- Net Revenues: Euro 34.6 million (+43% on Q3 2008)
- EBITDA: Euro 5.2 million (+149% on Q3 2008)
- Net profit: Euro 2.7 million (Euro 0.9 million on Q3 2008)
- Net debt: Euro 2.5 million – significant improvement on June 30, 2009 (Euro 9.4 million)
The Board of Directors of TerniEnergia S.p.A., a company listed on the MTA segment of the Italian stock exchange, operating in the renewable energy sector, today approved the Interim Report for the third quarter 2009.
The company’s industrial activities continued at a sustained pace in Q3 2009, with the completion of nine photovoltaic plant. The partnership with EDF EN Italia in the production of energy from photovoltaic sources was further consolidated following the incorporation of a fourth joint venture (Fotosolare Settima). Particularly noteworthy is the plant in the municipality of Nera Montoro in the province of Terni, which with a capacity of approx. 3 MW is one of the five largest photovoltaic plants in Italy.
Thanks to such completions, the financial performance of TerniEnergia strongly improved, achieving the industrial objectives ahead of target.
24 photovoltaic medium and large plants were completed in the period (of which 9 by the JV’s) with a total capacity of 21.9 MWp – ahead of the 22 MWp target set in the industrial plan for the entire year 2009.
Q3 2009 Consolidated results
In the first nine months of 2009, the Company recorded revenues of Euro 34.6 million (an increase of 43% on the same period of 2008).
The EBITDA amounted to Euro 5.2 million (Euro 2.1 million in the first nine months of 2008) – an increase of 149% thanks to the significant and consistent growth of the business and the important economies of scale achieved. The EBITDA margin was 15.1% of revenues (8.7% in the first nine months of 2008).
The JV share of the result was a loss of Euro 0.1 million due to the large amount of newly constructed plant (loss of Euro 0.4 million in the first nine months of 2008).
The net result was a profit of Euro 2.7 million, ahead of the 2009 industrial plan estimate.
The Net Debt of Euro 2.5 million was a significant improvement on June 30, 2009 (Euro 9.4 million) and December 31, 2008 (Euro 5.9 million) following the receipt on August 26, 2009 of an overdue receivable of Euro 5.1 million and improved management of the net working capital on the first months of the year.
Activities of the 50/50 joint ventures with EDF EN Italia
The production of solar energy has been strengthened through the consolidation of the joint venture model with EDF EN Italia. The principal results achieved were:
– SolarEnergy: revenues in the first nine months of 2009 amounted to Euro 3.1 million with an EBITDA Margin of over 90% and a net profit of Euro 0.6 million (TerniEnergia share Euro 0.3 million). The entire plant portfolio (with a capacity of 5.7 MW), already constructed and connected to the grid, obtained refinancing of Euro 24.3 million through Project Financing for the debt component of the investment (85% of the total) provided by the partner EDF EN Italia.
– EnergiaAlternativa: in March 2009 operations began; to date, 5 plants have been constructed with a capacity of 4.8 MWp.
– Energie: incorporated in March 2009, to date 2 plants with a capacity of 3.8 MWp have been constructed.
– Fotosolare Settima: fourth joint venture, 2 plants have been installed with a total capacity of 1.9 MWp.
Since the beginning of activities 16 solar power plants have been constructed with a total capacity of 16.2 MWp, of which seven already operational and connected to the grid.
Significant events in Q3 2009
– 2 plants with a total capacity of 1.8 MWp commissioned by related parties were constructed – respectively for the companies T.E.R.N.I. Research S.p.A. and Carovigno S.r.l.. TerniEnergia S.p.A. provided timely information to the market on September 10, 2009 on the relative operations in accordance with article 71 bis, paragraph 1 of Consob Regulation 11971/99.
– On July 27, 2009, TerniEnergia satisfied the requirements to carry out public works – SOA – category OG9, classification VII (declaration No. 7046/35/00).
– On September 1, 2009, the Ordinary Shareholders’ Meeting approved the share buy-back plan up to 5% of the capital to enable development opportunities.
– On September 8, 2009, TerniEnergia acquired the limited liability companies Capital Solar, Newcoenergy and Investimenti Infrastrutture with registered offices in Nardò (LE). The purchase of the three companies was carried out in order to develop 15 new photovoltaic industrial plants in Puglia, of which 4 ready for the starting of operations and the remaining 11 at various stages of advancement. The completion of the site for Capital Solar had already been completed by September 30, 2009.
Significant events after the end of the period
– On October 1, 2009, Mr. Paolo Allegretti was appointed as the Finance and Administration Director and the Executive Responsible for the preparation of the corporate accounting documents.
– On October 6, 2009, the “Camerata Picena 3” plant of Energia Alternativa located in the municipality of Camerata Picena (AN) and with a capacity of 903 KWp was connected to the grid.
On October 23, 2009, TerniEnergia held 321,107 shares, accounting for 1.29% of the Capital.
Stefano Neri, Chairman and Chief Executive Officer of TerniEnergia S.p.A. stated:
“We are very satisfied with the results in the third quarter which confirm the positive trend already seen in the first half-year, with a significant increase in revenues and the largest profit recorded thus far by the company.
By September 30 we have already achieved the objectives set for the entire year 2009 for an installed capacity of 22 MWp. The strong partnership with EDF EN Italia has been consolidated with the incorporation of four equally-held companies in the photovoltaic sector, which resulted in a containment of revenues but a significant improvement in margins to Euro 5.2 million, 15.1% of revenues. Thanks to the strategic choices made, we continue to create value for our shareholders. ”
The Executive responsible for the preparation of the corporate accounting documents Mr. Paolo Allegretti declares in accordance with article 154 bis, paragraph 2, of the Finance Act, that the accounting information contained in the present press release corresponds to the underlying accounting documents, records and accounting entries.
The present Interim Report, not subject to independent audit, is made available to the public through the registered offices of the Company and the Stock Exchange management company; it is also available on the Internet site of the company www.ternienergia.com.
