Management report

Performance highlights

Main Income Statement data (Eur million) Year 2013 Year 2012
Total revenues (1)   7.076 8.288
EBITDA   380 332
EBITDA at replacement cost  (2)   493 346
EBITDA at adjusted replacement cost (3)   569 458
EBIT at replacement cost (2)   283 197
EBIT at adjusted replacement cost  (3)   278 216
Net income   85 200
  of which Group net income        28 151
Group net profit (loss) at adjusted replacement cost (4)   38 12
Main Financial data                          
Net invested capital   2.821 2.484
Shareholders' Equity   2.014 1.971
Total net financial indebtedness   807 513
  of which non-recourse Project Financing  (5)   1.362 789
Financial leverage   29% 21%
Total net adjusted financial indebtedness (6)   1.015 722
Operating data      
Installed capacity at period end - wind farms MW 1.340 596
Electric power generation from wind farms milions of KWh 2.403 1.222
Installed capacity - thermoelectric plants (7) MW 1.008 1.008
Electric power generation from thermoelectric plants milions of KWh 6.805 6.997
Total sales of electric power                             milions of KWh 10.631 9.074
Italian Retail sales (8)                                  thousands of tonnes 1.544 1.642
TotalErg Retail market share gasoline + diesel 11,3% 11,2%
ERG Oil Sicilia Retail market share  (9) gasoline + diesel 0,8% 1,0%
Raw material and product inventories (10) thousands of tonnes 360 726
Refinery Processing (8)                   thousands of tonnes 2.922 6.444
Refinery Processing (8)                   thousands of barrels/day 59 130
Capital expenditures (11) EUR milions 74 77
Employees at period end Units 778 613
Market indicators      
Reference price of electricity (12) Eur/MWh 63,0 75,5
Green Certificates sale price (renewables) Eur/MWh 89,3 80,3
Sale price of CIP6 (Thermoelectric - ISAB Energy) Eur/MWh 118,7 122,7
Sicily zone price Eur/MWh 92,0 95,3
Brent Dated USD/barrel  108,7 111,7
EMC refining margin USD/barrel  (2,1) 0,2
EUR/USD rate EUR/USD 1,328 1,285

For the definition and reconciliation of results to adjusted replacement cost, please refer to the section "Alternative performance indicators".
(1) net of excise taxes
(2) not including inventory gains (losses) and non-recurring items
(3) adjusted values also include the contribution, attributable to ERG, of the results of TotalErg (joint venture with Total) (4) does not include inventory gains (losses), non-recurring items and related applicable theoretical taxes. The values also match the adjusted ones
(5) including cash and cash equivalents and excluding the fair value of the related derivatives to hedge interest rates (6) it also includes the contribution attributable to ERG of the net financial position of the joint venture
(7) installed capacity at the end of the period
(8) estimated data. Including 51% of TotalErg
(9) related to the sales outlets of the wholly owned subsidiary ERG Oil Sicilia
(10) including ERG's share of the inventories of the TotalErg joint venture . In 2012, it also included ERG's share of the ISAB inventories
(11) in tangible and intangible fixed assets
(12) Single National Price

ERG S.p.A. - Genova

Paolo Merli

Head of Corporate Finance & Investor Relations

0039 010 2401376

ERG S.p.A. - Genova

Matteo Bagnara

Investor Relations

0039 010 2401423

ir@erg.it


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