(Alliance News) - Frendy Energy Spa announced Tuesday that it has approved the financial statements for the year ended Dec. 31, 2022, having reported revenues of EUR1.2 million from EUR2.1 million in 2021.

Ebitda was EUR130,000 from EUR1.0 million in the previous year, while Ebit was a negative EUR4.4 million compared to a positive EUR315,000 in 2021.

The Frendy Energy group ended 2022 with a total loss of EUR3.3 million, compared to a profit of EUR225,000 in FY2021.

The group's net financial debt as of December 31, 2022 is EUR1.5 million positive, up EUR448,000 from December 31, 2021 due to working capital dynamics.

"Last year's financial year was characterized by a low availability of the water resource due to the extreme drought that affected all of northern Italy during the year. The decisive reduction in the amount of water available consequently led to a drop in the production of the plants of Frendy Energy and its subsidiaries by about 44 percent, which was reflected in the group's results," the company explained in a note.

Looking to the future, "Although plant production in this early 2023 year is continuing to be affected by the drought especially in northern Italy, the control in cost management by the Frendy group allows it to maintain positive cash flows while waiting for the return to a level of hydraulicity in line with historical averages."

Frendy Energy closed Tuesday down 1.7 percent at EUR0.23 per share.

By Claudia Cavaliere, Alliance News reporter

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