The first italian company builder presents its year end report for 2015. Last year showed a continued increase of the business volume of TerniEnergia, main asset in the portfolio of the holding; the increase of the business of the subsidiaries start-ups (Skyrobotic has achieved the aircraft quality certification EN 9100 and has more than doubled its turnover, while Wisave completed the development phase of the product with the start of testing activities, it has been selected among the best 10 cleantech startups Italian Unicredit StartLab and has launched important contacts for the development in the Asia-Pacific area, particularly in Hong Kong and China); the exit of Greenled Industries, one year ahead of schedule in the strategic plan, with a view to creating value both economic as industrial within the Group.
- Net asset value amounted to Euro 36.9 million (Euro 2.39 per share) as at December 31, 2015.
- Core Investments contributed Euro 40.36 million to Net asset value during 2015, of which TerniEnergia (listed) for Euro 32.77 million.
- The Board of Directors proposed a dividend of Euro 0.06 per share, corresponding to a total amount of approximately Euro 0.93 million.
- Consolidated net profit for the year was Euro 2.5 million (Euro 2.4 million for Italeaf parent company).
- Consolidated Revenues amounted to Euro 371.3 million (Euro 4.2 million for Italeaf parent company).
- Total colidated NFP amounted to Euro 104.2 million (Euro 16.1 million for Italeaf parent company); Shareholders’ Equity was 64.5 million (Euro 30 million for Italeaf parent company)
2015 was an eventful year for Italeaf S.p.A., the first italian company builder, both in terms of financial performance, overall creating value for shareholders and the progress made on the start-ups subsidiaries aimed at starting the condition for additional growth in the years to come.
Commenting on the results, the Chairman Mr Stefano Neri said:
“Italeaf is continuing its path for the affirmation of a new collaborative paradigm between industry and start-ups, not limited to finance the innovation of the newcos, but becoming an active part of the sysstem by pooling ideas, goods and intellectual property, sharing risks and benefits .
This process of Company building is aimed to bring the industrial corporate world closer to the technology start-ups one and is essential to promote an innovation to be truly open.
The inclusion of the innovators in a listed Group, that has a three-year strategic development plan with international vision and ambitious targets, it is a high-level challenge that we continue to support through the establishment of new companies and new investments.
2015 was a year characterized by the achievement of the first goal of the awareness of an investee start-up, with the exit of Greenled Industry brought forward by one year compared to the development plans, and the achievement of important goals in business sustainability and creating value for our shareholders.
Despite the contingent circumstances that led us to write down some non-strategic minority investments, and a significant decrease in net profit of TerniEnergia, due to some fiscal impacts, we have optimized the financial structure of the company, earned a significant profit, and decided the distribution of a dividend which we believe will be highly satisfactory.
Our future growth is based on clear choices: we will continue to focus on initiatives with international perspectives and with high added value, capable of generating the full business profitability and the achievement of the strategic development plan challenging targets”.
The Board of Directors of Italeaf has approved today its financial report for 2015. It shows that following significant events has occurred during the year, and in particular in the second half.
Consolidated financial results (under IFRS international accounting standards)
The Net asset value (NAV) amounted to Euro 36.9 million (Euro 2.39 per share) at December 31, 2015. The core investments contributed to NAV during 2015 for Euro 40.36 million, of which Euro 32.77 million related to TerniEnergia (listed on the STAR segment of the Italian Stock Exchange).
Revenues amounted to Euro 372.2 million (Euro 96.2 million at 31/12/2014, + 287%).
EBITDA amounted to Euro 26.55 million, with a significant increase (+ 50.4%) compared to December 31, 2014 (Euro 17.7 million).
EBIT amounted to Euro 16.3 million, with an increase of 118% compared to 31/12/2014 (Euro 7.5 million).
Net profit amounted to Euro 2.4 million (Euro 5.4 million at 31/12/2014, -54.7%), while the EBT amounted to EUR 5.4 million (Euro -1.7 million at 31/12/2014, +408.3).
The Net financial position amounted to Euro 104.2 million (Euro 124.7 million at 31/12/2014), with an improvement of 16.4%.
Shareholders’ equity was Euro 64.5 million (Euro 79.1 to 31/12/2014, in decrease of 18.5%).
Separated financial results of the parent company Italeaf S.p.A. (According to the ITA GAAP method)
Revenues amounted to Euro 4.2 million (Euro 3.7 million at 31/12/2014, with an increase of 12.3%).
EBITDA amounted to Euro 0.65 million, a significant increase (+ 119.6%) compared to December 31, 2014 (Euro 0.3 million).
EBIT was a loss of EUR 0.01 million, with an improvement of 96.4% compared to 31/12/2014 (Euro -0.39 million).
Net profit amounted to Euro 2.4 million (Euro 2 million at 31/12/2014, + 20%), while the EBT amounted to 1.75 million (Euro 1.75 million to 31/12/2014, + 0.1%), after depreciations related to non-strategic minority stakes held in banks for about Euro 1.5 million. Without considering these write-downs, however unrelated to the normal operations of the Company’s, the before tax profit would have amounted to Euro 3.2 million, higher than the target set in the Strategic Development Plan (Euro 2.9 million).
The Net financial position was Euro 16.1 million (Euro 12.6 million at 31/12/2014), with an improvement of 27.9%. The result achieved is significantly better than the target set in the Strategic Development Plan.
Shareholders’ equity amounted to Euro 30 million (Euro 28.8 to 31/12/2014, with an increase of 4.1%). Thanks to these results, the ratio NFP/Equity is equal to 0,54x, in line with the targets of the Plan (lower in the three years to 0.8x).
The Board of Directors proposed a dividend of Euro 0.06 per share, corresponding to a total amount of approximately Euro 0.93 million. This policy is pursued despite a significant reduction in the dividend guaranteed by TerniEnergia (-63% compared to 2014), expected next May.
- The business volume of TerniEnergia, main asset in the portfolio of the holding, showed a continued increase;
- the business of the subsidiaries start-ups has grown significantly (Skyrobotic has achieved the aircraft quality certification EN 9100 and has more than doubled its turnover, while Wisave completed the development phase of the product with the start of testing activities, it has been selected among the best 10 cleantech startups Italian Unicredit StartLab and has launched important contacts for the development in the Asia-Pacific area, particularly in Hong Kong and China);
- the company completed the exit of Greenled Industries, one year ahead of schedule in the strategic plan. The transaction closed with TerniEnergia represents a case of creating value both economic as industrial within the Group, thanks to the ”Open innovation” approach, the paradigm that assumes that firms can and should use external ideas as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology;
- the “giant” construction sites managed by TerniEnergia in South Africa ensuring adherence with the timeline;
- sold 50% of the JV Opera Power Srl, owner of a PV plant of around 0,9 MWp; the transaction price amount to € 327 thousand;
- TerniEnergia finalized the divestment transaction for the transfer of the shares of Free Energia S.p.A., receiving as consideration the shares of TerniEnergia held by the shareholders of Free Energia;
- TerniEnergia completed the acquisition of 100% of the shares representing the share capital of the company Greenled Industry S.p.A., for the countervalue, as consideration, of n. 2,078,195 shares, corresponding to 4.71% of the TerniEnergia’s share capital, equal to a value of Euro 3.5 million.