CVA Group: Consolidated Financial Statements as at 31 December 2021

Chatillon, 17 May 2022. CVA Board of Directors’ meeting, examined and approved the preliminary separate financial statements and the consolidated financial report for the year ended 31 December 2021. The results show a significant improvement of the Group’s economic and financial standing, and confirm its excellent performance in economic, operational and sustainability terms.



2021 has been a unique year in the life of the Company and in its reference markets. The first part of the period was characterized by the weakening of the most acute phase of the pandemic crisis, while the second part by the significant post-pandemic economic rebound. This rebound determined remarkable tensions which affected the global supply chain, raw materials - in terms of prices and availability – and the energy market prices. As a result of heightened geopolitical tensions, these prices rose significantly in the last four months of the year, leading to a real shock in December, with significant operational and financial consequences for the economic system.



In this context, in 2021, CVA Group produced renewable energy amounting to 2,819 GWh (3,347 GWh in 2020), of which 2,492 from hydroelectric and 327 from wind and photovoltaic sources, thus covering 2.5% of the Italian national renewable electricity production, with a small decrease compared to previous years. This decrease is mainly due to the lower contribution of energy produced by hydroelectric sources (-18%), primarily due to unfavourable climatic conditions.

Despite the serious impact caused by the effects of climate change in terms of reduced water resources, in line with its totally sustainable vision, the Group managed its hydroelectric plants with the usual respect for the territory and its environmental fragility. CVA, following this strategic vision, guarantees a release of water from intake works optimizing the environmental, landscape, economic and energy effects, and considering the variation of the hydrological curve that is increasingly changing due to climate change. he production achieved by the "Other RES" business unit, represented by wind and photovoltaic sources, amounted to 327 GWh (0.72% of national production, compared to 0.68% in 2020).In 2021, the Group also successfully started activities in the energy efficiency sector, activities that allowed the development of a portfolio of building efficiency projects exceeding the budget forecast, and amounting to € 114.5 million. In addition, the Group continued the development of its pipeline of projects for new renewable energy plants. At the end of 2021, the combined capacity of the pipeline exceeded 400 MW, thus increasing if compared to the previous year. The Group’s distribution Business Unit, operated through DEVAL S.p.A., distributed 898 GWh, an increase of 8.7% over the year 2020, serving 129,253 delivery points (in 2020 the delivery points were 128,907).

The Sales Business Unit, operating through CVA Energie S.r.l., administered to final consumers 1,576 GWh (minus 27% compared to 2020). 52 GWh were distributed to customers of the regulated market and 1,524 GWh to customers of the free market.



In terms of economic results, in 2021, the Group, supported by an average workforce of 587 (586 employees in 2020) reported a net profit of € 135.2 million, compared to € 61.2 million in 2020. The 2021 results, even if influenced by significant extraordinary items (€ 48.3 million, related to the effects on income taxes of the Law n. 126 of 13/10/2020 on the rules on revaluation and realignment) reflect the operational ability of the company to seize opportunities in a highly volatile and complex market.

€ million 2021 2020
Consolidated Net Revenues 711 536
Gross Operating Margin (EBITDA) 193 139
Net Operating Margin (EBIT) 132 87
Consolidate Net Profit 135 61




Marco Cantamessa, Chairman of the CVA Group, commented: The CVA Group not only shows particularly important economic results for 2021, but also sees the implementation of the ambitious 2021-2025 Strategic Plan well underway. In fact, all the planned areas of development were launched during the year, also thanks to an important reorganisation process (with the identification, among other things, of a General Manager) in order to orient the Group’s activities to increase its effectiveness and efficiency in the direction of renewable energy growth, innovation and digitalization. The decisions and projects of the CVA Group, adopted by the Board of Directors, are constantly supported by the managers and all its employees. To them, I extend my heartfelt thanks for the ability, the professionalism and commitment they demonstrate in favour of the Group’s development, of the satisfaction of customers and Group’s stakeholders. In these three years of office, we have seen the Group grow and consolidate and have created the conditions to ensure its further development in the future.”

Giuseppe Argirò, CEO of the CVA Group, commented: The results achieved in 2021 confirm the excellent state of health of CVA Group, thanks to a significant economic and financial consolidation, reflection of the Company’s operational ability. In particular, the strategies implemented by the Group’s companies and the skills of all the people working here, have contributed to strengthen the resilience characteristics to the volatility of certain elements of the CVA business, such as the availability of sources (water, air and wind) and the trend of energy prices. Together with the creation of value with these economic results, for the Valle d’Aosta Region and for all the stakeholders, sustainability and investments are the focus of the Company’s particular attention, which looks to the future with an industrial approach, based on prudential principles in assessing all the opportunities that the market offers, also focusing on the challenge of the energy transition to which the Company, born renewable, guarantees a significant contribution. The Group capital strength, further consolidated with the results of the approved reporting period, and the skills of the people working in it, are the best conditions to continue the pursuit of the objectives of the 2021-2025 strategic plan. This allows us to look positively to the future, with the concrete prospect of positioning CVA Group among the companies of reference at European level in the production of electricity from renewable sources, and with significant and positive effects on the economic fabric of the Valle d’Aosta Region.

CVA (the Compagnia Valdostana delle Acque – Compagnie Valdôtaine des Eaux S.p.A., in abbreviated form CVA) produces 100% green energy from hydroelectric, wind and solar sources. The Group, with more than 600 employees (as at 31 December 2021), has 32 hydroelectric plants, 8 wind farms located in Valle d'Aosta, Tuscany, Lazio, Puglia and Campania and 3 photovoltaic plants located in Valle d'Aosta and Piedmont, for a total of over 1,000 MW of power and a production that, in 2021, amounted to 2,819 GWh of electricity.

The CVA Group also operates in the energy sales sector through its subsidiary CVA Energie, supplying approximately 84,500 customers. With its subsidiary Deval manages the distribution activity in the territory of the Aosta Valley (almost 130,000 delivery points). 

Last update: Oct 03, 2023 13:40:36 (GMT+2)