Third quarter of 2011
• Consolidated adjusted1 EBITDA at replacement cost2:€/mil. 120, €/mil. 79 in the 3rdQ of 2010
• Group net result at replacement cost3: €/mil. 8, - €/mil. 14 in the 3rdQ of 2010

Nine months of 2011
• Consolidated adjusted1 EBITDA at replacement cost2:€/mil. 229, €/mil. 213 in the nine months of 2010
• Group net result at replacement cost3: - €/mil. 32, - €/mil. 13 in the nine months of 2010

Genoa, 11 November 2011 - The Board of Directors of ERG S.p.A. met yesterday to examine the Interim Report on Operations as at 30 September 20114.

Consolidated financial results at replacement cost

3rd Quarter

Performance highlights (million Euro)

Nine months

2011

2010

Change %

2011

2010

Change %

120

79

+ 52%

Adjusted EBITDA

229

213

+ 8%

61

22

+ 177%

Adjusted EBIT

53

56

- 5%

8

- 14

-

Group net result

- 32

- 13

-

30.09.11

30.06.11

31.12.10

Net financial debt (million Euro)

841

706

723

Leverage5

30%

27%

28%

Adjusted net financial debt6 (million Euro)

1,156

1,025

1,082

Leverage Adjusted6

37%

35%

36%

In the words of Alessandro Garrone, CEO of ERG: "The results of the quarter are on the increase and they show that the Group has returned to profit, mainly thanks to the positive performance of the thermoelectric and renewables segments. The results of the thermoelectric segment benefitted both from the plants operating at full capacity and from a very favourable situation in the local electric market during the period. Renewables also increased sharply, mainly thanks to the Fossa del Lupo wind farm entering into operation and the contribution of the wind farms purchased from the IVPC Group. The R&M sector, although improving, continues to be hit by a very negative situation in the refining sector. For the remaining part of the year, we expect further considerable growth in the results for renewables, thanks to the full contribution of the latest wind farms acquired and the gradual start-up of the Ginestra wind farm; the thermoelectric sector will feel the effects of the planned shutdown for maintenance of the ISAB Energy plant, which was started in October and was completed in early November; the R&M division will continue to show low performance as a result of the persisting adverse situation in the refining sector."

Read more on the press release...

The layout of the accounting statements corresponds to the format used in the Interim Report on Operations. Appropriate explanatory notes illustrate results at replacement cost and adjusted results at replacement cost.

Pursuant to Article 154-bis(2) of the Consolidated Finance Act, the manager in charge of the preparation of the company accounts, Giorgio Coraggioso, declares that the accounting information contained in this press release corresponds to the accounting documents, books and records.

The results for the third quarter and the nine months of 2011 will be illustrated to analysts and investors today at 3.00 p.m. (CET), during a conference call and simultaneous webcast, which may be viewed by visiting the company website at www.erg.it.
This press release, regarding the approval of the Interim Report on Operations as at 30 September 2011, issued on 11 November 2011 at 8.00 a.m. (CET), was prepared pursuant to the provisions to implement Legislative Decree no. 58 of 24 February 1998, adopted by CONSOB with resolution no. 11971 of 14 May 1999 as subsequently amended. This press release, together with the Interim Report on Operations as at 30 September 2011, is made available to the public at Borsa Italiana S.p.A. and on the website of the Company, www.erg.it. The Interim Report on Operations as at 30 September 2011 is also made available to the public at the registered office in Genoa, Via De Marini 1

Contacts

Press Officer: Alessandra Mariotti - tel. +39 010 2401364 mobile +39 335 8053395 - e-mail: stampa@erg.it
Corporate Finance, Control and IR Manager: Paolo Merli - tel +39 010 2401376 - email: pmerli@erg.it
Investor Relations: Matteo Bagnara - tel. +39 010 2401423 -e-mail:ir@erg.it -www.erg.it