Edison sees decrease in sales revenues

Edison sees decrease in sales revenues

BAKU, Azerbaijan, Feb. 20

By Leman Zeynalova – Trend:

Italy’s Edison closed 2019 with sales revenues of 8,168 million euros, compared to 8,728 million euros in 2018, Trend reports citing the company.

As the report released by Edison shows, the decrease was caused by the performance of Natural Gas activities, with revenues of 4,862 million euros, down from 5,657 million euros in 2018 mainly as a result of the price scenario.

“Electric Power Operations recorded a growth in revenues of 10.4 percent, up to 4,159 million euros, thanks to the production start of new wind power plants, the acquisition of EDF EN Italia, and the increase in thermoelectric production (+7.5 percent),” said the company.

The Energy and Environmental Services Division also contributed to the results of Electric Power Operations, recording an increase of 13.6 percent in revenues in 2019, up to 507 million euros, due to the contribution of the subsidiary active in the public administration segment, Zephyro, now Edison Facility Solutions, according to the report.

“The profit before taxes rose to 140 million euros from 122 million euros in 2018. The result was impacted by net financial expense of 42 million euros, an increase compared to 8 million euros recorded in 2018, primarily due to the consolidation of EDF EN Italia and the one-off refinancing costs of some of its subsidiaries,” said Edison.

Edison said it closed 2019 with a net loss of 479 million euros compared to a net profit of 54 million euros in 2018.

“The result was impacted by the net loss of 562 million euros from E&P activities being divested (reclassified under Discontinued Operations) which were affected, among other things, by the negative evolution of Brent and gas market scenario and the regulatory decisions, among which the so called Decreto Semplificazioni. The net profit from Continuing Operations, represented by the Natural Gas Activities and Electric Power Operations on which Edison focuses, totalled at 98 million euros, marking growth of 5% compared to 93 million euros in 2018.”

Edison is the oldest energy company in Europe. It sells electricity and natural gas and provides energy and environmental services to 1.6 million end users. It oversees integrated activities throughout the electricity and gas value chains and aims to be a key operator in the sector in Italy, playing an active role in consolidating both the retail market and energy efficiency.

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Follow the author on Twitter: @Lyaman_Zeyn

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