Erg released this morning, Thursday, the quarterly data and the first nine months.
In third quarter revenues amounted to 227 million, up 7,6% on an annual basis - thanks above all to the wind farms acquired in France and Germany and the hydroelectric nucleus of Terni - and above the consensus. The gross operating margin is growing strongly (+28,9% y/y), but less than expected according to some commentators. The contribution of new assets in fact offset the drop in average sales prices. The jump in depreciation, amortization and write-downs of fixed assets (+64% y/y) caused Ebit to fall by 37%, settling at 13 million against the 14,5 million estimated by analysts. However, the leap in net income from equity investments allowed Erg to end the period with a return to profit for 19 million, compared to the net loss of 4 million in the same period of 2015. The figure also displaced the estimates of the experts, which indicated a value of 2 million. Net financial debt as at 30 September 2016 fell more than expected to 1,68 billion.
In the first nine months of 2016 revenues amounted to 757 million euros, an increase compared to 713 million in the first nine months of 2015, following the significant increase in production in Italy from both wind and thermoelectric plants, the contribution of new operational wind capacity in France, Germany and Poland, as well as the contribution of the newly acquired hydroelectric nucleus. Increased production, up 44% overall, more than compensated for the average decrease in energy prices, explains the group's official note.
Il net operating result at current values it was 158 million (141 million in the first nine months of 2015), after amortization and depreciation of 193 million (123 million in the first nine months of 2015).
Il Group net result at current values it was 83 million euros, an increase compared to the result of 76 million in the first nine months of 2015. Net financial debt was 1.677 million, up by 229 million compared to 31 December 2015.
CEO Bettonte confirmed the guidance for the end of the year: “For 2016, despite the still weak context, we confirm the guidance for EBITDA at 440 million while we expect net debt of
approximately 1,65 billion, an improvement on the 1,73 billion previously indicated.”
