11 maggio 2016
The Estra Group ended financial year 2016 with total revenues of 1,044.4 million, a 13.3%
increase with respect to 2015, gross operating margin (EBITDA) of 86.6 million (a 45% increase
with respect to 2015, not considering the one-off capital gains deriving from the disposal of the gas
distribution system in the Municipality of Prato) and with consolidated net profit of Euro 15.1
million, down with respect to 2015, weighed down by significant one-off components, in particular
the cited capital gains
Shareholders’ equity rose from Euro 270.3 to 320.5 million (a 61.9% increase).
In 2016, Estra saw significant growth thanks to industrial operations and commercial development
policies. More specifically, the Group completed significant M&A transactions with Coopgas and
Prometeo. In February, an agreement was signed with CPL Concordia to acquire 100% of the gas
and electricity sales company Coopgas and, in April, the Estra Group obtained control, through
Estra Energie, over the sales company Prometeo (59.59% of units). Also through Estra Energie, in
August 2016 the Estra Group acquired 45% of Piceno Gas Vendita.
Thanks to these operations and the implementing of organic growth strategies throughout Italy, the
Estra group reached a total of almost 750 thousand customers, placing it among the top ten Italian
utilities in the energy sector.
In the last financial year, the multi-utility sold 1,200 million cubic metres of natural gas, showing
a 9.6% increase with respect to 2015 and distributed 554 million through its own gas network of
more than 5,000 km.
Relative to electricity, sales in 2016 reached 708 Gwh, a 35% increase over 2015.
In 2016, investments remained stable with respect to the previous financial year, reaching 61.3
million. Investments mainly involved the M&A operations carried out during the year, as well as
methane distribution networks and systems, and commercial activities to acquire gas and electricity
customers. During 2016, the Group developed its energy efficiency services and saw its telecommunication
development strategies confirmed, through the installation of fibre-optic wires in various significant
areas. In November 2016, with the objective of optimising its flexibility and financial strength, Estra
successfully issued an € 80 million non-convertible bond loan (guaranteed by the subsidiary
Centria), subscribed by institutional investors. The bonds, with a maturity of 7 years, listed with the regulated Dublin Stock Market, have a 2.45% coupon. The operation, which confirms Estra's presence on the international bond market, represents an additional step towards diversification of its funding sources, as well as improving theGroup's debt profile by increasing the average maturity.
“The year just ended, stated Chief Executive Officer Alessandro Piazzi, saw performance that was
very positive as a whole. The results achieved have allowed us to further strengthen the assets upon
which we are basing our growth. The significant increase in Group EBITDA and turnover
demonstrate Estra's ability to face increasingly competitive external conditions by taking advantage
of our company's efficiency while also improving the quality of our services.”
“With the figures in hand, Estra represents a reliable company that offer concrete support for local
areas,” declared Chairman Francesco Macrì. “This is demonstrated by our profit and the size of
shareholders' equity, an important indicator that the company has created lasting value and a
fundamental requirement for a business as a going concern. The growth and consolidation seen
over the last few years demonstrate the effectiveness of the strategy the company has adopted.”