(Alliance News) - eVISO Spa announced Thursday that Cerved Rating Agency Spa has confirmed the company's A3.1 rating, equivalent to A- from S&P's and Fitch and A3 from Moody's.

The rating "is the result of the evaluation of a structured governance system which has ensured timely control of business risks, especially in terms of credit and liquidity; a balanced financial structure confirmed by a positive NFP at the close of the fiscal year on June 30, 2023; important growth prospects thanks to the expected increase in volumes disbursed in the

next two years and an expected development of margins, supported by the coming on stream of new contractual conditions on the entire portfolio," the company's statement reads.

"Despite market volatility, particularly in the period from July 2022 to December 2022, eVISO has been able to maintain a balanced cash cycle through the generation of cash flows at the operational level thanks in part to prepayment and security deposit requests. In addition, the company is able to monitor and manage credit risk through timely oversight of the customer portfolio and collection management, despite the inflationary trend on energy commodities experienced during the year," it further read.

Cerved Rating Agency added that despite the current macroeconomic scenario together with the risks of fluctuating energy commodity prices, the company will be able to

maintain its financial balance thanks to the expected growth resulting from: significant

development of power volumes confirmed by the volumes matched to eVISO as of December 2023 equal to 1,040 GWh and the pipeline of annual contracted volumes equal to 1,250 GWh; (ii) gas supply also for reseller operators, with a first contract already signed in September 2023; and (iii) increased marginality levels, thanks to the new contractual conditions applied to reseller and direct customers and to the greater stability of the sector observed over the last few months.

Federica Berardi, Chief Financial Officer of eVISO, commented, "The year ended June 2023 was punctuated by unthinkable industry events that challenged us. But eVISO, thanks to sound financial fundamentals and a long-term strategic vision, managed to meet all its financial commitments and grow, laying the foundation for a 2024 of great challenges. Therefore, having the confirmation of an A3.1 rating makes us very proud of the work of each and every member of the company and motivates us to do better."

eVISO's stock is in the red by 11.4 percent at EUR2.78 per share.

By Chiara Bruschi, Alliance News reporter

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