Vicenza, April 30, 2024 – City Green Light, E.S.Co. (Energy Service Company) and Italy’s leading private operator in public lighting, continues to grow and concludes its first consolidated financial statement for 2023 with a Group net profit of €33.1 million (+22.5% compared to the 2022 net profit) and a Group net worth as of December 31, 2023, amounting to €135.8 million.
INCREASE IN PRODUCTION VALUE AND NET PROFIT
During 2023, City Green Light Group has shown a significant increase in production value, which amounts to €156.8 million, representing a growth of 13.5% compared to the previous year’s €138.1 million. The net profit also reflects positive figures, rising from €27.0 million in 2022 to €33.1 million (+22.5%).
The results were also achieved through an expansive industrial policy, which led, during the examined period, to the acquisition of two companies specializing in public lighting and technological systems. Additionally, in the first quarter of 2024, another acquisition was completed involving a company operating in the efficiency improvement of buildings (both civil and industrial). Thanks to these operations, City Green Light Group has been able to expand its areas of intervention and consequently participate in tenders (and expressions of interest) with a broader pool of opportunities, totaling 117. Out of these, 30 resulted in contracts being signed for a total of approximately €24.4 million.
Among the most significant contracts: the relamping of the University of Messina and the project in the Municipality of Palermo involving the adoption of technological solutions for reducing energy consumption in public lighting networks through automatic regulation systems.
The 2023 financial statement confirms the solidity of our business model and our ability to seize the opportunities offered by the market. The growth in production value and net profit attests to the effectiveness of our strategy, focused on energy efficiency, sustainable development and innovation. The acquisitions completed have strengthened our leadership in the sector and allow us to look to the future with confidence, positioning us as a reference partner for public administrations and private companies in the energy transition” declares Alessandro Visentin, CEO of City Green.
The results presented in the first consolidated financial statement of City Green Light Group confirm the efficient allocation of capital in selecting projects with higher margins. This has led to achieving a return on invested capital (ROIC) of 21.2% for the fiscal year 2023. The financial solidity of the Group, represented by a Leverage Ratio (Debt/EBITDA) of 0.37x and the availability of committed credit lines still unused as of December 31, 2023, amounting to €156 million, allow us to look optimistically both towards achieving the medium to long-term objectives of our strategic plan in terms of organic growth and with regard to planned M&A operations to be finalized in the next 18 months” adds Eugenio Colla, CFO of City Green Light.
COMMITMENT TO RENEWABLE ENERGY COMMUNITIES AND CONSIP AGREEMENT
As part of the initiatives regarding Renewable Energy Communities, City Green Light has initiated several feasibility studies with the aim of presenting proposals to municipalities in the coming months.
The agreement with Consip Spa for the supply of light service and related and optional services for public administrations has allowed the acquisition in 2023 of 179,636 lighting points for a total value of €213 million.
ABOUT CITY GREEN LIGHT
City Green Light is an Energy Service Company (ESCO) operating in the field of energy saving and efficiency, backed by leading national and international investment funds specialized in the sector. The company represents a national excellence that focuses on innovation and the Green Economy, offering solid development models for energy efficiency and smart services with the aim of supporting Public Administrations and Businesses in the ecological, energy and digital transition. It currently operates in over 330 municipalities in Italy, spread across the national territory, serving approximately 6 million citizens.
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