The members approve the cooperative’s final balance sheet which marks a profit of 5 million, a turnover of 310 million euros (+53.3 million compared to 2018) and 100 new hires

EBITDA improved, rising to €23.4 million (+€1.9 million compared to 2018, equal to 7.55%) while bank debt fell by €42 million; For the fourth consecutive year, the economic and financial indicators outperformed the business plan

The multi-year portfolio of works also grew, reaching over 800 million euros, thanks also to the contracts concerning the management of the University Campuses of Milan and Pisa, the construction of gas networks and LNG plants in Sardinia, and the Heat Management of the Metropolitan Cities of Bologna, Rome and Naples

Concordia sulla Secchia (MO), 26 June 2020 – The General Assembly of Shareholders of CPL CONCORDIA has approved the final and consolidated financial statements of the Emilian energy multi-utility.

The cooperative’s 2019 financial statements show an operating profit of 5 million euros. The data of the reclassified financial statements show a value of production that rose to 310 million Euros – a marked increase, +53 million, compared to 2018 – and a shareholders’ equity of almost 131 million.

“The growth in turnover, profit and equity for the third consecutive year are elements of a positive balance sheet which, combined with the reduction of debt and the 100 new hires, confirm CPL’s path of consolidation and development,” said Paolo Barbieri, Chairman of CPL CONCORDIA.

The cooperative’s multi-year portfolio of works exceeded €800 million : among the most important contracts are the energy management for university campuses of the UBicocca University of Milan and the Sant’Anna School of Advanced Studies in Pisa, the implementation of LNG plants and gas networks in Sardinia, the Heat Management of Metropolitan Cities of Bologna, Rome and Naples, cogeneration with district heating for the CAP Holding and NET water treatment plant in Milan and for BrianzAcque in Monza.

“CPL CONCORDIA’s 2019 financial statements confirm the recovery of the volumes developed by our production – €90 million more than €220 million in 2017 – and incorporates the results of a multi-year process, which began five years ago, and has had two main approaches: resumption of activities and simultaneous de-indebtedness – the NFP fell by €34 million compared to 12 months earlier, to €61 million – which also led to difficult decisions, the effects of which were far from obvious”, said CPL General Manager Pierluigi Capelli. “Now, with a DEBT/EBITDA ratio of 2.64x and with the multi-year backlog reinforced, we believe that new and important development scenarios can open up for our Company”.

“During the lockdown phase, we continued our operations, albeit partly reduced, reorganizing work with the maximum extension of smart working. The early end of the redundancy fund and the full resumption of all activities in May, together with the new acquisitions, confirm the Cooperative’s ability to overcome the most complicated crises by giving business continuity to all our businesses“, concluded President Barbieri.

Read more about the data of the Financial Statement for the 2019 Financial Year.