The Board of Directors of Compagnia Valdostana delle Acque - Compagnie Valdôtaines des Eaux S.p.A. (“CVA” or the “Company”) approved the 2023 Consolidated financial statement and the 2023 non-financial consolidated report (Sustainability Report).
In year 2023 CVA Group confirmed its industrial capacity, despite a challenging price scenario with a base load Gross National Price that dropped from 58% - from 303,1 €/MWh in 2022 to 127,4 €/MWh in 2023 (basically aligned to 2021) and the compliance to new normative schemes that asked for extraordinary cash withdrawals to energy companies.
The Group successfully pursued the 2023-2027 Industrial Plan goals achieving 6 GW renewable capacity (1,2 GW operating capacity and 4,8 GW the development pipeline) and establishing on the market the energy efficiency branch.
The results obtained are substantially in line with those of 2022 and confirm the Group’s management capacity in a still volatile scenario, characterised by a restrictive BCE monetary approach, showing management performances amongst the best in the sector.
During 2023 CVA Group reached revenue for 1.658 billion euros (-4% compared to 2022) with and EBITDA of 289 million euros (-2% compared to 2022) and a net profit of 160 million euros (-2,9% compared to 2022). The equity stands at 1.147 million euros (1.116 considering the gross cash-flow edge reserve), it was 879 in 2022.
Net of the effects of non-recurring items, in order to give an effective representation, the economic results record adjusted revenues of €1,657 million, (-4.1% compared to €1,728 million in 2022) recording an adjusted EBITDA of €325 million (+9.8% compared to €296 million in 2022), and an adjusted EBIT of €249 million (+6.7% compared to €233 million in 2022). Non-recurring items in the 2023 financial statements mainly refer to the economic effects of the extraordinary regulations introduced in 2022 and 2023 in order to counter the increase in electricity prices.
As far as ratings are concerned, Moody's and Fitch Agencies maintain their ratings of Baa2 (negative outlook) and BBB+ (stable outlook) respectively.
The Board of Directors proposes to the Shareholders' Meeting, which will be convened for 28 June 2024 on first call and, if necessary, for 10 July 2024 on second call, the distribution of a dividend of €0.19 per share, for a total of €75,050,000.
Prof. Marco Cantamessa, Chairman - "When compared to historical data, the economic, financial and sustainability results recorded by the CVA Group in 2023 show a clear and important step forward in its growth and diversification strategy. It consolidates the performance of 2022, achieved thanks to its ability to manage market volatility, to which is added a growth component, achieved both through internal lines and through well-targeted and carefully integrated acquisitions. All this allows us to confirm the role of the CVA Group in the challenging process of ecological transition, both locally and nationally."
Dr. Giuseppe Argirò, CEO - "We are satisfied with the economic and financial results for the year but also, and above all, with the group's ability to successfully implement its industrial development plan to 2027. In 2023, CVA still demonstrated a strong ability to pursue its growth targets through organic development actions and M&A activities. The consolidation of the development capacity of CVA EOS and the creation of the efficiency platform through the creation of the company CVA Smart Energy were two defining moments in 2023 and, more generally, in the history of the Group, which last year embarked on an important path of diversification of its production capacity."