TerniEnergia

News from TerniEnergia

25Oct 2018
  • Planned measures to dispose of assets, the merger by incorporation of Softeco into TerniEnergia to complete the industrial turnaround process, a financial package for debt rescheduling
  • Continuation of negotiations with the main creditors
  • Call of the meeting of the bondholders of the “TerniEnergia Euro 25,000,000.00 Notes due 2019” bond issue to approve participation in the recovery and relaunch plan

 

The Board of Directors of TerniEnergia S.p.A. “(“TerniEnergia” or the “Company”), smart company listed on MTA of Borsa Italiana and part of the Italeaf Group, which met today, approved the main contents of a recovery and relaunch plan, aimed at restoring the financial and equity balance of the Company in the long term, the reasonableness of which must be certified by a professional pursuant to art. 67, paragraph 3, letter d) r.d. 267/42 for the period 2018-2022 (the “Plan”).

The Plan, prepared with the assistance of KPMG as an industrial and financial advisor, is mainly based on:

  • a plan to divest the assets relating to the construction and sale of photovoltaic plants and the management of plants for the power generation from alternative sources, which until now have been the core business of the group, as well as those relating to the CleanTech Business Unit, with the simultaneous refocusing on the “digital energy” sector;
  • the merger by incorporation of Softeco Sismat Srl into TerniEnergia, to be carried out at the end of 2019 following the outcome of the disposal plan, to facilitate entry into the hi-tech and digital sector;
  • a financial package which, in addition to providing for debt restructuring and rescheduling, is based, alternatively: (a) on a principle of “pari passu” distribution, between financial institutions and bondholders, of the proceeds deriving from the disposal of the above mentioned assets without recourse to the hypothesis of cancellation of the credit (“Pari-Passu Maneuver”); or (b) on a different principle of distribution between the financial institutions and bondholders of the proceeds deriving from the disposals, with payments in full and in part and waivers of the credit by the banking class, without intervention on the amounts of the credits claimed by the bondholders (the “Balance and Withdrawal Maneuver”).

The main terms of the Plan approved today by the Board of Directors of TerniEnergia, which is still the subject of negotiations with the creditors, are set out below. These negotiations concern, among other things, the choice of the financial package to be applied with respect to the two alternative proposals mentioned above. All the measures envisaged must be considered as a single measure, as they compete with each other to achieve the objective of restoring the Company: The main terms of the Plan approved today by the Board of Directors of TerniEnergia, which is still subject of negotiations with the creditors, are set out below. These negotiations concern, among other things, the choice of the financial package to be applied with respect to the two alternative proposals mentioned above. All the measures envisaged must be considered as a single measure, as they compete with each other to achieve the objective of restoring the Company:

  1. Proposed divestiture measures

The photovoltaic assets and those of the CleanTech Business Unit will be disposed of by 31 December 2019 and, in particular, (i) the sale of the controlling interest in the EPC and O&M business units (aimed respectively at the construction and maintenance of photovoltaic plants); (ii) the sale of photovoltaic power generation plants, held directly or indirectly; (iii) the sale of plants for the treatment and recovery of end-of-life tyres; (iv) the sale of a plant for the purification of liquid waste and two biodigesters. As a result of these disposals, the Plan provides for a total financial benefit of approximately € 125 million (of which approximately € 48.6 million Equity Value and approximately € 77.2 million reduction in the Group’s financial exposure due to the taking over of part of the debt by the purchasers of the assets).

  1. Merger by incorporation of Softeco into TerniEnergia

The corporate rationalisation process of the TerniEnergia Group is expected to be completed through the merger by incorporation of Softeco Sismat Srl into TerniEnergia, once the divestment process has been completed, by the end of 2019. This transaction will allow TerniEnergia to complete the process of industrial turnaround with the entry into the hi-tech sector, qualifying the Company as a player fully engaged in the emerging sectors of energy digitization, thanks to the positive industrial results achieved by Softeco and the reserve of innovative prospects of the latter, guaranteed by research and development activities. The merger by incorporation will allow the control of the new market of “Digital Energy”, allowing TerniEnergia to fully exploit Softeco’s expertise in the development of increasingly advanced digital technologies for the entire energy chain, involving all stages, from production to sale, to final consumption. Finally, it is believed that the merger will simplify the corporate architecture, confirming the industrial vocation of TerniEnergia, optimize decision-making processes and management efficiency (corporate, accounting and administrative), with a consequent greater rationalization of costs.

  1. Financial manoeuvre

a.1) Pari Passu Manoeuvre: this proposal for a financial manoeuvre provides for the full repayment of the Company’s debts and is based on the principle of a pari passu distribution, between financial institutions and bondholders, of the proceeds deriving from the disposal of the assets mentioned above without any write-off of receivables. On the basis of this proposal, taking into account the timeframe envisaged for the disposal of the above assets, the Group’s indebtedness towards financial institutions and bondholders at 31 March 2018 would be reduced by 31 December 2019 from approximately Euro 142.4 million to approximately Euro 35 million, while the remaining exposures at 31 December 2019 would be repaid, pari passu between the different types of exposures (see below) in annual instalments, with the flows deriving from TerniEnergia’s operations, until the full extinction of the debt due to financial institutions (with the exception of the financing institutions exposed to the subsidiary Softeco) and bondholders scheduled for 31 December 2026. This manoeuvre also envisages: (i) consolidation and moratorium until 31 December 2019 on short-term lines outstanding at 31 March 2018 (other than those with the subsidiary Softeco), which will be repaid partly with the proceeds from disposals by 31 December 2019 and partly by 31 December 2026 with the cash flows from TerniEnergia’s operations, in the latter case in annual instalments equal to passu with the other exposures, (ii) moratorium on medium/long-term exposures outstanding at 31 March 2018. By 31 December 2019, these exposures will be reduced partly as a result of the acceptance of the related debt by the purchasers of the assets and partly through the proceeds from the disposals. The remainder will be repaid in annual instalments with the operating flows, by 31 December 2026, equal passu with respect to the other exposures; (iii) the moratorium on exposures deriving from leasing contracts until 31 December 2019. By 31 December 2019, the Leasing Exposures will be reduced to zero as a result of the assumption of the debt relating to the Leasing Exposures by the purchasers of the assets; (iv) the renegotiation of the interest rates accrued and accruing from 1 July 2018 for all the aforesaid exposures to Euribor 6 months + 150 basis points; or alternatively

a.2) Full and final settlement Manoeuvre: this proposal for financial manoeuvre is based on a different principle of distribution between financial institutions and bondholders of the proceeds deriving from the disposals and consists in the payment in full and final settlement of 68% of the past due exposures claimed by the financial institutions to the Group as at 31 December 2019 with a benefit linked to the waiver of part of the receivables for approximately Euro 7.4 million, to be divided proportionally between financial institutions. This partial waiver would not be applied to receivables claimed by bondholders. The residual due date as at 31 December 2019 would be repaid, pari passu, in annual instalments with the flows deriving from the operations of TerniEnergia, until the full extinction of the debt to financial institutions (with the exception of the financing institutions exposed to the subsidiary Softeco) and bondholders scheduled for 31 December 2025. This manoeuvre also envisages: (i) consolidation and moratorium on short-term lines outstanding as at 31 March 2018 (other than those due from the subsidiary Softeco), with payment in full and final settlement of 68% of these exposures by 31 December 2019, therefore with a partial waiver of the credit by financial institutions; (ii) the moratorium on medium/long-term exposures as at 31 March 2018 until 31 December 2019, which is expected to be reduced by that date partly as a result of the acceptance of the related debt by the purchasers of the assets and partly through the proceeds from the disposals, which will be used to make the payment in full and final settlement of the 68% of the share of these exposures which will be due on 31 December 2019 with a consequent partial waiver of the credit. The remainder will be repaid in annual instalments with the operating flows, until 31 December 2025, equal passu with respect to the other exposures; (iii) moratorium on exposures deriving from leasing contracts until 31 December 2019. By 31 December 2019, the Leasing Exposures will be cancelled as a result of the assumption of the debt relating to the Leasing Exposures by the purchasers of the assets; (iv) the renegotiation of the interest rates accrued and accruing from 1 July 2018 for all the aforesaid exposures to Euribor 6 months + 150 basis points.

  1. b) A moratorium is envisaged on the exposures relating to the “TerniEnergia Euro 25,000,000.00 Notes due 2019” bond outstanding at 31 March 2018 until 31 December 2019, with a total reduction of Euro 11.7 million through the use of the proceeds from the disposals. The remainder will be repaid in annual instalments with the flows deriving from TerniEnergia’s activities, until the full extinction envisaged for 31 December 2026, in the case of Pari Passu Manoeuvre, or 31 December 2025, in the case of Full and final settlement Manoeuvre. The amendments to the “TerniEnergia Euro 25,000,000.00 Notes due 2019” bond issue must be approved by the relevant meeting of bondholders, whose resolutions must be adopted with the favorable vote, respectively, of as many bondholders as represent half of the bonds issued and not extinguished, on any call held at the meetings. Pending the definition of the financial package, the Board of Directors deems it appropriate to convene a preliminary meeting of bondholders to postpone the current final maturity date of the aforementioned bond issue, and the payment of interest 2018, to 30 September 2019. Furthermore, this bondoholders’ meeting have to approve the participation of the bondholders in the Plan and take the necessary or appropriate measures to avoid that the participation of TerniEnergia in the Plan determines, in accordance with the regulations of the bond loan, a hypothesis of early repayment of the same. This meeting will be called for 5 December 2018 and 14 December 2018 on second call. The appointment of the common representative has also been proposed as part of the agenda. The Company will publish the report illustrating the resolutions submitted to the approval of the bondholders within the terms of the law.

It should be noted that the negotiations with the Company’s creditors regarding the Plan remain subject to definition and that any changes to the above may occur as a result of the continuation of negotiations and in any case in line with them.

The Board of Directors therefore resolved to continue negotiations with creditors and bondholders, on the basis of what was approved today, reserving the right to follow closely the progress of negotiations and with the aim of concluding them and defining the Plan by the end of the year or at the beginning of 2019.

Finally, it should be noted that the decision on the implementation of one or other of the proposed financial measures depends on the willingness of the financial institutions and that activities are underway to ensure that these institutions express their opinion on the matter in time to allow the bondholders to be fully informed during the aforementioned call for a shareholders’ meeting and to allow the group companies involved to take any initiative in this regard.

 

TERNIENERGIA (TER. MI), established in September 2005 and part of the Italeaf Group, is the first Italian global technological enabler, committed to bringing energy solutions and efficient recovery of integrated and sustainable resources to the world. Organized into two strategic business lines (Assets and Smart solutions and services), with about 300 employees and a geographical presence worldwide, with operative and commercial offices, TerniEnergia develops innovative solutions, products and services based on digital and industrial technologies for the energy supply chain, grids, smart mobility, industrial automation and the recovery of marginal resources.

TerniEnergia, also through its subsidiaries (Softeco Sismat, Greenled Industry, GreenAsm, GreenAsm, Purify, Wisave, Ant Energy), pursues the objectives of increasing energy production from renewable sources, saving energy and reducing emissions and actively participates in the energy revolution of distributed power generation and smart grids, with innovative digital solutions.

TerniEnergia is the ideal partner for large utilities, distribution operators and network operators, energy producers, public administrations, industrial customers and investors who intend to realize large projects for the production of renewable energy, modern systems and plants with high energy efficiency, solutions for the management and maintenance of infrastructure and electrical installations.

TerniEnergia has completed its transformation from a leader in the international photovoltaic market  into a smart energy company and technological enabler for the sustainable use of resources through a complete commercial offer of solutions, the development and supply of digital technologies and the creation of “intelligent” services and solutions aimed at public and private customers in emerging sectors.

TerniEnergia is listed on the MTA of Borsa Italiana.

Press-release_TE-PRR-25-10-2018

01Oct 2018

TerniEnergia, smart company listed on MTA of Borsa Italiana and part of the Italeaf Group, announces that today at the Ministry of Labour and Social Policy, in the presence of representatives of the Ministry of Economic Development and Arpal Umbria, an agreement was signed with trade unions and institutions for the continuation of the management of social safety nets, activated during 2017 following the withdrawal of the procedure of collective dismissal.

In fact, the company has called for active labour policies aimed at implementing the Group’s employment recovery plan for a period of one year and for 50 employees, using rotation criteria.

In particular, the measures provided for in the agreement will allow TerniEnergia considerable savings, while allowing to maintain the full operational continuity of the company, and will be consistent with the Plan of Paths and Tools of Labour Active Policies provided for the complex crisis area of Terni and Narni.

 

TERNIENERGIA (TER. MI), established in September 2005 and part of the Italeaf Group, is the first Italian global technological enabler, committed to bringing energy solutions and efficient recovery of integrated and sustainable resources to the world. Organized into two strategic business lines (Assets and Smart solutions and services), with about 300 employees and a geographical presence worldwide, with operative and commercial offices, TerniEnergia develops innovative solutions, products and services based on digital and industrial technologies for the energy supply chain, grids, smart mobility, industrial automation and the recovery of marginal resources.

TerniEnergia, also through its subsidiaries (Softeco Sismat, Greenled Industry, GreenAsm, GreenAsm, Purify, Wisave, Ant Energy), pursues the objectives of increasing energy production from renewable sources, saving energy and reducing emissions and actively participates in the energy revolution of distributed power generation and smart grids, with innovative digital solutions.

TerniEnergia is the ideal partner for large utilities, distribution operators and network operators, energy producers, public administrations, industrial customers and investors who intend to realize large projects for the production of renewable energy, modern systems and plants with high energy efficiency, solutions for the management and maintenance of infrastructure and electrical installations.

TerniEnergia has completed its transformation from a leader in the international photovoltaic market  into a smart energy company and technological enabler for the sustainable use of resources through a complete commercial offer of solutions, the development and supply of digital technologies and the creation of “intelligent” services and solutions aimed at public and private customers in emerging sectors.

TerniEnergia is listed on the MTA of Borsa Italiana.

Press-release_TE-CIG-01-10-2018

19Sep 2018
  • Acquisition of 50% of the JV Società Agricola Fotosolara Oristano Srl and Società Agricola Fotosolara Bonnanaro Srl, owners of photovoltaic plants for a total of approximately 1.7 MW; sale of 50% of the JV Investimenti e Infrastrutture Srl and Infocaciucci Srl, owners of photovoltaic plants for a total of approximately 1.6 MW.
  • Price of the acquisition transaction of approximately Euro 0.9 million
  • Consideration for the sale of approximately Euro 1.2 million
  • A balance in favour of TerniEnergia of about Euro 0.3 million is expected

 

TerniEnergia, smart company listed on MTA of Borsa Italiana and part of the Italeaf Group, and Renewable European Investment Italy 3 – REI III Srl, a company belonging to the Radiant Clean Energy Fund, signed today a deed of sale for the purchase and sale of companies owning photovoltaic plants in operation, held as joint ventures by the two companies.

The agreement, in the form of an exchange of shares, provides for the following:

  • the acquisition by TerniEnergia of 50% of the share capital of the JVs Società Agricola Fotosolara Oristano Srl and Società Agricola Fotosolara Bonnanaro Srl, owners of photovoltaic plants for a total of approximately 1.7 MW, held by REI III. The purchase and sale price was set by the Parties at approximately Euro 0.9 million;
  • the transfer by TerniEnergia to REI III of 50% of the share capital of the JV Investimenti e Infrastrutture Srl and Infocaciucci Srl, owners of photovoltaic plants for a total of approximately 1.6 MW. The purchase and sale price was determined by the Parties at approximately Euro 1.2 million.

The value of the assets was determined on the basis of an expert’s report entrusted to an independent expert.

The deed of sale is subject to typical suspensive and termination conditions for this type of transaction, including the release of waivers by the leasing companies that financed the SPVs. The payment of the balance of approximately Euro 0.3 million, given by the difference in the purchase and sale price relating to the transaction, is subject to the registration of the notarial deeds signed today.

The transaction was conducted by TerniEnergia with the strategic aim of rationalizing the portfolio of photovoltaic assets in the full availability of the Group, in order to pursue a facilitating condition for the potential sale of owned plants, as provided for in the Recovery and Relaunch Plan.

 

TERNIENERGIA (TER. MI), established in September 2005 and part of the Italeaf Group, is the first Italian global technological enabler, committed to bringing energy solutions and efficient recovery of integrated and sustainable resources to the world. Organized into two strategic business lines (Assets and Smart solutions and services), with about 300 employees and a geographical presence worldwide, with operative and commercial offices, TerniEnergia develops innovative solutions, products and services based on digital and industrial technologies for the energy supply chain, grids, smart mobility, industrial automation and the recovery of marginal resources.

TerniEnergia, also through its subsidiaries (Softeco Sismat, Greenled Industry, GreenAsm, GreenAsm, Purify, Wisave, Ant Energy), pursues the objectives of increasing energy production from renewable sources, saving energy and reducing emissions and actively participates in the energy revolution of distributed power generation and smart grids, with innovative digital solutions.

TerniEnergia is the ideal partner for large utilities, distribution operators and network operators, energy producers, public administrations, industrial customers and investors who intend to realize large projects for the production of renewable energy, modern systems and plants with high energy efficiency, solutions for the management and maintenance of infrastructure and electrical installations.

TerniEnergia has completed its transformation from a leader in the international photovoltaic market  into a smart energy company and technological enabler for the sustainable use of resources through a complete commercial offer of solutions, the development and supply of digital technologies and the creation of “intelligent” services and solutions aimed at public and private customers in emerging sectors.

TerniEnergia is listed on the MTA of Borsa Italiana.

Press-release_TE-REI3-19-09-2018

17Sep 2018

 

  • The establishment of the newco “TerniEnergia Progetti” is planned to ensure business continuity and the safeguarding of n. 7 employees
  • Consideration of the operation equal to Euro 0.5 million

 

TerniEnergia, smart company listed on MTA of Borsa Italiana and part of the Italeaf Group, and GIL Capital Ltd, following what was communicated on May 25, 2018 and June 27, 2018, have signed today a preliminary agreement of binding nature for the acquisition by GIL Capital of a Newco called “TerniEnergia Progetti” which will include the branch of the PV EPC business (engineering, procurement, construction and commissioning) of TerniEnergia. The total consideration for the acquisition of 100% of the share capital of the Newco “TerniEnergia Progetti” by GIL Capital is equal to Euro 0.5 million. The payment will be made on the closing date of the transaction, which the Parties have undertaken to achieve during the first ten working days of the first month after the month during which the technical-contractual conditions to closing, which are typical of this type of operation, are achieved along with the approval of the transaction by the Trade Unions.

The agreement will ensure the continuity of the photovoltaic EPC business under a brand that is strongly established in the industry. The branch of the PV EPC business will continue operating from the existing office located in the industrial area of Nera Montoro (TR) guaranteeing the employment of 7 highly qualified technical employees of TerniEnergia. In fact, the Newco will absorb assets represented by highly professional employees, intellectual property rights and quality certifications, engineering and design capabilties, equipment and software relating to the activities carried out in the photovoltaic sector in Italy and abroad, with the exception of the construction contract of a photovoltaic plant in Tunisia.

It should be noted that the agreement concerns a reduced scope of business compared to what was envisaged in the letter of intent communicated on 25 May 2018, which was terminated by GIL Capital on 27 June 2018 in consideration of the fact that some of the conditions precedents envisaged have not been met.

The GIL Capital group was established in 2012 by the management buy-out of the British Greenray Holding group, which has been operating in the industrial maintenance sector for conventional thermoelectric plants since 1981. GIL Capital is owned and managed by Dr. Leonardo Montesi who has more than 30 years of professional experience in the plant engineering sector and 25 years as board member of large international companies in the sector.

 

TERNIENERGIA (TER. MI), established in September 2005 and part of the Italeaf Group, is the first Italian global technological enabler, committed to bringing energy solutions and efficient recovery of integrated and sustainable resources to the world. Organized into two strategic business lines (Assets and Smart solutions and services), with about 300 employees and a geographical presence worldwide, with operative and commercial offices, TerniEnergia develops innovative solutions, products and services based on digital and industrial technologies for the energy supply chain, grids, smart mobility, industrial automation and the recovery of marginal resources.

TerniEnergia, also through its subsidiaries (Softeco Sismat, Greenled Industry, GreenAsm, GreenAsm, Purify, Wisave, Ant Energy), pursues the objectives of increasing energy production from renewable sources, saving energy and reducing emissions and actively participates in the energy revolution of distributed power generation and smart grids, with innovative digital solutions.

TerniEnergia is the ideal partner for large utilities, distribution operators and network operators, energy producers, public administrations, industrial customers and investors who intend to realize large projects for the production of renewable energy, modern systems and plants with high energy efficiency, solutions for the management and maintenance of infrastructure and electrical installations.

TerniEnergia has completed its transformation from a leader in the international photovoltaic market  into a smart energy company and technological enabler for the sustainable use of resources through a complete commercial offer of solutions, the development and supply of digital technologies and the creation of “intelligent” services and solutions aimed at public and private customers in emerging sectors.

TerniEnergia is listed on the MTA of Borsa Italiana.

Press-release_TE-GILCAP-17-09-2018

14Sep 2018
  • Signed an agreement with Sonnedix San Giorgio for the transfer of the share capital of the SPV Sonnenergia Srl, which includes the sold assets
  • Consideration of the transaction of approximately Euro 5.7 million, Enterprise Value of approximately Euro 31.3 million
  • The transaction involves the assumption by the buyer of financial debts linked to the plants for approximately Euro 25.6 million

 

TerniEnergia, smart company listed on MTA of Borsa Italiana and part of the Italeaf Group, and Sonnedix San Giorgio, S.r.l, a company wholly owned by institutional investors advised by J.P. Morgan Asset Management, following what was announced on March 16, 2018, has signed today the contract for the acquisition (closing) by Sonnedix San Giorgio of the SPV Sonnergia Srl, which includes the perimeter of the plants subject to the transaction. In particular, the transaction involves 10 photovoltaic plants in Italy with a total installed capacity of 11 MW, owned by the TerniEnergia Group.

The total consideration for the acquisition of 100% of the share capital of the SPV by Sonnedix San Giorgio is equal to approximately Euro 5.7 million. The payment, equal to approximately Euro 4.9 million, made at the time of the closing, was reduced by Euro 0.8 million, taking into account a mechanism for adjusting the price on the basis of the evolution of the Net Working Capital between 31 December 2016 and today. This figure may be subject to further adjustments, in relation to the checks that the parties have undertaken to complete in the next six months.

The transaction also involves the assumption by the Purchasers of financial debts related to the plants for approximately Euro 25.6 million. The Enterprise Value of the assets sold amounts to approximately Euro 31.3 million.

TerniEnergia and the Buyers were assisted by Orrick as legal advisors.

Press-release_TE-SON-14-09-2018

03Aug 2018
  • EPC and O&M business units, photovoltaic and Cleantech plants and energy efficiency financial assets were classified as “Assets held for sale” and sold for the purpose of supporting the industrial turnaround project.
  • Revenues equal to Euro 10.5 million, -26.1% (Euro 14.2 million as at 30 June 2017)*
  • EBITDA equal to Euro 0.7 million (Euro -0.3 million as at 30 June 2017)* with Ebitda Margin at 6.65%.
  • EBIT equal to Euro -1.5 million, +56.1% (Euro -3.4 million as at 30 June 2017)*, Result before taxes (EBT) equal to Euro -3.8 million, +32.8% (Euro -5.6 million as at 30 June 2017)*
  • Net result equal to Euro -3.5 million, +47% (Euro -6.5 million as at 30/6/2017)*
  • Net Financial Position of Euro 60 million, -33.15% (Euro 89.8 million at 31/12/2017)
  • Net equity equal to Euro 17.4 million (Euro 21 million as at 31/12/2017)
  • The board member Mr. Mario Marco Molteni appointed Lead Independent Director
  • Defined the compensation for directors

(*)The figures for the first half of 2017 have been restated in accordance with IFRS 5, taking into account the classification of the results of the assets held for sale – in accordance with the provisions of the recovery and relaunch plan referred to in the strategic guidelines communicated to the market on 27 April 2018 – as “held for sale” or “discontinued operations”, in order to provide consistent information in relation to discontinued operations or operations in the process of being disposed.

It should be noted that the aforementioned Plan provides for the disposal of the photovoltaic and Clean Tech activities currently present in the Group. In particular, the sale of a controlling interest in the EPC and O&M business units (aimed at the construction and maintenance of photovoltaic plants, with the exclusion of operating companies in South Africa), the sale of photovoltaic energy production plants (held directly and indirectly through SPV), the sale of the treatment and recovery plants for ELTs (end-of-life tyres), the remediation of liquid waste in Nera Montoro, the biodigester in Nera Montoro, the one under construction in Calimera and the virgin wood pyrogasification plant in Borgosesia, and the disposal of financial assets relating to energy efficiency.

Further informations are provided in the Notes.

 

The Board of Directors of TerniEnergia, a smart company listed on the Italian Stock Exchange (MTA) and part of the Italeaf Group, today approved the half-year financial report as at June 30, 2018.

CONSOLIDATED RESULTS AS AT JUNE 30, 2018

Revenues, equal to Euro 10.5 million (Euro 14.2 million as of 30 June 2017; -26.1%). EBITDA amounted to Euro 0.7 million, with a significant improvement compared to 30 June 2017 (Euro -0.3 million), with Ebitda Margin at 6.65%.

The Net Operating Result (EBIT) is equal to Euro 1.5, with an improvement of 56.1% (Euro -3.4 million as at 30 June 2017), after amortisation, depreciation, provisions and write-downs of approximately Euro 2.2 million. Profit before taxes (EBT) also improved by 32.8% to Euro -3.8 million (Euro -5.6 million as of 30 June 2017).

The Net result amounted to Euro -3.5 million, compared to Euro -6.5 million as of June 30th , 2017 (+47%).

The Net Financial Position amounted to Euro 60 million (with a significant reduction compared to Euro 89.8 million at 31/12/2017) as a result of the application of IFRS 5, which resulted in the reclassification of a net financial debt of Euro 35.2 million. The non-current Net Financial Position is equal to Euro 0.2 million, while the short-term Net Financial Position is equal to Euro 59.8 million.

Shareholders’ Equity amounted to Euro 17.4 million (Euro 21 million at 31/12/2017, –17.38%), and also takes into account the treasury shares held in portfolio, which amount to 1,012,998 (2.15% of the share capital).

 

Assets held for sale

The engineering, procurement, and construction of photovoltaic plants (EPC), core business of the Group until the decision to start the transition to the new configuration of smart company, O&M (operation and maintenance) of photovoltaic plants and renewable energy production, development and management of environmental plants (Cleantech) and Esco for the implementation of energy efficiency projects, were classified as “held for sale” or discontinued operations, in accordance with IFRS 5 for a total amount of Euro 167.6 million, together with corresponding liabilities of Euro 106.2 million.

The net result for the period for this item was a loss of Euro -0.5 million, due to personnel costs attributable to the EPC business branch being divested, as provided for in the Relaunch and Recovery Plan. In particular, the EPC branch remained substantially inactive during the period, with the exclusion of the activities relating to the contract in Tunisia, as a result of the strategic transformation of the company and pending the conclusion of the sale processes.

The disposals envisaged are operations aimed at supporting the industrial turnaround project, as provided for in the Recovery and Relaunch Plan.

 

SIGNIFICANT EVENTS SUBSEQUENT TO THE END OF THE PERIOD

Two energy efficiency projects sold to Estra Clima Srl as part of the Group’s Recovery and Relaunch Plan

On July 23, 2018, TerniEnergia, announced that it has finalized and signed all the documents related to the sale of two branches of business related to energy efficiency measures to Estra Clima Srl, a company of the Estra Group. The company branches to be sold, with the relative financial and trade debts, refer to two energy efficiency lighting projects on behalf of two Tuscan municipalities, including the integrated management, ordinary and extraordinary maintenance of public lighting systems. The value of the two branches sold is equal to Euro 1.4 million gross of the debt relating to the financial lease on the plant of one of the two municipalities for Euro 0.45 million (inclusive of VAT) and trade payables for approximately Euro 0.25 million, as well as the value of some works to be carried out at the expense of Estra Clima for approximately Euro 0.17 million.

 

BUSINESS CONTINUITY AND BUSINESS OUTLOOK

Recovery and relaunch plan

During the coming months, the Group will be committed to implementing the recovery and relaunch plan, aimed at pursuing, in the medium term, the transformation of the Company into a smart company and the overcoming of the current situation of financial tension of the Group. The Plan is based on three pillars: divestments, rationalisation and strategic repositioning with a focus on the issues of the internet of energy, smart mobility and IT consulting.

  • Divestments. The Plan provides for the disposal of the photovoltaic and Clean Tech activities currently present in the Group. In particular, the sale of a controlling stake in the EPC and O&M business units (for the construction and maintenance of photovoltaic plants), the sale of photovoltaic power generation plants (held directly and indirectly through SPV), the sale of treatment and recovery plants for ELTs (end-of-life tyres), the remediation plants of liquid waste in Nera Montoro, the biodigester in Nera Montoro, the one under construction in Calimera and the virgin wood pyrogasification plant in Borgosesia, and, finally, the financial assets relating to energy efficiency activities.
  • Streamlining. The Plan provides for a reorganisation of the Group, which will be structured through the sale of the companies linked to the assets mentioned in the first point (divestments) and a rationalisation of the Group’s structural costs as a result of the synergies deriving from the mergers and the disposal policy.
  • Strategic repositioning. The plan provides for a decisive enhancement of the Group’s technological strengths, through the development and strengthening of the consulting, industry, smart mobility and digital energy business lines with high technological content, mainly based on the activities currently carried out by Softeco. The Company’s turnaround is based on the transformation of the energy sector towards models of distributed power generation, which involves an increasing weight in the smart components in the energy generation, transmission and distribution grids.

With regard to the three pillars of the Plan, the Company highlights the progress made to date in the implementation of the planned actions:

  • Divestments:
  1. with reference to the sale of 10 photovoltaic plants for a total of 11 MW to Sonnedix San Giorgio Srl, the preparatory activities for the closing are proceeding rapidly, with the final date set for October 31, 2018;
  2. regarding the plants still available in the ownership of TerniEnergia, was awarded an advisory assignment to a leading specialized company and the Company received numerous expressions of interest from potential buyers, with the signing of confidentiality agreements (NDAs);
  • in relation to the sale of Newcoenergy Srl, owner of the authorisations and properties of the biodigester of Calimera (LE) under construction, the Company received various expressions of interest for which the relative NDAs have been signed;
  1. with regard to the objective of selling the EPC and O&M business units of an industrial player already active in the sector, in order to transform fixed costs into variable costs, negotiations are underway with leading operators in the respective sectors with whom the relative NDAs have been signed;
  2. the revision of the service contracts has been completed on the basis of the forecasts of the Recovery and relaunch plan with a significant reduction in costs for TerniEnergia;
  3. VI. all the deeds relating to the sale of two business units relating to energy efficiency measures to Estra Clima Srl, a company of the Estra Group, have been signed.
  • Streamlining:
  1. The procedures for the merger by incorporation of Selesoft Consulting and Consorzio Proteco, respectively, into Softeco were completed, with the aim of simplifying the Group’s organization and making it more efficient;
  2. Following these merger procedures by incorporation, TerniEnergia holds 100% of Softeco’s shares.
  • Strategic repositioning:
  1. Activities are underway to strengthen the commercial structure in support of the sectors with the highest technological content, in order to reinforce the Group positioning with customers and partners of high standing;
  2. the presence in Italy was strengthened to enhance the proposition of products, solutions and services for the consulting, industry, smart mobility and digital energy sectors with the strengthening of the Catania office and the opening of new offices in Rome and Terni;
  • staff selections are underway for the implementation of the technical-operational structure to respond to the growing need for high professionalism. To this end, agreements and conventions have been signed with Universities and Research Centers.

For the preparation of the above mentioned Plan, TerniEnergia is assisted by KPMG Advisory SpA as financial advisor.

The Plan provides for the start of meetings with banks, bondholders and creditors in general to define a shared solution aimed at overcoming the current financial crisis.

It should be noted that the guidelines presented on 28 September 2017 have been superseded by the contents of the Recovery and relaunch plan launched, on the development of which the Company will provide timely information.

 

Other resolutions of the Board of Directors

Director Mario Marco Molteni has been appointed Lead Independent Director.

The gross annual remuneration of executive and non-executive directors has been defined within the maximum amount defined by the Shareholders’ Meeting of 14 June 2018 (Euro 330,000), in addition to the reimbursement of expenses incurred in relation to the appointment, with the elimination, for the 2018 financial year, of the provision for the variable remuneration for executive directors and Executives with Strategic Responsibilities.

Finally, the Board of Directors approved the update of the Organizational Model pursuant to Legislative Decree 231/01 and also approved the Internal Audit plan.

 

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 Filippo Calisti, 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.

 

Deposit of documents

We inform you that the Half-Yearly Financial Report as of June 30, 2018 of the TerniEnergia Group, approved by the Board of Directors of TerniEnergia S.p.A. today, will be made available to the public, together with the report of the independent auditors, in the manner and terms provided by current legislation.

 

 

TERNIENERGIA (TER. MI), established in September 2005 and part of the Italeaf Group, is the first Italian global technological enabler, committed to bringing energy solutions and efficient recovery of integrated and sustainable resources to the world. Organized into two strategic business lines (Assets and Smart solutions and services), with about 400 employees and a geographical presence worldwide, with operative and commercial offices, TerniEnergia develops innovative solutions, products and services based on digital and industrial technologies for the energy supply chain, grids, smart mobility, industrial automation and the recovery of marginal resources.

TerniEnergia, also through its subsidiaries (Softeco Sismat, Selesoft Consulting, Greenled Industry, GreenAsm, GreenAsm, Purify, Wisave, Ant Energy), pursues the objectives of increasing energy production from renewable sources, saving energy and reducing emissions and actively participates in the energy revolution of distributed power generation and smart grids, with innovative digital solutions.

TerniEnergia is the ideal partner for large utilities, distribution operators and network operators, energy producers, public administrations, industrial customers and investors who intend to realize large projects for the production of renewable energy, modern systems and plants with high energy efficiency, solutions for the management and maintenance of infrastructure and electrical installations.

TerniEnergia has completed its transformation from a leader in the international photovoltaic market  into a smart energy company and technological enabler for the sustainable use of resources through a complete commercial offer of solutions, the development and supply of digital technologies and the creation of “intelligent” services and solutions aimed at public and private customers in emerging sectors.

TerniEnergia is listed on the MTA of Borsa Italiana.

Press-release_TE1H2018-03-08-2018

23Jul 2018

TerniEnergia, a smart company listed on the MTA of Borsa Italiana and part of the Italeaf Group, announces nnounces that it has finalized and signed all the deeds relating to the sale of two business units relating to energy efficiency interventions to Estra Clima Srl, a company of Estra Group, one of the leading player in the distribution and sale of natural gas in Central Italy, active in the sale and procurement of electricity, as well as in telecommunications, in the design and management of energy services and in the power generation from renewable sources.

The company branches to be sold, with the relative financial and trade debts, refer to two energy efficiency lighting projects on behalf of two Tuscan municipalities, including the integrated management, ordinary and extraordinary maintenance of public lighting systems.

The effects of the transaction are subject to the formal consent of the two municipalities to transfer the contract to Estra Clima Srl within 45 days from the request, and to other technical-contractual conditions typical of this type of transaction.

The value of the two branches sold is equal to Euro 1.4 million gross of the debt relating to the financial lease on the plant of one of the two municipalities for Euro 0.45 million (inclusive of VAT) and trade debts for approximately Euro 0.25 million, as well as the value of some works to be carried out at charge of Estra Clima for approximately Euro 0.17 million. Payment will be made in cash: 90% of the collection, which is made up of the first three tranches, is subject to the fulfilment of the above conditions precedent, while the remaining 10% will be paid 6 months after the fulfilment of the above conditions.

For TerniEnergia, the transaction represents a new, important part of the recovery and relaunch plan, aimed at completing, in the medium term, the transformation of the Company into a smart company and the overcoming of the current situation of financial tension of the Group, based on strategic guidelines identified by the Board of Directors.

 

TERNIENERGIA (TER. MI), established in September 2005 and part of the Italeaf Group, is the first Italian global technological enabler, committed to bringing energy solutions and efficient recovery of integrated and sustainable resources to the world. Organized into two strategic business lines (Assets and Smart solutions and services), with about 400 employees and a geographical presence worldwide, with operative and commercial offices, TerniEnergia develops innovative solutions, products and services based on digital and industrial technologies for the energy supply chain, grids, smart mobility, industrial automation and the recovery of marginal resources.

TerniEnergia, also through its subsidiaries (Softeco Sismat, Greenled Industry, GreenAsm, GreenAsm, Purify, Wisave, Ant Energy), pursues the objectives of increasing energy production from renewable sources, saving energy and reducing emissions and actively participates in the energy revolution of distributed power generation and smart grids, with innovative digital solutions.

TerniEnergia is the ideal partner for large utilities, distribution operators and network operators, energy producers, public administrations, industrial customers and investors who intend to realize large projects for the production of renewable energy, modern systems and plants with high energy efficiency, solutions for the management and maintenance of infrastructure and electrical installations.

TerniEnergia has completed its transformation from a leader in the international photovoltaic market  into a smart energy company and technological enabler for the sustainable use of resources through a complete commercial offer of solutions, the development and supply of digital technologies and the creation of “intelligent” services and solutions aimed at public and private customers in emerging sectors.

TerniEnergia is listed on the MTA of Borsa Italiana.

 Press-release_TE-ES_23-07-2018

27Jun 2018

With regard to the press release issued on May 25, 2018, relating to the signing of a non-binding “memorandum of understanding” finalized to the sale of the business branch “On site Engineering and Operations” (EPC and photovoltaic O&M) from TerniEnergia to GIL Capital Ltd, TerniEnergia informs that the transaction will not be completed due to the failure to meet some of the requirements, with particular reference to those of a technical-legal nature, typical of this type of transactions.

TerniEnergia S.p.A. is a smart company listed on MTA of Borsa Italiana and part of the Italeaf Group.

 

TERNIENERGIA (TER. MI), established in September 2005 and part of the Italeaf Group, is the first Italian global technological enabler, committed to bringing energy solutions and efficient recovery of integrated and sustainable resources to the world. Organized into two strategic business lines (Assets and Smart solutions and services), with about 400 employees and a geographical presence worldwide, with operative and commercial offices, TerniEnergia develops innovative solutions, products and services based on digital and industrial technologies for the energy supply chain, grids, smart mobility, industrial automation and the recovery of marginal resources.

TerniEnergia, also through its subsidiaries (Softeco Sismat, Selesoft Consulting, Greenled Industry, GreenAsm, GreenAsm, Purify, Wisave, Ant Energy), pursues the objectives of increasing energy production from renewable sources, saving energy and reducing emissions and actively participates in the energy revolution of distributed power generation and smart grids, with innovative digital solutions.

TerniEnergia is the ideal partner for large utilities, distribution operators and network operators, energy producers, public administrations, industrial customers and investors who intend to realize large projects for the production of renewable energy, modern systems and plants with high energy efficiency, solutions for the management and maintenance of infrastructure and electrical installations.

TerniEnergia has completed its transformation from a leader in the international photovoltaic market  into a smart energy company and technological enabler for the sustainable use of resources through a complete commercial offer of solutions, the development and supply of digital technologies and the creation of “intelligent” services and solutions aimed at public and private customers in emerging sectors.

TerniEnergia is listed on the MTA of Borsa Italiana.

Press-release_TEEPC-27-06-2018

14Jun 2018
  • Approval of the financial statements for the year ended 31 December 2017
  • Approval of the First Section of the Compensation Report pursuant to Article 123-ter of the Uniform Financial Code
  • Appointment of two co-opted directors: Paolo Allegretti and Stefania Bertolini
  • Appointment of a new independent director: Paolo Piccini, AU of Liguria Digitale and manager with 30 years of experience in the field of information and communication technologies, defense and security in multinational technology sector
  • Determination of the total compensation of Directors
  • Revocation of the 2017-2019 Stock Grant Plan approved on 2 May 2017
  • Provisions pursuant to Article 2446 of the Italian Civil Code

 

The ordinary and extraordinary Shareholders’ Meeting of TerniEnergia S.p.A., smart company listed on MTA of Borsa Italiana and part of the Italeaf Group, met today with Stefano Neri’s chairmanship.

 

Ordinary session

The Shareholders’ Meeting reviewed and approved the draft financial statements and took note of the presentation of the consolidated financial statements as at December 31, 2017.

 

CONSOLIDATED RESULTS AS AT DECEMBER 31, 2017

Revenues amounted to Euro 64 million. The decrease compared to the previous year (Euro 84.1 million; -24%) is mainly attributable to the decline in EPC activity, which was interrupted starting from the second half of the year.

EBITDA amounted to Euro 2.2 million (Euro 17.3 million as at 31/12/2016, -87.1%). The EBITDA margin amounted to 3.5%, with a decrease compared to 2016 (20.6%).

The Net Operating Result (EBIT) amounted to Euro -37.3 million (Euro 8.1 million as at 31 December 2016), after amortisation/depreciation, non-recurring provisions and write-downs of Euro 39.6 million (Euro 9.2 million in 2016). In particular, this figure was affected by write-downs of an exceptional and non-recurring nature, mainly due to the valuation of all industrial plants at fair value rather than value in use, as well as to the discontinuity of the EPC business, which is expected to be sold in the Recovery and Relaunch Plan referred to the strategic guidelines disclosed to the market on 27 March 2018.

The Net result amounted to Euro -39.6 million (Euro 1.15 million as at 31/12/2016), while the result before taxes (EBT) amounted to Euro -45.7 million.

Net financial position (NFP) amounted to Euro 89.8 million (Euro 93.9 million as at 31/12/2016), with an improvement of 4.3%, of which Euro 64.6 million was reclassified as short-term NFP, mainly for the definition of a moratorium on the Company’s current financial debt, in order to identify proposals for its rescheduling.

Net equity amounted to Euro 21 million (Euro 57.5 million as at 31/12/2016), with a reduction of 63.4%. Net equity takes into account the treasury shares held in portfolio, which amounted to no. 1,012,224.

 

TERNIENERGIA S.P.A. RESULTS AS AT 31 DECEMBER 2017

Revenues amounted to 33.6 million euros (30.7 million euros as at December 31, 2016). EBITDA amounted to Euro -2.7 million (Euro 3.9 million as at 31/12/2016). EBIT amounted to Euro -45.4 million (Euro -2.5 million as at 31/12/2016).

The Net result is negative for Euro 42.2 million (Euro -6.7 million as at 31/12/2016). The NFP amounts to Euro 71.3 million (Euro 74.4 million as at 31/12/2016), while Net Equity amounts to Euro 10.7 million (Euro 50.7 million as at 31/12/2016).

The financial statements valuations have been made on the assumption that the Company will continue to operate, after having considered and analysed all available and useful elements in this regard.

The balance sheet of TerniEnergia S.p.A. as at December 31, 2017 shows a Net Equity decreased by more than one third compared to the Share Capital because of realized losses. Consequently, occurs the case in point provided for by art. 2446 of the Italian Civil Code.

 

REMUNERATION REPORT EX ART. 123-TER D. DECREE 58/98

The Shareholders’ meeting approved the Remuneration Report of Directors and Managing Directors with strategic responsibility provided by art. 123-ter of D. Decree 58/98

 

APPOINTMENT OF TWO CO-OPTED DIRECTORS

The Shareholders’ Meeting also ratified the co-opting of Paolo Allegretti (executive director) and Stefania Bertolini (independent director) as Directors, who will remain in office until the expiry of the current Board of Directors and therefore until the date of the Shareholders’ Meeting called to approve the financial statements for the year ended 31 December 2018. According to what has been communicated to the Company, Dr. Stefania Bertolini does not own shares of TerniEnergia SpA, while Dr. Paolo Allegretti holds no. 7,777 shares of TerniEnergia S.p.A..

 

APPOINTMENT OF A NEW INDEPENDENT DIRECTOR

The Company’s Ordinary Shareholders’ Meeting appointed today eng. Paolo Piccini as a new independent director. Mr. Piccini has declared to possess the requisites of independence and respectability provided for by the law in force and by the By-Laws and that he not hold any shares of TerniEnergia.

Mr. Piccini’s Curriculum Vitae, hereinafter summarized, will be available on the company’s website www.ternienergia.com, Corporate Governance section.

Paolo Piccini, 57, graduated in electronic engineering from the University of Genoa, is currently the Sole Director of Liguria Digital and has 30 years of experience in groups in the technology sector Olivetti, Marconi, Finmeccanica. He has been an executive of the company since 1994. He gained his managerial profile through experience in top positions as general manager and managing director with full responsibility at the income statement level of multinational organizations with more than three thousand employees and business experience in the United States, Russia, Turkey and the Middle East and Great Britain.

Following the new appointment, the Board of Directors is composed as follows: Stefano Neri (Chairman with executive powers), Paolo Allegretti (with executive powers), Laura Bizzarri (with executive powers), Monica Federici, Paolo Ottone Migliavacca (independent director), Mario Marco Molteni (independent director), Stefania Bertolini (independent director) and Paolo Piccini (independent director).

 

DETERMINATION OF THE TOTAL REMUNERATION OF DIRECTORS

Finally, the Ordinary Shareholders’ Meeting approved a reduction in the maximum total compensation payable to the Board of Directors from 720,000 euros to 330,000 euros, and the elimination of the provision for variable compensation for executive Directors and Executives with Strategic Responsibilities.

 

Extraordinary session

REVOCATION OF THE 2017-2019 STOCK GRANT PLAN

The Extraordinary Shareholders’ Meeting, considering the Company’s assets, liabilities, financial position and profit or loss of current financial position and the provisions of art. 2446 of the Italian Civil Code, on the agenda of today’s Shareholders’ Meeting, resolved to revoke the 2017-2019 Stock Grant Plan, approved on 2 May 2017 by the same Shareholders’ Meeting, and to release the profit reserve serving the said Plan and called “restricted capital increase reserve serving the 2017-2019 Stock Grant Plan” for the corresponding amount to be allocated to the available equity reserve.

MEASURES EX ART. 2446 ITALIAN CIVIL CODE

Finally, the Extraordinary Shareholders’ Meeting of TerniEnergia S.p.A., in light of the relevant situation pursuant to art. 2446 of the Italian Civil Code, as already communicated on April 27, 2018 and May 14, 2018, resolved:

(a) to approve the financial statements of the Company as at 31 March 2018, which show a loss of €913,274 for the first quarter of 2018;

(b) to cover the total losses and negative reserves resulting from the balance sheet as at 31 March 2018 of Euro 49,828,229 (including the losses as at 31 December 2017 of Euro 42,189,512) and Euro 22,801,198, respectively, as follows:

– Euro 25,713,516 by the full utilization of all available reserves resulting from the same balance sheet;

– and the remaining amount of Euro 46,915,910 by reducing the Company’s share capital by a corresponding amount and, therefore, from Euro 59,197,230 to Euro 12,281,320.

 

DOCUMENTATION DEPOSIT

The minutes will be made available to the public within the terms and in the manner provided by law.

The Financial Statements of TernIEnergia S.p.A. and the Consolidated Financial Statements of the TerniEnergia Group as at December 31, 2017, approved by the Shareholders’ AGM, together with the documentation required by law, are available to the public at the registered office, the website www.ternienergia.com, (Investor Relations/Financial Reporting section) and on the authorised storage mechanism 1Info at www.1info.it.

The documentation relating to the members of the Board of Directors and Board of Statutory Auditors appointed, including the curriculum vitae and the declarations of independence of the independent directors appointed is available in the Investor Relations/Shareholders’ Meetings section on the website www.ternienergia.com.

 

The Manager responsible for preparing the company’s financial reports, Filippo Calisti, declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the document results, books and accounting records.

 

 

TERNIENERGIA (TER. MI), established in September 2005 and part of the Italeaf Group, is the first Italian global technological enabler, committed to bringing energy solutions and efficient recovery of integrated and sustainable resources to the world. Organized into two strategic business lines (Assets and Smart solutions and services), with about 400 employees and a geographical presence worldwide, with operative and commercial offices, TerniEnergia develops innovative solutions, products and services based on digital and industrial technologies for the energy supply chain, grids, smart mobility, industrial automation and the recovery of marginal resources.

TerniEnergia, also through its subsidiaries (Softeco Sismat, Selesoft Consulting, Greenled Industry, GreenAsm, GreenAsm, Purify, Wisave, Ant Energy), pursues the objectives of increasing energy production from renewable sources, saving energy and reducing emissions and actively participates in the energy revolution of distributed power generation and smart grids, with innovative digital solutions.

TerniEnergia is the ideal partner for large utilities, distribution operators and network operators, energy producers, public administrations, industrial customers and investors who intend to realize large projects for the production of renewable energy, modern systems and plants with high energy efficiency, solutions for the management and maintenance of infrastructure and electrical installations.

TerniEnergia has completed its transformation from a leader in the international photovoltaic market  into a smart energy company and technological enabler for the sustainable use of resources through a complete commercial offer of solutions, the development and supply of digital technologies and the creation of “intelligent” services and solutions aimed at public and private customers in emerging sectors.

TerniEnergia is listed on the MTA of Borsa Italiana.

Press-release_TEASS-14-06-2018

11Jun 2018

The Board of Directors of TerniEnergia, smart company listed on MTA of Borsa Italiana and part of the Italeaf Group, met today, took note of the resignation with immediate effect of the board member and vice-president of the Company, Mr. Giulio Gallazzi. The decision was taken by Mr. Gallazzi believing that a further presence in the Board of Directors of TerniEnergia could no longer bring added value to the Board works, disagreeing himself with the path that the Company intended to undertake, preferring solutions aimed at a disposal of owned assets to be combined with agreements for the restructuring of bank debt, postponing a possible strengthening of equity to a later stage; the latter action, considered by Mr. Gallazzi, however, essential and priority over any other action.

The Board of Directors of TerniEnergia, taking note of the irrevocable resignation, thanked Giulio Gallazzi for the important and positive contribution made to the Company.

 

 

TERNIENERGIA (TER. MI), established in September 2005 and part of the Italeaf Group, is the first Italian global technological enabler, committed to bringing energy solutions and efficient recovery of integrated and sustainable resources to the world. Organized into two strategic business lines (Assets and Smart solutions and services), with about 400 employees and a geographical presence worldwide, with operative and commercial offices, TerniEnergia develops innovative solutions, products and services based on digital and industrial technologies for the energy supply chain, grids, smart mobility, industrial automation and the recovery of marginal resources.

TerniEnergia, also through its subsidiaries (Softeco Sismat, Selesoft Consulting, Greenled Industry, GreenAsm, GreenAsm, Purify, Wisave, Ant Energy), pursues the objectives of increasing energy production from renewable sources, saving energy and reducing emissions and actively participates in the energy revolution of distributed power generation and smart grids, with innovative digital solutions.

TerniEnergia is the ideal partner for large utilities, distribution operators and network operators, energy producers, public administrations, industrial customers and investors who intend to realize large projects for the production of renewable energy, modern systems and plants with high energy efficiency, solutions for the management and maintenance of infrastructure and electrical installations.

TerniEnergia has completed its transformation from a leader in the international photovoltaic market  into a smart energy company and technological enabler for the sustainable use of resources through a complete commercial offer of solutions, the development and supply of digital technologies and the creation of “intelligent” services and solutions aimed at public and private customers in emerging sectors.

TerniEnergia is listed on the MTA of Borsa Italiana.

Pres-release-TECDA_11-06-2018