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Latest News

28Mar 2019

The Board of Directors of Italeaf, a holding company active in the cleantech and smart innovation sectors, listed on Nasdaq First North, which met today, resolved to postpone the approval of the separate and consolidated financial statements to 31 December 2018.

In this regard, the Company’s Board of Directors has noted that:

  1. on 22 March 2019, the Board of Directors of the subsidiary TerniEnergia, the parent company’s main asset, resolved to postpone any decision on the approval of the draft financial statements and the consolidated financial statements as at 31 December 2018 until a later date, approximately between 17 and 28 June 2019, in order to be able to take fully into account, in approving these financial data, the impacts deriving from the definition of the restructuring agreement currently being defined;
  2. negotiations are in progress with the creditors and that some financial creditors are common to the two companies;
  3. the same creditors are waiting to receive Italeaf’s updated plan to resolve on the restructuring of both companies, which have reserved the right to follow the progress of these negotiations with the aim of concluding them and defining their recovery and relaunch plans by June 30, 2019.

Taking into account the work in progress of this process – of which the market is and will be regularly informed – and the importance of the outcome of the above negotiations aimed at reaching a restructuring agreement that will allow the economic and financial rebalancing of Italeaf and TerniEnergia, the Board of Directors has therefore, deemed it appropriate to postpone any decision on the approval of the draft annual and consolidated financial statements as at 31 December 2018 until a later date, indicatively between 17 and 28 June 2019, in order to be able to take fully into account, in approving those financial data, the impacts arising from the definition of the restructuring agreement.

The Board of Directors also approved the proposed Plan for the recovery and relaunch of Italeaf, following the strategic guidelines approved on 27 April 2018, aimed at restoring the financial and equity balance of the Company in the long term, whose reasonableness will be certified by a professional advisor pursuant to Article 67, paragraph 3, letter d) r.d. 267/42 for the period 2018-2022 (the “Plan”), which was identified in Dr. Massimiliano Bonamini (subject with proven experience in the sector). Italeaf avails itself of Orrick law firm as its legal advisor.

The Plan, drafted with the support of KPMG as an industrial and financial advisor, represents an important part of the restructuring process undertaken by the Company. All the measures envisaged must be considered as a single measure, as they compete with each other to achieve the goal of restoring the Company.

The main terms of the proposed Plan approved today by Italeaf’s Board of Directors, which are still the subject of negotiations with the creditors and, therefore, still potentially subject to amendments and/or additions, are set out below:

Extraordinary transactions to reduce and accelerate the return from the current bank exposure

  • disposal of property and facilities located at the Nera Montoro (TR) industrial site and related management activities by the end of 2020. Although no binding letters of commitment have been signed, negotiations to date have led to initial expressions of interest in relation to the purchase of the Nera Montoro industrial site;
  • sale of shares in Italeaf Real Estate relating to the goodwill connected with the contract for the provision of services to third-party companies by 2020;
  • loan to start-ups to be carried out during the two-year period 2019-20, aimed at satisfying the primary cash requirements and the activities of the subsidiaries themselves;
  • to encourage the intervention of third party investors, in co-participation, in the subsidiary Numanova with the aim of guaranteeing a sufficient equity contribution to support the definitive take-off of the company, currently in the initial “expansion” phase.

Business continuity

Italeaf S.p.A., in addition to maintaining its holding activity, may continue to provide until 2020 the possibility of providing services (administrative, management, full service, utilities, etc.) to the Group and/or to any third parties taking over the disposal process initiated by the subsidiary TerniEnergia. To date, in the absence of visibility on the agreements being defined with third parties, it is assumed that third parties will take over the former TerniEnergia’s service contracts, as it is assumed that the sale of the Nera Montoro industrial site will take place at different times than the sale of the TerniEnergia’s plants.

Rationalisation

In order to guarantee the ability to maintain an economic and financial equilibrium to cope with current operating activities, from 2018 onwards the Management has started a process of optimisation and rationalisation of Italeaf S.p.A.’s operating and structural costs. Starting to 2021, with the sale of the Nera Montoro site, a further significant reduction in costs is expected, primarily as a result of the utilities, the reduction in the organisational structure and the lower taxes linked to the industrial area to be sold.

Financial manoeuvre

Italeaf S.p.A. has made itself available for a financial restructuring based on a recovery and relaunch plan pursuant to art. 67 of the italian B.L.. The proposal for Financial Manoeuvre is based on the debt as at March 31, 2018 and provides for the early repayment of the bank exposure in correspondence with the realisation of extraordinary transactions and the rescheduling of the bank debt with an amortisation plan based on the cash flows generated by the Company and the cash flows deriving from the subsidiary TerniEnergia from 2025 (the year in which TerniEnergia is expected to be completely restructured).

The Proposal for Financial Manoeuvre is based on the following guidelines:

  • Request for a moratorium on bank debt principal and interest until 31 December 2019;
  • Interest 2018: calculation at historical rates and payment PIK (“Payment in kind”);
  • Interest 2019: reduction from 1/01/2019 at a rate equal to Euribor 6 months + 100bps and payment PIK (“Payment in kind”);
  • Interest 2020-27: Euribor 6 months rate + 100bps and payment on PIYC basis (“Pay if you Can”);
  • Reimbursement of bank exposure as of 31 March 2018, as well as financial charges 2018 and 2019 capitalised in two phases: (a) early redemption in 2021 through the collection of the sale of Nera Montoro (TR); (b) redemption from 2025 through the flows deriving from the activities of the TerniEnergia Group.

The Board of Directors of Italeaf therefore resolved to continue negotiations with the creditors on the basis of the proposed Plan approved today, reserving the right to closely monitor the work in progress of negotiations with the aim of concluding them and defining the Plan by 30 June 2019.

Press-release__PRR-28-03-2019

22Mar 2019
  • Update on the calendar of corporate events: approval of the draft annual financial statements and the consolidated financial statements as at 31 December 2018 is postponed to a date between 17 and 28 June 2019
  • The decision taken to align the approval of the results in time with the signing of the restructuring agreement with the creditors, on the basis of the proposed Recovery and relaunch plan of the Company

 

The Board of Directors of TerniEnergia S.p.A. “(“TerniEnergia” or the “Company”), a smart energy company listed on MTA of Borsa Italiana and part of the Italeaf Group, which met today, resolved to postpone the approval of the draft financial statements and the consolidated financial statements as at 31 December 2018 with respect to the date indicated in the annual financial calendar, communicated on 16 January 2019.

In this regard, the Company’s Board of Directors has noted that:

  1. on 26 February 2019, as indicated in the relevant press release (available on the website ternienergia.com, section “Press Releases”), it was approved the update of the proposed Recovery and relaunch plan with respect to the version approved on 25 October 2018, aimed at restoring the financial and equity balance of the Company in the long term; a plan the reasonableness of which must be certified by a professional advisor pursuant to art. 67, paragraph 3, letter d) r.d. 267/42 for the period 2018-2022 (the “Plan”), which was identified in Dr. Massimiliano Bonamini (subject of proven experience in the field);
  2. that are in progress negotiations with the creditors and bondholders, on the basis of the approved Plan proposal, and that TerniEnergia has reserved the right to follow the progress of negotiations with the aim of concluding them and defining the plan by 30 June 2019.

Taking into account the state of progress of this process – of which the market is and will be regularly informed – and the importance of the outcome of the above negotiations aimed at reaching a restructuring agreement that will enable the Company to rebalance itself economically and financially, the Board of Directors has, therefore, deemed it appropriate to postpone any decision on the approval of the draft annual and consolidated financial statements as at 31 December 2018 until a later date, indicatively between 17 and 28 June 2019, in order to be able to take fully into account, in approving those financial data, the impacts arising from the definition of the restructuring agreement.

The precise date of the Board meeting for the approval of the 2018 financial statements and the calling of the shareholders’ meeting will be communicated to the market with a subsequent press release, in the manner established by the applicable provisions.

 

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-CALEVSOC-22-03-2019

26Feb 2019

In the approved proposal for a Plan, the following are planned:

(a) a reshaping of the assets disposal;

(b) confirmation of the merger by incorporation of Softeco into TerniEnergia to complete the turnaround process, with the introduction of industrial targets in the digital O&M sector;

(c) the adjustment of the financial manouvre for debt rescheduling

 

The Board of Directors of TerniEnergia S.p.A. “(“TerniEnergia” or the “Company”), which met today, approved the update of the proposed Relaunch and recovery plan, compared to the version approved on 25 October 2018, 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”), who has been identified in Dr. Massimiliano Bonamini (subject of proven experience in the field).

The Plan, prepared with the help of KPMG as industrial and financial advisor, in its updated version, unequivocally represents a further step forward in the recovery process undertaken by the Company and provides for the following main strategic guidelines:

  • a plan for the disposal of the assets relating to the photovoltaic and environmental sectors owned by the Company (or by other companies directly or indirectly controlled by it), updated in terms of timing with respect to the previous version of the proposed Plan, which also takes into account the offers received by the Company for the sale of the above assets, as well as the Company’s industrial prospects in accordance with the Plan;
  • the merger by incorporation of Softeco Sismat Srl into TerniEnergia, to be completed by the end of 2019, to boost entry into the hi-tech and digital sector;
  • the continuity and development of business lines in the field of “digital energy”, advanced consultancy and application of new technologies to energy saving activities and digitalised plant maintenance;
  • a financial manoeuvre which, in addition to providing for debt rescheduling and rescheduling, is founded: (a) on a principle of “pari passu” distribution, between financial institutions and bondholders, of the proceeds deriving from the disposal of the above assets during the two-year period 2019-2020; (b) application of a “balance and withdrawal” manoeuvre to 2020 for those institutions that have shown interest in this solution thanks to the use of the last proceeds deriving from the disposals hypothesised in that year; (c) starting in 2020, full repayment of the residual debt for bondholders and banks not participating in the “balance and write-off”, through flows deriving from business continuity with the objective of completing the repayment path by 2026.

The main terms of the update of the proposed Plan approved today by the Board of Directors of TerniEnergia, still subject to negotiations with the creditors (including bondholders) and therefore still potentially subject to changes and/or additions, are set out below. All the measures envisaged must be considered as a single measure, as they compete with each other to achieve the target of recovering the Company.

  1. Proposed divestiture measures

The photovoltaic assets and those of the CleanTech Business Unit are expected to be disposed and, in particular, by 2019: (i) the sale of photovoltaic energy production plants, held directly or indirectly; (ii) the sale of end-of-life tyre treatment and recovery plants; (iii) the sale of the Nera Montoro biodigester; by 2020: (iv) the sale of a liquid waste treatment plant and 3 remaining photovoltaic plants. As a result of these disposals, the Plan provides for a total financial benefit of approximately Euro 115.8 million (of which approximately Euro 39.8 million Equity Value and approximately Euro 76.0 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 by the end of 2019. This transaction will allow TerniEnergia to complete the industrial turnaround process of the Group through: (a) the strategic control of the new “Digital Energy” market, thanks to the development and growth of the Smart Solutions and Services divisions, based on Softeco’s expertise; (b) the application of the Digital Transformation paradigm as well as the adoption of new digital technologies for the energy efficiency sectors, according to a new business model, and for the maintenance of energy plants (proactive and prescriptive O&M), through an increased capacity for data analysis and the integration between the plant engineering skills of TerniEnergia and those for the development of innovative advanced analytics solutions by Softeco. 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 rationalisation of costs.

  1. Financial manoeuvre
  2. a) Accelerated debt repayment over the two-year period 2019-2020: the proposed financial package provides for a reduction in the Group’s indebtedness to financial institutions and bondholders (as noted at 31 March 2018) over the two-year period 2019-2020 thanks to proceeds from the disposal of photovoltaic and environmental assets. The assumed divestments will lead to a total collection of approximately Euro 39.8 million (equity value) which will be distributed for Euro 20.1 million in 2019 (equal to about 33% of the debt after the sale in 2019) to banks and bondholders. A further Euro 7.8 million will be repaid during 2020 with percentages varying between institutions and bondholders depending on whether the latter choose to adhere to the pari passu repayment plan or alternatively to the assumption of full and final settlement. For bondholders and banks that have already given their willingness to support the company in a medium/long-term restructuring process (pari passu), it is expected that cash flows from disposals will contribute to an overall early repayment of debt of approximately 43% by the end of 2020 (of the initial exposure after disposals).
  3. b) Full and final settlement: for those institutions that have expressed their interest in adhering to a ” full and final settlement” principle, payment is expected in 2020, which would lead to an overall satisfaction in 2019 and 2020 of about 67% (withdrawal of about Euro 3.2 million out of a total of Euro 9.6 million of debt associated with the institutions that have opted for the full and final settlement solution).

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

  1. c) Remaining exposures as at 31 December 2020: the remaining exposures as at 31 December 2020 (equal to Euro 28.2 million) would be repaid, pari passu, between the different types of exposures (see below) in annual instalments, with the flows deriving from the TerniEnergia Group’s operations, until the debt to the financial institutions (with the exception of the financing institutions exposed to the subsidiaries Softeco, Greenled and the Magliano Sabina plant in TerniEnergia) and the bondholders would be fully discharged by 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 towards the subsidiary Softeco and Greenled), which will be repaid in line with the medium/long-term treatment chosen by the individual institutions, (ii) moratorium on medium/long-term exposures outstanding at 31 March 2018, for the years 2019-2020, net of repayments as provided for in the previous points; (iii) the renegotiation of interest rates maturing and accruing from 1 July 2018 for all such 6-month Euribor exposures + 150 basis points.

The Board of Directors therefore resolved to continue negotiations with creditors and bondholders on the basis of the proposed Plan approved today, reserving the right to closely monitor the progress of negotiations with the aim of concluding them and defining the Plan by 30 June 2019.

 

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-26-02-2019

20Feb 2019

TerniEnergia, smart company listed on MTA of Borsa Italiana and part of the Italeaf Group, announces that Softeco, digital company of the Group, has obtained the ISO 27001:2013 Certification for the management of information security for the provision of its services. This certification represents the international standard that covers every aspect of information security and ensures that the company manages information in complete security, meeting the principles of confidentiality, integrity and availability.

Through the full implementation of this international standard, the company intends to develop the business by reducing IT risks and negative impacts in operational and industrial terms, allowing participation in international tenders and European programs of facilitated finance aimed at innovation.

The UNI CEI ISO/IEC 27001:2013 standard specifies the requirements for establishing, implementing, maintaining and continuously improving an information security management system within the organisation. It also includes requirements for the assessment and treatment of information security risks appropriate to the needs of the organisation. The requirements in the standard are generic and are intended to apply to all organisations, regardless of type, size or nature.

Softeco’s ISO 27001 certified information system aims to protect data and information from any criticality, to ensure their integrity, confidentiality and availability, and to provide the requirements for adopting an adequate information security management system (ISMS) aimed at the proper management of sensitive data.

Softeco is already ISO 9001 certified and intends to expand the range of its certifications, also to generate more and more added value of distinction in its market of reference, greater confidence in the relationship with customers, public organizations and offer, finally, suitable and durable guarantee of availability, confidentiality and integrity.

COSTESOF06-27001-20-02-2019(EN)

05Feb 2019

TerniEnergia, smart company listed on MTA of Borsa Italiana and part of the Italeaf Group, announces that the Regional Administrative Court for Sardinia has on the substance of the case, in two separate judgments, the appeals presented by the Company for the annulment of the measures revoking the authorisations for two photovoltaic systems on greenhouses, owned respectively by Società Agricola Fotosolara Bonnanaro Srl (with a capacity of approximately 0.7 MWp) and Società Agricola Fotosolara Oristano Srl (with a capacity of approximately 0.9 MWp), wolly owned by TerniEnergia S.p.A..

The Sardinia Region, with two separate decisions, had, in fact, ordered the revocation of the single authorisations for the two plants. The Regional Administrative Court for Sardinia, noting the illegitimacy of the procedure put in place by the regional administration, upheld all the claims made by the Company, annulled the regional measures and ordered the Sardinian administration to pay the costs of the proceedings.

TerniEnergia expresses its full satisfaction with the decisions of the Regional Administrative Court, underlining that the two sentences have accepted all the arguments put forward and highlighting the full regularity of the conduct of the Company in the management of the two photovoltaic greenhouses.

TerniEnergia was successfully assisted in court by the lawyer Andrea Sticchi Damiani.

 

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-TARSAR-05-02-2019

31Jan 2019
  • With the acquisition of 19% of Sundrone Srl, Softeco rises to 59% of the share capital of the startup, active in the thermographic and visual analysis of industrial scale solar plant
  • Sundrone uses the innovative automated solution PV Inspector, developed by Softeco, which allows reliabler and faster analysis and the production of digital data fof the inspections or imaging analysis
  • For the TerniEnergia Group this is a new opportunity to increase the efficiency of the O&M and asset management activities, which involves 283 MW of solar energy production plants, both for its own and for third parties also at international level

 

TerniEnergia, smart company listed on MTA of Borsa Italiana and part of the Italeaf Group, announces that Softeco, the Group’s digital company, has completed the acquisition of 19% of the share capital of the startup Sundrone Srl, active in the hi-tech field of thermographic and visual inspections of industrial scale photovoltaic plants with the use of unmanned aerial systems (drones). Softeco, which already held 40% of the company’s shares, thus rises to 59% of the share capital, acquiring the company control.

Through this extraordinary transaction, the digital company brings to the TerniEnergia Group a significant technological opportunity, represented by the possibility of using the proprietary PV Inspector technology, developed by Softeco and used exclusively by Sundrone, for operation and maintenance and asset management activities involving 283 MW of solar energy production plants, both for its own and for third parties, also at an international level. PV Inspector is a fully automated imaging analysis solution for multispectral thermographies and visual inspections, which faster and reliabler acquisition of digital data for the prevention and detection of failures and malfunctions of photovoltaic plants.

For Softeco this is an important opportunity to increase its technological specialization in the field of smart asset management.

COSTE02-sundrone-31-01-2019(EN)

23Jan 2019

Numanova, an Italeaf Group company specialised in the production of metal powders used as raw materials in additive manufacturing (or 3D printing), announces that it has obtained from TUV Austria Group the certification of the production of ferrous and non-ferrous metal powders for special applications, according to the international standard UNI EN ISO 9001:2015, that defines the requirements of quality management systems and allows organizations, on a voluntary basis, to submit to verification, by an accredited certification body, its quality system and its production processes.

The project for the certification of commercial services began with the start of production and, through a process of analysis and verification, has led to the definition of internal procedures aimed at ensuring the proper execution of operational activities and compliance with legal and industry regulations, with the ultimate goal of ensuring customer satisfaction.

The application of the standard guarantees, in fact, that all production processes are carried out according to specific standards and that all phases of the activities are controlled and verifiable, with continuous monitoring and improvement of the service, to ensure greater reliability and efficiency both internally and towards customers.

“We are particularly proud to have obtained this certification that covers all aspects of production – said the CEO of Numanova, Corrado Giancaspro -. This is the first compliance with a quality standard that will see us pursue in the future the achievement of a series of certifications to enter specific sectors such as aeronautics, medical, automotive. Our company is, in fact, burning the stages in an innovative sector such as 3D printing and new materials. Through certification, we demonstrate our ability to monitor internal processes and constantly improve performance, in order to offer increasingly high quality services.

PRESS RELEASE 23 JANUARY 2019

14Dec 2018

The Bondholders’ Meeting of the bond “TerniEnergia Euro 25,000,000,00 notes due 2019 – ISIN Code: IT0004991573”, which met today, 14 December 2018, at 11.00 a.m. in second call, under the chairmanship of Stefano Neri and in the deeds of the Notary Adele Cesàro of Milan, was attended by 133 bondholders representing 53,2% of the bond issue.

The Meeting voted in favour of all the items on the agenda, specifically:

  1. approved the extension of the maturity of the bond from February 6, 2019 to September 30, 2019, in order to allow the Company the time it needs to sign an agreement pursuant to Article 67, Section 3, Letter d), of Royal Decree No. 267 of March 16, 1942 (the “Recovery and Relaunch Plan”);
  2. for the same purposes as in point 1 above, approved the amendment to the regulations for the bond issue with reference to the definition of “Interest Payment Date” with exclusive reference to the determination of the date of payment of interest accrued during the 2018 financial year, with a new date of 30 September 2019 (without prejudice to the definition of the “Interest Calculation Period”);
  3. approved the participation of bondholders in the Recovery and Relaunch Plan in accordance with the general guidelines outlined in item 2 (Main contents of the Recovery and Relaunch Plan) of the report illustrating the items on the agenda of the bondholders’ meeting prepared by the Company’s Board of Directors and published on November 5, 2018 on the website ternienergia. The Board of Directors, having acknowledged that the plan may be subject to changes as a result of developments in negotiations with the creditors, reserves the right, in any case, to approve its approval and the amendments to the regulations for the bond issue necessary to bring it into line with the provisions of the Recovery and Relaunch Plan, as amended if necessary as a result of developments in negotiations with the creditors, at a subsequent meeting to be held once the contents of the Recovery and Relaunch Plan have been defined;
  4. having acknowledged the need to appoint a common representative of the Bondholders, in order, inter alia, to facilitate future relations with the bondholders themselves and represent their interests in the context of negotiating and implementing the Recovery and Relaunch Plan, approved the appointment of a lawyer, Mr. Marzio Molinari of Studio Russo De Rosa Associati as the common representative of the bondholders for 3 years, determining their compensation at Euro 10,000 per year, plus a subsequent fee of Euro 65,000 to be paid by 2019 in the event of the signing of the agreement in execution of the Recovery and Relaunch Plan.

The minutes of the Bondholders’ Meeting and the summary statement of votes will be made available to the public within the time limit established by current legislation.

The Chairman of TerniEnergia Stefano Neri commented: “The positive resolution by the Bondholders’ Meeting is an important sign of confidence in the Group’s Recovery and Relaunch Plan, as identified by the management. We are convinced that in the medium term, following the industrial and operational turnover indicated in the Recovery and Relaunch Plan, the Group will restart to create value in highly competitive sectors with great prospects such as digital energy and hi-tech. The trust placed in us by the Bondholders represents an important impulse to accelerate the implementation of the Recovery and Relaunch Plan, which will allow the Group to recover efficiency and profitability. It is also a decisive signal to shareholders, the banking community and other stakeholders of the management’s and the Company’s ability to react in order to achieve financial equilibrium. We are strongly committed to creating the conditions to seize the opportunities offered by the digital transformation in energy and energy efficiency, consolidated sectors of the Group’s activities, and in the sectors of mobility and transport, smart cities and automation for industrial sustainability“.

 

 

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-ASSOBB-14-12-2018

13Dec 2018

Numanova, an Italeaf Group company specialised in the production of metal powders used as raw materials in additive manufacturing (or 3D printing), announces the start of its industrial activity at its production plant in Nera Montoro (Narni, Italy). In fact, the first order for the production of grade 23 titanium powders for special applications in the aeronautical and space sectors and for 3D printing is currently being completed and will be delivered to a specialised trader for final marketing. This is an innovative production that uses Argon in fusion for gas-atomisation, as an inert process gas for the production and processing of the highest quality metal powders.

With the first fully operational castings made in the Nera Montoro plant, the EIGA (Electrode Induction-melting Inert Gas Atomization) plant comes into operation. This plant allows an advanced process for the production of metal powders from titanium alloys, aluminium, refractory materials, ceramics and precious alloys for special applications and Additive Manufacturing.

Numanova has the most advanced and robust gas-atomisation technology for the production of metallic powders available today on the international market, based (when fully operational) on 2 plants with installed productivity up to 800t/year.

The process consists of atomising a controlled flow of molten metal into very fine droplets by means of a high-pressure Argon jet. As they solidify, the droplets form a highly spherical micrometric powder. Starting from these powder alloys, after a careful and rigorous process of screening, certification and qualification of its product, Numanova is able to provide the market with a wide range of metal powders for the additive manufacture of parts with complex geometries equipped with new functions (for example, for the manufacture of prostheses in the biomedical sector, turbine components in the aeronautical and energy sectors, in the luxury industry).

PRESS RELEASE 13 DECEMBER 2018

04Dec 2018

TerniEnergia, smart company listed on MTA of Borsa Italiana and part of the Italeaf Group, announces that Softeco Sismat, the Group’s digital company, will coordinate the e-Scale project for the development of innovative solutions for new operators in the electricity market, in particular the “Balancing Service Provider”.

The e-Scale project is co-financed by the Lazio Region for a total of Euro 258thousand, of which Euro 138thousand as part of the activities carried out by Softeco itself. Today, the memorandum of association of the temporary association for this purpose (ATS) was signed between Softeco, Roma Gas & Power and the University of Cassino and Southern Lazio, which are the partners of the research activity.

The project will lead to the development and validation of a solution called BSP (Balancing Service Provider), which will allow the flexible and optimal management of “Virtual Power Plant” (VPP) with generation, consumption and storage systems, optimizing the use of renewable resources and reducing costs for the community.

The participation in the project of a market operator such as Roma Gas & Power will allow to overcome the simulation and prototyping phase to validate the solutions in a concrete operational and commercial context, in order to produce results capable of rapidly accessing the phase of industrialization and commercialization.

The provision of services to the electricity system through aggregation is, in fact, one of the main ways to concretely support the growth of generation from renewable sources, increasing the flexibility of the electricity system as required by recent developments in European and Italian legislation.

With the coordination of this new initiative Softeco Sismat further enhances a bouquet of R&D projects in the context of energy transition, confirming its role as a benchmark for research activities with high added value on digital energy issues.

 

 

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.

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