Results at 30 June 2020: further growth of investments (+29%) and positive signs of resilience of business activities, even in an unfavourable scenario
The results achieved in the first half of 2020 show Gross Operating Profit (EBITDA) of € 473 million, substantially in line with that of last year (-1%), thanks to stabilisation of the margins of the Market BU, organic growth of all the business activities and synergies that have made it possible for the company to cope with a particularly penalising energy and climate scenario, further worsened by the health crisis.
Main financial and economic indicators
- Revenues totalling € 1,826 million (-18.4% compared to € 2,238 million at 30/06/2019). This decrease can be attributed to a particularly unfavourable energy and weather scenario. The drop in revenue was not reflected in margin losses.
- Gross Operating Profit (EBITDA) of € 473 million (-1.0% compared to € 478 million at 30/06/2019). Excluding the net balance for approximately € 20 million of non-recurring items that had a positive influence in the first half of 2019 and the first half of 2020, the EBITDA would be up by 4%. The negative impact generated by the COVID-19 crisis was € 10 million.
- Operating Profit (EBIT) of € 232 million (-10.0% compared to € 258 million at 30/06/2019).
- Group Net Profit attributable to shareholders of € 133 million (-11.9% compared to € 151 million at 30/06/2019).
- Net financial debt of € 2,919 million (+7.9% compared to € 2,706 million at 31/12/2019). The increase was due to the worsening of net working capital also caused by the delay in collecting receivables from customers due to COVID-19 (€ +50 million ) and to the sharp growth of investments (+29%).
- Total organic growth of around 11 million Ebitda.
- Synergies for € 5 million of EBITDA.
- Investments of € 254 million (+29%). The increase was mainly connected with the repowering of the Turbigo plant.
- Solid customer base in the energy sectors (approximately 1.863 million customers), up by over 47,000 compared to 31/12/2019.