ITALEAF: TerniEnergia revenues and margins growth as at December 31, 2014

PRESS RELEASE 16 MARCH 2015 ITALEAF:  TerniEnergia revenues and margins growth as at December 31, 2014 Net Profit amounted to Euro 6.2 million, proposed dividend of Euro 0.065 p.s. · Revenues of Euro 95.2 million, +42% (Euro 67 million as at 31/12/2013) · EBITDA mounted to Euro 18 million, + 45% (EUR 12.4 million as at 31/12/2013) with EBITDA margin at 18.93% (18.5% as at 31/12/2013) · EBIT amounted to Euro 8...

PRESS RELEASE 16 MARCH 2015

 

ITALEAF:  TerniEnergia revenues and margins growth as at December 31, 2014

Net Profit amounted to Euro 6.2 million, proposed dividend of Euro 0.065 p.s.

· Revenues of Euro 95.2 million, +42% (Euro 67 million as at 31/12/2013)

· EBITDA mounted to Euro 18 million, + 45% (EUR 12.4 million as at 31/12/2013) with EBITDA margin at 18.93% (18.5% as at 31/12/2013)

· EBIT amounted to Euro 8.4 million, + 68% (Euro 5 million as at 31/12/2013)

· Net profit amounted to Euro 6.2 million, -9% (Euro 6.8 million as at 31/12/2013)

· NFP of Euro 108 million, Euro 20.3 million of which in short term (Euro 155.6 million as at 30/09/2014, Euro 16.8 million of which in short term)

· Net equity amounted to Euro 71.5 million, +33% (Euro 53.8 million as at 31/12/2013)

· Proposed a dividend increased than the one paid in the last two years

 

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 draft financial statements and the consolidated financial statements as at December 31, 2014.

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

"Despite the attention of TerniEnergia is now completely on to the implementation of the new business plan, the approval of the 2014 financial statement is the last act of the period of uncertainty related to the crisis of the photovoltaic sector in Italy. The company has shown remarkable ability to adapt to new conditions and handled with positive results the transition to the new business model. The start of the construction sites of two "giant" photovoltaic plants in South Africa, the visibility of energy management activities and the performance in the first months of full operation of the new organization, reflect results in line with the expectations of the new plan "Fast on the smart energy road". This positive performance justifies a dividend of Euro 0.065 per share, with a return for shareholders higher than the one of the last two years".

 

CONSOLIDATED RESULTS AS AT DECEMBER 31ST, 2014

Revenues amounted to EUR 95.2 million, showing a growth of 42% compared to December 31, 2013 (Euro 67 million). The increase is mainly attributable to the consolidation of the results of Free Energia, following the dedicated capital increase ended October 21, 2014. Also the revenues from the management of photovoltaic systems (Photovoltaic Power Generation), as a result of the consolidation of facilities previously held in the JV, and from the business line "Cleantech" has registered a significant increase, compared to the corresponding period of 2013.

EBITDA amounted to Euro 18 million, with a significant increase (+ 45%) compared to December 31, 2013 (Euro 12.4 million). The EBITDA margin is equal to 18.93%, with an increase compared to 2013 (18.5%).

Net operating income (EBIT) amounted to Euro 8.4 million (Euro 5 million at December 31, 2013), after depreciation, amortization and impairment losses of Euro 9.6 million (Euro 7.4 million in 2013).

Net profit, which includes the share of results from the activity of photovoltaic JV, amounted to Euro 6.2 million, also benefiting from a tax income resulting from the so-called "Tremonti Ambientale" to certain subsidiaries that hold PV plants. Net income as at December 31, 2013 was Euro 6.8 million (-9%).

The net financial position amount to Euro 108 million (Euro 135.2 million at 31/12/2013). The non-current NFP is Euro 87.7 million, while the net financial position in short term amounted to Euro 20.3 million. The NFP as at September 30, 2014 was Euro 155.6 million. The reduction of about a third of the NFP has been possible thanks to the sale of 50% of the equity shares in Alternative Energy and Solter, owners of PV plants of industrial size. The NFP/Net equity ratio (Gearing ratio 151%), equal to 1.51x, improves significantly (2.51x as at 31/12/2013) in line with the expectations of the industrial plan.

The Net Equity amounted to Euro 71.5 million, with an increase of 33% (Euro 53.8 million at 31/12/20113), while the Fixed assets amounted to Euro 150.5 million, of which Euro 91.9 million referring to tangible assets.

The Board of Directors approved the proposal to the Shareholders' Meeting about the distribution of a gross dividend of Euro 0.065 per share, corresponding to a payout ratio of 46.2% on consolidated net profit. The dividend will be paid on May, 18, 2015, and the relevant coupon No. 6 shall be separated on May, 20, 2015.

 

INDUSTRIAL RESULTS AS AT DECEMBER 31, 2014

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 23,3 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 56 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 800 GWh of energy for energy-intensive customers, of which 220 GWh in the fourth quarter. The industrial results of Free Energia SpA are considered in the consolidated TerniEnergia results from 20/10/2014, the effective date of acquisition.

 

TERNIENERGIA SPA' RESULTS AS AT DICEMBER 31, 2014

Net revenues amounted to Euro 17.7 million (Euro 35.6 million as at 31/12/2013). The gross operating margin (EBITDA) amounted to Euro 5.7 million (Euro 2.8 million as at 31/12/2013). The net result amounted to Euro 1.7 million (Euro 1.9 million as at 31/12/2013).

 

SIGNIFICANT EVENTS OCCURRED AFTER THE END OF FINANCIAL YEAR

The Board approves the Group's business plan 2015-2017 "Fast on the smart energy road"

February 9, 2015 - The Board of Directors of TerniEnergia approved the business plan 2015/17 "Fast on the smart energy road " and updated the 2014 forecast of the Group. Proposed the introduction of the vote increased to enhance growth through acquisitions and strengthening the implementation of the program to purchase treasury shares. The plan provided for: new organizational structure, completion of the merger of Lucos in TerniEnergia, diversification of the generation of revenue and EBITDA resulting in risk reduction, integration of activities to complete the energy value chain. The plan also provide possible M&A in the Gas&Power, even abroad, and in the field of "smart technologies". Investments 2015-17: Euro 54 million for high-margin business of ESCO and realization of environmental systems. Revenue in the three years: over Euro 1.2 billion (+ 48% CAGR 2015-17).

 

Authorized the liquid waste treatment plant in Nera Montoro (TR)

March 3, 2015 - With Executive determination of the Provincia di Terni n. 11458/2015 has been granted '"Integrated Environmental Authorisation (AIA)" on the "Operational plan for cleaning up groundwater industrial site in Nera Montoro (TR) - adjustments to the requirements and implementation systems present with the introduction of new sections of waste treatment liquids for third parties". Authorized the treatment of 58,000 cubic meters/year of waste input, represented by Liquid waste from pumpable sludge, planned investment of Euro 3 million for the construction of the new plant.

 

The Board of Directors of the subsidiary Free Energia approves the draft financial statements as at December 31, 2014. The CEO Stefano Neri awarded in Hong Kong for the sustainability and smart energy

March 12, 2015 - The Board of Directors of the subsidiary Free Energia approved the draft financial statements at 31 December 2014, with revenue of 199.4 million, EBITDA of Euro 4.4 million and net profit of Euro 2.1 million. TerniEnergia also received at the Conrad Hotel in Hong Kong the prestigious "Iair Awards Excellence in Global Economy & Sustainability" as best European industrial companies for sustainability and smart energy.

 

Opened the sites for the construction of two PV plants in the Republic of South Africa for a total installed capacity of 148.5 MWp

March 12, 2015 - TerniEnergia has opened the construction sites to install 2 giant PV plants in South Africa for the total capaacitty of 148.5 MWp on behalf of a leading Italian utility, with the formula "EPC Contract" (turnkey) with supply of panels and inverters, respectively at Paleisheuwel locations for a capaacity of 82.5 MWp and at Tom Burke for 66 MWp of installed power, for a total consideration of approximately Euro 147 million.

 

BUSINESS OUTLOOK

TerniEnergia confirms its development strategy for the year 2015, contained in the industrial plan "Fast on the smart energy road" by focusing on a few strategic lines:

- Backlog of orders in photovoltaics already acquired and currently being acquired abroad, and starting of the construction sites;

- Increase of the energy management business in Italy, thanks to the expansion of the customers of Free Energia, most of which are recurring and loyal, in SME and energy consuption segment;

- Development of relevant business opportunities "cross-selling" in the areas of energy efficiency (fast-growing) and the sale of energy;

- Strong business diversification of TerniEnergia in ant-cyclical sectors and completion of the "core" of the group along the entire energy value chain, from design works up to post-sale advanced services.

Moreover, in line with the strategic objectives already declared at the presentation of the Industrial Plan, TerniEnergia observes carefully the scenario evolution of the Italian and international energy sector, in order to identify the most attractive opportunities for external growth.

In particular, TerniEnergia has been started scouting projects and initiatives in the following areas:

- identification of potential M&A operations to promote growth through acquisitions in the Gas & Power, also internationally;

- 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;

- entry into the field of development and industrial production of smart solutions and technologies for energy efficiency and cleantech.

Remains unchanged the commitment of TerniEnergia to create value for the shareholders through an organizational development required by the constant growth of operational activities, improving the efficiency of the process, optimizing the financial structure to operational needs, leveraging the electric power produced to reduce the weight of the energy acquired on the market for energy management activities, increasing the possibility of issuing corporate guarantees, facilitating relations with the credit, thanks to the recovery of business with high revenue generation in Italy.

TerniEnergia also intends to continue its policy of enhancement of PV assets, thereby reducing the NFP, taking advantage of the best market opportunities. The Company has provided substantial investments dedicated to ESCO activities with the Third Party Financing (TPF) formula.

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.

 

FURTHER RESOLUTIONS OF THE BOARD OF DIRECTORS

The Board of Directors has reviewed and approved the Report on corporate governance and ownership structure for the year 2014, the Report of the Audit and Risk Committee and approved the Report on the remuneration of Directors and key management with strategic responsibilities pursuant to Article. 123-ter of Legislative Decree 58/98, which will be subject to approval by the Shareholders' Meeting.

The Board of Directors finally called the ordinary Shareholder' Meeting on April, 23, 2015, in first call, and on April, 24, 2015, in second call, to resolve on the approval of the financial statements as at 31/12/2014.

The documentation related to items on the agenda of the Shareholders' Meeting shall be made available to the public at the time and in the manner provided by law.

 

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.

 

TerniEnergia, a company incorporated in September of 2005 and part of Italeaf Group, is the first Italian smart energy company and operates in renewable energy, energy efficiency, energy and waste management. TerniEnergia operates as system integrator, with a turn-key offer of industrial sized photovoltaic plants, on behalf of third parties and on its own, for the Power Generation business, also through joint venture companies with leading national players. TerniEnergia operates in the waste management sector, recovery of the material and energy, development and production of technologies. In particular, the Company is active in the recovery of tires out of use, in the treatment of biodegradable waste through the implementation of biodigesters, management of plant for the biological depuration; decommissioning of industrial plants, recovery of demolition metals and cleaning of industrial sites; development and production of technological apparatus. Through Free Energia, the Group is active in the energy management, energy sales to energy intensive customers, software and services for energy management, administrative, financial and credit management. TerniEnergia, through Lucos Alternative Energies, operates in the development of energy efficient plants both through EPC scheme and FTT scheme (Financing Through Third Parties), pursuing the objectives of increasing energy production from renewable sources, of energy saving and reduction of emissions as set forth by environmental European policy.

TerniEnergia is listed on STAR segment of Borsa Italiana S.p.A..

 

This press release is also available on the Companies' website: www.italeaf.com and www.ternienergia.com.

 

In attach:

• Reclassified and Cons. Balance Sheet TerniEnergia Group as at December 31st, 2014
• Reclass. and Consolidated Income Statement TerniEnergia Group as at December 31st, 2014
• Consolidated Net Financial Statement TerniEnergia Group as at December 31st, 2014
• Reclassified Balance Sheet TerniEnergia SpA as at December 31st, 2014
• Reclassified Income TerniEnergia SpA as at December 31st, 2014
• Net Financial Statement TerniEnergia SpA as at December 31st, 2014

 

Reclassified and Cons. Balance Sheet TerniEnergia S.p.A. Group as at December 31st, 2014

 

	As at December, 31	As at December, 31	Change	Change
(in Euro)	2014	2013		%
Intangible assets	13,846,927	4,337,960	9,508,967	n.a.
Property, plant and equipment	91,942,081	160,574,401	(68,632,320)	(42.74)%
Financial fixed assets and other intangible assets	44,686,904	17,493,201	27,193,703	n.a.
Fixed Assets	150,475,912	182,405,562	(31,929,650)	(17.50)%
Inventories	10,590,898	8,208,886	2,382,012	29.02%
Trade receivables	79,147,223	28,063,651	51,083,572	n.a.
Other assets	24,620,939	16,573,353	8,047,586	48.56%
Trade payables	(67,240,302)	(31,416,529)	(35,823,773)	114.03%
Other liabilities	(11,716,802)	(7,329,882)	(4,386,920)	59.85%
Net working capital	35,401,956	14,099,479	21,302,477	n.a.
Provisions and other non-trade liabilities	(6,291,526)	(7,444,424)	1,152,898	(15.49)%
Net Invested Capital	179,586,342	189,060,617	(9,474,275)	(5.01)%
Shareholders' Equity	71,528,092	53,887,823	17,640,269	32.74%
Current net financial position	20,329,656	18,161,094	2,168,562	11.94%
Non-current net financial position	87,728,594	117,011,700	(29,283,106)	(25.03)%
Total net financial position	108,058,250	135,172,794	(27,114,544)	(20.06)%
Net Invested Capital	179,586,342	189,060,617	(9,474,275)	(5.01)%

 

Reclass. and Consolidated Income Statement TerniEnergia Group as at December 31, 2014

 

	As at December, 31	As at December, 31	Change	Change
(in Euro)	2014	2013		%
Net revenues from sales and services	95,173,643	66,969,952	28,203,691	42.11%
Production costs	(71,418,107)	(49,418,092)	(22,000,015)	44.52%
Added value	23,755,536	17,551,860	6,203,676	35.34%
Personnel costs	(5,741,457)	(5,159,847)	(581,610)	11.27%
EBITDA	18,014,079	12,392,013	5,622,066	45.37%
Amortization, depreciation, provisions and write-downs	(9,570,419)	(7,354,617)	(2,215,802)	30.13%
EBIT	8,443,660	5,037,396	3,406,264	67.62%
Financial income and charges	(10,061,276)	(2,017,869)	(8,043,407)	n.a.
Portions of results attributable to the JV	907,637	2,718,229	(1,810,592)	(66.61)%
Pre-tax result	(709,979)	5,737,756	(6,447,735)	(112.37)%
Income taxes	6,913,561	1,103,288	5,810,273	n.a.
Net profit for the period	6,203,582	6,841,044	(637,462)	(9.32)%

 

Consolidated Net Financial Statement TerniEnergia Group as at December 31st, 2014

 

	As at December, 31	As at December, 31
(in Euro)	2014	2013
Cash	(20,655)	(17,909)
Available bank current accounts	(14,092,074)	(13,038,001)
Liquidity	(14,112,729)	(13,055,910)
Bond debt	1,544,520
Current bank debt (current account overdraft)	4,506,233	4,793,838
Current bank debt (advance)	23,269,807	11,945,016
Financial payables to other lenders	167,549	948,034
Current financial debt (other lenders)	1,795,955	3,734,434
Current financial debt (other lenders)	11,850,743	12,452,165
Current financial receivables	(8,692,422)	(2,656,483)
Current financial debt	34,442,385	31,217,004
Current net financial position	20,329,656	18,161,094
Bond debt	24,259,621
Non-current financial debt (other lenders)	33,825,946	48,015,688
Financial payables to other lenders	16,285	35,430
Non-current financial debt (Leasing)	29,626,742	68,960,582
Non-current net financial position	87,728,594	117,011,700
Total net financial position	108,058,250	135,172,794

 

Reclassified Balance Sheet TerniEnergia S.p.A. as at December 31st, 2014

 

	As at December,  31	As at December,  31	Change	Change
(in Euro)	2014	2013		%
Intangible assets	341,367	334,388	6,979	2.1%
Property, plant and equipment	49,905,285	49,714,498	190,787	0.4%
Financial fixed assets and other intangible assets	62,485,036	41,956,306	20,528,730	48.9%
Fixed Assets	112,731,688	92,005,192	20,726,496	22.5%
Inventories	9,446,298	7,624,759	1,821,539	23.9%
Trade receivables	14,510,955	15,305,055	(794,100)	(5.2)%
Other assets	16,885,794	9,218,647	7,667,147	83.2%
Trade payables	(7,155,585)	(19,574,410)	12,418,825	(63.4)%
Other liabilities	(1,602,145)	(2,121,452)	519,307	(24.5)%
Net working capital	32,085,317	10,452,599	21,632,718	N.A.
Provisions and other non-trade liabilities	(1,517,714)	(1,083,592)	(434,122)	40.1%
Net Invested Capital	143,299,291	101,374,199	41,925,092	41.4%
Current net financial position	66,810,074	53,469,758	13,340,316	24.9%
Non-current net financial position	20,186,163	15,908,994	4,277,169	26.9%
Total net financial position	56,303,054	31,995,447	24,307,607	76.0%
Total net financial position	76,489,217	47,904,441	28,584,776	59.7%
Net Invested Capital	143,299,291	101,374,199	41,925,092	41.4%

 

Reclassified Income TerniEnergia SpA as at December 31st, 2014

 

	As at December,  31	As at December,  31	Change	Change
(in Euro)	2014	2013		%
Net revenues from sales and services	17,696,337	35,622,164	(17,925,827)	(50.3)%
Production costs	(7,668,356)	(28,747,830)	21,079,474	(73.3)%
Added value	10,027,981	6,874,334	3,153,647	45.9%
Personnel costs	(4,298,186)	(4,032,238)	(265,948)	6.6%
EBITDA	5,729,795	2,842,096	2,887,699	101.6%
Amortisation, depreciation, provisions and write-downs	(2,200,648)	(2,795,961)	595,313	(21.3)%
EBIT	3,529,147	46,135	3,483,012	N.A.
Financial income and charges	(3,911,510)	(169,340)	(3,742,170)	N.A.
Pre-tax result	(382,363)	(123,205)	(259,158)	N.A.
Income taxes	2,072,064	2,038,165	33,899	1.7%
Net profit for the period	1,689,701	1,914,960	(225,259)	(11.8)%

 

Net Financial Statement TerniEnergia SpA as at December 31st, 2014

 

	As at December,  31	As at December,  31
(in Euro)	2014	2013
Cash	(11,247)	(11,436)
Available bank current accounts	(174,042)	(6,872,019)
Liquidity	(185,289)	(6,883,455)
Current bank debt (current account overdraft)	4,484,830	4,693,149
Current bank debt (advance)	7,215,657	11,345,150
Financial payables to other lenders	18,866	81,152
Current financial debt (other lenders)	1,228,173	1,160,131
Current financial debt (other lenders)	(5,485,748)	(6,797,458)
Current financial receivables	10,510,308	10,340,062
Intercompany current account	854,846	1,970,263
Current financial debt	20,371,452	22,792,449
Current net financial position	20,186,163	15,908,994
Non-current financial debt (other lenders)	16,069,858	14,785,309
Financial payables to other lenders	16,285	35,430
Non-current financial debt (Leasing)	15,957,290	17,174,708
Non-current net financial position	56,303,054	31,995,447
Total net financial position	76,489,217	47,904,441

 

 

Certified Adviser

Mangold Fondkommission AB is the Certified Adviser of Italeaf on NASDAQ OMX First North.

For further information please contact: 
Filippo Calisti

CFO - Italeaf S.p.A.

E-mail: [email protected]

Mangold Fondkommission AB

Tel. +46 (0)8 5030 1550

[email protected]

Italeaf SpA, established in December 2010, is a holding company and a business accelerator for companies and startups in the areas of innovation and cleantech. Italeaf operates as a company builder, promoting the creation and development of industrial startups in the fields of cleantech, smart energy and technological innovation. Italeaf has headquarters and plants in Italy at Nera Montoro (Narni), Terni, Milano and Lecce; has international offices in London and Hong Kong and a research and development centre in the Hong Kong Science and Technology Park. The company controls TerniEnergia, a smart energy company listed on the STAR segment of the Italian Stock Exchange and active in the fields of renewable energy, energy efficiency and waste and energy management, Greenled Industry, working in the development and production of power LED lamps for industrial energy efficiency and public lighting, WiSave in the "internet of things" field, for the development and production of thermostats and smart technologies for the remote control of electrical and heating items of buildings managed through a cloud infrastructure, and Skyrobotic, in the business development and manufacture of civil and commercial drones in mini and micro classes for the professional market.

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