19 aprile 2022
The Board of Directors of Estra S.p.A. met on 15 April 2022 and approved the 2021 Consolidated Financial Statements, with very positive results that improved sharply compared to 2020.
Continuing to leverage its business portfolio diversification, the Group recorded higher results, which underscore its solidity and resilience despite the difficult market situation exacerbated not only by the persistence of the pandemic emergency, but also by the severe volatility on the energy market seen in the final months of the year.
Consolidated financial performance highlights
The Group closed 2021 with an improvement in all the main economic and financial indicators compared to 2020. In detail, the natural gas and electricity sale and natural gas distribution sectors confirmed the very positive performance reported in 2020 and the efficiency-building activities increased markedly.
In 2021, the Group’s total adjusted revenues amounted to €1,058.5 million, up €297.8 million (+39%) compared to €760.7 million for 2020; the result was mainly attributable to the increase in commodity prices, higher electricity volumes sold to end customers and higher gas volumes sold to the virtual trading point (PVS) for offsetting activities.
Adjusted EBITDA was €112.2 million, up €5.4 million (+5%) on 2020 (€106.7 million).
Adjusted EBIT was €50.5 million, up €5.0 million or +11% on the previous year (€45.5 million), as a result of stable amortisation and depreciation compared to 2020.
The reported net profit amounted to €32.9 million in 2021, down compared to €70.3 million for the previous year, which had been however influenced by significant extraordinary items (particularly the effects of income taxes arising from the application of Law No. 126 of 13 October 2020 on the revaluation and realignment of company assets for tax purposes).
Excluding the non-recurring items, adjusted net profit amounted to €28.6 million in 2021, up 16.2% compared to 2020 (€24.6 million).
Financial position highlights
The Group's equity amounted to €413.0 million at 31 December 2021, increasing compared to €392.4 million in 2020. The changes for the reporting year were mainly due to the consolidation of Edma Reti Gas S.r.l. at year-end. In 2021, equity accounted for 63.2% of capital raised, compared to 57.4% in 2020.
Net financial debt at year-end stood at €240.1 million, improving sharply compared to 31 December 2020 (€291.4 million) thanks to greater operating cash generation.
Quote
“All the main economic and financial indicators are positive and improving, bearing out the development projects launched by Estra to strengthen its operating performance and consolidate the Group’s presence in its sectors of reference through organic development policies and industrial transactions. The results achieved bear witness to the Group’s solidity and 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 lines of business.
The possible effects and repercussions of the continuation of the international geopolitical crisis that emerged following the outbreak of the armed conflict between Russia and Ukraine are currently difficult to determine.
The Directors are monitoring the situation very closely, particularly in view of the potential negative impacts on the general economic situation and the volatility of commodity prices and concurrent inflationary effect, identifying risk mitigation and prudent management actions, where possible,” stated Alessandro Piazzi, Chairman and Chief Executive Officer of Estra.
At the meeting called to approve the 2021 Consolidated Financial Statements, the Board of Directors resolved to co-opt as Director, pursuant to Article 2386, paragraph 1, of the Italian Civil Code, chartered accountant Giovanni Grazzini, from Arezzo, who has 20 years of experience in numerous professional positions in tax, financial and corporate consulting.
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 Energia) 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.