Terni, 28 April 2009 – The shareholders meeting of TerniEnergia S.p.A. – a company listed on the Expandi market of Borsa Italiana S.P.A. – approved the balance sheet at 31.12.2008.
The shareholders present represented 75.60% of the stock capital.
Main results of the 2008 financial year
The 2008 net income of sales and services were equal to 31.8 million Euro, much higher compared to the previous (+263%) financial year (8.7 million Euro), due to the high increase in company activity.
The significant increase in 2008 activity led to a progressive adjustment of the organizational and operational structure, generating a consequent increase in operational costs. The cost of the listing operation also had an impact on the 2008 financial year.
The Gross Operating Margin (EBITDA) standing at 31.12.2008 was 2.3 million Euro, equal to 7.4 % of the turnover. Standing at 31 December 2007, EBITDA was equal to 582 thousand Euro (with an 6.6% effect on the proceeds). The increase of EBITDA depends upon the result of the high increase of business in the reference period.
The amortizations, provisions and depreciations increased to 648 thousand Euro during 2008, compared to 105 thousand Euro in the 2007 financial year.
The operating result was equal to 1.7 million Euro in comparison to 476,733 Euro at 31.12.2007. The net profit of the reference period increased dramatically reaching 532 thousand Euro in 2008 compared to 10,340 Euro of 2007 financial year.
The shareholders meeting established to assign the net profit entirely to legal reserve. Therefore the company will not pay out dividends.
The 2008 Balance sheet of TerniEnergia S.p.A, the Management report, the Statutory Auditors’ Report and the Independent Auditors’ Report are available to the public at company headquarters and the Italian Stock Exchange as well as at: www.ternienergia.com.
The meeting minutes will be available to the public at the company headquarters and at Borsa Italiana S.P.A. within fifteen days from the date of the meeting.
Industrial developments
In the 2008 financial year TerniEnergia reached important goals, consolidating its position of national leader in the sector of turnkey supply of medium and large photovoltaic plants. TerniEnergia boosts 10 plants of nearly one MWp and made 41 new plants for a total of 10.6 MWp in 2008.
The company has also consolidated its role of solar energy producer. In joined venture with EDF EN Italia, at the end of 2008 owned a portfolio 7 photovoltaic plants, all operating and linked to the national electricity network for a total capacity of 5,7 MWp.
Furthermore TerniEnergia has taken advantage of the investment fund opportunities deriving from the ever increasing interest for the Italian photovoltaic sector that operates in renewable energy, also in consideration of the restrictions of the subvention system applied by other countries (Germany and Spain). TerniEnergia signed an agreement with NextEnergy Capital, a European merchant bank specialized in renewable energy for the manufacture of photovoltaic plants in Italy in 2009-2010, for a total capacity of of 15 MW.
The manager responsible for drawing up cooperate account, Mr. Luca Cioffi declares according to paragraph 2 article 154 bis of the Financial Consolidated law that the accounting information of the present communication corresponds to documents, registers and accounts.
Information according to article 2A. 3.2, paragraph 1 of the Regulations of markets organized and managed by Borsa Italiana S.p.A.,
– Date of negotiation start up: 25 July 2008
– Listing Partner: Unipol Merchant – Banca per le Imprese S.p.A. – InterBanca S.p.A.
Leave A Comment
You must be logged in to post a comment.