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In the year of the completion of its transformation into a pure renewable operator (with the sale of the Priolo gas plant in June 2023) and its arrival in the United States (at the end of December, thanks to an agreement with Apex), Erg closes its balance sheet with a positive performance, which shows an Ebitda of 520 million euros – at the high end of the guidance communicated to the market at the time – and an increase of 4% compared to 2022, thanks, as the company explains, “to the full contribution of the new installed capacity during 2022 and 2023”.
The adjusted group net result from continuing operations in 2023 stands at 226 million, with a growth of 76%, compared to 129 million in 2022. And the net operating result reaches 305 million (+12% compared to 273 the previous year ). In the year, adjusted revenues amounted to 741 million, an increase compared to 2022 (714 million).
The board of directors of the company led by the Garrone and Mondini families also recorded a positive closing of the fourth quarter of 2023. With an Ebitda of 155 million (+39% on 2022), an adjusted net result from continuing operations of 77 million (+470% ) and a net operating result of 101 million (+106%). In the period, adjusted revenues amounted to 220 million, up compared to the fourth quarter of 2022 (172 million), due, among other things, to “the greater wind production recorded” and “the first contributions from wind and photovoltaic parks entered into operation during 2023 in Italy and Spain”.
Dividend of 1 euro per share
Net financial debt grew by 11 million, reaching 1.445 billion and leverage (ratio between net financial debt and net invested capital) decreased to 40% (it was 41% in 2022). Given these results, the board of directors proposed a dividend of 1 euro per share.
«We are satisfied – underlines Paolo Merli, CEO of Erg – with the economic and financial results of the year but also, and above all, with the group’s ability to successfully finalize its industrial transformation into a pure Res operator. In 2023 Erg once again demonstrated a strong ability to pursue its growth objectives, ahead of the industrial plan, through the right mix, in Italy and abroad, of organic development and m&a activities”.