The shareholders' meeting of Sorgenia SpA approved the company's 2015 financial statements and the consolidated financial statements of the industrial group to which it belongs.
The 2015 financial statements, accompanied by the favorable opinion of the auditors and the board of statutory auditors, present evidence of the initiatives implemented last year, which led to incisive improvement actions.
In a particularly complex market context, consolidated revenues amounted to 1.383 million euros and EBITDA (or Gross Operating Margin) amounted to 39,8 million euros.
Net profit amounted to 340,5 million euros, mainly due to the effect of non-recurring net income relating to the extraordinary restructuring operations implemented by the group.
The press release underlines that, during 2015, Sorgenia generated approximately 180 million euros of cash, before debt servicing. Part of this cash was used to repay 70 million euros of debt to the lending banks and to pay 25 million euros of financial charges.
At the end of 2015, the group's debt amounted to 1.033 million euros, a decrease of 40% compared to 2014. The improvement, explains the press release, is essentially due to the effects of the disposal of investments made in renewable energies and to the restructuring which, in addition to involving a new shareholding structure formed by the main financial institutions of the country, has strengthened the shareholders' equity, which at the end of the year amounted to 352,6 million euros.
