The Board of Directors of TerniEnergia S.p.A. – listed company on the Expandi market of Borsa Italiana S.p.A. – has approved the 31.03.2009 statement.
In this period the company has manufactured 4 medium and large photovoltaic plants for an installed power of 2.1 MWp. One large 997 kWp plant was made in joint venture with EnergiaAlternativa while the other three were made for third parties.
Pertaining to electricity production, the Terni SolarEnergy joint-venture concluded its investment cycle in December 2008. The first three months of 2009 registered proceeds for 674 thousand €, confirming the level of the Ebitda margin around 90%, and for the first time registering a substantial result parity.
The whole portfolio held by SolarEnergy (5.7 MW, all completed and connected) is subject of a due diligence for a Project Financing, aimed at obtaining refinancing by the bank system of the investment debit (85% of the total) advanced by the EDF EN Italia partner.
In the month of March 2009, a second joint venture operativeness started up with the EDF EN Italia, EnergiaAlternativa partner. A first plant with a power of about 1 MW has been completed, while other 6 plants are planned for the current year.
Moreover, the manufacture of the 6 MWp photovoltaic plant is ongoing at the thermoelectric power station at Montalto di Castro (Viterbo) owned by Enel, for which TerniEnergia is in charge of the executive planning and several manufacturing stages.
The quarter has also been marked by the outline agreement reached with NextEnergy Capital, European merchant bank specialized in renewable energy, for the manufacture of photovoltaic plants in Italy in the 2009-2010 period, for a total power of 15 MW. The agreement foresees a total investment of over 70 million Euro.
Another important factor is that TerniEnergia has obtained Exclusive Authorization to make a wind farm in the Municipality of Stroncone, at “Colle Ventatoio”. The project foresees the installation of 6 wind generators for a total power of 18 megawatt. It is the largest wind farm to be authorized in the Umbria region.
Main results at 31.03.2009
In the first three months of 2008, the generated proceeds of TerniEnergia were equal to €6.1 million, in decline compared to 8.1 million of the same period in 2008. This downturn was caused by the slowing down of productivity due to adverse meteorological conditions. Added to this is the credit crunch brought on by the financial crisis that drastically affected the beginning of 2009, leading to the renewal or annulment of several projects in the advanced stage.
Net operating costs decreased compared to the same period of the previous year, registering €5.7 million Euro in respect to €7.5 million of the first three months in 2008.
The gross operating margin (EBITDA) amounted to € 370 thousand (6.1% of proceeds) compared to € 647 thousand (affecting proceeds by 7.9%).
Following net amortizations and funds for € 55 thousand, the operating result (EBIT) stands at € 315 thousand compared to € 613 thousand at 31.03.2009.
Pre tax profit at 31.03.2009 was equal to € 162 thousand compared to € 524 thousand at 31.03.2008. This result was affected by financial burdens for a total of € 92 thousand and € 60 thousand of quota from the joint ventures. This amount was determined by costs sustained by the Energia Alternativa joint venture for the start-up phase of investments and manufacture of their plants.
The net leverage at 31.03.2009 is € 8.7 million, an increase of € 2.8 million compared to 31.12.2008. Increasing also the Company’s own resources. Following the capital increase on 27 February 2009, 800,000 ordinary shares were issued at the price of 1.60 Euro. Therefore Net Assets increased from € 9 million to €10.3 million in the period in question.
