The Erg Group achieved in the first half of 2012 a negative net result of 9 million euros a slight improvement compared to the loss of 40 million in the same period of 2011. Consolidated EBITDA at adjusted replacement cost was 205 million compared to 108 million recorded in the same period of 2011 while EBIT at adjusted replacement cost was 82 million (-8 million in the first half of 2011) after depreciation and amortization of 123 million (116 million in the first quarter of 2011).
Net financial debt is 1.164 million, an increase of 200 million compared to 31 December 2011. “We confirm our forecasts for the end of the year – said the managing director, Luca Bettone – which see overall results for R&M in line with 2011, albeit in the presence of a difficult scenario and a further intensification of competitive pressures”.
In the note, Erg dwells once again on the forecasts relating to the current year, arguing that "the actual results may differ even significantly from those announced in relation to a variety of factors, including: the future evolution of prices, the performance operations, the impact of oil, energy and environmental regulations, other changes in business conditions and competitive action.
In the first 6 months, the company made a total of 60 million investments, down from 80 million in the first half of last year. Overall sales of petroleum products amounted to 5,7 million tonnes, slightly up on the 5,6 million tonnes of the same period of 2011, while retail sales in Italy amounted to 829 tonnes, down on to 936 thousand in the first half of last year
