TERNIENERGIA: The Board of Directors has approved the report at 30.09.2008 and the 2009-2011 industrial plan
- At 30.09.2008 proceeds equal to 24.15 million Euros have been recorded, with a 344% increase with respect to 5.43 million Euros of the same period in 2007
- Gross Operating Margin (EBITDA) equal to 2.1 million Euros in the first nine months of the year compared to 212.8 thousand Euros at 30.09.2007
- At 30.09.2008 the net financial position has been positive for 210 thousand Euros, with a substantial balance with respect to 31.12.2007 and with a net decrease with respect to the value of June 2008
- An agreement has been undersigned with the company managing the Foresight investment funds, concerning the turnkey supply of 5-MW photovoltaic plants by 31 December 2009
- A 2009-2011 industrial plan has been approved, that foresees proceeds equal to 62 million Euros for 2009 with a EBITDA equal to 5.74 million Euros
Terni, 5 November 2008 – The Board of Directors of TerniEnergia S.p.A. – company listed on the Expandi market of Borsa Italiana S.p.A. – has approved the economic-financial results achieved at 30 September 2008 as well as the 2009-2011 industrial plan.
| Data at 30 September (in thousands of Euros) | 2008 | 2007 |
| Net income of sales and services | 24.147.381 | 5.436.127 |
| Gross Operating Margin (EBITDA) | 2.100.114 | 212.790 |
| Operating result (EBIT) | 1.999.417 | 119.984 |
| Result period | 881.359 | (33.822) |
By the end of September 2008, the Company has achieved important goals consolidating its national leadership in the manufacturing of medium and large photovoltaic plants, amounting to 37 plants having a total power of 9.3 MWp. In the same period in 2007, TerniEnergia had realized 27 plants for 0.9 MWp.
In particular, in the month of September, a framework agreement was undersigned between TerniEnergia and the English company managing the Foresight investment funds for the turnkey supply of photovoltaic plants to be realized in Italy by 31 December 2009, having a global 5-MW capacity. The agreement is part of a wider project by Foresight, that foresees in the next three years investments for the achievement of 150/200 MW photovoltaic plants in Italy and in the Mediterranean area. These investments shall lead to a
further involvement of TerniEnergia in equal conditions.
Main results at 30.09.2008
In the first 9 months of 2008, the proceeds by TerniEnergia amounted to 24.15 million Euros with 344% increase with respect to 5.43 million Euros of the same period in 2007, thanks to the considerable increase of activity. With respect to the previous period, apart from the installed power variation (+916%), there was a substantial increase of the average plant dimensions as well, from 34 kWp in 2007 to 251 kWp in 2008. These factors made the operational result grow even in relation to the economics to scale achieved.
The gross EBITDA of 2.1 million Euros amounted to 8.7% of the turnover. At 30 September 2007, EBITDA was equal to 0.213 million Euros, with a 3.9% effect on proceeds. Following appropriation of net amortizations and provisions equal to 101 thousand Euros, the operational result (EBIT) is positive amounting to 1.9 million Euros with an 8.3% effect on proceeds. The pre-tax profit amounts to 1.46 million Euros, following the impact of financial costs equal to 186 thousand Euros and a negative sum of joint venture result amounting to 355 thousand Euros.
The net profit at 30.09.2008 is equal to € 881.359.
In the first nine months of 2008, the net working capital has significantly increased with respect to the value at the end of 2007, mainly because of the substantial increase of the trade credit following the company increased volume of assets.
The net financial position at 30.09.2008 equal to 210 thousand Euros was basically unchanged with respect to December 2007 and is totally decreasing with respect to the value of June 2008 (negative for 6.33 million Euros), also enjoying the positive effects of the increase of capital referred to the Public Offer for Subscription.
2009-2011 Industrial Plan
The Board of Directors of TerniEnergia has approved the 2009-2011 industrial plan with the guidelines summarized hereunder:
- A more and more specialized approach to the manufacturing of large photovoltaic plants;
- Partnerships with important industrial groups;
- Consolidation of already existing industria relations.
The plan foresees:
- The installation of plants in 2009 for a total capacity of about 22 MW (+100% with respect to 2008), 10 MW of which coming from the T.E.R.N.I. SolarEnergy-EnergiaAlternativa joint venture;
- A yearly average increase in production amounting to about 30% for the two following years (2010 and 2011), in line with the market expected increase;
- A yearly average increase in proceeds amounting to 54.4%, with the expectation to achieve proceeds equal to 125.2 million Euros and an EBITDA of 11.8 milioni Euros at the end of the period in 2011.
Moreover, the industrial plan will be illustrated in details during the conference on photovoltaic plants organized by TerniEnergia at the seat of Borsa Italiana, in Milan on the next 20 November.
