22 marzo 2021
The Board of Directors of Estra S.p.A. approved the results of the Consolidated Financial Statements for 2020, a year marked by solid performance results that sharply increased compared to 2019, despite the market context impacted by the Covid-19 epidemiological emergency.
In 2020, in keeping with the strategic approach adopted in previous years, the Group pushed ahead with its constant commitment to generating value and growth in the medium- and long-term in all the fields of activity, focusing on targets for improving its own operating performance and consolidating its presence in the sectors of interest.
Consolidated financial performance highlights
In 2020, Estra reported consolidated revenues of €760.7 million, down from €985.8 million for 2019, due mainly to reduced revenues from the sale of natural gas. This reduction, which was only partly linked to the lower volumes of natural gas supplied to industrial customers in the lockdown period due to the health emergency, was chiefly attributable to the fall in the market prices of commodities and the decrease in the volumes of natural gas sold to the Virtual Trading Point (PSV) for balancing activities.
In contrast to revenues, net profit showed very sustained growth compared to the previous year, thanks in particular to the improvement in the natural gas supply conditions, the increase in electricity sales to domestic customers and the cost containment policies promptly implemented by the Group when the health emergency arose.
EBITDA amounted to €106.7 million, up €19.7 million (+23%) compared to €87.0 million in 2019.
EBIT was €45.5 million, after higher amortisation, depreciation and provisions for €5.1 million, and increased by €14.6 million (+47%) compared to €30.9 million for 2019.
Consolidated net profit stood at €24.6 million in 2020, thus more than doubling compared to 2019 (+107%), with an improved financial result of €2.1 million compared to 2019.
Including also extraordinary, non-recurring components, the consolidated results for 2020 showed EBITDA at €103 million, EBIT at €41.8 million and net profit at €70.3 million. In detail, net profit for the year benefited from positive extraordinary components amounting to €49 million arising from the option, exercised by several Group companies, to proceed with the tax recognition of higher values stated in the Financial Statements at 31 December 2020, as provided for by Law No. 126 of 13 October 2020 converting Decree-Law No. 104 of 14 August 2020, as amended.
Financial position highlights
Group’s equity amounted to €392.4 million at 31 December 2020, up compared to €322.6 million at 31 December 2019, accounting for 57.4% of capital raised and thus increasing compared to 51.5% for 2019. The change for the period was mainly attributable to the net profit reported in 2020.
Net financial debt was €291.4 million at year-end, improving by €12.8 million compared to €304.2 million at 31 December 2019.
Quotes
“The 2020 trend testifies to the structural solidity of our Group which, even in the emergency context of the pandemic, has positively distinguished itself, confirming its ability to generate value for its shareholders," stated Francesco Macrì, Estra's Chairman. "During the year, we have adopted the measures considered to be most appropriate to support employees, safety and services, while also implementing cost containment actions to reduce the economic impact of the crisis.”
“Thanks to our strategic business choices, as well as the prompt operational and organisational adjustments implemented at the emergency's outbreak, Estra has shown its resilience and ability to adapt to a changing context," stated Alessandro Piazzi, Estra’s Chief Executive Officer. "In particular, Estra benefited from the diversification of the Group’s business portfolio, balanced between activities on both the free and regulated markets, and the diversification by sector of activity of its own portfolio of industrial customers for natural gas and electricity sales.”
Estra
Established in 2010, the Estra Group is among Central Italy’s leading companies in the distribution and sale of natural gas and electricity sales sector. To date, Estra’s four shareholders (Consiag, Coingas, Intesa and Viva Servizi) represent 139 municipalities in the provinces of Ancona, Arezzo, Florence, Grosseto, Macerata, Pistoia, Prato and Siena.
The Estra Group operates through its subsidiaries, joint ventures and related companies mainly in Tuscany, Umbria, Marche, Abruzzo, Molise, Puglia, Campania, Calabria, and Sicily and is active in the distribution and sale of natural gas and LPG, and in the sale of electricity. In addition, it operates in telecommunications, in the planning and management of energy services and in renewable energy production.