Investors

Iren, the Board of Directors approves the fiscal year results at 30 September 2022

3 Nov 2022

The Board of Directors of IREN S.p.A. today approved the consolidated financial statements as at 30 September 2022.

  • Gross investments in excess of EUR 1 billion, up 1.8 times compared to 30 September 2021, allocated to renewable and waste treatment plant development and distribution network resilience, resulting in a 4% increase in EBITDA to EUR 759 million.

  • Group net profit, at EUR 138 million, fell by -43%, also due to the impact of government measures.

  • Excellent management of net working capital, despite a significant increase in turnover, the bill instalment facility granted to companies and households, and the substantial investment in gas storage to secure winter supplies.

  • The consolidation of Sei Toscana and the new hires, resulting in 1,500 people joining the Group, bring the total number of Iren employees to over 10,500.

Main indicators

  • Gross Operating Margin (EBITDA) in the amount of EUR 759 million (+4% compared to EUR 731 million as at 30/09/2021). The EUR 28 million increase in EBITDA is mainly driven by the 'capacity market' consideration for electricity generation activities, organic growth in regulated sectors (Networks and Environment), and investments and acquisitions made in photovoltaic renewables. Overall growth was partially reduced by the impact of the drought on the energy supply chain and higher operating costs related in particular to higher energy prices.

  • Group net profit attributable to shareholders of EUR 138 million (-43% compared to EUR 241 million as at 30/09/2021). The 2022 result includes the full negative impact of the Solidarity Contribution estimated at EUR 31 million for the year and compares with the 2021 result, which was positively impacted by EUR 32 million of non-recurring tax income and EUR 9 million of other contingent assets.

  • Net financial debt at EUR 3,857 million (+32.7% compared to EUR 2,906 million as at 31/12/2021). The investments made during the period and the increase in gas storage contributed to the growth in net debt, which remains under control thanks to cash generation and excellent management of commercial net working capital.

  • Gross investments amounting to EUR 1,073 million, up 1.8x compared to 30/09/2021, of which EUR 557 million in technical investments, EUR 320 million in investments in M&A transactions and EUR 196 million regarding building energy requalification works.

  • Iren's sustainable growth continues, with numerous performance indicators ahead of the Plan's forecasts: biomethane production more than doubled compared to last year, the number of inhabitants served by waste collection activities increased, energy efficiency and service quality increased sharply, with a -4% drop in water withdrawals per inhabitant per day.

"The results that have just been approved highlight a strengthening of the Iren group both at the level of the capacity of renewable energy production in particular photovoltaic and at the territorial level of Iren with the expansion of the basin of inhabitants served by the waste collection activity, which now stands at 3.8 million inhabitants, and a sharp increase in the energy efficiency of buildings favouring a simultaneous urban requalification," declares Luca Dal FabbroPresident of Iren. "Moreover, the recent consolidation of SEI Toscana and the new hires, of which more than 50% concern young people under 30, allow Iren to welcome 1,500 new people who represent the basis of future development."

 

In a year in which external phenomena such as the extreme volatility of the energy scenario and the severe drought occurred, the Group nevertheless achieved growth thanks to the plant development and mitigation actions undertaken," says Gianni Vittorio ArmaniIren's CEO and General Manager. "Investments as at 30 September exceeded EUR 1 billion for the first time in Iren's history, showing how, even in difficult times, the Group is able to maintain a long-term outlook and achieve the Plan's targets with positive performance in terms of sustainability: +17% of material recovered in our plants, -4% of water withdrawals in the period, and reaching, to date, 100mmc of district heating volumes. Finally, in such a difficult context, it is worth highlighting how the Group has guaranteed relevant savings to its customers, thanks to an average commodity price 40% lower than the tariffs of the protected market and has ensured the district heating bonus for the next heating season as well."

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