Erg closed the accounts for the nine months of 2018 with a adjusted net profit of 92 million euros, thus recording an increase from the 88 million of the same period last year. Group net income was 124 million, up 4% year-on-year.
As of 30 September theAdjusted Ebitda rose from 356 to 381 million euros (+7%), while adjusted ebit it reached 178 million (+6%). Taking into consideration the third quarter alone, the consolidated EBITDA increased from 98 million in the third quarter of 2017 to 105 million today thanks to the contribution of solar (+12% to 12 million EBITDA) and hydroelectric (+ 19% to 38 million). On the other hand, wind power (-17%) and thermoelectric (-5%) slowed down.
Going back to nine months, i characteristic management revenues amounted to 766 million, slightly up on the 759 million of the same period of 2017. In the months July-August-September, on the other hand, core business revenues amounted to 250 million compared to 225 million in 2017 “following the contribution of the new assets, in particular solar plants, in a general context of sharply growing electricity prices in the reference markets, effects only partially offset by the expected phase-out of the incentives of a part of the productions", underlines the company in a note.
We also recall that on 10 January, Erg completed the sale of TotalErg and therefore "the comparison of the 2018 results with those of the corresponding periods of 2017 is therefore affected by this change in perimeter", the company specifies.
On the balance sheet front, as at 30 September 2018 net financial debt rose to €1,4 billion, an increase of €157 million compared to 31 December 2017.
“In the light of these results, we remain confident in confirming the increase in the guidance indicated at the end of the first half, for which we forecast for the end of 2018 a gross operating profit of between 490 and 500 million and a net financial debt of 1.350 million, after distributing dividends of 171 million, and including investments of between 520 and 540 million”, declared Luca Bettonte, managing director of Erg.
