- Consolidato adjusted1 EBITDA: €105 mln,restated2€98 mln in the 3rd qtr of 2017
- Adjusted1 Group net result: €17 mln,restated2€16 mln in the 3rd qtr of 2017
Nine months of 2018
- Consolidated adjusted1 EBITDA: €381 mln,restated2€356 mln in the 9 months of 2017
- Adjusted1 Group net result: €92 mln,restated2€88 mln in the 9 months of 2017
Genoa, 14 November 2018 - At its meeting held yesterday, the Board of Directors of ERG S.p.A. approved the Interim Management Report at 30 September 2018.
Consolidated adjusted financial results
3rd Quarter | Performance highlights (million Euro) | First nine months | ||||
2018 | 2017 | Var. % | 2018 | 2017 | Var. % | |
105 | 98 | 7% | EBITDA | 381 | 356 | 7% |
38 | 36 | 5% | EBIT | 178 | 168 | 6% |
17 | 16 | 5% | Group net result | 92 | 88 | 4% |
30.09.18 | 31.12.17 | Variation | |
Net financial debt (million Euro) | 1,389 | 1,233 | +157 |
Leverage3 | 43% | 40% |
Luca Bettonte, ERG's Chief Executive Officer, commented: 'The results during the quarter have continued to grow, confirming the trend observed since the start of the year. Again in these three months of the year characterised by scarce wind conditions and abundant water availability, the complementarity of the various energy sources and the contribution of additional capacity as regards Solar Power in Italy and Wind Power in Europe have played a key role in the achievement of improved results compared to a year ago. These factors, also supported by a favourable price scenario, more than offset, in the Wind Power sector, the poor wind conditions, the higher imbalance charges and the discontinuation of incentives as regards part of the Italian output and, in the Thermoelectric Power sector, the decline in value of White Certificates and reduction in generation margins due to the rise in the price of CO2. In the light of such results we feel confidently able to confirm the increased Guidance indicated at the time of the half-yearly report and therefore forecast, for the end of 2018, EBITDA between 490 and 500 million Euro and a net debt of 1,350 million Euro, after the distribution of dividends amounting to 171 million Euro, and including investments totalling between 520 and 540 million Euro.'
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
3 The ratio of total net financial debt (including project financing) to net invested capital
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ERG S.p.A. published this content on 14 November 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 14 November 2018 07:03:04 UTC