23 December 2022, 18:38
eVISO confirms a balanced financial structure and a structured governance system capable of handling the uncertainty that characterises the commodity market
Saluzzo (CN), 23 December 2022 – eVISO S.p.A. (EVS.MI) – a digital company, listed on the EGM, with a proprietary artificial intelligence infrastructure that operates in the commodities sector (electricity, gas, apples) – announces that Cerved Rating Agency S.p.A. has confirmed the company’s A3.1 rating (equivalent to A from S&P’s and FITCH and A3 from MOODY’S). This is the seventh year that eVISO has been assigned a rating issued by Cerved Rating Agency.
The confirmation of the rating is mainly linked to eVISO’s ability to have demonstrated the following factors: (i) a structured governance system that has ensured a timely monitoring of business risks, primarily credit and liquidity; (ii) a balanced financial structure capable of managing the increased operational requirements brought about by the rise in commodity prices.
According to Cerved Rating Agency, despite the uncertainty that still characterises the reference market, the current risk profile is not expected to worsen over the next 12 months, as a result of the substantial liquidity buffer available (in excess of €12 million in Nov22) and closer monitoring of the solvency of the customer portfolio, in the face of the increase in credit risk also seen at sector level.
Cerved Rating Agency also pointed out that eVISO, despite a growth in business volumes, was able to mitigate the impacts on financial sustainability resulting from the significant increase in commodity prices thanks to: (i) expanding the signature lines necessary to issue the due guarantees to the institutional operators of the electricity and gas system (first and foremost GME); (ii) constant monitoring of the receivables portfolio and management of collections, managing to contain the growth of trade working capital; (iii) requesting security deposits from reseller customers, partly mitigating the cash absorption resulting from instalment requests from customers.
Gianfranco Sorasio, CEO of eVISO, commented: ‘eVISO’s business model has proven to be robust in a challenging market environment, achieving a rating equivalent to ‘A-‘ (S&P’s and FITCH)’, up from ‘BBB+’ in the 2020 listing year. The confirmation of the Rating in the ‘SECURITY’ area amplifies our expansive activity on direct customers and resellers by allowing eVISO to replace, with a simple declaration, the several millions of guarantees that are instead required, in the form of Bank Guarantees on first demand, from the not inconsiderable number of operators that have been downgraded to the ‘vulnerability’ area. Being able to replace bank surety bonds at first request, of significant amounts and proportional to turnover, with a declaration of solidity allows eVISO a solid competitive advantage in terms of cost and agility, especially in view of a 2023 of higher rates than the last 2 years”.
Federica Berardi, CFO of eVISO, added: “The work done on a daily basis is rewarded by the Cerved Rating Agency’s rating, which not only confirms the current solidity, but also does not foresee a worsening of the current risk profile for the next 12 months: this gratifies us and makes us look to the future with optimism”.
The full rating statement is published by Cerved Rating Agency at www.ratingagency.cerved.com.