Latest News

Latest News

12Jan 2018
Filippo Calisti
  • Paolo Allegretti resigns from Chief Financial Officer, manager in charge of preparing the company’s financial reports and IR manager, due to his new commitments as Executive Officer

TerniEnergia, a company listed on the Star segment of the Italian Stock Exchange and part of the Italeaf Group, announces that today the executive director Mr Paolo Allegretti has resigned with immediate effect from the office of Chief Financial Officer and manager responsible for preparing the company’s financial reports. In accordance with the requirements of the Market Regulations of Borsa Italiana, Paolo Allegretti holds 7,777 shares in TerniEnergia SpA.

The Board of Directors of TerniEnergia, under the chairmanship of Stefano Neri, has appointed Mr. Filippo Calisti as the new Chief Financial Officer and manager in charge of preparing the company’s financial reports, with immediate effect.

Filippo Calisti, 41, graduated in Economics at LUISS Guido Carli in Rome in 2001, has experience in administration, finance and control within the Group. He began his career at PriceWaterHouseCoopers as auditor until 2010, and then worked as CFO in TerniGreen, a company listed on the AIM market of the Italian Stock Exchange until 2012. From 2014 until today he has been Chief Financial Officer of Italeaf SpA, a company listed on the NASDAQ First North market of the Stockholm Stock Exchange.

Based on the communications made to the Company and the public, Filippo Calisti holds n. 38.270 shares in TerniEnergia SpA.

Press-release_TE-CFO_12-01-2018

12Jan 2018
  • Filippo Calisti leaves Italeaf to join TerniEnergia SpA as new CFO

 

Filippo Calisti, Group CFO, has decided to leave Italeaf to join TerniEnergia, listed on STAR segment of Borsa Italiana, as new CFO and manager responsible for preparing the company’s financial reports. Mr Calisti works for Italeaf since 2012 and has held since 2014 the position of CFO. He ended his employment with Italeaf immediately.

The board of directors of Italeaf, holding company and first Italian company builder active in cleantech and smart innovation sectors, listed on on NASDAQ OMX First North, has appointed today Mr. Claudio Borgna as new CFO.

Borgna, born in Terni in 1977, joined the Group in 2008 and he served in the finance, taxes and administration department after financial and administrative consultancy experiences for various joint stock companies. He received a Degree in economics from University “La Tuscia” Viterbo.

Press-release_CFO_12-01-2018

08Jan 2018
  • The deeds of sale to Genera SpA of a lighting saving system for a cement factory in Sicily and the energy saving worksite of a building in Turin were finalized and signed
  • The disposals provide for a consideration of Euro 480 thousand (Sicily) and Euro 1.7 million (Turin), including Euro 1 million in trade payables and Euro 170 thousand for work still to be carried out

 

TerniEnergia, a company listed on the Star segment of the Italian Stock Exchange and part of the Italeaf Group, announces that it has finalised and signed all the deeds relating to the sale of two energy efficiency interventions to Genera SpA, a 51% subsidiary of Genera Group Holdings B. V. and 49% owned by the IKAV Investments fund) active in investments in the energy efficiency sector.

The two efficiency interventions transferred are related to the following:

– a lighting system of about 3,800 new high performance lighting points, with savings of over 1.1 GWh/year, realized on behalf of a cement factory in Sicily, already in operation;

– an intervention, almost completed, which involved the requalification of a historic building of about 12,500 square meters in the heart of Turin, with the renovation and insulation of the roof, the replacement of windows, the installation of an air conditioning system, the implementation of a new LED lighting system, the construction of an access control system, the installation and management of a Building Management System (BMS) for the integrated management of all services.

The sale price of the first intervention amounts to Euro 480 thousand, and will be cash-settled by the current month of January.

The second deed of sale provides for a price of Euro 1.7 million, which will be paid, for approximately Euro 1 million, through the assumption of payables to suppliers operating at the Turin worksite, for Euro 170,000 for works still to be carried out, which will be directly carried by the purchaser, and finally for Euro 528,000, paid in cash, of which Euro 385,000 by the current month of January, and Euro 71,500 at the plant test (and in any case no later than 15 April 2018) and the remaining Euro 71,500 at 12 months after the final test.

The deeds provide that the transfer shall take effect from 29 December 2017.

For TerniEnergia, the transaction represents a new, significant step of the transitional and financial tension management for the Group’s strategic repositioning, already announced to the market on 24 October 2017, and which envisages the sale of non-strategic assets, mainly linked to the core activities of the recent past, in order to encourage the focus on activities with a higher technological added value.

 

TERNIENERGIA (TER.MI), established in September 2005, and part of Italeaf Group, is the first Italian smart energy company, committed to bring worldwide integrated and sustainable energy solutions. Organized into two straegic business units (Assets and Smart solutions and services), with about 400 employees and a geographic presence in almost the continents, with operational and sales offices, TerniEnergia develops solutions, innovative products and services based on digital and industrial technologies for the energy sector.

TerniEnergia, also through its subsidiaries (Softeco Sismat, Selesoft Consulting, Greenled Industry,GreenAsm, Wisave, Ant Energy), shall pursue the objectives of increasing energy production from renewable sources, energy efficiency and emissions reduction, as laid down by European environmental policy, and participates actively in the distributed power generation revolution and energy smart grids.

TerniEnergia is the ideal partner for large utilities, distributors and grid operators, power producers, public authorities, industrial customers and investors who intends to carry out large projects for the production of renewable energy plants and modern systems with high energy efficiency, solutions for the management and maintenance of the infrastructure and the electrical systems. TerniEnergia, through a complete technological and commercial offer, develops and provides technologies, turn-key services and solutions for energy consumers in the public and private sectors. The company is listed on the STAR segment of the Italian Stock Exchange.

Press-release_TEEFFEN_08-01-2018

22Dec 2017
  • The director Fabrizio Venturi leaves the company
  • Cooptated in the role of Executive Director Dr. Paolo Allegretti, with organisational and business development delegated powers

 

TerniEnergia, a company listed on the Star segment of the Italian Stock Exchange and part of the Italeaf Group, announces that today the non-executive Director, Dr. Fabrizio Venturi, resigned from office for personal and professional reasons. The early termination of the office of Dr. Venturi will not result in the Company receiving any further indemnities.

Accepting his resignation, the Board of Directors, with Stefano Neri’s chairmanship, expressed heartfelt thanks to Dr. Venturi for the commitment he has shown in favour of the Company and for the contribution he made during the period in which he held the position of Director.

The Board of Directors, with the favourable opinion of the Board of Statutory Auditors, resolved to appoint Dr. Paolo Allegretti as a new director of the Company by co-optation, classifying him as “non-independent”, in accordance with the applicable regulatory provisions. The director thus appointed, who will remain in office until the next Shareholders’ Meeting, on the basis of the information available to the Company, holds 7,777 shares in TerniEnergia S. p. A..

The Board then proceeded with the attribution of powers and powers to the new Executive Director.

In particular, the Director Paolo Allegretti, in addition to legal representation, as per the Articles of Association, and all the powers for ordinary administration, with a limit of Euro 1 million per transaction, is granted, among others, the proxies relating to:

  • management, through supervision, guidance and control of staff functions such as general, legal, compliance, administration and finance, planning and control, business development and quality;
  • development and evaluation of new business and financial opportunities, ensuring analysis of the opportunities and constraints arising from changes in international and national regulations, as well as the impact of these new opportunities and the associated risks on the Group’s economic and financial performance.

Profile of the new Executive Director

Paolo Allegretti

Graduated in Economics and Business at the University “La Sapienza” of Rome, he holds a master’s degree in Administration, Finance and Control. After working as a Business Consultant and sales manager, he became responsible for management control in the pharmaceutical company Keryos, based in Milan. Since 2008 in TerniEnergia, he has been responsible for planning and control, CFO and Investor Relations Manager of the Company. Since 2010, he has been a Director and Sole Director of some Group companies operating in the renewable energy sector.

Paolo Allegretti’s complete curriculum vitae is available on the Company’s website at www.ternienergia.com

 

TERNIENERGIA (TER.MI), established in September 2005, and part of Italeaf Group, is the first Italian smart energy company, committed to bring worldwide integrated and sustainable energy solutions. Organized into two straegic business units (Assets and Smart solutions and services), with about 400 employees and a geographic presence in almost the continents, with operational and sales offices,

TerniEnergia develops solutions, innovative products and services based on digital and industrial technologies for the energy sector. TerniEnergia, also through its subsidiaries (Softeco Sismat, Selesoft Consulting, Greenled Industry,GreenAsm, Wisave, Ant Energy), shall pursue the objectives of increasing energy production from renewable sources, energy efficiency and emissions reduction, as laid down by European environmental policy, and participates actively in the distributed power generation revolution and energy smart grids. TerniEnergia is the ideal partner for large utilities, distributors and grid operators, power producers, public authorities, industrial customers and investors who intends to carry out large projects for the production of renewable energy plants and modern systems with high energy efficiency, solutions for the management and maintenance of the infrastructure and the electrical systems. TerniEnergia, through a complete technological and commercial offer, develops and provides technologies, turn-key services and solutions for energy consumers in the public and private sectors. The company is listed on the STAR segment of the Italian Stock Exchange.

Press-release_TE-CDA-2017-12-22

18Dec 2017
  • The proposal concerns some of the non-strategic assets owned by the subsidiary SPVs Energia Alternativa, Soltarenti, Guglionesi and Solter
  • The proposal concerns 17 photovoltaic plants with a total installed capacity of 16.8 MW
  • The transaction envisages the acquisition by the buyer of financial debts linked to the plants for a maximum of Euro 41.7 million.
  • The Board of Directors has given the green light to finalize the transaction

 

TerniEnergia, a company listed on the Star segment of the Italian Stock Exchange and part of the Italeaf Group, announces announces that it has received from a leading international investment operator in the photovoltaic sector a binding offer for the purchase of some photovoltaic plants for a total of 16.8 MW, owned by the SPVs (Special purpose vehicle) Energia Alternativa Srl, Soltarenti Srl, Guglionesi Srl and Solter Srl.

The transaction, from which  is expected a maximum total encashment of approximately Euro 16.6 million, also envisages the assumption by the buyer of financial debts linked to the plants for a maximum total of approximately Euro 41.7 million.

The signing-date of the transaction is expected by 31 January 2018, while payment will be made at the time of closing. The closing of the transaction is subject, among other conditions, to formal acceptance by the shareholders of the SPVs and to obtaining (when necessary) the consent of credit institutions, in the form of waivers, to the sale of photovoltaic assets. The closing is also subject to other technical and financial conditions typical of this type of operation.

The expected encashment for TerniEnergia at the time of closing may correspond to the total final consideration, net of approximately 1.5 MWp out of the total of 16.8 MWp. This is due to past credits that the Company has from the shareholders of some of the SPVs owner of the plants involved in the transaction.

The Board of Directors today resolved to proceed with the finalisation of the transaction by granting mandate to the Chairman and Chief Executive Officer Stefano Neri to proceed with the further stages of the transaction, including the closing.

For TerniEnergia, the transaction represents an important step forward in the transition phase for the Group’s strategic repositioning, already announced to the market on 24 October 2017, and which envisages the sale of non-controlling equity investments in non-strategic photovoltaic plants, mainly linked to the core activities of the recent past.

 

TERNIENERGIA (TER.MI), established in September 2005, and part of Italeaf Group, is the first Italian smart energy company, committed to bring worldwide integrated and sustainable energy solutions. Organized into two straegic business units (Assets and Smart solutions and services), with about 400 employees and a geographic presence in almost the continents, with operational and sales offices, TerniEnergia develops solutions, innovative products and services based on digital and industrial technologies for the energy sector. TerniEnergia, also through its subsidiaries (Softeco Sismat, Selesoft Consulting, Greenled Industry,GreenAsm, Wisave, Ant Energy), shall pursue the objectives of increasing energy production from renewable sources, energy efficiency and emissions reduction, as laid down by European environmental policy, and participates actively in the distributed power generation revolution and energy smart grids. TerniEnergia is the ideal partner for large utilities, distributors and grid operators, power producers, public authorities, industrial customers and investors who intends to carry out large projects for the production of renewable energy plants and modern systems with high energy efficiency, solutions for the management and maintenance of the infrastructure and the electrical systems. TerniEnergia, through a complete technological and commercial offer, develops and provides technologies, turn-key services and solutions for energy consumers in the public and private sectors. The company is listed on the STAR segment of the Italian Stock Exchange.

Press-release_TE-asset-2017-12-18

04Dec 2017

 

  • The explanatory notes to the consolidated half-yearly report at 30 June 2017 are supplemented
  • Unchanged economic and financial results
  • Elected the chairmen of the Control and Risks and Related Parties Committees

 

The Board of Directors of TerniEnergia, a company listed on the Star segment of the Italian Stock Exchange and part of the Italeaf Group, met under the chairmanship of Stefano Neri, reapproved the Half-Yearly Financial Report at 30 June 2017.

Taking into account the events that occurred following September 28, 2017, as well as the requests received from Consob pursuant to Article 114, paragraph 5, of the TUF on November 8,2017 and the press release issued on November 10, 2017, it was considered appropriate to update and supplement the information previously contained in the half-yearly financial report, with particular reference to the assessments of directors on going concern.

The economic and financial results achieved by the Company at consolidated level in the period ended June 30, 2017 remain unchanged from those communicated on September 28 ,2017, to which reference should be made and which are summarised below:

CONSOLIDATED RESULTS AS AT JUNE 30, 2017

Revenues amounted to Euro 40.2 million (Euro 50.5 million; -20.4%), showing the contribution of the energy management activities and of the new plants based in Tunisia and in Zambia, and the revenues attributable to e energy efficiency project of Copernico Torino.

EBITDA amounted to Euro 6.8 million, showing a decrease (-28.2%) compared to June 30, 2016 (Euro 95 million) with Ebitda Margin equal to 17% (18.8% as at 06/30/2016).

Net operating income (EBIT) amounted to Euro – 6.2 million (Euro 5.9 million as at June 30, 2016), after depreciation, amortization and write-downs of Euro 13 million. The depreciation is largely attributable to the suspension of EPC’s activities, resulting from the choices made by previous management and partly to the alignment of the impairment of an asset.

Net profit amounted to Euro – 6.5 million (1.1 million at June 30, 2016).

The net financial position amount to Euro 87.5 million (in reduction compared to Euro 93.9 million as at 12/31/2016).The non-current NFP is Euro 76.6 million, while the net financial position in short term amounted to Euro 10.9 million. The NFP/Net equity ratio equal to 1.62x (1.63x as at 12/31/2016).

The Net Equity amounted to Euro 54.1 million (Euro 57.5 million at 12/31/2016).Net equity takes into account the treasury shares held in portfolio, which amounted to No. 1,012,998 (2.15% of the Share Capital).

The Half-Yearly Financial Report at 30 June 2017, approved by TerniEnergia’s Board of Directors on 1 December 2017 – together with the Report containing the opinion of the Independent Auditors – will be published today on the authorized storage mechanism “1INFO (www.1info.it) and on the Company’s website www.ternienergia.com (Investor Relations section).

 

Declaration pursuant to Article 154-bis, paragraph two, of the Consolidated Finance Act

The Officer responsible for the preparation of the corporate accounting documents, Mr 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

 

COMMITTEES

TerniEnergia announces that the Related Parties Committee has elected the independent director Stefania Bertolini as Chairman. The Related-party Committee is composed as follows: Stefania Bertolini (Chairman), Mario Molteni, Paolo Migliavacca. The Control and Risk Committee elected Paolo Migliavacca, the independent director, as Chairman.  The Control and Risk Committee is therefore composed as follows: Paolo Migliavacca (Chairman), Stefania Bertolini, Mario Molteni.

 

TERNIENERGIA (TER.MI), established in September 2005, and part of Italeaf Group, is the first Italian smart energy company, committed to bring worldwide integrated and sustainable energy solutions. Organized into two straegic business units (Assets and Smart solutions and services), with about 400 employees and a geographic presence in almost the continents, with operational and sales offices,

TerniEnergia develops solutions, innovative products and services based on digital and industrial technologies for the energy sector. TerniEnergia, also through its subsidiaries (Softeco Sismat, Selesoft Consulting, Greenled Industry,GreenAsm, Wisave, Ant Energy), shall pursue the objectives of increasing energy production from renewable sources, energy efficiency and emissions reduction, as laid down by European environmental policy, and participates actively in the distributed power generation revolution and energy smart grids. TerniEnergia is the ideal partner for large utilities, distributors and grid operators, power producers, public authorities, industrial customers and investors who intends to carry out large projects for the production of renewable energy plants and modern systems with high energy efficiency, solutions for the management and maintenance of the infrastructure and the electrical systems. TerniEnergia, through a complete technological and commercial offer, develops and provides technologies, turn-key services and solutions for energy consumers in the public and private sectors. The company is listed on the STAR segment of the Italian Stock Exchange.

press-release_te-1h17riapp-2017-12-04

 

27Nov 2017

The board of directors of Italeaf, holding company and first Italian company builder active in cleantech and smart innovation sectors, listed on on NASDAQ OMX First North, has taken note of the decision of the Chairman and Chief Executive Officer Stefano Neri to refer its powers back to the Board, in view of the greater commitments undertaken in the subsidiary TerniEnergia SpA.

The responsibilities of the overall governance of the Company and the Group with powers of ordinary administration, with the attribution of corporate signature and legal representation, remain with the Chief Executive Officer Monica Federici.

press-release_cdaita-2017-11-27

 

27Nov 2017
  • Conclusion of verification procedures in accordance with Art. 42 of Legislative Decree 28/2011 and the Ministerial Decree 31/12/2014

The Board of Directors of TerniEnergia, a company listed on the Star segment of the Italian Stock Exchange and part of Italeaf Group, met under the chairmanship of Stefano Neri, resolved to amend the powers delegated to certain members of the same BoD.

As part of the implementation of the new Strategic Guidelines 2018-2020, which the Company intends to carry on in order to make the structure more efficient, and that were presented to the market on 28 September 2017, the Board of Directors confirmed Stefano Neri as Chief Executive Officer, assigning him the powers of ordinary and extraordinary administration of the Company, in addition to legal representation, as provided by the Articles of Association, to be exercised with single signature up to Euro 12 million. In addition, to the Chief Executive Officer was also granted the powers to manage the activities of the Strategic Business Unit (SBU)”Asset” and the Business Unit “On site engineering and operations”, as well as the status of “employer” and all the powers – and the related responsibilities – relating to environmental protection.

To the Executive Director Laura Bizzarri are granted all powers for the ordinary administration of the Company, with a limit of Euro 2 million per transaction. The Board of Directors has also granted her the power of supervising, directing and controlling the activities of the Strategic Business Unit (SBU) Smart Services and Solutions, with a limit of Euro 6 million per transaction for the “Smart Trading” BU (purchase and sale of energy and gas).

With reference to the press release issued on 29 September 2017, it should also be noted that to the Vice Chairman Giulio Gallazzi are not granted operating powers.

As a result of the new strategic guidelines and in line with the new organisation described above, TerniEnergia will review the procedures provided for by the 231 Organisation, Management and Control Model and that Internal Audit will also be involved in risk monitoring processes.

Finally, in relation to the information already provided in the Interim Report on Operations at September 30, 2017, the Board of Directors acknowledged that the GSE (Gestore Servizi Energetici) has communicated the conclusion of the verification procedures pursuant to the article. 42 of Legislative Decree. 28/2011 and the Ministerial Decree. 31/12/2014 relating to two photovoltaic plants owned respectively by Società Agricola Fotosolara Bonannaro Srl (power equal to approximately 0.7 MWp) and Società Agricola Fotosolara Oristano Srl (power equal to approximately 1 MWp) – both joint ventures in which TerniEnergia S. p. A. holds 50% of the share capital -, disposing the forfeiture of the right to incentive tariffs as provided by the aforementioned Decree. The GSE has not yet quantified the total amount of the incentives concerned.

Società Agricola Fotosolara Bonannaro Srl and Società Agricola Fotosolara Oristano Srl will appeal to the Lazio Regional Administrative Court, believing – also on the basis of the opinion of their lawyers – that there are solid elements for a positive outcome of the appeal.

 

 

TERNIENERGIA (TER.MI), established in September 2005, and part of Italeaf Group, is the first Italian smart energy company, committed to bring worldwide integrated and sustainable energy solutions. Organized into two straegic business units (Assets and Smart solutions and services), with about 400 employees and a geographic presence in almost the continents, with operational and sales offices,

TerniEnergia develops solutions, innovative products and services based on digital and industrial technologies for the energy sector. TerniEnergia, also through its subsidiaries (Softeco Sismat, Selesoft Consulting, Greenled Industry, GreenAsm, Purify, Wisave, Ant Energy), shall pursue the objectives of increasing energy production from renewable sources, energy efficiency and emissions reduction, as laid down by European environmental policy, and participates actively in the distributed power generation revolution and energy smart grids. TerniEnergia is the ideal partner for large utilities, distributors and grid operators, power producers, public authorities, industrial customers and investors who intends to carry out large projects for the production of renewable energy plants and modern systems with high energy efficiency, solutions for the management and maintenance of the infrastructure and the electrical systems. TerniEnergia, through a complete technological and commercial offer, develops and provides technologies, turn-key services and solutions for energy consumers in the public and private sectors. The company is listed on the STAR segment of the Italian Stock Exchange.

 

press-release_te-cda-2017-11-27

 

10Nov 2017

 

The Board of Directors approved the results as at 30 September 2017. NAV equal to Euro 30.5 million. Ebitda equal to Euro 0.6 million. Net Result amounted to Euro -0.27 million

  • Revenues amounted to € 2.7 million (€ 51.3 million for the Italeaf Group consolidated)
  • EBITDA equal to € 0.6 million (€ 7.3 million for the Italeaf Group consolidated)
  • EBIT amounted to € 0.13 million (€ -7.8 million for the Italeaf Group consolidated)
  • EBT equal to € -0.36 million (€ -12.2 million for the Italeaf Group consolidated)
  • Net Result amounted to € -0.27 million (€ -8.2 million for the Italeaf Group consolidated)
  • Shareholders’ Equity amounted to € 5 million (€ 58.2 million for the Italeaf Group consolidated)
  • NFP of € 16 million (€ 103.8 million for the Italeaf Group consolidated)
  • NAV equal approximately to € 30.5 million

 

The board of directors of Italeaf, holding company and first Italian company builder active in cleantech and smart innovation sectors, listed on on NASDAQ OMX First North, has approved today the interim report as at 30 September 2017.

 

Financial highlights*

As at June 30, 2017 As at June 30, 2016 Change %
 in Euro
 Revenues from sales and services 2,654,574 3,153,387 -15.8%
 EBITDA 592,481 809,754 -26.8%
 EBIT 133,441 358,325 -62.8%
 EBT (355,666) (3,121,561) -88.6%
 Net profit/(loss) (265,918) (2,627,066) -89.9%
    As at December 31, 2016
 Shareholders’ equity 28,474,172 27,040,087 +5.3%
 Total net financial debt 16,041,048 17,007,361 -5.7%

*Separated Interim Report prepared in accordance with accounting principles ITALIAN GAAP

 

The NAV of Italeaf amounted to Euro 30,5 million as at September 30, (-7%; Euro 32.8 million at 30 June 2017); Nav per share Euro 1.78 million.

 

The Interim Report as at September 30, 2017 in full version and in English will be published on the Company’s website and on Nasdaq Inpublic, attached to this press release.

 press-release_intrep3h_2017-11-10report3q

 

30Oct 2017
  • Revenues of Euro 50.5 million, (Euro 61.4 million as at 09/30/2016)
  • EBITDA of Euro 7.3 million, (Euro 11 million as at 30/09/2016) with EBITDA margin to 14.51%
  • EBIT of Euro -7.3 million, (Euro 6.2 million as at 09/30/2016)
  • Net Result amounted to -8.1 million, (Euro 0.4 million as at 30/09/2016)
  • Net Financial Position of Euro 87 million, Euro 11 million of which in short term (Euro 93.9 million as at 31/12/2016, of Euro 14.8 million which in short term)
  • Net equity amount to Euro 52.1 million (Euro 57.5 million as at 31/12/2016)

 

The Board of Directors of TerniEnergia, a company listed on the Star segment of the Italian Stock Exchange and part of Italeaf Group, met today with the chairmanship of Stefano Neri, approved the interim financial report as at September 30, 2017.

The Chairman and CEO, Mr. Stefano Neri, stated:

We consider these results unacceptable for the shareholders of TerniEnergia. The management has a solid intention to accelerate the implementation of very strong measures in the transition phase towards strategic repositioning and after this quarter of substantial blockage of activities, in order to recover competitiveness and change the Group’s performance“.

 

CONSOLIDATED RESULTS AS AT SEPTEMBER 30, 2017

Revenues amounted to Euro 50.5 million. The decrease compared to the first nine months of 2016 (Euro 61.4 million; -17.7%) is attributable to the substantial blockage of the core business of photovoltaic EPC.

EBITDA amounted to 7.3 million euros, down 33.3% compared to September 30,2016 (11 million euros).  The Ebitda Margin is equal to 14.51%.

Net operating income (EBIT) amounts to Euro -7.3 million (Euro 6.2 million as at September 30th, 2016), after amortisation, depreciation, provisions and write-downs of Euro 14.6 million (Euro 4.8 million in the same period of 2016). Write-downs are attributable partly to the suspension of EPC’s activities as a result of the decisions taken by the previous management and partly to the alignment of an asset to its impairment value.

Net Result amounts to Euro -8.1 million, compared to Euro 0.4 million as of 30 September 2016.

The Net Financial Position is equal to Euro 87 million (substantial improvement compared to Euro 93.9 million at 31/12/2016). The Non-current Net Financial Position amounts to Euro 75.2 million, while the short-term Net Financial Position amounts to Euro 11.7 million. The NFP/net equity ratio is 1.66x.

The Net Equity is Euro 52.1 million (Euro 57.5 million at 31/12/2016) and takes into account the treasury shares held in portfolio, which amount to 1,012,998 (2.15% of the share capital).

 

INDUSTRIAL RESULTS AS AT SEPTEMBER 30, 2017

In the photovoltaic sector, the revenues were mainly generated by power generation activities, operation and maintenance and the start of worksites in Tunisia and Zambia. In the environmental sector, are active the treatment and recovery plants for end-of-life tyres (ELT) at Nera Montoro and Borgo Val di Taro, the GreenAsm biodigestion and composting plant and, finally, the Purify groundwater purification plant at Nera Montoro. In the field of energy efficiency, the Copernico and Huntsman projects are being implemented, in addition to numerous projects in relation to which there are currently advanced negotiations with end customers and which will reasonably have an impact on the income statement in the coming quarters.

The Energy Management sector reported a significant increase in activities compared with September 30,2016 due to the effect of the increase in volumes of gas traded during the period. Finally, the industrial contribution guaranteed by Softeco Sismat and Selesoft Consulting, which contributed approximately 30% of the total in terms of revenues, should also be noted.

 

SIGNIFICANT EVENTS OCCURRED AFTER THE END OF PERIOD

Start of the IMOVE project for intelligent mobility coordinated by Softeco Sismat

On October 5,2017 TerniEnergia announced that Softeco Sismat, the Group’s digital company, will be at the head of the IMOVE research project, co-financed under the EU Horizon 2020 programme and aimed at experimenting and validating the Mobility-as-a-Service (Maas) model, through pilot projects in various European cities and regions. The project has a total cost of about 3.7 million Euros, fully financed by the European Union. The EU funding to Softeco is Euro 0.9 million.

Softeco Sismat underwrites contract for remote control services for Smart grids of primary Italian utility

On 9 October 2017, TerniEnergia announced that the Group’s digital company Softeco Sismat, in a temporary business partnership with leading companies in the sector, signed a corrective maintenance contract on behalf of leading Italian utility active in the network and Smart Grid management sector. The contract provides for the provision of remote control services for e-distribution networks for the 2017-2018 period for a total amount of Euro 0.84 million.

Launched transition plan for the strategic repositioning of the Group

On October 24,2017, the Board of Directors of TerniEnergia approved the measures to accompany the transition towards the strategic repositioning of the company. These measures provide for savings in company fixed costs of more than 2 million Euros on an annual basis and the disposal of some non-strategic assets. The BoD examined the probable effect of the above mentioned transitional measures, noting the provision for compliance with the financial covenants of the “TerniEnergia 2019” bond.

Co-optation of the Independent Director Stefania Bertolini

On 24 October 2017, the Board of Directors of TerniEnergia resolved to appoint Prof. Stefania Bertolini as independent director by co-optation, pursuant to article 2386 of the Italian Civil Code.

 

BUSINESS OUTLOOK

TerniEnergia has started actions aimed at strengthening the company’s economic and financial situation by 31 December 2017 and ensuring the optimization of the resources available in the delicate phase of the strategic repositioning. In addition to personnel management measures, with a consequent reduction in fixed costs, the actions aimed at the sale of non-strategic assets, identifiable in:

– non-controlling equity investments relating to photovoltaic plants with a total power of approximately 30 MWp; – Newcoenergy S. r. l., which owns the biodigestion plant under construction in Calimera (LE), for the treatment of organic waste for the production of biomethane;

– Greeled Industry SpA, active in LED lamps production.

In addition, the Company is working to identify existing industrial companies operating in the sector to spin-off and the EPC and O&M branch or branches of business (technical office, operating teams and equipment), so as to give continuity to the LOB “On Site Engineering and Services”, transforming fixed costs into variable costs and safeguarding employment levels.

TerniEnergia will complete the transformation process and will launch a phase of relaunching and reorganizing added-value businesses in the sector of smart services and solutions that allow the efficient use of natural resources. The repositioning of activities will also enable the development and production of smart technologies for the transmission and distribution of energy (smart grid), the flexible and timely management of production and energy consumption, energy efficiency, management of renewable energy and clean tech (energy islands). So, it will be possible to integrate the activities in renewables, energy efficiency, asset and energy management with systems and innovative solutions with high added value, that allow to introduce new technologies in the industry capable of act as a bridge between the industrial and “physical” business and the digital and “virtual” too.

In the environmental sector, the group aims to complete the new liquid industrial waste treatment plant in Nera Montoro (TR), which will allow to intercept a substantial demand (58,000 cubic meters per year) in a high technological market segment, with high growth prospects.

TerniEnergia has begun a deleveraging process in order to strengthen its balance sheet, with the objective of guaranteeing the financial resources necessary to support development over the next years.

 

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.

 

OTHER RESOLUTIONS OF THE BOARD

In today’s meeting, the Board of Directors reinstated the Control and Risks, Remuneration and Related Parties Committees, appointing Director Bertolini as a member of the above-mentioned committees, which are therefore composed of the Directors Mario Marco Molteni, Paolo Ottone Migliavacca and Stefania Bertolini.

 

 

TERNIENERGIA (TER.MI), established in September 2005, and part of Italeaf Group, is the first Italian smart energy company, committed to bring worldwide integrated and sustainable energy solutions. Organized into two straegic business units (Assets and Smart solutions and services), with about 400 employees and a geographic presence in almost the continents, with operational and sales offices,

TerniEnergia develops solutions, innovative products and services based on digital and industrial technologies for the energy sector. TerniEnergia, also through its subsidiaries (Softeco Sismat, Selesoft Consulting, Greenled Industry,GreenAsm, Purify, Wisave, Ant Energy), shall pursue the objectives of increasing energy production from renewable sources, energy efficiency and emissions reduction, as laid down by European environmental policy, and participates actively in the distributed power generation revolution and energy smart grids. TerniEnergia is the ideal partner for large utilities, distributors and grid operators, power producers, public authorities, industrial customers and investors who intends to carry out large projects for the production of renewable energy plants and modern systems with high energy efficiency, solutions for the management and maintenance of the infrastructure and the electrical systems. TerniEnergia, through a complete technological and commercial offer, develops and provides technologies, turn-key services and solutions for energy consumers in the public and private sectors. The company is listed on the STAR segment of the Italian Stock Exchange.

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