• Significant increase of Proceeds: Euro 17.7 million (Euro 6.1 million as at 31 march 2009)
  • EBITDA amounting to Euro 2.7 million with 15% margins
  • Net Profits amounting to Euro 1.6 million (Euro 66.9 thousand as at 31 march 2009)
  • Net Financial Position: Euro 2.3 million, better than as at 31 December 2009 (Euro 2.7 million)

 

The Board of Directors of TerniEnergia S.p.A., a company listed on MTA of Borsa Italiana, operating in the renewable energy sector approved the quarterly report as at March 31, 2010.

Stefano Neri, Chairman and Managing Director of TerniEnergia, commented as follows:  “The significant results that we obtained in the first quarter, consisting of 15% margins and net profits amounting to 9% of the revenues, are really satisfactory for us for the work we carried out and they confirm the leading position of our company in the market and in the photovoltaic chain, starting from the complex authorization process to the power generation that was strongly developed over the course of the last year. We shall go forward in developing our projects and the already opened working sites and we confide in a quick achievement of our industrial objectives.”

 

Consolidated Results as at March 31, 2010

In the first quarter of 2010, the revenues amount to € 17.7 million and they register a significant increase if compared with the first quarter of 2009 (Euro 6.1 million). Such an increase is due to to the important results obtained by the industrial activity, with 10 photovoltaic plants of medium and big size completed (for a total power of 10.3 MWp). Notably, 6 plants for a total power of 6,5 MWp were built on behalf of the equally owned joint venture companies, while the remaining 3.8 MWp are turn-key photovoltaic plants built on behalf of other clients.

As at March 31, 2010 the total number of plants increases up to 138, with an aggregate power equal to 50,2 MWp, of which 26,5 MWp are for power generation activity carried out by the JV companies and that correspond to 26 plants.

The gross operating profits (EBITDA) is € 2.7 million with 15% margins in respect of revenues. Such a significant increase was obtained thanks to a constant significant presence in the reference market, as well as to the important economies of scale achieved in terms of operation costs and structure. As at March 31, 2009 the EBITDA was € 370 thousand (6.1% of revenues).

The Result Share of the JV companies is negative for € 38,7 thousand (it was negative for € 60.3 thousand as at March 31, 2009).

The net profits are € 1.6 million, equal to 9% of the revenues (€ 67.0 thousand as at March 31, 2009), thanks to the optimum financial management that determined few financial costs.

The net financial position is € 2.3 million with € 0.4 million increase in respect of December 31, 2009 (€ 2,7 million).

The own shares held by TerniEnergia S.p.A. as at today are no. 413.649, that are 1,67% of the share capital.

 

SIGNIFICANT FACTS OCCURRED AFTER THE END OF THE FIRST QUARTER

On April 30, 2010 the “Marsciano plant”, placed in Marsciano Municipality in the Province of Perugia, started running. Its power is 1.8 MWp and it belongs to Energia Alternativa S.r.l., a joint-venture company equally owned by TerniEnergia and EDF Italia.

This press release is also available on the Company’s website at www.ternienergia.com.

The Officer responsible for the preparation of the corporate and accounting documents, Dott. Paolo Allegretti, hereby declares pursuant to paragraph 2 of art. 154-bis of the Consolidated Financial Act that the accounting information contained in this press release correspond to the data contained in the documents, accounting books and records.