28 marzo 2024
The Board of Directors of Estra S.p.A. approved the 2023 Consolidated Financial Statements that, despite the persistent uncertainty and volatility of the global scenario, showed a sharp growth compared to the previous year in terms of financial and operating results. The Board of Directors acknowledged with satisfaction the Company’s return to a path of growth and value creation, while also appreciating the first tangible results of the Multiutility project’s aggregation strategy.
Francesco Macrì, Estra Chairman, stated: “We are particularly satisfied with the 2023 results. Estra is back on a growth trend, despite all the turbulences of the international energy market. Estra’s solid model — which has always been focused on a close relationship with the local areas — allowed to achieve excellent economic results, but also to confirm the Group’s leading role as one of Italy’s main players in the energy transition and in the fight against climate change.”
“The 2023 performance testifies to the Group’s structural solidity, also in a context of geopolitical instability that continues to generate adverse impacts,” continued Nicola Ciolini, Chief Executive Officer, Estra. “The results achieved bear witness to the Group’s resilience in a particularly complex market context and emphasise the validity of the business decisions made in terms of portfolio expansion and diversification across multiple business lines.”
Consolidated financial performance highlights
The Group's total revenues amounted to €1.212 million in 2023 compared to €1.776,9 million in 2022, which had however been stronglyimpacted by the effects generated on the sale of gas and electricity by the increase in commodities prices, due to the international energy crisis.
In 2023, EBITDA amounted to €142,9 million, sharply increasing (+37%) compared to €104,5 million in 2022. This growth was mainly driven by the solid results of the Natural Gas and Electricity Sales Business Unit and the activities aimed at raising energy efficiency for the numerous projects linked with the Italian 110% Superbonus scheme.
EBIT amounted to €69,6 million, up significantly (+97%) compared to €35,4 million in 2022. This figure is net of amortisation and depreciation, which rose by €6 million, mainly as a result of higher investments for the acquisition of new customers, and accruals to the provision for the write-down of receivables, which declined by €1,8 million compared to the previous year.
Consolidated net profit also showed an excellent performance, nearly double compared to 2022. In 2023, it amounted to €28,1 million compared to 14,1 million for the previous year (+99%).
Financial position highlights
At 31 December 2023, equity totalled €437,7 million, up compared to €423,2 million at 31 December 2022, mainly attributable to the result for the year and the distribution of the Group’s dividend.
At year-end 2023, the Group’s net financial debt was €447,3 million, increasing€95,5 million compared to the end of 2022, mainly due to the amount of cash absorbed by the risein commercial net working capital (up from €56,7 million to €165,9 million).
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 (Alia, Coingas, Intesa and Viva Energia) represent most of the 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.