In
In 2010 the Sorgenia group reported
consolidated net income of € 50.4 million, down from € 66.9 million in
Consolidated revenues can be broken down as follows:
|
(in millions of euro) |
2010 |
2009 |
Change |
||
|
|
Values |
% |
Values |
% |
% |
|
Electricity |
1,818.6 |
68.2 |
1,656.3 |
71.2 |
9.8 |
|
Natural gas |
611.4 |
22.9 |
573.7 |
24.7 |
6.6 |
|
Other revenues |
238.5 |
8.9 |
95.8 |
4.1 |
n.a |
|
TOTAL |
2,668.5 |
100.0 |
2,325.8 |
100.0 |
14.7 |
EBITDA came in at € 151.1 million and was up by 28.2% from € 117.8 million in 2009. The rise was due above all to the improvement in the results reported by the company in the second half of the year. EBITDA benefited in particular from the rise in electricity sales volumes, the contribution of the Modugno power plant and higher margins on generation from renewable sources These factors, together with the actions taken to protect margins, more than compensated for the contraction in the sales margins of natural gas, which was mainly the result of sourcing costs on existing contracts, higher provisions for client receivables because of the worsening economic situation and high congestion costs on the electricity grid.
Consolidated EBIT for 2010 was € 68.3 million (2.6% of revenues) versus € 70.9 million (3% of revenues) in 2009.
Consolidated net debt stood at € 1,745.7 million at December 31 2010 (€ 1,341 million at December 31 2009). The change in the debt figure during the year was due to substantial investment made in new production capacity, especially in thermoelectric generation and in renewables. Total investment in the year came to approximately € 450 million.
At December 31 2010 the group had 415 employees on the payroll, up from 380 at December 31 2009.
The Board of Directors of Sorgenia S.p.A., which met on February 21 2011, proposed not distributing a dividend for the year 2010 (dividends totalling € 10.2 million were distributed last year, corresponding to a dividend of € 0.0112 per share).
During 2010 the Sorgenia group continued to roll out its investment plan.
In thermoelectric generation, Sorgenia completed construction of the CCGT at Bertonico-Turano Lodigiano (Lodi), which involved an investment of approximately € 450 million. The new plant, which officially started commercial production on February 15 2011, will bring Sorgenia closer to its objective of producing the power it sells to its end clients independently. Construction work is also continuing on the Aprilia plant (Latina).
As far as the development of wind generation is concerned, in 2010 the wind parks at Leffincourt (France) for 32 MW and San Martino in Pensilis (Campobasso) for 12 MW started operating and construction work has finished on the Bouillancourt wind farm (France) for 9 MW.
Sorgenia has also obtained authorizations for the construction of new wind parks for some 100 MW in Italy, around 100 MW in France and approximately 200 MW in Romania.
In generation from photovoltaic sources, the subsidiary Sorgenia Solar has started production at further plants for a total of 10 MW. In France authorization has been obtained to build a 15 MW plant at Grand Bois.
In the Exploration&Production sector (E&P), the activity continues of the subsidiary Sorgenia E&P, which holds exploration licenses in Colombia, the North Sea and Poland.
On February 28 2011 Sorgenia presented its Business Plan 2011-2016 to the financial community, after the profound changes that have taken place at national and international level on account of the severe economic recession that began at the end of 2008, the year in which the previous plan was presented. With this new Business Plan Sorgenia aims to counter the current economic cycle more effectively and continue its story of growth and the creation of value for its shareholders with its entry into new market segments, a diversified and balanced portfolio of assets and a more solid financial structure.