(AOF) – The Vergnet Group announces that its Chief Executive Officer, by subdelegation granted by the Board of Directors during its meeting of July 11, 2023, making use of the delegation granted to him by the General Meeting of Shareholders, has decided to reduce the share capital by reducing the par value of its shares. The par value of each Company share is thus reduced from 0.011 euro to 0.003 euro and the share capital to 40,107 euros.
This purely technical operation has no impact on the market value of the company’s shares, nor on the number of shares in circulation. Thus, following this operation, the company’s share capital remains composed of 13,369,100 ordinary shares.
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Greater disparities between utilities
The World Energy Markets Observatory highlights a wide disparity in retail energy prices in Europe. Suffering from both the effect of the rise in wholesale prices and high volatility in selling prices to end consumers, the profitability of players is under pressure. While the sixteen largest European energy suppliers benefited last year from a significant increase in their turnover (+47% compared to 2020), their gross operating margin (Ebitda margin) , deteriorated from 20.2% to 19.6%. Those who had to resort to purchasing electricity on the market had to pay these additional volumes much more expensive than the level of sale prices already fixed and therefore saw their margins deteriorate.
Faced with the reduced availability of its nuclear fleet, EDF, renationalised, should post an annual loss of 29 billion euros in 2022. Engie is doing better because it succeeded in reducing its imports of Russian gas in the first half while benefiting from high electricity prices and its increased exposure to renewable sources.