28 aprile 2023
The Board of Directors of Estra S.p.A. met on 27 April 2023 and approved the 2022 Consolidated Financial Statements, with positive results that were even more remarkable in light of the complex geopolitical context and the volatility of the energy markets, with the ensuing difficulties in the procurement of raw materials and extremely exceptional rises in commodities prices.
Within this highly complex external scenario, the Group succeeded in ensuring full continuity in the sale of natural gas and electricity, thanks to a careful procurement policy, thus confirming the Group’s solidity and adaptability. The energy scenario also impacted sales policies, especially as a result of the structural change in the services and products offered to customers and of the government’s measures in support of households and businesses. Estra promptly applied such measures also adding corporate initiatives in favour of its own customers, such as the application of monthly invoicing for customers of the regulated market and the strong expansion of solutions for paying utility bills in instalments, far beyond the provisions of the Italian Regulatory Authority for Energy, Networks and Environment (ARERA).
Consolidated financial performance highlights
In 2022, the Group’s total revenues amounted to €1,777 million, up sharply (+68%) compared to €1,058.5 million in 2021, mainly attributable to the sale of gas and electricity (+74%) and due to the increase in commodities prices.
Revenues from the Regulated Market also grew in 2022 (+12%), partly as a result of the consolidation of EdmaReti Gas S.r.l. Revenues of the corporate and other businesses (+24%) increased, chiefly owing to the revenues associated with the energy efficiency sector.
External costs rose significantly, mainly due to the rise in commodities costs.
EBITDA stood at €104.5 million, down 7% compared to 2021 (€112.2 million), mainly due to the margin decline in the sale of natural gas and electricity, largely offset by the increase in the energy efficiency sector.
Following the decline in EBITDA and the €7.4 million increase in amortisation, depreciation and provisions compared to 2021 — almost entirely attributable to the changed consolidation scope —, EBIT dropped from €50.5 million in 2021 to €35.4 million in 2022.
In 2022, net profit amounted to €14.1 million, with a positive performance despite the difficult energy market context.
Financial position highlights
Fixed assets rose by €41.4 million at 31 December 2022 as a result of significant investments.
Working capital grew by €84.7 million at 31 December 2022 due to the extraordinary trends in the energy commodities market.
The Group's equity amounted to €423 million at 31 December 2022, increasing compared to €413 million in 2021.
Cash absorption for operating activities and investments led to an increase in net financial debt, which went from €240.1 million at 31 December 2021 to €352 million at 31 December 2022.
At the end of 2022, the Group’s cash and cash equivalents rose significantly compared to 2021 to support the investment plan and to cope with the high natural gas and electricity prices and extraordinary market volatility. Also as a result of debt refinancing, the financial year was marked by important funding transactions both on bond and banking markets, recording strong signs of confidence towards the managing policies undertaken and appreciation for the Group’s creditworthiness.
“In 2022, as a result of the impact of the energy crisis between Russia and Europe on energy supplies, commodities prices rose significantly, particularly gas prices, triggering strong speculative pressures. Faced with this general context, the Estra Group continued to ensure its typical adaptability and managing expertise, also focusing on the diversification of the Group’s business portfolio. This allowed to reduce the impact of market turbulences and achieve positive financial results, which confirmed the Group’s solidity,” stated Paolo Abati, Estra’s General Manager.
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.