Erg closed the first half of 2016 with a group net profit at replacement cost up to 74 million compared to 57 million in the same period of the previous year 2015.
EBITDA at replacement cost amounted to 273 million, up compared to 198 million in the first half of 2015. EBIT at replacement cost amounted to 145 million (from 116 million) following the realization of amortization and depreciation for 129 million (81 million in the first half)
For 2016, the company controlled by Edoardo Garrone expects to achieve a gross operating margin of approximately 440 million, in line with the indications provided to the financial community in the 2015-2018 Plan, thanks above all to the greater contribution deriving from the performance of the plants, from Energy Management and central cost control. According to what can be read in the note issued by Erg, these factors will make it possible to offset the negative impact of electricity prices which are decidedly lower than Plan expectations.
“Thanks to the new industrial set-up - commented Luca Bettonte, CEO of Erg - based on a technologically and geographically diversified generation portfolio, as well as balanced between programmable and non-programmable sources, the Group's gross operating margin was very satisfactory and growing rapidly. The quarter, in particular, benefited from the full contribution of all the new wind and hydroelectric assets acquired for over 900 MW of installed capacity, as well as better wind conditions, particularly in Italy. Thermoelectric generation recorded a good performance in the period thanks also to the ever-increasing contribution of Energy Management activities and despite the fact that the Sorgente-Rizziconi cable came into operation early on 28 May”.
“The results for the period – continued Bettone – but more generally for the semester, are to be considered even more satisfactory if seen in the light of both the particularly unfavorable energy scenario, with prices and domestic demand in continuous decline, and the scarce water supply in the period. For the remaining part of the year, despite the expectations for a still very weak scenario, the results achieved so far allow us to confirm the guidance for 2016 which forecasts, at the end of the year, a gross operating margin of approximately Euro 440 million and net debt of approximately €1,73 billion, including both investments in the UK and the extraordinary dividend paid in May.”
In Piazza Affari, after the publication of the accounts, the Erg share rose by 1,28% to 10,28 euros.
