Erg and Hera, two of the main Italian utilities, close the third quarter with positive results.
In particular, Erg closes the January-September period with an adjusted group net result of €79 million, up by 6% compared to the €75 million recorded in the first nine months of 2019. Consolidated adjusted Ebitda stood at €362 million (-5%) . At the end of September, net financial debt fell to 1,421 billion.
For the 2020 financial year, the forecast communicated in the previous quarter of a gross operating margin in the range between 480 and 500 million is confirmed. Investments will settle between 150 and 180 million, while net financial debt between 1,35 and 1,43 billion.
“In a market context still penalized by the effects of Covid-19, the operating results for the quarter recorded a slight decline while net income grew, also thanks to the lower cost of debt following the issuance of green bonds and the simultaneous liability management operations - explains the CEO Luca Bettonte - the gross operating margin discounts a negative perimeter effect compared to last year due to the full consolidation of the wind farms acquired in Germany in the third quarter of 2019, and the lack of production of white certificates of one of the two modules of the CCGT".
Net of these effects, the results for the quarter would have been substantially in line with 2019, thanks to the greater contribution of wind and solar power in Italy and despite the decline in hydropower due to the continuing low rainfall in Central Italy.
As for Ivy, the first nine months of the year closed with a net profit up to 244,7 million (+1,1%) compared to the same period of 2019. The result, explains the Bologna-based multiutility in a note, also benefits from a tax rate of 27%, an improvement on the 28,5% of the same period of the previous year.
Revenues decreased by 3,1% (to 4,9 billion) due, among other things, to the reduction in revenues from trading, production and sale of energy and lower volumes sold. To mitigate these impacts, however, there are changes in the perimeter and the increase in regulated energy revenues.
The gross operating margin (EBITDA) rose to 806,2 million (+2,6%) "despite the negative impacts due to this year's mild climate and the coronavirus emergency - reads the press release - The growth was achieved thanks to the performance of the energy areas (gas and electricity), as a result of the partnership with Ascopiave”.
In the first nine months of 2020, Hera made operating investments of 333,6 million euro, a stable figure on an annual basis. The net financial position is 3,28 billion, in line with the 3,27 billion at the end of December 2019.
