Report at 30 June 2009 approved by the Board of Directors. Substantial increase of net profit and gross operating margin

• Proceeds 20,6 million euro, substantially increasing par with respect to 14,6 million euro in the same period in 2008 (+41,4%).
• EBITDA, 2,8 million euro, increased by 132,9% with respect to 1,2 million euro in the first six months of 2008.
• EBIT 2,5 million euro: +196,8% with respect to 1,1 million euro in the corresponding period in 2008
• Substantial increase of net profits, 1,2 million euro, with 196,8% growth with respect to 411 thousand euro in the first six months of last year.
• Net financial position under control, 9,3 million euro, with growing net assets: 11,5 million euro.

Terni, 28 August 2009 – the Board of Directors of TerniEnergia S.p.A. – a company listed on the Expandi market of Borsa Italiana S.p.A. – approved the economic and financial results achieved in the 1st six months of 2009.

In this period, the company further consolidated its leadership in the sector of medium and big photovoltaic installation turnkey supplies, having constructed 13 new industrial photovoltaic installations with 8.6 MWp power capacity. 8 of the new installations were constructed in the second quarter. The average dimensions of the installations constructed increased considerably during the first six months of 2009 reaching 664 kWp with respect to 195 kWp in the corresponding period in 2008.
Since the beginning of its activity in 2006, the number of installations constructed by TerniEnergia reached 113 with concurrent capacity exceeding 25 MWp.

Four of the installations constructed in the first six months of 2009, having 3,7 MWp overall installed power, are owned by the joint ventures with Edf Energies Nouvelles, that produce and sell electrical energy, that at 30 June 2009, have a portfolio of 11 photovoltaic installations, having a total capacity of 9,4 MW. In June 2009, the third joint venture started together with EDF EN Italia S.p.A, Energie Srl, that constructed its first 820 kWp installation in Galatone (Lecce). This third mutual project further consolidates the alliance between the two companies that have been current partners for some time in T.E.R.N.I. SolarEnergy and EnergiaAlternativa.

Furthermore, the construction of the 6 MWp photovoltaic installation at the Montalto di Castro (Viterbo) thermal power plant (owned by Enel) was completed; TerniEnergia carried out the executive design at this plant including several stages of construction. The 10 hectare (approx.) installation will be the biggest in Italy and the 7th biggest in Europe.

Main results at 30 June 2009

In the first six months of 2009, TerniEnergia achieved net profits of 20,618 million euro, 41,4% growth with respect to the first 6 months of 2008.
The gross operating margin (EBITDA) reached 2,806 million euro, 13,6% of the turnover, a growth of  133% with respect to 1,2 million euro in the first 6 months of 2008 (when implications on proceeds was 8,3%). EBIT rose 116%, amounting to 2,459 million euro with respect to 1,137 million euro in the same period of the previous year.
The substantial increase of the margins is the result of a considerable growth of business in the period examined, economy of scale on some variable operating costs and containment of structure costs.

The net profit of the period was considerable (+196,8%), amounting to 1,220 million euro. Profit before tax at 30 June 2009 was 2 million euro with respect to 776 thousand euro at 31.03.2008.

The company’s own resources increased as well. Following an increase of capital on 27 February 2009, 800.000 ordinary shares were issued at 1,60 euro, amounting to 1,208 million euro, 880 thousand of which as premium shares. Considering the net profit of the period, the net assets increased from 9 million euro at the end of 2008 to 11,5 million euro to date. Net borrowing at 30.06.2009 was 9,3 million euro.

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