MILAN (Thomson Financial) - Iride SpA said its EBITDA will rise an average
of 12 percent per year in the period 2008-2012 to reach 560 million euros at the
end of 2012 from the 322 million euros posted in 2007.
Iride said it will invest 1.3 billion euros in its business in the period
which will be financed by cash flow and the disposal of non-strategic assets.
The company said 72 percent of capex will be for development while 28
percent will be for maintenance.
Power generation will absorb 41 percent of capex while investments in
liquefied natural gas terminals will account for 13 percent.
Iride chairman Roberto Bazzano said that at the end of 2012 the debt-EBITDA
ratio will be around 2.6.
Bazzano said partnerships and project financing will be used to support
development.
Iride CEO Roberto Garbati said he expects the group to take part in
consolidation operations in 2008.
Garbati said that Iride, Hera SpA, Enia SpA and, probably, Acea SpA will
meet soon to discuss possible tie-ups.
He said that he believed the management of Acea is interested in a
broad-based consolidation operation.
Sources have said Acea is more interested in pursuing closer ties with its
current partner Suez in light of the French group's imminent merger with Gaz de
France.
stephen.jewkes@thomsonreuters.com
sj/lam
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