TERNIENERGIA: Board of Directors approved the six months financial report as at June 30th, 2011. +50% Net Profit
– Revenues amounting to Euro 116,4 Million ( Euro 36,3 Million as at June 30th, 2010)
– EBITDA equal to Euro 8,9 Million: +51,5% compared to June 30th, 2010
– EBIT equal to Euro 8,3 Million: +52,5 % compared to June 30th, 2010
– Net Profit amounting to Euro 5,4 Million: +50 %compared to June 30th, 2010
– Installed Power during the half year; 38,2 MWp ( 24,2 Mwp as at June 30 th, 2010)
The Board of Directors of TerniEnergia S.p.A., a company operating in the renewable Energy field and listed on Star segment of Borsa Italiana, under the chairmanship of Mr. Stefano Neri, President and General Manager of the company, approved today the six month financial statement as at June 30th, 2011.
Prof. Stefano NeriTerniEnergia’s Chairman and Managing Director, commented as follows:
“The results of the first half year 2011 confirm the growth of our Group who gained absolute size of relief with revenue equal to 116 million thanks to the extraordinary industrial results and with an EBITDA equal to Euro 8,9 million with an increase of 51,5%. Net income equal to 5,4 million has shown a growth of 50% which has contributed for Euro 1.1 million the earnings share resulting from the power generation business of plants on behalf of JV tripled compared to last year. These results were also obtained in a complex environment not only globally, but specifically for our industry that has suffered a significant change following the revision of the structural system related to incentive effects, particularly in the construction of large plants. In addition to this and in order to safeguard the industrial continuity and efficiently manage the decalage of incentives we have oriented our Group gradually towards the plants construction in full equity, in part for the BOT, and the financing of PV systems after being connecting to grid.
While this choice may lead to a reduction in EBITDA margin with an increase in the debt position, however, was not altered the financial balance of the Group and the working capital remained in line with the plan. Similarly we are working to increase our presence in the high margin of “Energy saving” from which we are expecting significant effects on our business including also a growth through external lines. The ongoing evolution of the sector did not affected the potential growth, which has always characterized our Group, we can fairly say that what has been achieved in such extraordinary conditions confirm a strong managerial flexibility and the overcome the uncertainty phase of which characterized the first months of the year”.
Consolidated results as at June 30th, 2011
The Net Revenues, amounting to Euro 116,4 million, with a significant increase compared to June 30th, 2010, which recorded Revenues equal to Euro 36,3 Million, being connected to the continued growth of the industrial results. The installed Power during the half year is equal to 38,2 MWp ( 24,2 MWp as at June 30th, 2010) 11,8 MWp of which performed by equal owned JV, 6,6 MWp performed infull Equity and the remaing 19,8 MWp for third parties.
EBITDA amounted to Euro 8.9 million compared to Euro 5.9 million recorded on June 30th , 2010. The result is connected to the variation on the stock position determined both by the transfer of the share related to plants performed for third parties, and by the new tariff regulation approved under the so-called “Quarto conto energia” which has affected the value of the plants already built and not still connected to the grid.
The Net Operation Result (EBIT) is equal to Euro 8,3 million ( Euro 5,4 million as at June 30th, 2010)after depreciation, amortization and provisions amounted to Euro 0.6 million ( Euro 0,5 Million as at June 30th, 2010).
The Net Profit, amounted to Euro 5.4 million, which includes the share of earnings coming from joint ventures activities equal to Euro 1.1 million more than tripled compared to June 30th , 2010 (Euro 0.3 million). Net income as at June 30th, 2010 was Euro 3.6 million.
The net financial position is equal to Euro 36,3 million; the increase compared to December 31st, 2010 which recorded a result equal to Euro 5,7 million reflected strategic choices of the Group aimed at optimizing the delivery of plants to be realized in full equity and in part intended to be realized in B.O.T. (Build, Operate and Transfer) to anticipate the possible repercussions of a sudden change in the system of incentives.
Significant facts occurred after the ending of the half year period.
There has been no significant events after the close of the first half year period.
Industrial results as at June 30th, 2011
TerniEnergia’s total number of plants built from the very beginning of its activity as at June 30th, 2011 rose up to No. 233 for total power equal to 155.3 MWp, 6.6 MWp of which for plants in full equity, entirely built in the first half of 2011, 61.1 MWp performed by the equal owned joint venture power generation business and the remaining 87.6 MWp built on behalf of third parties.
As as today TerniEnergia built 60 photovoltaic plants on behalf of equally owned joint venture for power generation business, 55 of which went into operation for a total of 57.9 MWp.
Other resolutions
The Board of Directors of TerniEnergia also resolved about the signing of the Frame Agreement with a leading national operator of the electricity sector for the design and construction of a photovoltaic plant for a total capacity of approximately 23 MWp.
The Agreement follows the award by call for bids, obtained from TerniEnergia. The plant will be built in the province of Rome within the year 2011 for a total amount of approximately Euro 16 million, without the supply of panels and inverters. The Board of Directors of TerniEnergia, finally, has expressed its support on the periodic adaptation of the Service Contract with the parent Terni Research SpA, concerning the provision of rental real estate, logistics, legal, ICT.
Management expected evolution
The PV business remain a core activity and the company is evaluating an anticipation of the Energy Saving business, including also external growth lines in order to reduce time to market and integrate their activities, enhancing the growth prospects inside an industrial sector with higher profitability.
Statement by the manager in charge of preparing corporate accounting documents
The Officer responsible for the preparation of accounting and corporate documents, Dott. Paolo Allegretti, declares, pursuant to paragraph 2, art.154-bis of the Consolidated Financial Act, that the accounting information that is contained in this press release correspond to the documentary results, the accounting books and records.
Depositing of records
Please note that the six month Financial Report as at June 30, 2011 belonging to TerniEnergia Group, approved by the Board of Directors of TerniEnergia SpA today, will be made available to the public, together with the report of independent auditors, in the manner and terms required by law.
