Consolidated adjusted1 EBITDA at replacement cost2: Euro 168 million, Euro 173 million in the first quarter of 2013
Group net result at replacement cost3: Euro 44 million, Euro 27 million in the first quarter of 2013
Genoa, 15 May 2014 - At its meeting held yesterday, the Board of Directors of ERG S.p.A. approved the Interim Management Report as at 31 March 20144.
Consolidated Financial Results at replacement cost
Performance highlights (million Euro) | First Quarter | Variation | ||
2014 | 2013 | |||
Adjusted EBITDA | 168 | 173 | - 3% | |
Adjusted EBIT | 104 | 103 | + 1% | |
Group net result | 44 | 27 | + 63% |
31.03.14 | 31.12.13 | Variation | |
Net financial debt (million Euro) | 744 | 807 | - 63 |
Leverage5 | 26% | 29% | |
Adjusted net financial debt (million Euro) | 1,048 | 1,015 | + 32 |
Adjusted leverage6 | 33% | 34% |
Luca Bettonte, ERG's Chief Executive Officer, commented: "the current configuration of the Group's business portfolio, as completed last year with the definitive exit from Coastal Refining, has allowed us to achieve extremely positive results despite the continuous worsening of the economic and market situation. In a quarter still characterised by the decline in electricity demand and prices and the decrease in consumption and margins in the oil sector, the quarter's EBITDA was substantially in line with the very high figure posted last year. The Group net result of Euro 44 million is the highest of recent years, whereas we are seeing a confirmation of the downward trend in financial debt which has notably decreased with respect to the corresponding period a year ago. For 2014 we confirm our previous indications to the market, with EBITDA amounting to around Euro 470 million and a financial debt, at the end of the year, of approximately Euro 800 million. This forecast presumes completion of the transaction concerning the sale of ISAB Energy, the effects of which will be seen during the second half of the year''.
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