Third quarter of 2016

  • Consolidated EBITDA at replacement cost: €78 mln, €66 mln in the 3 quarter of 2015
  • Group net result at replacement cost: €9 mln, €19 mln in the 3 quarter of 2015

Nine months of 2016

  • Consolidated EBITDA at replacement cost: €351 mln, €264 mln in the 9 months of 2015
  • Group net result at replacement cost: €83 mln, €76 mln in the 9 months of 2015

Genoa, 10 November 2016 - At its meeting held yesterday, the Board of Directors of ERG S.p.A. approved the Interim Management Report as at 30 September 2016.

Consolidated financial results at replacement cost

3rd Quarter

Performance highlights (million Euro)

First nine months

2016

2015

Var. %

2016

2015

Var. %

78

66

17%

EBITDA

351

264

33%

13

25

- 48%

EBIT

158

141

12%

9

19

- 55%

Group net result

83

76

9%

30.09.16

31.12.15

Variation

Net financial debt (million Euro)

1,677

1,448

+ 229

Leverage

51%

46%

Luca Bettonte, ERG's Chief Executive Officer, commented: 'the third quarter results are satisfactory, with EBITDA showing a strong growth thanks to the contribution of the new assets, despite the decidedly unfavourable electricity price scenario accompanied by generally poor wind conditions. For the ERG Group, the year now drawing to a close is one of fundamental importance for the process of industrial consolidation as independent European power producer. To this effect an optimisation of our organisational and corporate structure is underway, via the unitary administration of both the three different generation technologies and Energy Management within the ambit of a single subsidiary. Moreover, a specific department is being created in ERG dedicated to the activity of business development, the Risk Management function is being expanded and the other main staff support functions are being centralised. We feel confident that this new structure more closely reflects the new business model and can more functionally and efficiently respond to the future scenario and market changes. Although the situation continues to be fragile, we confirm our guidance figures for 2016, which envisage EBITDA of Euro 440 million, but with a forecast net debt of around Euro 1.65 billion, which is an improvement compared to the figure of Euro 1.73 billion previously indicated.'

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