Genoa

Third quarter of 2013
• Consolidated adjusted1 EBITDA at replacement cost2: €143 mln, €125 mln in the 3rd qtr of 2012
• Group net result at replacement cost 3: €11 mln, €12 mln in the 3rd qtr of 2012

Nine months of 2013
• Consolidated adjusted1 EBITDA at replacement cost2: €437 mln, €330 mln in the 9 months of 2012
• Group net result at replacement cost 3: €36 mln, €3 mln in the 9 months of 2012

Genoa, 13 November 2013 - Yesterday the Board of Directors of ERG S.p.A. held a meeting to approve the Interim Management Report as at 30 September 20134.

Consolidated financial results at replacement cost

3rd Quarter

Performance highlights (million Euro)

First nine months

2013

2012

Var. %

2013

2012

Var. %

143

125

14%

adjusted EBITDA

437

330

32%

71

64

12%

adjusted EBIT

221

146

52%

11

12

-

Group net result

36

3

-

30.09.13

30.06.13

31.12.12

Net financial debt (million Euro)

1,289

1,233

513

Leverage5

39%

39%

21%

Adjusted net financial debt 6 (million Euro)

1,565

1,462

722

Adjusted leverage 6

44%

43%

27%

Luca Bettonte, ERG's Chief Executive Officer, commented: "the quarter's operating results confirm the growth trend, thanks to the increase in renewables output, which has benefitted from the wind farms owned by ERG Wind, and the excellent plant performances in the thermoelectric sector within a favourable local market scenario. The results from Refining & Marketing have deteriorated compared to a year ago, despite an upturn in profitability as regards Marketing, which however only partially compensated the negative performance by Refining. For FY2013 we expect to achieve EBITDA of well over 500 million Euro and an adjusted indebtedness of less than 1.3 billion Euro. Over the last few months we have taken further important steps along the strategic path outlined in the business plan, for example with our exercise of the put option on the last remaining stake in the ISAB Refinery, scheduled for completion by the end of the year, the increase in wind power capacity outside of Italy, with the acquisition of wind farms in Romania and Bulgaria, and the recent integration of O&M activities in the renewables sector."

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