Edison closes 2017 with revenues of 9,94 billion euros, down 10% on 2016, and an EBITDA up 23%, to 803 million. The net result was in the red for 176 million, against the 389 million loss in 2016, and – indicates a note from Edison – was affected by the temporary effect of the volatility associated with commodity and exchange hedging activities and impairment losses mainly on E&P activities.
Net financial debt at December 31, 2017 fell sharply to 116 million euros (1,06 million at the end of 2016), creating the conditions - adds the note - to allow Edison to strengthen its position in renewables, energy efficiency and expand the customer base, as will happen with the acquisition of the Italian activities of Gas Natural, expected by the end of February 2018.
The improvement in EBITDA derives from the good performance of all business areas and from the cost containment plan: the actions implemented last year allowed a further reduction in operating costs which amounted to almost 20% over the three-year period. In a market context characterized by a less favorable price and margin scenario than in 2017, Edison expects EBITDA for 2018 to be in the range between 670 and 730 million euros.
