Erg presents an adjusted EBITDA down by 9% to 400 million euro and an adjusted EBIT down by 2% to 218 million but doubles the group net result (+112%) to 75 million. These are the main figures for the first 9 months approved yesterday by the board.
In the third quarter alone, EBITDA at current values fell by 30% to 100 million, the operating result fell by 33% to 48 million, while the net result rose by 16% to 12 million. The photograph of the Erg accounts, in essence, is strongly conditioned in comparison with the perimeter prior to the sale of Isab Energy. In fact, the CEO of Eerg Luca Bettone underlines that "the economic results of this quarter are decidedly positive and are up on last year if we take into account the sale of the Isab Energy plant which took place in the first quarter of this year ”.
In the first nine months, Eerg's adjusted revenues were 3,411 billion, down compared to the first nine months of 2013, according to a note, due to the exit from the coastal refining sector and the sale of the Isab Energy plant. The adjusted net financial debt as of September 30 reached 640 million.
Based on the forecasts, specifies Eerg, the indication for a group EBITDA at the end of 2014 of around 470 million is consolidated, down compared to 569 million in 2013, even if, the note reiterates, the comparison with 2013 must be considered in the light of the strong perimeter discontinuity that occurred in 2014 due to the sale of Isab Energy.
