(Finance) – Plenitude (former Eni gas and electricity) closed 2023 with a adjusted operating result of 515 million euros and a adjusted net profit of 220 million euros, both up by approximately 50% compared to 2022. The results obtained were driven by the good performance of the retail sector and the increase in installed renewable capacity and related production, confirming the value generated by the business model integrated system of society, which in the coming years will also see an ever-increasing contribution from the electric mobility sector.
The increase in operating profit was counteracted by greater increases Financial chargesdue to the increase in both debt and interest rates, higher net charges on equity investments, connected to the worsening of the results achieved by the equity-valued subsidiaries, and higher income taxes as a consequence of the better result.
Looking at the components of pro-forma EBITDA, the sector Retail contributed 750 million euros, a marked increase compared to the 486 million of the previous year, the Renewable they scored 204 million euros (from 211 million in 2022), while theE-mobility remained negative for 24 million euros (item unchanged).
“In 2023 Plenitude achieved exceptional operational and financial growthreaching a pro-forma EBITDA of 0.9 billion, three times compared to that of 2018 – he commented Stefano Goberti, CEO by Plenitude – We expect to target EBITDA of 1 billion in 2024 and double it to 2 billion in 2027.”
“Furthermore, as a Benefit Company, we have long been committed tointegration of sustainability principles within our business modeland we confirm our desire to have a positive impact on the entire value chain, on the territories and communities in which we operate – added the CEO – We do this with concrete actions, which again this year we have decided to outline in our Report of Sustainability and Impact Report”.
The decrease in prices led to a partial reabsorption of working capital, which increased significantly in the price rise phase of 2022, and this benefited the net cash flow from operating activities, positive for 1,040 million (negative for 373 million in 2022). The outlays for technical investments (630 million, net of 7 million of disposals of tangible assets), the acquisitions of shareholdings and consolidated companies (458 million) and the change in net debts for investments (negative for 274 million) determined a Free cash flow negative of 322 million, to which was added the outlay for the acquisition of the third-party interest in Evolvere (60 million) and the indebtedness of the acquired companies and other changes (26 million). These changes led to an increase in net financial debt of 408 million (against 2,241 million in 2022).
Plenitude, a Benefit Company controlled by Eni, is active in over 15 countries around the world with a business model that integrates the production of electricity from renewable sources, with over 3 GW of installed capacity, the sale of energy and energy solutions for 10 million of European customers and a widespread network of 20,000 charging points for electric vehicles. By 2027the company aims to achieve 11.5 million customers, over 8 GW of renewable capacity and 40,000 charging points installed.