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ERG Share Price

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Performance highlights

	2017	2016	2015
Revenues from ordinary operations	1,056	1,025	944
EBITDA at replacement cost	472	455	350
EBIT at replacement cost	220	202	179
Net income	207	125	24
of which Group net income	207	122	21
Group net profit (loss) at replacement cost⁽¹⁾	142	107	96

	2017	2016	2015
Net invested capital	3,110	3,286	3,124
Shareholders' Equity	1,877	1,729	1,676
Total net financial indebtedness	1,233	1,557	1,448
of which non-recourse Project Financing⁽²⁾	1,115	1,276	1,285
Financial leverage	40%	47%	46%
EBITDA Margin	45%	44%	37%

		2017	2016	2015
Installed capacity at period end - wind farms	MW	1,814	1,720	1,506
Electric power generation from wind farms	millions of KWh	3,613	3,501	2,614
Installed capacity - thermoelectric plants	MW	480	480	480
Electric power generation from thermoelectric plants	millions of KWh	2,453	2,693	2,632
Installed capacity - hydroelectric plants	MW	527	527	527
Electric power generation from hydroelectric plants	millions of KWh	1,144	1,358	84
Total sale of electric power	millions of KWh	11,747	12,303	10,113
Investments ⁽³⁾	milioni di Euri	54	60	106
Employees at period end	units	714	715	666

		2017	2016	2015
Reference price of electricity - Italy (baseload) ⁽⁴⁾	Euro/MWh	54.0	42.8	52.3
Feed in premium (former "Green Certificates") - Italy	Euro/MWh	107.3	100.1	100.1
Sicily zone price (baseload)	Euro/MWh	60.8	47.6	57.5
North - Center zone price (peak)	Euro/MWh	63.5	47.6	57.9
Average selling price per unit of ERG Wind energy - in Italy	Euro/MWh	147.1	139.0	147.8
Feed in Tariff - Germany⁽⁵⁾	Euro/MWh	91.7	92.6	96.2
Feed in Tariff - France⁽⁵⁾	Euro/MWh	88.3	88.7	90.4
Feed in Tariff - Bulgaria⁽⁵⁾	Euro/MWh	81.9	84.0	80.3
Price of electricity - Polonia	Euro/MWh	36.5	33.4	37.1
Price of Green Certificates - Polonia	Euro/MWh	8.5	10.8	26.0
Price of electricity - Romania⁽⁶⁾	Euro/MWh	28.7	27.3	29.7
Price of Green Certificates - Romania⁽⁷⁾	Euro/MWh	29.0	29.5	29.5

To enhance understandability of business performance. recurring revenues and operating results are shown. therefore excluding non-recurring items,
⁽¹⁾does not include inventory gains (losses) of TotalErg. non-recurring items and related applicable theoretical taxes;
⁽²⁾ including cash and cash equivalents and excluding the fair value of the derivatives to hedge interest rates;
⁽³⁾ in tangible and intangible fixed assets, Do not include the M&A investments amounting to EUR 39,5 million made in 2017 for the acquisition of the companies of the DIF Group in Germany and the M&A investments amounting to EUR 306 million made in 2016;
⁽⁴⁾Single National Price;
⁽⁵⁾the values of the Feed-In Tariff abroad refer to the prices obtained by the wind farms;
⁽⁶⁾ the Romania price of electricity refers to the price fixed by the company via bilateral agreements;
⁽⁷⁾ Price referred to the unit value of the green certificate.

Performance highilights by sector

	2017	2016	2015
Non programmable sources	445	423	345
Wind power	445	423	345
Programmable sources	610	601	602
Thermoelectric power⁽¹⁾	473	479	592
Hydroelectric power	137	122	11
Corporate	38	32	22
Intra segment revenues	(37)	(31)	(25)
Total revenues	1,056	1,025	944

¹ Energy Management contribution is included

	2017	2016	2015
Non programmable sources	316	308	254
Wind power	316	308	254
Programmable sources	172	161	115
Thermoelectric power ⁽¹⁾	78	77	107
Hydroelectric power	94	84	8
Corporate	(16)	(13)	(19)
EBITDA	472	455	350

¹ Energy Management contribution is included

	2017	2016	2015
Non programmable sources	(160)	(163)	(134)
Wind power	(160)	(163)	(134)
Programmable sources	(89)	(88)	(34)
Thermoelectric power	(31)	(30)	(30)
Hydroelectric power	(58)	(58)	(5)
Corporate	(3)	(3)	(3)
Amortisation and depreciation at replacement cost	(252)	(254)	(171)

	2017	2016	2015
Non programmable sources	156	145	120
Wind power	156	145	120
Programmable Sources	83	73	81
Thermoelectric power ⁽¹⁾	48	47	78
Hydroelectric power	35	26	3
Corporate	(19)	(16)	(22)
EBIT at replacement cost	220	202	179

¹ Energy Management contribution is included

	2017	2016	2015
Non progammable sources	35	44	95
Wind power	35	44	95
Programmable sources	16	13	9
Thermoelectric power	10	10	9
Hydroelectric power	6	4	-
Corporate	3	3	2
Total investments	54	60	106

Performance highlights - Archive

Main economic data	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005
Total Revenues ⁽¹⁾	1.999	7.076	8.288	6.798	7.899	6.237	11.563	10.206	9.303	9.029
EBITDA	547	380	332	192	238	229	117	552	442	869
EBITDA at replacement cost⁽²⁾	429	493	346	156	213	22	536	361	463	633
Adjusted EBITDA at replacement cost ⁽³⁾	491	569	458	284	305	92	540	361	463	633
EBIT at replacement cost ⁽²⁾	240	283	197	12	59	(115)	335	176	305	477
Adjusted EBIT at replacement cost ⁽³⁾	249	278	216	37	86	(92)	336	176	305	477
Net profit	73	85	200	96	43	45	649	192	194	421
of which Group net profit (loss)	48	28	151	65	10	7	646	171	153	385
Group net profit (loss) at replacement cost ⁽⁴⁾	76	38	12	(49)	(20)	(80)	84	39	103	230
Revenues from ordinary operations:
Renewable energy sources	349	339	177	114	73	50	45	37	9	0
Thermoelectric power generation	1.164	1.642	1.651	1.435	1.384	998	1.191	861	830	781
Integrated Downstream	3.098	9.002	11.688	10.939	9.175	6.475	12.261	10.851	9.747	9.505
Corporate	30	6	6	7	16	23	26	23	19	18
Interdivisional revenues	(291)	(621)	(1.065)	(1.350)	(1.712)	(1.435)	(2.012)	(1.606)	(1.476)	(1.345)
Total ⁽³⁾	4.350	10.368	12.457	11.145	8.935	6.111	11.512	10.166	9.128	8.958

⁽¹⁾Net of excise duties
⁽²⁾ EBITDA and EBIT at replacement cost do not include inventory gains (losses) and non-characteristic items
⁽³⁾The adjusted EBIT and EBITDA at replacement cost also include the contribution, as regards ERG share, of the results of TotalErg (joint venture with Total), LUKERG Renew (joint venture with LUKOIL Group) and ISAB S.r.l.
⁽⁴⁾Group net profit at replacement cost does not include inventory gains (losses), non-characteristic items nor applicable theoretical taxes. The values also correspond to the adjusted ones
⁽⁵⁾The adjusted results at replacement cost include the contribution, as regards ERG share of the results of TotalERG (joint venture with Total), LUKERG Renew (joint venture with LUKOIL) and ISAB S.r.l.
⁽⁶⁾ Non-characteristic items include unusual earnings
⁽⁷⁾Capital expenditures on tangible and intangible fixed assets.They take into account ERG's share of the capital expenditures effected by TotalErg S.p.A. and LUKERG Renew and through August 2012 by ISAB S.r.l.
⁽⁸⁾ Net of cash and cash equivalents
⁽⁹⁾Dividend distributed during the year
⁽¹⁰⁾ It also includes the contribution attributable to ERG of the net financial position of the joint ventures

EBITDA	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005
Renewable energy sources	267	245	137	69	39	23	17	19	7	0
Thermoelectric power generation	204	358	328	239	254	55	181	166	207	183
Integrated Downstream	44	(5)	21	6	46	45	375	204	276	472
Corporate	(24)	(30)	(28)	(31)	(33)	(32)	(33)	(28)	(27)	(22)
Adjusted EBITDA at replacement cost ⁽³⁾	491	569	458	284	305	92	540	361	463	633
Contribution from ERG's share of ISAB srl at replacement cost	-	(31)	(68)	(63)	(80)	(69)	(5)	0	0	0
51% contribution of TotalErg at replacement cost	(47)	(39)	(43)	(66)	(13)	0	0	0	0	0
LUKERG Renew 50% contribution at adjusted replacement cost	(14)	(7)	(1)	0	0	0	0	0	0	0
EBITDA at replacement cost ⁽²⁾	429	493	346	156	213	22	536	361	463	633
Gain (losses) on inventory	-	(6)	(1)	36	62	86	(364)	221	(28)	208
Non recurring items ⁽⁶⁾	118	(107)	(13)	0	(38)	121	(54)	(31)	7	28
Total	547	380	332	192	238	229	117	552	442	869

⁽¹⁾Net of excise duties
⁽²⁾ EBITDA and EBIT at replacement cost do not include inventory gains (losses) and non-characteristic items
⁽³⁾The adjusted EBIT and EBITDA at replacement cost also include the contribution, as regards ERG share, of the results of TotalErg (joint venture with Total), LUKERG Renew (joint venture with LUKOIL Group) and ISAB S.r.l.
⁽⁴⁾Group net profit at replacement cost does not include inventory gains (losses), non-characteristic items nor applicable theoretical taxes. The values also correspond to the adjusted ones
⁽⁵⁾The adjusted results at replacement cost include the contribution, as regards ERG share of the results of TotalERG (joint venture with Total), LUKERG Renew (joint venture with LUKOIL) and ISAB S.r.l.
⁽⁶⁾ Non-characteristic items include unusual earnings
⁽⁷⁾Capital expenditures on tangible and intangible fixed assets.They take into account ERG's share of the capital expenditures effected by TotalErg S.p.A. and LUKERG Renew and through August 2012 by ISAB S.r.l.
⁽⁸⁾ Net of cash and cash equivalents
⁽⁹⁾Dividend distributed during the year
⁽¹⁰⁾ It also includes the contribution attributable to ERG of the net financial position of the joint ventures

EBIT	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005
Renewable energy sources	131	119	71	19	5	(4)	(4)	6	4	0
Thermoelectric power generation	150	278	253	155	179	1	121	106	152	128
Integrated Downstream	(5)	(87)	(77)	(102)	(61)	(53)	254	95	179	373
Corporate	(27)	(32)	(31)	(35)	(37)	(36)	(35)	(31)	(29)	(24)
Adjusted EBIT at replacement cost ⁽³⁾	249	278	216	37	86	(92)	336	176	305	477
Contribution from ERG's share of ISAB srl at replacement cost	-	(9)	(32)	(15)	(28)	(23)	(1)	0	0	0
51% contribution of TotalErg at replacement cost	(3)	17	12	(10)	1	0	0	0	0	0
LUKERG Renew 50% contribution at adjusted replacement cost	(6)	(3)	(0)	0	0	0	0	0	0	0
EBIT at replacement cost ⁽²⁾	240	283	197	12	59	(115)	335	176	305	477

⁽¹⁾Net of excise duties
⁽²⁾ EBITDA and EBIT at replacement cost do not include inventory gains (losses) and non-characteristic items
⁽³⁾The adjusted EBIT and EBITDA at replacement cost also include the contribution, as regards ERG share, of the results of TotalErg (joint venture with Total), LUKERG Renew (joint venture with LUKOIL Group) and ISAB S.r.l.
⁽⁴⁾Group net profit at replacement cost does not include inventory gains (losses), non-characteristic items nor applicable theoretical taxes. The values also correspond to the adjusted ones
⁽⁵⁾The adjusted results at replacement cost include the contribution, as regards ERG share of the results of TotalERG (joint venture with Total), LUKERG Renew (joint venture with LUKOIL) and ISAB S.r.l.
⁽⁶⁾ Non-characteristic items include unusual earnings
⁽⁷⁾Capital expenditures on tangible and intangible fixed assets.They take into account ERG's share of the capital expenditures effected by TotalErg S.p.A. and LUKERG Renew and through August 2012 by ISAB S.r.l.
⁽⁸⁾ Net of cash and cash equivalents
⁽⁹⁾Dividend distributed during the year
⁽¹⁰⁾ It also includes the contribution attributable to ERG of the net financial position of the joint ventures

Capital expenditures ⁽⁷⁾	2014	2013	2012	2011	2010	2009	2008	2007	2005	2004
Renewable energy sources	38	97	39	53	89	89	52	33	2	0
Thermoelectric power generation	14	26	35	22	77	200	141	149	140	58
Integrated Downstream	34	41	51	77	100	116	157	195	221	214
Corporate	3	2	1	2	4	2	5	4	3	3
Total Adjusted capital expenditures ⁽⁷⁾	89	278	126	156	270	407	354	380	365	274
ISAB s.r.l. capital expenditures (ERG's share)	-	(9)	(13)	(38)	(49)	(60)	(4)	0	0	0
TotalErg capital expenditures (51%)	(34)	17	(36)	(35)	(21)	0	0	0	0	0
LUKERG Renew capital expenditures (50%)	(2)	(3)	0	0	0	0	0	0	0	0
Total capital expenditures	54	283	77	82	201	347	351	380	365	274

⁽¹⁾Net of excise duties
⁽²⁾ EBITDA and EBIT at replacement cost do not include inventory gains (losses) and non-characteristic items
⁽³⁾The adjusted EBIT and EBITDA at replacement cost also include the contribution, as regards ERG share, of the results of TotalErg (joint venture with Total), LUKERG Renew (joint venture with LUKOIL Group) and ISAB S.r.l.
⁽⁴⁾Group net profit at replacement cost does not include inventory gains (losses), non-characteristic items nor applicable theoretical taxes. The values also correspond to the adjusted ones
⁽⁵⁾The adjusted results at replacement cost include the contribution, as regards ERG share of the results of TotalERG (joint venture with Total), LUKERG Renew (joint venture with LUKOIL) and ISAB S.r.l.
⁽⁶⁾ Non-characteristic items include unusual earnings
⁽⁷⁾Capital expenditures on tangible and intangible fixed assets.They take into account ERG's share of the capital expenditures effected by TotalErg S.p.A. and LUKERG Renew and through August 2012 by ISAB S.r.l.
⁽⁸⁾ Net of cash and cash equivalents
⁽⁹⁾Dividend distributed during the year
⁽¹⁰⁾ It also includes the contribution attributable to ERG of the net financial position of the joint ventures

Main Financial Data	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005
Net Invested capital	2.049	2.821	2.484	2.842	2.614	2.591	2.299	2.837	2.754	1.977
Shareholders' capital	1.719	2.014	1.971	1.878	1.891	1.929	2.024	1.459	1.398	1.209
Total net financial debt	330	807	513	963	723	662	274	1.378	1.356	769
of which non-recourse project financing ⁽⁸⁾	1.297	1.362	789	793	793	324	325	368	393	424
Dividend per share in circulation ⁽⁹⁾		0,40	0,40	0,40	0,40	0,40	0,40	0,40	0,40	0,40
Financial leverage	16%	29%	21%	34%	28%	26%	12%	49%	49%	39%
Total adjusted net financial indebtedness ⁽¹⁰⁾	538	1.015	722	1.179	1.082	586	212	na	na	na

⁽¹⁾Net of excise duties
⁽²⁾ EBITDA and EBIT at replacement cost do not include inventory gains (losses) and non-characteristic items
⁽³⁾The adjusted EBIT and EBITDA at replacement cost also include the contribution, as regards ERG share, of the results of TotalErg (joint venture with Total), LUKERG Renew (joint venture with LUKOIL Group) and ISAB S.r.l.
⁽⁴⁾Group net profit at replacement cost does not include inventory gains (losses), non-characteristic items nor applicable theoretical taxes. The values also correspond to the adjusted ones
⁽⁵⁾The adjusted results at replacement cost include the contribution, as regards ERG share of the results of TotalERG (joint venture with Total), LUKERG Renew (joint venture with LUKOIL) and ISAB S.r.l.
⁽⁶⁾ Non-characteristic items include unusual earnings
⁽⁷⁾Capital expenditures on tangible and intangible fixed assets.They take into account ERG's share of the capital expenditures effected by TotalErg S.p.A. and LUKERG Renew and through August 2012 by ISAB S.r.l.
⁽⁸⁾ Net of cash and cash equivalents
⁽⁹⁾Dividend distributed during the year
⁽¹⁰⁾ It also includes the contribution attributable to ERG of the net financial position of the joint ventures

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Performance highlights

Performance highilights by sector

Performance highlights - Archive