Consolidated adjusted EBITDA at replacement cost: €350 million, €343 million in 2014

Group net result at replacement cost: €96 million, €60 million in 2014

Proposed dividend per share of €1.0, including an extraordinary component of €0.50

Fourth quarter of 2015

Consolidated adjusted EBITDA at replacement cost: €86 million, €80 million in 4Q 2014

Group net result at replacement cost: €20 million, €6 million in 4Q 2014

Genoa, 23 March 2016 - The Board of Directors of ERG S.p.A., which met yesterday, approved the consolidated financial statements and the draft financial statements as at 31 December 2015, the report on corporate governance and ownership and the remuneration report.

Consolidated financial results at replacement cost

4th Quarter

Performance highlights (million Euro)

Year

2015

2014

Pro-forma

Var. %

2015

2014

Pro-forma

Var. %

86

80

+8 %

Adjusted EBITDA

350

343

+2%

38

33

+16 %

Adjusted EBIT

179

175

+3%

20

6

+246%

Group net result

96

60

+60%

31.12.15

31.12.14

Pro-forma

variation

Net financial debt (million Euro)

1,448

330

+1,118

Leverage

46%

16%

Adjusted net financial debt (million Euro)

1,448

409

+1,038

Adjusted leverage

46%

19%

Luca Bettonte, ERG's Chief Executive Officer, commented: '2015 was another fundamental year in the Group's industrial transformation, with the achievement of two objectives: technological diversification, thanks to the acquisition of the Terni hydroelectric hub, and further development in overseas wind power, via acquisitions and growth in France, Germany and Poland. EBITDA posted in 2015, at 350 million Euro, was in keeping with the forecasts provided in the Business Plan and exceeded 2014 results, also due to the technological complementarity of the various generation sources and a significant presence in wind power outside of Italy. These factors, together with the reduction in corporate costs, offset the negative effects deriving from the exceptionally poor wind conditions recorded in Italy during the last quarter. For 2016, we confirm the projections contained in the Business Plan, with a strong upward trend in EBITDA to around Euro 440 million. Given the conclusion of an essential phase in the strategic project to reposition the Group's business portfolio, we propose to the Shareholders' Meeting the payment of a dividend of Euro 1.0 per share, including an extraordinary component of Euro 0.50. Considering the acceleration in Plan investments with the construction of our first wind farm in the UK, by the end of the year we expect to see a net financial debt of around 1.73 billion Euro, including the distribution of dividends.'

The Board of Directors therefore proposes to the Ordinary Shareholders' Meeting, to be convened on 3 May 2016 in first call, and, if required, on 4 May 2016 in second call, the distribution of a dividend per share of Euro 1.0, including an extraordinary component of Euro 0.50 per share, which will be available for payment starting from 25 May 2016 (payment date), with an ex-dividend date as of 23 May 2016 (ex date) and record date of 24 May 2016.

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ERG S.p.A. issued this content on 23 March 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 23 March 2016 06:52:21 UTC

Original Document: http://www.erg.it/en/media/press-releases?detail=295902