In a changed macroeconomic and sectorial scenario, the Group aimed at growing margins through the following guidelines:
- Entry into “Energy Saving” business with a 2013 target to 57.000 area lights installed and early plants ORC (Organic cycle for energy recovery)
- Starting of International business projects in photovoltaic sector
- Profitability Mantaining of the plants at full equity and JV
- Dividend proposal of Euro 0,19 per share
Terni, September 27th, 2011
Today the Board of Director of TerniEnergia S.p.A., a company operating in the renewable energy sector and listed on Star segment of di Borsa Italiana, chaired by Prof. Stefano Neri, Chairman and CEO, has reviewed and approved the updated business plan 2011-2013.
Prof. Stefano Neri, Chairman and CEO, commented as follows:
“The changed reference scenario and the approval of the fourth energy bill after a long debate that has affected public opinion and government institutions, have set the stage for the reorientation of the business model by encouraging our Group to bring forward to 2011 a diversification of activities towards the development of energy efficiency plants both in EPC and FTT (Third- party financing).We have therefore revised the objectives stated in the previous business plan whose publication appeared in the same time of the sudden cancellation by the Government of the Third Energy Bill recently entered into force, aiming to a revenue mix characterized by a significance incidence of the new business that will allow the maintenance of a high efficiency level and profit margins. We confirm that the Board of Directors will propose to maintain the dividend in absolute terms unchanged during 2011 compared to the year 2010 and to continue to pursue to shareholders in the coming years the creation of value.”
Strategic guidelines and economic- financial targets
The new plan, prepared on the basis of a changed macroeconomic scenario and on a new system of incentives following the approval of the Fourth Energy Bill, has been developed through the following strategic guidelines:
- Anticipated entry in 2011 in the new new business line “Energy Efficiency” with an operational target equal to 57.000 area lights in early 2013 and first ORC plants (Rankine Organic Cycle to energy recovery from industrial cycles) installed.
- Starting of internationalization process in the EPC photovoltaic through agreements with photovoltaic ECP Partner operating in the European important Utility
- Consolidating presence in the photovoltaic sector with an expected total installed capacity of in 2012-2013 equal to 120 MWp
- Profitability Mantaining in the business Power generation and full equity in JV with existing plants in the next 20 years.
- Dividend policy aimed at remuneration of shareholders with the proposal to Shareholders meeting to distribute in 2011 a dividend equal to 0,19 Euro per share.
In 2013, the Group aims to achieve an EBITDA margin of 19%, thanks to the new composition of business activities in favor of the Energy efficiency, expected forecasted revenues are equal to Eur 93.0 million.
Expected investments in 2012-2013 are approximately equal to Eur 22 million and will be finalized, both to development of photovoltaic systems and to construction of plants for energy efficiency. The Group aims to maintain a constant gearing ratio and equal to unity.
Other Resolutions
The Board of Director also resolved to take note of the appointment of Dr. Domenico De Marinis as Chairman of Related Parties Committee and resolved the Organizational Rules of the same . In addition, the Board of Directors has resolved to delegate to the President Stefano Neri, in the name and on behalf of TerniEnergia SpA, the widest powers to carry out acts of disposal of all the shares in compliance with the resolution of the Meeting dated September 1st 2009 and pursuant to Art. 2357 of the Civil Code.