Iren's 2017 accounts are good: the Emilian multiutility closed the last calendar year with revenues at 3,69 billion euros, up 12,6% on 2016. This increase is linked to a strong increase in volumes and commodity prices already highlighted during the first nine months of the year. Net income also rose significantly, to 237,7 million, +32,2%, thanks to better financial management, also due to lower liability management costs, better results of companies consolidated using the equity method and a lower tax burden.
“Those presented today in the 2017 financial statements are the best results ever in the history of Iren “, commented the president of Iren, Paolo Peveraro. The Board has proposed a dividend per share of 0,07 euro, an increase of 12% compared to what was distributed last year. Ebitda stood at 820,2 million, +0,7% on 2016, a result which was affected by some non-recurring elements of 2017, including the capital gain linked to the sale of a turbine for the production of electricity for around 14 million and a provision for the new redundancy incentive of -34 million.
EBIT, on the other hand, fell by 1,5% compared to 2016 to 420,3 million due to higher depreciation and amortization connected largely to the expansion, starting from May 2016, of the consolidation perimeter due to Atena and the residual concessions of Società Acque Potabili, the latter acquired at the beginning of 2017. Net financial debt at the end of 2017 fell to 2,372 billion, -85 million since the end of 2016, and benefited from robust cash generation. Gross technical investments made in the period amounted to 357,3 million, up sharply compared to 2016 (+32%).
"The excellent performances recorded in 2017 consolidate the results of previous years and demonstrate the group's ability to adapt quickly and effectively to the profound changes that have characterized and will characterize the world of utilities and energy", commented Massimiliano Bianco, CEO of Iren.
Piazza Affari appreciated the results and rewarded the title which at 10 rises by 1,8% to 2,47 euros while the Ftse Mib fluctuates around parity.
