Cerved Rating Agency has changed the rating of Estra SpA from B.1.1 to A3.1: this is the “Safety” class which identifies companies with solid fundamentals and a good ability to meet financial commitments, characterized by low risk of credit.
The key rating factors that determined Cerved Rating Agency’s assessment, attributable to the company’s economic and financial results in 2023 and the normalization of sector dynamics, refer to: growth in margins in 2023 thanks to the development of the Sales Business Unit and Esco activities.
In 2023 the Group recorded an EBITDA adjusted equal to 131.3 million euros, a marked increase compared to 2022 (90.7 million). Growth supported by the Sales Business Unit, where a significant increase in EBITDA was observed adjusted (59.6 million euros against 33.0 million in 2022) thanks to: a more favorable customer mix, mainly aimed at the segment Retail; greater market stability, with a lower impact of imbalance charges, and the development of electricity volumes, also by virtue of the awarding of Lot 9 of the Gradual Protection Service tender; a procurement strategy progressively more oriented towards purchasing methane on the PSV market (the main meeting point between supply and demand in the gas market).
Improved leverage financial year in December 2023
During 2023 Estra recorded a Net Operating Cash Flow of 35.6 million euros, up compared to 2022 (2.6 million), as well as due to the increase in margins, also thanks to the normalization of the prices of commodities energy, with a positive impact on working capital, and the gradual disinvestment of credit positions towards the national system (generated by regulatory regulations regarding settlement gas) and towards the GSE.
The general normalization of sector dynamics and the prospects of consolidation of economic results in 2024, against the maintenance of a balanced financial structure.
From a prospective perspective, the Sales Business Unit is expected to maintain a mix of gas and electricity customers mainly oriented towards the Retail. It is expected that the growth trend in electricity volumes may also be confirmed in 2024. Given the prices of commodities energy forecasts expected to be essentially stable, the average margin levels are expected to be in line with the previous year.
