Edison ends the first 9 months with revenues of 8 billion euros, EBITDA significantly up at 489 million euros, net result at -107 million euros

Milan, November 3, 2016 – Edison's Board of Directors, meeting yesterday, reviewed the Quarterly Report at September 30, 2016. The results for the first nine months show a sharp rise in EBITDA thanks primarily to a return to reasonable profitability in gas sale activities. The revision of the gas purchase price, combined with an increase in sales volumes of natural gas, boosted the results of the hydrocarbons operations, providing an offset for the performance of E&P activities and electric power operations, which have suffered from the fall in prices. Operating costs for the first 9 months of 2016 saw a further reduction of 40 million euros compared with the same period of last year at the same scope of consolidation, thanks to measures launched by the Company which, over the whole of 2015, had already delivered cost savings of 100 million euros. The net result, negative by 107 million euros (-231 million euros in the same period of 2015), is affected by the impact of the volatility of commodity and foreign exchange hedging activities.

The results for the period take into account the Group’s new scope of consolidation, which now includes Fenice (the company specialized in energy efficiency and environmental services consolidated as of April 1), Cellina Energy (resulting from the swap of Edison’s stakes in Hydros and SelEdison with Alperia’s investment in Cellina Energy, the company that controls the hydroelectric hub on the Cellina River, consolidated line-by-line since June 1) and the activities, also in the hydroelectric sector, of IDREG (acquired at the end of May) [1].

 

[1] Excluding the non-recurring effect related to the swap with Alperia, the impact of the new perimeter on Ebitda was an increase of 15 million euros.