Edison ended 2011 with a net loss of 871 million euros, against the profit of 21 million recorded last year. The decrease is due to write-downs of 928 million euros, of which 591 related to Edipower. The increase in taxation also had an impact.
Good sales revenues, which grew by 15,8% to 12,1 billion eurosthanks above all to the good results of the electricity and hydrocarbons sectors. Ebitda, on the other hand, fell by 26,7% to 1 billion euro. Net financial debt is growing, amounting to 31 billion euro as at 2011 December 3,884, against 3,708 billion at the end of 2010.
To alleviate Edison's debt exposure, for 1,1 billion euros, it should provide the sale of Edipower, launched today by the Board of Directors which in a press release announces that it has "approved the final agreements for the corporate reorganization of Edison and Edipower between the company, A2A, Delmi and Edf as far as it is responsible", then giving a mandate to the CEO to ratify the agreements, even if the sale to Delmi of 50% of Edipower remains linked to certain conditions precedent.
The note released by the company also includes references and forecasts regarding the current fiscal year which, thanks to the renegotiation of gas purchase contracts from Libya and Qatar, should bring Edison's EBITDA for 2012 to the levels of that of 2010, net of Edipower, thus significantly improving the company's financial profile.
The situation on the stock market was not moving where, about an hour and a half after the opening, Edison's share gained 0,36%.
