on E-PANGO (EPA:ALAGO)
E-PANGO: Financial Performance Affected in 2023
The company E-PANGO, specializing in energy supply, has published its results for the year 2023, revealing a significant decrease in its financial performance. For the financial year ending December 31, 2023, turnover fell to €0.4 million, compared to €23.5 million the previous year. This drastic drop is attributed to the failure to withdraw the orders suspending the electricity supply authorization by the Ministry of Energy Transition despite favorable legal decisions.
Net income for 2023 also deteriorated, showing a net loss of 2.9 million euros compared to a loss of 0.2 million euros in 2022. In this context, E-PANGO's equity is have become negative and the debts total around 5.7 million euros. Despite the difficulties, the company benefited from a research tax credit and plans to focus on its smart energy solutions in 2024. Furthermore, E-PANGO remains awaiting a response from the Ministry of energy transition regarding its ability to fully resume its operations.
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