MILAN, Italy, Feb. 17, 2023 (GLOBE NEWSWIRE) — Edison’s Board of Directors met yesterday and reviewed the financial statements as at December 31, 2022, which demonstrated a strong growth in sales to 30.4 billion euros, mainly as a result of increased raw material costs. The Company played a strategic role for the country’s energy security, covering in 2022 about 20% of Italy’s gas requirements, thanks to a flexible and diversified supply portfolio which contributed to the substitution of Russian’s gas imports.
The increase in EBITDA to 1,112 million euros (+12.4% from 989 million in 2021) reflects the company’s strong industrial performance. The performance of the thermoelectric power generation and gas portfolio activities allowed to more than offset the drop in renewable generation, especially hydroelectric power generation due to the record-breaking drought during the year, and the negative impact of higher prices on retails sales margins partially absorbed by Edison to limit the impact on end customers.
The Group ended 2022 with a decline in net profit of over 63% to 151 million euros (413 million euros in 2021) as a result of the exceptional negative impact of the “Taglia prezzi” and “Aiuti” decrees and of the budget law 2023 worth about 230 million euros. It should be noted that during the year 2022 this effect brings the effective tax rate to 72%, compared to an average normalised level for companies between 28% and 32%.
Financial debt as at December 31, 2022 stood at 477 million euros, compared to 104 million euros as at December 31, 2021. This increase reflects the significant investments to strengthen the energy transition businesses (totalling 736 million euros, 90% of which is in line with the United Nations Sustainable Development goals, SDGs, adopted by Edison), payments of dividend and taxes. In 2022, in particular, Edison’s investments supported: the growth in renewables generation, where Edison reached more than 1 GW of onshore wind installed capacity, the development of the latest generation thermoelectric power with the plants of Marghera Levante and Presenzano – which will come into operation in 2023 – and the development of energy efficiency and environmental services.
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