• Revenues of Euro 68.6 million (Euro 10.4 million as at 31/03/2014)
  • EBITDA amounted to Euro 5.2 million, +13.7% (Euro 4.6 million as at 31/03/2014), with EBITDA margin at 7.6%
  • EBIT amounted to Euro 3.8 million, + 37% (Euro 2.8 million as at 31/03/2014)
  • Net profit amounted to Euro 1.2 million, +76% (Euro 0.7 million as at 31/03/2014)
  • NFP of Euro 105.6 million, Euro 14.3 million of which in short term (Euro 108 million as at 31/12/2014, Euro 18.3 million of which in short term)
  • Net equity amounted to Euro 71.9 million, +0.8% (Euro 71.3 million as at 31/03/2014)

Terni, May 14, 2015

The Board of Directors of TerniEnergia, smart energy company active in the fields of renewable energy, energy efficiency, waste and energy management, listed on the Star segment of the Italian Stock Exchange and part of Italeaf Group, approved today the interim financial report as at March 31, 2015.

Stefano Neri, Chairman and CEO of TerniEnergia commented as follows:

“We express a positive view regarding the results achieved in the first quarter, that confirm the validity of the strategic and operational decisions of the new Business Plan. These results are in line with the new provisions, even though the construction of the two giant photovoltaic plants in South Africa started only in the second half of March and the end of which is expected in 2016”.

CONSOLIDATED RESULTS AS AT MARCH 31, 2015

Revenues amounted to Euro 68.6 million, showing a significant growth compared to March 31, 2014 (Euro 10.4 million). The increase is mainly attributable to the consolidation of the results of Free Energia, following the dedicated capital increase ended October 21, 2014. The revenues from the business lines “Cleantech” and “Energy saving” has registered a significant increase, compared to the corresponding period of 2014.

EBITDA amounted to Euro 5.2 million, with a significant increase (+ 13.7%) compared to March 31, 2014 (Euro 4.6 million). The EBITDA margin is equal to 7.6%, with a decrease compared to 03/31/2014 due to the change of the business model.

Net operating income (EBIT) amounted to Euro 3.8 million (Euro 2.8 million as at March 31, 2014, +37%), after amortization of Euro 1.3 million (Euro 1.8 million at the same period of 2013).

Net profit, which includes the share of results from the activity of photovoltaic JV, amounted to Euro 1.2 million. Net income as at March 31, 2014 was Euro 0.7 million (+76%).

The net financial position amount to Euro 105.6 million (Euro 108 million as at 31/12/2014). The non-current NFP is Euro 91.3 million, while the net financial position in short term amounted to Euro 14.3 million. The NFP/Net equity ratio equal to 1.46x, improves significantly (1.51x as at 31/12/2014) in line with the expectations of the industrial plan.

The Net Equity amounted to Euro 71.9 million, with an increase of 0.8% (Euro 71.3 million at 31/12/2014), while the Fixed assets amounted to Euro 149.6 million, of which Euro 91.1 million referring to tangible assets.

 

INDUSTRIAL RESULTS AS AT MARCH 31, 2015

The total number of photovoltaic plants built by TerniEnergia from the beginning of its activity is equal to 273, with an aggregate capacity of approximately 284.1 MWp (15.8 MWp in full ownership and 22.8 MWp in joint venture for the Power Generation activity). Moreover, are connected to the grid biomass plants for a total of 1.5 MWe and 2 MWt.

The total energy production of the full ownership and joint ventures plants for the power generation business, in the first half was equal to around 10 million kWh. In the environmental sector are operating a treatment and recycle plant of end of life tires (ELTs), the GreenAsm biodigestion and composting plant and finally the groundwater remediation plant in Nera Montoro (TR).

During the period the Group Free Energia has managed 335 GWh of energy for energy-intensive customer. Lucos Alternative Energies has completed lighting energy efficiency sites of industrial scale for a primary Italian cement group, for around 5,200 light points, with an expected savings of 68% and a delta of energy saving of approximately 1.1 million kWh.

 

SIGNIFICANT EVENTS OCCURRED AFTER THE END OF FINANCIAL YEAR

TerniEnergia enters in the gas sector e grows in the dual fuel market

On April 23, 2015 TerniEnergia has signed an agreement with La Mercantile Srl La Spezia for the acquisition of the 85% of the share capital of New Gas Trade Srl (NGT), Italian player of the natural gas and liquefied natural gas (LNG) market, as part of an integrated strategy on energy commodities. The sales price of the shares has been agreed between the parties to Euro 150 thousand and the payment by TerniEnergia is paid in cash.

The only other shareholder of NGT is Intermonte SIM Holding, a company regulated MiFID. As part of the company, Intermonte Holding SIM offers consulting and operational activities relating to financial instruments linked to the management and trading of gas & power sector, for third parties and on their own.

 

Shareholders’ meeting approves 2014 financial Statements and a distribution of dividends equal to Euro 0.065 per share

On April 24, 2015, the Ordinary Shareholders’ Meeting of TerniEnergia has reviewed and approved unanimously the consolidated financial statements as at December 31, 2014. The Shareholders’ Meeting also approved the distribution of a dividend equal to Euro 0.065 per ordinary share gross with-holdings set forth by law. The dividend will be paid on May 20, 2015, and the relevant coupon No. 6 shall be separated on May 18, 2015.

BUSINESS OUTLOOK

TerniEnergia is fully developing its strategy for the year 2015, contained in the industrial plan “Fast on the smart energy road”. In particular, in the coming months it is expected to make a substantial contribution from contracts in photovoltaics already acquired and being acquired abroad, also due to the start of its construction sites. Free Energia is pursuing an expansion in energy management business in Italy, through an increased penetration of the private market, and in particular of the segments SMEs and energy-intensive companies. The Group intends to seize the significant “cross-selling” business opportunities in the areas of energy efficiency (fast-growing) and energy sale, thanks to the maximization of benefits guaranteed by the possibility to optimize the financial structure to operational requirements, putting to leverage the energy produced to reduce the weight of the acquired on the market for energy management activities, increasing the possibility of issuing corporate guarantees and facilitating relationships with the world of credit, thanks to the recovery of business with high revenue generation in Italy.

In addition, TerniEnergia has started a strategy of external growth, monitoring the evolution of the scenario of the Italian and international energy sector in order to identify the most attractive opportunities. In the coming months, Through the acquisition of 85% of NGT, TerniEnergia wants to seize the goal of completing the offer for energy management, ensured by Free Energia, through the market access of dual fuel offer for industrial customers. This transaction enables an effective business tool for the customer loyalty (mostly cross-selling gas on the basis of customer energy) and will represent, at the same time, a development tool for new customers. In particular, TerniEnergia intends to leverage the ability to reach a customer base of over 25 thousand industrial player, including direct and indirect customers, increasing the supply of energy products and guaranteeing a real saving on the “cost component”, also thanks to the energy efficiency offer by the Group. Through the partnership with Intermonte Holding SIM, within the corporate structure, we are confident to amplify the services with high added value in the supply system. In particular, we are going to integrate the opportunities offered by our shareholder partner in the desk management dedicated to financial instruments related to the gas & power sector, corresponding with the purchase characteristics of the main segments served. The Company has provided significant investments dedicated to activities of ESCO with the formula of third party financing (TPF).

The Group continues scouting and market analysis for the development possible partnerships in PV EPC, in order to assess the possibility of setting up an “Italian leader” industrial platform for the achievement of large contracts abroad. TerniEnergia finally continued his research of the best opportunities to enter into the field of development and industrial production of smart solutions and technologies for energy efficiency and cleantech.

The Company will also continue the process of strengthening the scope of the environmental asset, completing a new facility for the treatment and recovery of “secondary raw material” from end of life tires in Northern Italy, at Borgo Val di Taro (PR). Finally, will be installed the new treatment plant of industrial fluid waste in Nera Montoro (TR), which granted the authorization phase. The new water remediation plant will intercept a substantial demand (58 cubic meters/year) in a market segment experiencing a high technological activity with high growth prospects.

The Officer appointed for the preparation of accounting and corporate documents, Dott. Paolo Allegretti, states, pursuant to paragraph 2 of art. 154-bis of the consolidated Financial Act, that the accounting information that is contained in this press release corresponds to the results contained in the documents, books, and accounting records.