Growing accounts for Erg. The energy company closed the 2022 with a gross operating margin (Ebitda) of 537 million euro, up by 35% and with a consolidated net profit of 308 million, up by 56% compared to the previous year. This was announced in a press release from the company. The group led by the Garrone and Mondini families has also updated the business plan 2022-2026, which provides for 3,5 billion investments (against 2,9 billion in the previous version).
On the basis of these results, the management of Erg has proposed the distribution of a dividend 2023 of 1 euro per share, the coupon will be detached on Monday 22 May 2023 and paid on 24 May.
“We are very satisfied – he said Paul Merli, CEO of Erg - of the performance achieved in 2022, accrued, in a context characterized by high price volatility, pressure on the supply chain and extraordinary regulatory measures. The group has once again demonstrated its industrial and financial resilience with strong growth in operating results, driven by the increased installed capacity, and with a solid financial structure, despite the huge investments, ready to support future growth".
Il title leads the Ftse Mib with an increase of +0,68% to 26,66 euros per share.
Strongly growing operating results
In the fourth quarter alone, consolidated EBITDA at adjusted values was 126 million, 145 million in the fourth quarter of 2021, while the adjusted group net result fell to 43 million euro, from 60 million in the fourth quarter of 2021. While the revenues adjusted amounted to €749 million, with an increase of €148 million compared to 2021 (€601 million adjusted).
Renewables: investments and installed capacity grow in 2022
The company active in the renewable energy sector, in the note, explains that the company's installed capacity, in the'wind and in solar, has grown by 927 megawatts from the beginning of 2021 to today (+526 megawatts in 2022) and that "the urgent and temporary measures to contain the effects deriving from price increases in the electricity sector in Italy and abroad, not included in the Ebitda, had a total gross impact of around 2022 million for the group in 91, of which around 63 million in Italy alone".
In 2022 Erg invested 946 million euros. The investments 25% were made in solar and the remainder in wind.
Debt down
THEfinancial debt amounted to 1.434 million, down by 617 million compared to the end of 2021 (2.051 million) thanks to the sale of the Terni hydroelectric nucleus (1.265 million) and the positive cash flow for the period (approximately 523 million), partly offset by the acquisitions in Italy, Spain and the UK (638 million), from investments (307 million), from dividends distributed to shareholders (139 million), from the payment of taxes (92 million).
Erg revises the 2023 guidance and the 2026 plan upwards
As regards the business plan, the board approved a update of targets to 2026, confirming the strategic guidelines defined for the 2022-2026 period and reinforcing the growth strategy in wind and solar.
Erg therefore confirms the objective of reaching an installed power of 2026 gigawatts by 4,6 and the ambition of reaching 5 gigawatts in 2027, with an increase of 2,2 gigawatts in the period 2022-2026, of which 526 megawatts already achieved in 2022 and approximately 1,7 gigawatts to be installed in 2023-26.
The gross operating margin (Ebitda) expected in 2026 will exceed 650 million. The investments allocated for the period 2022-26 go, as we have seen, from around 2,9 billion euros to 3,5 billion, of which 900 million have already been made in 2022.
While debt at the end of 2026 will be equal to 2,3 billion euros, against 1,43 billion at the end of 2022.
"Challenging but visible targets, with many projects in an advanced stage of development or under construction", concludes Merli.
