Erg closed the 9 months of 2019 with revenues equal to 762 million euros, slightly down on the 766 million of the same period of 2018. The adjusted net operating result decreased from 178 to 157 million euros as a result of depreciation and amortization of 223 million, an increase of 20 million compared to the first nine months of 2018 (203 million) “mainly attributable to the new investments made in the Solar sector and the acquisitions of the wind farms operating in France and Germany occurred during 2019”.
Adjusted group net profit it stood at 75 million from 92 in the first 9 months of 2018. The result includes 1,5 million due to minorities. Net profit it is down to 6 million euros compared to 124 million in the first nine months of 2018.
Il adjusted EBITDA is 380 million, substantially in line with the 381 million recorded in 2018.
With reference to the third quarter alone, Luca Bettonte, CEO of Erg, explained that "the operating result of the third quarter 2019, slightly higher than last year, benefited from higher installed capacity in wind abroad and solar in Italy, as well as a solid performance in thermoelectric”.
"However, these effects were affected by a marked lower water supply compared to last year's extraordinary production - he added - and by particularly weak wind conditions in the summer months in Italy, in a context of overall lower average unit energy prices, albeit mitigated by hedging actions. Our growth path continues. In the period we increased our installed capacity by 190 MW compared to the same period of 2018, of which 138 MW in wind between France and Germany and 51 MW in solar in Italy".
As for the estimates for the whole of 2019, the company confirmed the guidance concerning the gross operating margin, which will be between 495 and 505 million. Announced instead a increase in investment, which will reach 430-450 million “following the recent acquisition of wind farms in Germany, and we update thenet borrowing year-end now expected in a range between 1.500 and 1.560 million euros,” said Bettonte.
In Piazza Affari, the Erg share gained 0,7% to 18,89 euros.
