TERNIENERGIA: As at September 30th, 2010 net profit amounting to Euro 6.6 million, increasing by 141%

  • Net Revenues: € 64.1 million (+ 85% vs. September 30th, 2009)
  • EBITDA: € 9.8 million (+ 87% vs. September 30th, 2009)
  • Net Profit: € 6.6 million (+141% vs. September 30th, 2009)
  • Net Financial Position: € 7.4 million
  • Installed Capacity: 43.9 MWp, 25.1 MWp of which for JV

Terni, October 29th, 2010 – Today the Board of Directors of TerniEnergia S.p.A., a company listed on MTA, operating in the renewable energy sector, approved the Third Quarter Report as at September 30th, 2010.

Stefano Neri, Chairman and Managing Director of TerniEnergia S.p.A., commented as follows: “The results achieved during the first nine months do confirm the significant increase of all the financial and industrial economic indicators; notably both the net result, amounting to € 6.6 million, and the installed capacity (43.9 MWp) more than doubled. Through the on-going share capital increase transaction, we wish to continue our path of growth and to strengthen our position among the main national players in the photovoltaic plants construction field, as well as to increase the development of power generation activity through our own and JV’s plants.”

Consolidated results as at September 30th, 2010

In the first nine months of 2010 TerniEnergia recorded revenues amounting to € 64.1 million, an increase by 85% if compared with September 30th, 2009 (€ 34.6 million). Such a growth is due to the significant increase of industrial sized photovoltaic plants built (45 against 24 over the same period of the previous year), for a total installed power amounting to 43.9 MWp (21.9 MWp in 2009), 25:1 MWp of which on behalf of Joint Venture companies (10.4 MWp in 2009). Since the beginning of its activity up to September 30th, 2010, 173 photovoltaic plants have been built by TerniEnergia, for a total installed capacity of 83.9 MWp, 44.9 MWp of which were set up for the Joint Venture companies in the context of power generation activity.

The Gross Operative Margin (EBITDA) is € 9.8 million, increasing by 87% if compared with September 30th, 2009 (€ 5.2 million) thanks to the continuos business evolution and the optimization of the business processes. The EBITDA margin is equal to 15.2%. The Net Profit, more than doubled in comparison with the same period of the previous year, is € 6.6 million (+141%). The Share of Profit from JV is € 0.9 million (as at September 30th, 2009 it was negative for an amount of € 0.1 million), thanks to the increase of plants in operation. The Net Financial Position, equal to € 7.4 million (€ 2.7 million as at December 31st,2009), increased significantly if compared with June 30th 2009 (€ 8.1 million) by virtue of an excellent management of the working capital. The ratio with Net Asset (amounting to Euro 16.7 million) continues to be under parity (approximately 0.44).

Significant facts that occurred after the end of the quarter

On October 26th, 2010, TerniEnergia S.p.A. received from CONSOB, by note no. 10087499, the authorization to publish the Listing Prospectus relating to the admission to trading on MTA of TerniEnergia newly issued ordinary shares resulting from the share capital increase in cash of up to € 60 million, with exclusion of pre-emption right pursuant to article 2441, fifth paragraph, of the Civil Code, that was resolved by the Company’s shareholders’ meeting on August 6th, 2010. The Listing Prospectus is available at the Company’s registered office in in Terni, Via Luigi Casale s.n.c., at Borsa Italiana S.p.A. head-quarter, in Milan, Piazza Affari no. 6, as well as on the Company’s websitewww.ternienergia.com.

Expected management evolution

TerniEnergia wishes to continue its development strategy in order to enhance and consolidate its position of leading operator focused on renewable energy, with special regard to the construction of large photovoltaic plants of industrial size and energy production from photovoltaic source through Joint Venture companies or plants totally owned by the Company, and on the identification of strategic partnerships. The Executive responsible 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 information contained in this press release correspond to the results contained in the documents, books and accounting records. This Third Quarter Report is subject to auditing and it is available to the public at the registered office and Borsa Italiana; it is also available on the Company’s website www.ternienergia.com.