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The Board of Directors of ERG S.p.A. approves the Half-Yearly Financial Report as at 30 June 2018

 Consolidated adjusted1 EBITDA: €277 million, restated2€258 million in the first half of 2017

Adjusted Group net result: €76 million, restated2 €72 million in the first half of 2017 

Genoa, 3 August 2018 – At its meeting held today, the Board of Directors of ERG S.p.A. approved the Half-Yearly Financial Report as at 30 June 2018. 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




Var. %




Var. %


















Group net result









Net financial debt (million Euro)









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

"The results for both the second quarter and the first six months of the year shown an improvement with respect to 2017. The strong complementarity of the various energy sources, the activities of energy management, the growth in Solar Power in Italy and Wind Power in Europe, permit us to achieve constantly growing results.

During the half year the negative effects deriving from the loss of incentives on 145 MW of Italian Wind Power between 1 July 2017 and 30 June 2018, the increase in imbalance charges and the reduction in Energy Efficiency Certificate prices were more than offset by the contribution of the new Solar Power assets in Italy (90 MW) and Wind Power assets outside of Italy, particularly in France where by the end of the year we shall exceed 300 MW of installed capacity. During these six months electricity prices have only partly absorbed the increase in the cost of natural gas and CO2, with consequent reduction of the clean spark spread in the Thermoelectric Power sector; at the same time the abundant availability of water allowed the Terni complex to achieve extremely high levels of contribution.

On the basis of these results and in view of the positive energy price scenario for the next six months, we are carrying out an upward adjustment of our end-of-year guidance, with EBITDA between Euro 490 and 500 million, compared to the previous estimate of Euro 475 million. Investments are forecast within a range of Euro 520-540 million, compared to the previous Euro 500 million, taking into consideration ERG's recent developments in the solar power sector with the incorporation of ERG Q Solar1 whose objective is to consolidate the sector in Italy, as well as the recent acquisition of a 79 MW authorised wind power project in Scotland. Mainly as a result of this increase in investments, an end-of-year net debt of around Euro 1,350 million is forecast, compared to the previous figure of Euro 1,300 million.


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 For a definition and reconciliation of restated amounts reference is made to the Preliminary Remarks section of this Press Release

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

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