Accounts up for Erg. The board of the energy company has approved the accounts for the third quarter and the first 9 months of 2022.
“The results of the third quarter, in line with what has already been seen in the first part of the year, showed strong growth compared to the same period of 2021 thanks mainly to the higher installed capacity in service during the period with almost 600 additional MW, between Wind and Solar, in various geographies", he explained Paolo Merli, managing director of Erg commented.
Erg's effort - continues the manager - is demonstrated by the significant investments in development in the first nine months of 2022 with over 800 million euros, approximately double the gross operating margin recorded in the same period, proving the group's expansion phase. In this context, further increase the EBITDA guidance and at the same time reduce the forecast for debt, while confirming investments in the range between 900 million and 1 billion euros which will allow us to reach an installed capacity of around 3.000 MW already at the end of the year or at the beginning of 2023 at the latest".
The 9 months of Erg: what happened from January to September
The period January-September closed with a gross operating margin of 411 million euros, up sharply compared to the 254 million recorded in the first nine months of 2021. The net result from continuing activities almost tripled, rising to 174 million from 66 million, while the net result was equal to 245 million from 105. In the 9 months Revenues increased from 382 to 562 million euros.
In the third quarter alone, the consolidated gross operating adjusted amounted to 133 million and adjusted net income from continuing activities to 51 million (from 13 million). Revenues rose from 123 to 188 million euros.
Renewables grow
The group reports the growth of renewable portfolio. In the nine months, 823 million were invested in new renewable capacity for a total of 571 MW which gradually entered the Group portfolio compared to 30 September 2021.
Guidance revised upwards
Erg revises the EBITDA forecast upwards, which is now in the range of 520-550 million (previously 485-515 million); investments confirmed between 900 million and 1 billion, with a slight decrease in net financial debt between 1.500 and 1.600 million (previously 1.550-1.650 million).
