Edison: EBITDA at 652 million euros, up compared with the first nine months of 2013, net of the nonrecurring effects of gas renegotiations. Net profit holds steady, debt decreases to 2,145 million euros.
Milan, November 13, 2014 – Edison’s Board of Directors reviewed yesterday the Quarterly Report at September 30, 2014, which shows improved results compared with those in the same period last year, excluding the nonrecurring impact of the renegotiations of gas contracts.
Abundant water resources, the optimization of the facility portfolio and the significant contribution of the hydrocarbon exploration and production activities boosted the results for the first nine months of the year, which show an improvement compared with those in the same period in 2013, net of the nonrecurring effect of the price review conclusions signed last year for the gas purchased from Algeria and Qatar and this year for gas from Russia, which included a one-off component attributable to previous years. In a context of strong competitive pressure on gas supply and sales activities, Edison is about to complete a second cycle of price reviews for its long-term gas procurement contracts, with the aim of reestablishing a reasonable level of profitability for its portfolio of multi-year contracts.
HIGHLIGHTS OF THE EDISON GROUP
| in millions of euros | 9 months 2014 | 9 months 2013 (1) | Δ % |
|---|---|---|---|
| Sales revenues | 8,794 | 8,994 | (2.2) |
| EBITDA | 652 (2) | 816 | (20.1) |
| EBIT | 402 | 399 | 0.8 |
| Profit (Loss) before taxes | 299 | 306 | (2.3) |
| Group interest in net profit (loss) | 177 | 174 | 1.7 |
(1) Further to the adoption of the IFRS 11 accounting principle, joint ventures, previously consolidated by the proportional method, were valued by the equity method. The data for 2013 were restated accordingly, in order to provide a comparison between homogeneous data. (2) Net of the nonrecurring impact of the renegotiation of gas contracts for the component attributable to previous years, the increase compared with the same period in 2013 amounts to more than 100 million euros. Download the full press release in PDF format.