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The BoD approves the Half-Yearly Financial Report as at 30.06.2019 and appoints CFO P. L. Merli as General Manager

Consolidated adjusted[1]EBITDA: €273 million, adjusted €277 million in the first half of 2018 

Adjusted Group net result: €68 million, adjusted €76 million in the first half of 2018

 

Genoa, 2 August 2019 – The Board of Directors of ERG S.p.A. approved today the Half-Yearly Financial Report as at 30 June 2019. The figures for the second quarter, which are not subject to approval by the Board of Directors or to independent audit, are to be considered pro-forma numbers and are presented here for the sake of completeness and continuity of the information provided.

Consolidated adjusted1 financial results:

2nd Quarter

Performance highlights (million Euro)

1st Half

2019

2018

 

Var. %

 

2019

2018

Var. %

110

114

-4%

EBITDA

273

277

-1%

36

47

-22%

EBIT

128

140

-9%

14

19

-30%

Group net result

68

76

-11%

 

 

30.06.19

31.12.18

Variation

Net financial debt (million Euro)

1,662

1,343

+319

Leverage[2]

49%

42%

 

 

Luca Bettonte, ERG's Chief Executive Officer, commented:

"Economic performance for the second quarter, characterised overall by a slight downturn compared to 2018, showed an improvement in all technologies with the exception of Hydroelectric Power, due to the notably scarce water availability, in contrast to the abundant availability a year earlier. A good performance was posted by the Wind Power sector, with an overall significant growth following the gradual coming on stream of the assets acquired in France and those built in Germany, and the Solar Power sector, where we doubled the previous year's result. Lastly, Thermoelectric Power generation also performed well, having benefited from high generation margins and the contribution from Energy Management.

During the quarter we successfully completed our first Green Bond issue for 500 million Euro, coinciding with Liability Management interventions, which led to a significant reduction in financial charges, in addition to enhancing our creditworthiness by reducing the structural subordination typical of Project Financing.  

Considering the results for the first half of the year and the final data for the month of July, we have revised our 2019 guidance in terms of EBITDA, which is now forecast at between 495-505 million Euro, as opposed to the previous range of 495-515 million Euro, and net debt, which has now been slightly upward adjusted to between 1,390 and 1,470 million Euro, including the unchanged investment estimate of between 340 and 370 million Euro destined above all for the expansion of solar power in Italy and wind power abroad."


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[1] In order to facilitate the understanding of business performance, the financial results are shown excluding significant income components of a non-recurring nature (special items): these results are indicated using the term  "adjusted". For a definition of the indicators and reconciliation of the amounts in question, reference is made to the specific section of this Press Release "Alternative Performance Indicators"

[2] The ratio of total net financial debt (including project financing) to net invested capital

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