Green Network presents half-yearly consolidated results marked by strong growth

Green Network has published its 2017 six-month results showing profits of 438 million Euros (+20.4% in comparison with the same period in 2016), EBITDA equal to 16.4 million Euros (+4.4%), an operating result (EBIT) equal to 10.5 million Euros (+6.3%) and a net profit of 3.2 million Euros in comparison with a loss for the same period in 2016 of 531,000 Euros. The statutory financial statements of Green Network Spa, that do not consolidate the Renewable Energy and foreign activities, in particular, the start-up in the UK, show profits of 429 million Euros (+19.1% over the same period in 2016), an EBITDA equal to 18.3 million Euros (19.3 million in 2016), an operating result (EBIT) equal to 14.6 million (15.0 in 2016) and a net profit of 7.5 million Euros in comparison with 4.6 million over the same period in 2016 (+64.9%). The net financial position (NFP) is negative for 56.7 million Euros.

For the Company, the first six months of 2017 have been characterized by a considerable increase in the volume of energy sold, following the entry of some high-consumption customers. In regards to the total quantity, an increase of 32% in the sale of electricity and a reduction of 24% in the sale of gas have been recorded, because of the exit of retail customers. Moreover, during the first months of 2017, after the testing stage, Green Network started selling power and gas on the UK retail market via Green Network Energy, with positive results: 155,000 contracts having been signed so far.

Giovanni Barberis, Managing Director, has commented: “We are happy to present financial statements with all the items showing growth, to bear witness to the good work carried out in the last two years in streamlining our business and thanks to the positive start of the new co-marketing strategy with important commercial and institutional partners. Moreover, we consolidate positively for the first time our business in the UK that has drawn immediate interest, even beyond our expectations. Despite the start-up costs in the UK and the unfavourable trend of the prices in the first months of the year, the EBITDA marks still an increase in comparison with the same period of last year, as the net profit does. Therefore, we are looking with confidence to the coming months, that will see an even more liberalised market in Italy, where independent operators, effective and active on an international level, like Green Network, can present themselves with even greater success and consolidate their market share”.

Green Network was established in 2003 following the liberalisation of the electricity market, thanks to the work of a group of professionals that, with their skills, immediately made the company one of the most established and accredited operators in the Italian energy market. The Group is mainly active in the power & gas market, where it operates as a wholesaler, trader and supplier throughout Italy and in the production of electricity mainly from renewable sources, through the management of owned facilities. The only Italian company in its sector, it has recently started doing business in the United Kingdom.