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The Board of Directors approves the Interim Management Report as at 31 March 2017

Consolidated recurring EBITDA1: €151 million, €163 million in the first quarter of 2016
Recurring net Group result2: €61 million, €57 million in the first quarter of 2016

Genoa, 12 May 2017 – At its meeting held yesterday, the Board of Directors of ERG S.p.A. approved the Interim Management Report as at 31 March 2017.

Consolidated recurring financial results  
 

Performance highlights (million Euro)

First Quarter

 

2017

2016

Var. %

EBITDA

151

163

-7%

EBIT

90

99

-9%

Group net result

61

57

5%

 

 

31.03.17

31.12.16

Variation

Net financial debt (million Euro)

1,464

1,557

-93

Leverage

45%

47%

 


Luca Bettonte, ERG's Chief Executive Officer, commented: "The first quarter results are certainly satisfactory, especially bearing in mind the poor wind conditions in Italy and France compared with the high output recorded in the first quarter of 2016, the expected decrease in wind power incentivised capacity and, insofar as concerns thermoelectric power, the announced changes regarding the regulatory and competitive situation in Sicily. These effects were partially offset by the favourable price scenario in Italy, benefiting above all the Terni hydroelectric complex, also thanks to the flexibility of its plants, for some of which past incentives were also recognised. It is also important to mention the recovery of amounts pertaining to previous years' production losses for wind power facilities that have left the incentive system, following the machinery shutdowns requested at the time by the national grid operator. Lastly, we continue to pursue our expansion abroad plan with around 100 additional MW, partly purchased and partly constructed, which will be fully operational by the end of the year. Therefore, considering these results, we feel confident that our guidance for 2017, which forecasts, for the end of the year, EBITDA of Euro 430 million and a net debt of Euro 1,450 million, after payment of a dividend per share of Euro 0.50 and investments totalling Euro 140 million, primarily directed towards the development of wind power outside of Italy, can be achieved."
 

1 Recurring results do not include inventory gains (losses) and non-recurring items.

2 Recurring Group net result does not include inventory gains (losses), non-recurring items or applicable theoretical taxes.

3 The ratio of total net financial debt (including project financing) and net invested capital

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