 million euros, compared to 104 million euros recorded as at 31 December 2021.
Il dividend for 2022 it is €0,052 for each savings share and €0,022 for each ordinary share.
Negative impact of the “extra profit” decrees
The 2022 result was driven by the sharp increase in thermoelectric generation volumes, which offset the lower contribution from hydroelectric, and by a greater contribution from Gas Portfolio Activities, in particular through the contribution of the optimization of long-term contracts.
La decline in net profit (- 230 million euros), explains the company in a note, is given by the important negative impact of the decrees "Price cuts", "Aid" and the 2023 Budget Law (which introduced a ceiling on market revenues from renewables) and by the decline in the margins of renewable generation, in particular hydroelectric generation impacted by the record drought of the year.
In 2022 Edison has guaranteed 20% of gas requirements helping to replace imported Russian gas. The company's investments were mainly aimed at growth of renewables where Edison has reached over 1 GW of installed capacity from onshore wind. Also developed the thermoelectric of the latest generation with the two most efficient plants in Europe in Marghera Levante and Presenzano which will start production in 2023.
The current risk for Edison, due to the contraction in profits, is that of reduce investment capacity to achieve the decarbonisation goals and implement the country's energy transition.
