TERNIENERGIA: Net Profit amounting to Euro 7.8 million (+18%)
as at September 30th, 2011
¨ Revenues equal to Euro 153.0 million (Euro 64,1 million as at September 30th, 2010)
¨ EBITDA equal to Euro 10.8 million (Euro 9.8 million as at September 30th, 2010)
¨ Net Profit equal to Euro 7.8 million: +18% in comparison with September 30th, 2010
¨ Start of activities for the realization of PV plants in Greece and South Africa
Terni, November 7th, 2011
Today the Board of Directors of TerniEnergia S.p.A., a company operating both in renewable energy and energy saving sectors, listed on STAR segment of Borsa Italiana, approved the interim financial statetement as at September 30th, 2011.
Prof. Stefano Neri, Chairman and Managing Director, commented as follows:
“The on-going growth of our corporate Group is confirmed by the results obtained at the end of the first 9 months of the year 2011, which point out a 18% increase of the net result (that is equal to Euro 7.8 million). Such a result has been achieved, in addition to the running of Group’s core business, through the always more significant result portion deriving from the JV plants that we wish to continue to own in the next years. During the first quarter, the Group reviewed its strategic objectives in light of the new market conditions and it brought forward to the current year the entrance in the energy efficiency segment, through the purchase of Lucos and the subsequent framework agreement with Cofely, a company belonging to the French GdF Suez group. Such an agreement, that has an absolute strategic value for TerniEnergia, confirms the Group’s intention to conquest a leadership in Italy in the energy efficiency segment and to remain coherent with the main directives issued by the environment European politics. Contemporaneously, TerniEnergia continues its construction activity of industrial sized photovoltaic plants in Italy, strengthening its partnerships with Italian and European utilities and, in compliance with its new strategic lines, has started the activities to construct plants abroad, notably in Greece and South Africa. The new mix of turnover will put us in a position to achieve and maintain significant marginal returns and efficiency that have been already included in the renewed industrial plan”.
Consolidated results as at September 30th, 2011
Revenues amount to Euro 153.0 million, with a 139% growth if compared to September 30th, 2010 (Euro 64.1 million) due to the completion of 38 medium and large sized photovoltaic plants for an installed power of 69.8 MWp.
Notably, 11.8 MWp were perfomed on behalf of equally owned JV, 47.5 MWp on behalf of third parties clients and 10.4 MWp in full equity (3,0 MWp of which were sold to third parties companies, 3.2 MWp were recorded under the immobilizations item and 4.3 MWp were recorded under the magazzino item).
As at September 30th, 2011 revenues include also the construction of 23.2 MWp in the third quarter of 2010, since the necessary accounting requirements for the relevant accounting took place.
EBITDA is Euro 10.8 million, whilst it was Euro 9.8 million as at September 30th, 2010. Such a result was affected by the approval of the 4th Energy Account that nullified the existing incentives system in such a sector, in consideration of which the company had elaborated its production and personnel policies. As at September 30th, 2011 the Company has adopted a policy aimed at reducing fixed costs and it formulated new directives for the stocks to be linked to the current orders already included in the portfolio.
The Net Operation Result (EBIT) is Euro 9.7 million (Euro 9.2 million as at September 30th, 2010) after depreciations, devaluations and allocations amounting to Euro 1.1 million (Euro 0.5 million as at September 30th, 2010).
Net Profit increased of 18% amounting to Euro 7.8 million, if compared to Euro 6,5 million as at September 30th, 2010; the quota result form the JV plants increased and amounts to Euro 2.9 million (Euro 0.6 million as at September 30th, 2010).
Net Financial Position is Euro 34.4 million (Euro 36.3 million as at June 30th, 2011); debt/equity ratio is a little bit more that a unit and reflects the Group’s vision to carry out investments in material immobilizations.
Industrial results as at September 30th, 2011
The total number of plants built by TerniEnergia since the beginning of its activity has increased up to no. 242 for an aggregate capacity of 186.9 MWp: 10.4 MWp in full equity (3.0 MWp of which were sold to third companies, 3.2 recorded as immobilizations and 4.3 MWp recorded as stock); 61.1 MWp relate to plants belonging to equally owned joint venture companies in the context of Power Generation activity, while the remaining 115.4 MWp relate to plants built on behalf of third parties.
Significant facts that took place after the end of the relevant financial period
On November 4th, 2011 the Group, through its controlled company Lucos Alternative Energies S.p.A., a company operating in the energy services sector, signed a letter of intent with Cofely Italia S.p.A., a leading company in Italy and in Europe in the energy efficiency filed and in the sector of technological multiservices, part of “Energy Services” branch of GDF SUEZ group. The partnership, whiose duration is until December 31st, 2014, governs the indentification and the performance of projects on behalf of private or public clients, aimed at reducing the prime energy consumptions, including interventions on electric devices, mechanic plants and the relevant premises, the performance of special plants and management of energy plants for several years.
On Octobre 28th, 2011 the Group executed the purchase of 100% of Società Agricola Padria S.r.l., with registered in office in Sassari; such a purchase is aimed at performing an industrial sized photovoltaic plant in Sardinia on greenhouses, is already authorised and it is already possible to open its owrking site, for a total ninstalled power of 2.9 MWp. The prica that has been agreed for such a purchase was Euro 0.25 million, and the relevant payment has been made wholly by cash..
On Octobre 4th, 2011 the Group subscribed and paid up the first tranche of the share capital increase resolved by Lucos Alternative Energies S.p.A., by cash and with exlcusion of pre-emption right, pursuant to article 2441, fifth paragraph of the civil code, and it has alreadycarried out the purchase of shares governed by the framework agreement that was enetered into with Lamse S.p.A., Lofin S.r.l., Angelo Casolaro, Andrea Marano and Raffaele Maria Mellone. As a consequence of above mentioned transactions, TerniEnergia came to own 62% of Lucos Alternative Energies share capital. For the purpose of the completing such a transaction, TerniEnergia totally used its own shares portfolio. Lucos Alternative Energies, is a company provided with a commercial network that is specialized and focussed on tha main regions of the North and the Centre of Italy where it is present with a dedicated engineeristic structure, is active (directly and through its interested companies) in the energy efficiency with public and private counterparties, through the offering of energy saving services. As at December 31st, 2010 the Lucos Group achieved a turnover of Euro 1.7 million, with an Ebitda equal to Euro 1.1 million and a Net Profit equal to Euro 0,4 million.
Foreseeable management evolution
As a consequence of the changed scenario and notably of the approval of the Fourth Energy Account, the Group management policy brought forward to this current year the diversification of its own activities focusing on the development of energy efficient plants according to EPC schemes as well as according to FTT ones (Financing Through Third Parties). The new turnover mix, that is characterized by a significant incidence of the new business, is aimed at keeping a high level of efficiency and profitability.
The investments relating to the next three years shall be aimed at performing energy efficient plants, in addition to the development of photovoltaic plants. Notably, the activities have been started for the construction of plants abroad, with reference to the countries of Greece and South Africa.
The Group aims at keeping a constant gearing ratio, equal to a unit.
Other Board of Directors resolutions
TerniEnergia’s Board of Directors verified the existence of independence requirements set forth by the Consolidated Financail Act and Codice di Autodisciplina relating to directors Paolo Ottone Migliavacca, Davide Gallotti and Domenico De Marinis, in compliance with codice di autodisciplina and Art. 148 of the TUF.
Statement issued by the Officer in charge for the preparation of accounting and corporate documents
The officer in charge for the preparation of accounting and corporate documents, Dott. Paolo Allegretti, states that, pursuant to paragraph 2 of art. 154 bis of the Consolidated Financial Act, that the accounting information contained in this press release corresponds to the entries recorded in the corporate documents and books.
Documents filed
The Interim financial statement as at September 30th, 2011 shall be available to the according to terms and conditions set forth by the applicable regulation.
