Italeaf

• The Shareholders’ Meeting of New Gas Trade approves the change of name and a capital increase up to EUR 1 million
• Appointment of Statutory Auditors who will remain in office for the years 2015, 2016 and 2017

TerniEnergia, smart energy company active in the fields of renewable energy, energy efficiency, waste and energy management, listed on the Star segment of the Italian Stock Exchange and part of Italeaf Group, TerniEnergia, smart energy company active in the fields of renewable energy, energy efficiency, waste and energy management, listed on the Star segment of the Italian Stock Exchange and part of Italeaf Group, announces that the Shareholders’ Meeting of New Gas Trade, met in extraordinary and ordinary session with the chairmanship of Sergio Agosta.

Extraordinary session

The Extraordinary General Shareholders’ Meeting approved the company’s transformation from Srl in S.p.A. and the change of name in TerniEnergia Gas & Power SpA, with the resulting changes to art. 1 of the Bylaws. The change of the company’s name is part of the broader project of reorganization of the Group aimed at:

– Attend all stages of the value chain for electricity and gas in Italy, by integrating supply, trading and marketing of natural gas and LNG with the generation and management of electricity;

– Maximize opportunities for development of the gas sector, both in Italy and internationally, recorded in the first half of a positive trend in terms of volumes and margins, are expected to grow even more interesting in relation to the sector of electric energy;

– More differentiation between the role of the Company to the institutions, the market, the financial community and industrial customers.

The Company will inform the market of the registration of the above resolution to the Registry of Companies of Milan. The Extraordinary General Meeting also resolved to increase the share capital against payment, divisible, from Euro 0.1 million up to a maximum of Euro 1 million. The capital increase has already been subscribed for Euro 0.5 million.

Ordinary session

The Shareholders’ meeting, in the ordinary session, approved the appointment of three members of the Board of statutory auditors and two deputy members, who will remain in office for the years 2015, 2016 and 2017. They are: Roberto Raminelli, who was appointed Chairman of the Board, Caterina Brescia and Vittorio Pellegrini, appointed auditors. Marco Chieruzzi and Marco Rosatelli were appointed deputy auditors.

TerniEnergia, a company incorporated in September of 2005 and part of Italeaf Group, is the first Italian smart energy company and operates in renewable energy, energy efficiency, energy and waste management. TerniEnergia operates as system integrator, with a turn-key offer of industrial sized photovoltaic plants, on behalf of third parties and on its own, for the Power Generation business, also through joint venture companies with leading national players. TerniEnergia operates in the waste management sector, recovery of the material and energy, development and production of technologies. In particular, the Company is active in the recovery of tires out of use, in the treatment of biodegradable waste through the implementation of biodigesters, management of plant for the biological depuration; decommissioning of industrial plants, recovery of demolition metals and cleaning of industrial sites; development and production of technological apparatus.

Through Free Energia, the Group is active in the energy management, energy sales to energy intensive customers, software and services for energy management, administrative, financial and credit management. Through New Gas Trade, the Group i salso active on the natural gas and liquefied natural gas (LNG) market, offering a range of services and activities in order to develop Client’s business and achieve a competitive advantage providing the best market conditions and creating a high added value. TerniEnergia operates in the development of energy efficient plants both through EPC scheme and FTT scheme (Financing Through Third Parties), pursuing the objectives of increasing energy production from renewable sources, of energy saving and reduction of emissions as set forth by environmental European policy. TerniEnergia is listed on STAR segment of Borsa Italiana S.p.A..

Press Release_TE-2015-10-07

The board of directors of Italeaf, holding company and first Italian company builder active in cleantech and smart innovation sectors, listed on on NASDAQ OMX First North, has approved today to sign the divestment agreement for the transfer to the former leading shareholders of Free Energia SpA of n. 3,674,604 shares equal to 97.60% of its share capital, and representative of the entire stake held by TerniEnergia in Free Energia.

Afterwards, the Board of Directors of TerniEnergia, smart energy company active in the fields of renewable energy, energy efficiency, waste and energy management, listed on the Star segment of the Italian Stock Exchange and part of Italeaf Group, resolved today to sign the divestment agreement for the transfer to the former leading shareholders of Free Energia SpA of n. 3,674,604 shares equal to 97.60% of its share capital, and representative of the entire stake held by TerniEnergia in Free Energia, the details of which have been already communicated to the market through the Press release disseminated last 7 August 2015.

The counter-value for the transfer of the entire equity shares in Free Energia S.p.A. (unless a lesser number of shares in the event that not all former members of Free Energia would decide to join the Agreement Divestment) is represented by the TerniEnergia’s shares subscribed by the leading former shareholders of Free energia in the dedicated capital increase on Oct. 21, 2014.

Specifically, the leading former shareholders of Free Energia SpA which will take over the shares of Free Energia S.p.A. are the following:

• Energetica S.p.A.;
• BA & Partners S.p.A.
• Sistematica S.p.A..

The counter value for the transfer of the entire stakeholding in Free Energia (unless a lesser number of shares in the event that not all former shareholders of Free Energia would decide to join the Divestment Agreement) is represented by the shares subscribed by the main TerniEnergia former shareholders of Free Energia in the dedicated capital increase on Oct. 21, 2014. The counter-value of the payment due was confirmed by a report issued on September 30, 2015 by the statutory auditor Dr. Luigi Tardella of Ambers & Co S.r.l., independent expert identified by the parties, who certified that the value of the entire investment in Free Energia is included in a range between Euro 15 million and Euro 20 million and that this value can be considered equivalent to the value of the TerniEnergia’s shares unlisted. Consequently there is no need for any cash payment.

In this context, the Board of Directors has approved to proceed with the transfer expected in the Divestment Contract at a value that is placed in the middle position of the aforementioned range as indicated by the expert and then to a value considered adequate equal to Euro 17.5 million.

The transaction is subject to two specific conditions precedent, which must occur by 30 November 2015, and in particular to the positive pronouncement by (i) the general bondholders’ meeting convened for the November, 9 2015 and (ii) of the ordinary shareholders’ meeting of TerniEnergia, convened for the November, 18 2015. The closing of the transaction is expected by the tenth business day following the occurrence of the last of the conditions precedent above.

The TerniEnergia’s shares received following the completion of the transaction will be subsequently canceled, unless the Board of Directors do not resolve to put them, in whole or in part, at the service of any operations regarding the involvement of third-party investors, who have not yet identified .

As an outcome of the analyses performed by TerniEnergia, the operation cannot be configured as a “related party transaction”.

With reference to the conditions stated above, TerniEnergia take care to promptly inform the market about any further action or relevant fact regarding the aforementioned transaction.

Press Release_TE-2015-10-02

• Opera Power owns a utility scale PV plant of around 0,9 MWp
• The transaction price amount to € 327 thousand

Italeaf, holding company and first Italian company builder active in cleantech and smart innovation sectors, listed on on NASDAQ OMX First North, has signed an agreement for the sale of 50% of the shares of Opera Power Srl to TERNI Research SpA.

The Company operates a photovoltaic plant of 881.36 kWp site in the town of Narni (Terni). The total value of the sale has been agreed between the parties to Euro 327 thousand. Payment by TERNI Research will be effective within three days from the date of signing the agreement.

The transaction will be subject to a resolutive condition of the lack of consent expressed by the leasing company with which signed agreement relating to photovoltaic plants, no later than March 31, 2016.

Considering that TERNI Research SpA is controlled by the same main shareholder of Italeaf, the transaction should be constituted as a related-party transaction. The counter value of the transaction is supported by a report estimation prepared by an independent expert.

Press-release_OPERA_2015-09-30

• Calendar Update of Corporate Events 2015: October 30, 2015 will be presented at Borsa Italiana the update of the business plan “Fast on the road smart energy”

TerniEnergia, smart energy company active in the fields of renewable energy, energy efficiency, waste and energy management, listed on the Star segment of the Italian Stock Exchange and part of Italeaf Group, announces that the progress of work of the two “giant” sites in South Africa, on behalf of a leading Italian utility, is in line with the timetable envisaged by the final contracts for the EPC (engineering, procurement and construction) and O&M (operation and maintenance).
In particular, TerniEnergia Projects PTY Ltd, the South African subsidiary of TerniEnergia, has completed further the progress of the works on construction of Tom Burke (67 MWp) and Paleisheuwel (82.5 MWp) sites, in compliance with current industrial and economic results expected.
Pursuant to art. 2.6.2 of the Rules of Borsa Italian SpA, TerniEnergia, in addition to what is stated in the Calendar of Corporate Events 2015 released last January 26, on March 17, 2015 announce as follows:
– October 5, 2015: the Company will partecipate to the Star Conference London organized by Borsa Italian SpA;
– October 30, 2015, as part of the event: “Energy for Innovation – Renewable, gas & power, efficiency, startups, new technologies for smart industry” organized by the Italeaf group, will be presented to the financial community and to the press the Update to the TerniEnergia’s Business Plan 2015-2017 “Fast on the smart energy road”. The presentation will take place from 9.00 AM CET in Milan in the Parterre Hall of the Italian Stock Exchange, Piazza degli Affari 6.
Speakers: Stefano Neri (Chairman and CEO) and Sergio Agosta (Executive Director).
Registration is required to participate: http://www.ternienergia.com/index.php/eventi/ or event registration at the URL: http://www.eventbrite.com/e/biglietti-energy-for-innovation-18551392715.

Press Release_TE-2015-09-24

The Board of Directors approved the results as at 30 June, 2015. EBT equal to Euro 0.8 million, Net profit equal to Euro 0,6 million. Significant results for the startups Greenled Industry and Skyrobotic

• Revenues amounted to € 2 million (€ 152.8 million for the Italeaf Group consolidated)
• EBITDA equal to € 0.3 million (€ 12.1 million for the Italeaf Group consolidated)
• EBIT amounted to € -0.03 million (€ 8.9 million for the Italeaf Group consolidated)
• EBT equal to € 0.8 million (€ 3.9 million for the Italeaf Group consolidated)
• Net profit amounted to € 0.6 million (€ 2.4 million for the Italeaf Group consolidated)
• Shareholders’ Equity amounted to € 1 million (€ 79.9 million for the Italeaf Group consolidated)
• NFP of € 2 million (€ 121 million for the Italeaf Group consolidated)
• NAV equal to € 37.3 million

The board of directors of Italeaf, holding company and first Italian company builder active in cleantech and smart innovation sectors, listed on on NASDAQ OMX First North, has approved today the interim report as at 30 June, 2015.

Financial highlights*

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

The NAV of Italeaf amounted to Euro 37.3 million as at June 30, 2015 (Euro 36.3 million at December 31, 2014; + 2.8%).

Notice is hereby given that in the period startups subsidiaries reported the following results:

– Greenled Industry Spa: revenues of around Euro 0.75 million and EBITDA of approximately EUR 0.2 million (EBITDA margin 26.7%);

– Skyrobotic Spa: revenues of around Euro 0.32 million and EBITDA of approximately 0, 1 million (EBITDA margin 32.9%);

– Wisave Srl: selected among the 10 finalists out of over 900 participants of the Unicredit Startlab Cleantech contest, starting the installation of a pilot plant at the Science and Technology Park in Hong Kong.

The CEO of Italeaf, Mr Nicola Romito, stated:

“The first half results confirm the expected improvement in the profitability of TerniEnergia, the main Group companies, but also the achievement of significant expected growth targets for Greenled and Skyrobotic, coherent with the times and the ways specified in the paths of valorisation already envisaged in the plan. The income and financial dynamics expected and planned in the coming months for the Italeaf’s group companies will favor, for the full year 2015, the improvement in results already purchases in the first half of the year. These findings confirm the value of an industrial platform with a solid capital base, characterized by an innovative and sustainable model for “direct” investments in industrial initiatives with high growth potential”.

Press-release_INTREP_2015-08-07

Italeaf – Interim Report at 30 June 2015

• Revenues, EBITDA and Net profit grow significantly, further minimizing the NFP
• Revenues of Euro 151.3 million (Euro 21.5 million as at 30/06/2014)
• EBITDA amounted to Euro 10.8 million, +10% (Euro 9.8 million as at 30/06/2014), with EBITDA margin at 7.1%
• EBIT amounted to Euro 7.9 million, + 30% (Euro 6 million as at 30/06/2014)
• Net profit amounted to Euro 1.5 million, +23% (Euro 1.2 million as at 30/06/2014)
• NFP of Euro 101.5 million, Euro 14.3 million of which in short term (Euro 108.2 million as at 31/12/2014, Euro 18.3 million of which in short term)
• Net equity amounted to Euro 70.7 million, (Euro 71.3 million as at 31/12/2014)

The Board of Directors of TerniEnergia, smart energy company active in the fields of renewable energy, energy efficiency, waste and energy management, listed on the Star segment of the Italian Stock Exchange and part of Italeaf Group, approved today the interim financial report as at June 30, 2015.

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

“We are satisfied for the achieved results and the continuous improvement of all indicators, perfectly in line with the business plan. From the standpoint of strategic development, TerniEnergia has accelerated the path of internationalization in a phase in which the data of the global market for renewable and especially photovoltaic show an acceleration of the recovery, with double-digit growth. The Group intends to seize this opportunity, strengthening its scouting activities and leveraging the positive contingencies of many energy markets abroad. As part of the energy management activity, thanks to the complete integration process of New Gas Trade Srl, TerniEnergia is ready to enhance the growth trend of the natural gas and liquefied natural gas market, at this stage more profitable than the electricity one. From the financial point of view, finally, it should be emphasized the constant optimization of Ebitda/NFP ratio, with an improved performance that allows us to be confident of being able to take advantage of further progress by the end of the year”.

CONSOLIDATED RESULTS AS AT JUNE 30, 2015

Revenues amounted to Euro 151.3 million, showing a significant growth compared to June 30, 2014 (Euro 21.5 million). The increase is mainly attributable to the new business and organizational model.

EBITDA amounted to Euro 10.8 million, with a significant increase (+ 10%) compared to June 30, 2014 (Euro 9.8 million). The EBITDA margin is equal to 7.1%, with a decrease compared to 06/30/2014 due to the change of the business model.

Net operating income (EBIT) amounted to Euro 7.9 million (Euro 6 million as at June 30, 2014, +30%), after amortization and depreciation of Euro 2.9 million (Euro 3.7 million at the same period of 2014).

Net profit amounted to Euro 1.5 million. Net income as at June 30, 2014 was Euro 1.2 million (+23%).

The net financial position amount to Euro 101.5 million (Euro 108 million as at 31/12/2014). The non-current NFP is Euro 87.2 million, while the net financial position in short term amounted to Euro 14.3 million. The NFP/Net equity ratio equal to 1.44x, improves significantly (1.52x as at 31/12/2014) in line with the expectations of the industrial plan.

The Net Equity amounted to Euro 70.7 million, with a decrease of 1% (Euro 71.3 million at 31/12/2014), while the Fixed assets amounted to Euro 150.6 million, of which Euro 92.3 million referring to tangible assets.

INDUSTRIAL RESULTS AS AT JUNE 30, 2015

The state of the art of the two “giant” worksites active in South Africa (photovoltaic plants of total capacity of 148.5 MWp on behalf of a leading Italian utility) is in line with the timetable envisaged by the final contracts for the EPC (engineering, procurement and construction) and O&M (operation and maintenance). The total number of photovoltaic plants built by TerniEnergia from the beginning of its activity is equal to 273, with an aggregate capacity of approximately 284.1 MWp (15.8 MWp in full ownership and 22.8 MWp in joint venture for the Power Generation activity). Moreover, are connected to the grid biomass plants for a total of 1.5 MWe and 2 MWt.

The total energy production of the full ownership and joint ventures plants for the power generation business, in the first half was equal to around 33,11 million kWh. In the environmental sector are operating a treatment and recycle plant of end of life tires (ELTs), the GreenAsm biodigestion and composting plant and finally the groundwater remediation plant in Nera Montoro (TR).

During the period the Group Free Energia has managed 700 GWh of energy for energy-intensive customer. Lucos Alternative Energies has completed lighting energy efficiency sites of industrial scale for a primary Italian cement group, for around 5,200 light points, with an expected savings of 68% and a delta of energy saving of approximately 16.43 million kWh.

SIGNIFICANT EVENTS OCCURRED AFTER THE END OF FINANCIAL YEAR

Green light from the Board of Directors to acquire the remaining share capital of New Gas Trade Srl held by Intermonte Holding Sim

On July 9, 2015 The Board of Directors of TerniEnergia resolved the acquisition of the remaining 15% of the share capital of the company New Gas Trade Srl (NGT), actually owned by Intermonte SIM Holding, a company regulated MiFID.The sales price of the shares has been agreed between the parties to Euro 49 thousand and the payment by TerniEnergia was in cash.

TerniEnergia enters in RES4MED international network

On July 16, 2015, TerniEnergia joined RES4MED as Ordinary Member. The new Member will strengthen RES4MED’s mission, proposing renewable energy and energy efficiency solutions to meet local needs.

TerniEnergia inaugurates new ELTs plant of Borgo Val di Taro

On July 21, 2015, TerniEnergia has inaugurated its second plant for the treatment and recovery of End of Life Tires (ELTs), located in the municipality of Borgo Val di Taro (Parma). The plant has a processing capacity of 26,400 tons/year. Reclaimed and renovated an industrial area of around 10,000 square meters, 2,000 of which are covered. Total investment of Euro 5.5 million. With two ELT plants in Nera Montoro (TR) and Borgo Val di Taro (PR), TerniEnergia candidates itself to reach a processing capacity of around 20% of the domestic market.

BUSINESS OUTLOOK

TerniEnergia is continuing the development of the strategy for the year 2015, contained in the business plan “Fast on the road smart energy”. In particular, the company is increasing the contribution from contracts in photovoltaics sector already acquired and being acquired abroad, partly as a result of compliance with the timetable provided in the definitive agreements. The company also intends to take advantage of the international context extremely positive for the sector, with the data that lead to predict a strengthening of the recovery in 2015. The analysis of the main international financial institutions also emphasize the negligible impact that the oil price has on many markets electrical and flag as the loss of value of the shares of some companies in the solar, which took place in recent weeks following the collapse of oil, could be “an attractive entry point for investors”. In this direction, the Group continues scouting and market analysis for the development possible partnerships in PV EPC, in order to assess the possibility of setting up an “Italian leader” industrial platform for the achievement of large contracts abroad.

In addition, consistently with the strategic targets already declared in the Business Plan, TerniEnergia completed the full integration into the Group of Lucos Alternative Energies, initiating and consolidating the activities of the Business Line “Energy saving”, from which is expected a growing activity.

A similar perspective is expected after the enter in the natural gas and liquefied natural gas market, thanks to the completion of the acquisition of New Gas Trade and full integration into Business Line “Energy Management”, through the market access of dual fuel offer for industrial customers.

TerniEnergia continued its research of the best opportunities to enter into the field of development and industrial production of smart solutions and technologies for energy efficiency and cleantech.

The Company will also continue the process of strengthening the scope of the environmental asset, starting the activity of the new plant for the treatment and recovery of “secondary raw material” from end of life tires in Northern Italy, at Borgo Val di Taro (PR). Finally, will be installed the new treatment plant of industrial fluid waste in Nera Montoro (TR), which granted the authorization phase. The new water remediation plant will intercept a substantial demand (58 thousand cubic meters/year) in a market segment experiencing a high technological activity with high growth prospects.

TerniEnergia, a company incorporated in September of 2005 and part of Italeaf Group, is the first Italian smart energy company and operates in renewable energy, energy efficiency, energy and waste management. TerniEnergia operates as system integrator, with a turn-key offer of industrial sized photovoltaic plants, on behalf of third parties and on its own, for the Power Generation business, also through joint venture companies with leading national players. TerniEnergia operates in the waste management sector, recovery of the material and energy, development and production of technologies. In particular, the Company is active in the recovery of tires out of use, in the treatment of biodegradable waste through the implementation of biodigesters, management of plant for the biological depuration; decommissioning of industrial plants, recovery of demolition metals and cleaning of industrial sites; development and production of technological apparatus.

Through Free Energia, the Group is active in the energy management, energy sales to energy intensive customers, software and services for energy management, administrative, financial and credit management. Through New Gas Trade, the Group i salso active on the natural gas and liquefied natural gas (LNG) market, offering a range of services and activities in order to develop Client’s business and achieve a competitive advantage providing the best market conditions and creating a high added value.

TerniEnergia operates in the development of energy efficient plants both through EPC scheme and FTT scheme (Financing Through Third Parties), pursuing the objectives of increasing energy production from renewable sources, of energy saving and reduction of emissions as set forth by environmental European policy.

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

Press Release_TE-2015-07-31

EnVent Research & Analysis Division has started its Coverage of Italeaf S.p.A., a Company listed on Swedish NASDAQ OMX First North. Italeaf is the holding company of TerniEnergia Group, specialist in renewable energy and cleantech. The Group as a whole promotes business initiatives in the cleantech sector and in innovative technologies. Italeaf supports new initiatives through direct investment in enterprises with high growth potential and providing cutting-edge infrastructure, corporate services and network opportunities. The well-established companies in the portfolio of Italeaf are TerniEnergia and the just acquired Free Energia. High tech startups: GreenLed Industry – heavy-duty LED; SkyRobotic – civil drones; WiSave – smart devices for remote control of energy consumption.
Based on our forecasts and valuation models, we derived a target price of €1.94 per share, 28% upside vs. the current share price, rating OUTPERFORM.

Italeaf Research

The Board of Directors approved the results as at 31 March, 2015. EBT equal to Euro 1 million, Net profit equal to Euro 0,7 million. Investment in startups for Euro 0,4 million

• Revenues amounted to € 0,8 million (€ 70 for the Italeaf Group consolidated)
• EBITDA equal to € -0,2 million (€ 6,2 million for the Italeaf Group consolidated)
• EBIT amounted to € -3,6 million (€ 4,7 million for the Italeaf Group consolidated)
• EBT equal to € 1 million (€ 2,6 million for the Italeaf Group consolidated)
• Net profit amounted to € 0,7 million (€ 1,9 million for the Italeaf Group consolidated)
• Shareholders’ Equity amounted to € 29,5 million (€ 80,7 milioni for the Italeaf Group consolidated)
• NFP of € 17, 6 million (€ 125,2 for the Italeaf Group consolidated)
• NAV equal to € 41 million

The board of directors of Italeaf, holding company and first Italian company builder active in cleantech and smart innovation sectors, listed on on NASDAQ OMX First North, has approved today the interim report as at 31 March, 2015.

Financial highlights*

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

The NAV of Italeaf amounted to Euro 41 million at 31 March 2015 (Euro 36.3 million at December 31, 2014; + 13%).

The investments for the development and the growth of the startup companies in the period was approximately equal to Euro 0,4 million and dedicated to Skyrobotic Spa and Greenled Industry Spa.

The CEO of Italeaf, Mr Nicola Romito, stated:

“We are pleased with our results in the first quarter, which are in line with the forecasts of the strategic development plan of the company, aimed at consolidation of the company builder activity. There are, therefore, all the conditions to achieve the targets that Italeaf has fixed with a three-year perspective, also because of the opportunity to create value from the return of investments in startups. Goes in this direction the investment of approximately Euro 0.4 million made during the period to support the development of manufacturing initiatives in growing stage”.

The Interim Report as at March 31, 2015 in full version and in English, attached to this press release, will be published on the Company’s website.

Press-release_INTREP_2015-05-25

Following the the press release dated last February 27, TerniEnergia informs that on May 14, 2015 was signed the act of merger by incorporation in TerniEnergia Spa of Lucos Alternative Energies Spa.

The strategic traget of the transaction is to enhaance the business development in the energy efficiency field, through the dedicated business line “energy saving”. In particular, the Merger will result in a shortening of the company’s control chain that will allow a better financial management of energy efficiency, a better coordination of industrial energy saving activity, the achievement of production and financial synergies and the fullfilment of significant savings in operating and managing fixed costs.

The legal effects of the Merger shall be effective from the date of signing of the act, however completed the filing of at the relevant Companies Register, while the accounting and tax effects shall be effective from the January 1, 2015.

Press Release_TE-2015-05-15

• Net asset value (NAV) amounted to Euro 41 million at 31 March 2015 (Euro 36.3 million at December 31, 2014; + 13%)
• The plan includes: corporate governance strengthening, starting relevant synergies for the scouting of the best startup and industrial initiatives, diversification of the sectors for direct investements in technological areas related to cleantech, full sustainability of the cost/income ratio thanks to the business lines real estate, holding and company builder
• Portfolio of overall 8 startup companies in the period of the plan, with exit 2 in 2016 and 1 exit in 2017, IRR expected greater than or equal to 30%
• EBT expected to Euro 2.9 million in 2015, Euro 3.6 million in 2016 and Euro 4.5 million in 2017
• Capital gain 2015-17: + 75%
• Target of NFP/Net Equity ratio less than or equal to 0.8x
• Investments 2015-17: Euro 5.2 million for the setting up of new startup companies in industrial sectors with high growth prospects
• Dividend increase of 10% per year compared to the dividend 2014 of EUR 0.08 per share, in payment next June 30, 2015

The Board of Directors of Italeaf, holding company and first Italian company builder active in cleantech and smart innovation sectors, listed on on NASDAQ OMX First North, under the chairmanship of Stefano Neri, has approved the strategic growth plan 2015-2017 “Bridging the gap with a company builder” and updated the NAV of the Group as at 31 March 2015.

The plan will be illustrated today to the financial community in Stockholm, during the  “Equity Day 2015” organized by the independent Swedish Shareholders Association Aktiespararna, at 11:45 CET by the Head of Development and Corporate Communications of Italeaf, Mr Federico Zacaglioni, and the CFO of Italeaf, Mr Filippo Calisti.

The event will be visible in live streaming by connecting to the link http://www.aktiespararna.se/livesandning.  The presentation will be conducted in English.

NAV AS AT 31 MARCH 2015

The Board of Directors of Italeaf approved the Net Asset Value as at 31 March 2015. The NAV of Italeaf amounted to Euro 41 million at 31 March 2015 (Euro 36.3 million at December 31, 2014; + 13%).

“BRIDGING THE GAP WITH A COMPANY BUILDER”: KEY STRATEGIES AND FIGURES

Italeaf aims to consolidate its position as the first Italian independent “company builder” active in the fields of cleantech and smart innovation.

It is confirmed the evolution of the corporate governance, with an improved board of directors composed by:

– Mr Stefano Neri recently confirmed by the General Meeting as Chairman of the Group;

– Nicola Romito, manager with many years of experience in asset management and investment advisory services, with the role of CEO, with responsibility for the strategic development and implementation of growth programs in the company’s sectors of interest;

– Monica Federici, executive director with the responsibility of the Group’s operating activities.

The new plan “” Bridging the gap with a builder company “bases its assumptions of industrial character on:

– Building of n. 1 new startup in 2015, n. 2 in 2016 and n. 2 in 2017 with the management of a portfolio of a total of overall 8 technological and industrial startups (including 3 already established, Greenled Industry, Skyrobotic and Wisave) in the three years;

– Turnover of n. 3 startup in three years, through different exit strategies (eg. M&A, IPO or entry of new shareholders or investors with the majority stakes). In particular, there are n. 2 exit in 2016 and n. 1 exit in 2017;

– Generating shareholder value and return on investment of Italeaf through these exit thanks to an expected IRR greater than or equal to 30%;

– Scouting and selection of new startups in cleantech, internet of things, additive manufacturing and 3D printing, drones, green chemistry, with a diversification of the business in order to reduce the risk of the growth potential of the newcos;

– Total investments in new startups in the three years to approximately Euro 5.2 million (Euro 1.03 million in 2015, Euro 1.85 million in 2016 and Euro 2.3 million in 2017);

– Reduction of the NFP from Euro 18.2 million in 2015 to Euro 14.6 million in 2017 with a target level of NFP/Net Equity ration less than or equal to 0.8x;

– Confirmation of dividend policy to distribute a significant percentage of the dividends received from subsidiaries. The target of the plan is to increase by 10% each year the dividend, compared to that of 2014 and amounted to EUR 0.08 gross per share (in payment next June 30, 2015);

– Full sustainability and profitability of the business through the balance of the between costs and revenues in the three years, thanks to the generation of recurring incomes from sales of services to Group companies, issuance of guarantees for subsidiaries and dividends. In particular, the plan estimated recurring incomes for Euro 17.4 million over the three years, with interim targets of Euro 5.7 million in 2015, Euro 5.8 million in 2016, Euro 5.9 million in 2017. The capital gain in the plan period is expected to grow by 75%, estimated to Euro 2.4 million in 2015, Euro 3.1 million in 2016 and Euro 4.2 million in 2017. The EBT is expected to grow from Euro 2.9 million in 2015 to Euro 3.6 million in 2016 to Euro 4.5 million in 2017.

From the strategic point of view, Italeaf expects to optimize the financial structure of operational needs, leveraging the value created by the subsidiaries and the startups to make new investments in business with high growth rate, to reward shareholders, to ease relations with the world of credit, to accelerate the development of industrial and commercial activities related to the new technology developed by the starups or by the investee companies.

Press Release_BP15-17-2015-05-07