Management report

Performance highlights by segment

(EUR million) Year 2013 Year 2012
     
Revenues from ordinary operations:
Renewable Energy Sources 339 177
Power & Gas 1.642 1.651
Refining & Marketing 9.002 11.688
Corporate 6 6
Intra-segment revenues (621) (1.065)
Total adjusted revenues(1) 10.368 12.457
ERG share of ISAB S.r.l. contribution at adjusted replacement cost (189) (349)
TotalErg 51% contribution at adjusted replacement cost (3.117) (3.841)
LUKERG Renew 50% contribution at adjusted replacement cost (11) (2)
Total revenues from ordinary operations 7.051 8.265
     
EBITDA:
Renewable Energy Sources 245 137
Power & Gas 358 328
Refining & Marketing (5) 21
Corporate (30) (28)
EBITDA at adjusted replacement cost (2) 569 458
ERG share of ISAB S.r.l. contribution at adjusted replacement cost (31) (68)
TotalErg 51% contribution at adjusted replacement cost (39) (43)
LUKERG Renew 50% contribution at adjusted replacement cost (7) (1)
EBITDA at replacement cost (2) 493 346
Inventory gains (losses) (6) (1)
Non-recurring items (107) (13)
EBITDA 380 332
     
Amortisation, depreciation and write-downs:
Renewable Energy Sources (126) (66)
Power & Gas (80) (76)
Refining & Marketing (83) (97)
Corporate (3) (3)
Amortisation and depreciation at adjusted replacement cost (2) (291) (242)
ERG share of ISAB S.r.l. contribution at adjusted replacement cost 22 37
TotalErg 51% contribution at adjusted replacement cost 56 55
LUKERG Renew 50% contribution at adjusted replacement 4 1
Amortisation and depreciation at replacement cost (2) (210) (149)
     
EBIT:
Renewable Energy Sources 119 71
Power & Gas 278 253
Refining & Marketing (87) (77)
Corporate (32) (31)
EBIT at adjusted replacement cost (2) 278 216
ERG share of ISAB S.r.l. contribution at adjusted replacement cost (9) (32)
TotalErg 51% contribution at adjusted replacement cost 17 12
LUKERG Renew 50% contribution at adjusted replacement cost (3) -
EBIT at replacement cost (2) 283 197
     
Capital expenditures on tangible and intangible fixed assets:
Renewable Energy Sources 97 39
Power & Gas 26 35
Refining & Marketing 41 51
Corporate 2 1
Total adjusted capital expenditures(3) 165 126
Capital expenditures of ISAB S.r.l.  (ERG share)    -   (13)
Capital expenditures of TotalErg (51%) (39) (36)
Capital expenditures of LUKERG Renew (50%) (52) -
Total capital expenditures 74 77

For the definition and reconciliation of results to adjusted replacement cost, please refer to the section "Alternative adjusted indicators"

(1) adjusted revenues take into account ERG's share of revenues generated by the TotalErg S.p.A. and LUKERG Renew joint venture and by ISAB S.r.l.
(2) replacement cost values do not include inventory gains (losses) and non-recurring items. adjusted values also include the contribution, attributable to ERG, of the results of TotalErg S.p.A., LUKERG Renew and ISAB S.r.l.
(3) they take into account ERG's share of the capital expenditures effected by TotalErg S.p.A. and LUKERG Renew and through August 2012 by ISAB S.r.l.

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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