Edison closed the first half of the year with revenues of 4.3 billion euros and EBITDA up 38% to 328 million euros, thanks to the growth in all the activities and, in particular, in the electric power operations, confirming the development strategy chosen

Net profit from Continuing Operations, i.e. excluding the held for sale E&P activities, grew significantly to 121 million euros (+73% from 70 million euros in the same period of 2018). Following the agreement for the disposal of the E&P activities, the net result was -406 million euros.

Net financial debt fell to 298 million euros from 581 million euros at 1 January, 2019.

Milan, July 25, 2019 - Edison's Board of Directors, which met yesterday, examind the Semiannual Report at June 30, 2019, which closed with revenues up 2.3% to 4.3 billion euros and a sharp increase in EBITDA (+38% to 328 million euros compared with the same period in 2018), thanks to the positive performance of all its activities and, in particular, the electric power operations.

In light of the agreement for the disposal of the E&P activities, the results of the Exploration & Production business were considered as Discontinued Operations (divestment businesses) and therefore did not contribute to sales revenues and EBITDA¹.

The key business segments of the electric power and natural gas operations that Edison is focusing on for its development reported net profit of 121 million euros, up from 70 million euros in the same period of 2018 (profit from Continuing Operations). The Group's net result of -406 million euros following the write-downs related to the agreement to sell the E&P.

L’indebitamento finanziario netto al 30 giugno 2019 è sceso a 298 milioni di euro, con una riduzione del 28% (118 milioni di euro) dai 416 milioni di euro al 31 dicembre 2018, nonostante l’applicazione del nuovo principio contabile IFRS 16² che all'1 gennaio 2019 ha comportato un incremento del debito di 165 milioni di euro.

 

EDISON GROUP HIGHLIGHTS

in millions of euros	6 months 2019	6 months 20181
Sales revenues	4,307	4,212
EBITDA	328	238
EBIT	167	98
Net profit from Continuing Operations	121	70
Group interest in net Profit/Loss	(406)	62

 

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¹ These values exclude the contribution of E&P activities, classified as Discontinued Operations, pursuant to international accounting standard IFRS 5. The values of 2018 were consequently restated to allow a homogeneous comparison (E&P EBITDA of 169 million euros in the first half of 2018).

² Edison has decided to apply the new international accounting standard IFRS 16 “Leases” prospectively from January 1, 2019, i.e. without restatement of the comparative data.