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2016-05-13

Italeaf: the Board of Directors of TerniEnergia approved the interim report as at 31 March 2016

PRESS RELEASE 13 MAY 2016

Italeaf: the Board of Directors of TerniEnergia approved the interim report as
at 31 March 2016; growth in the EBITDA margin, decreases the NFP

* Revenues of Euro 31.3 million, -54.37% (Euro 68.6 million as at 03/31/2015)

* EBITDA amounted to Euro 4 million, -22.17% (Euro 5.2 million as at
03/31/2015), with EBITDA margin at 7.6%
* EBIT amounted to Euro 2.8 million, -26.49% (Euro 3.8 million as at
03/31/2015)
* Net profit amounted to Euro 0.6 million, -50.85% (Euro 1.2 million as at
03/31/2015)
* NFP of Euro 72.8 million, short-term NFP positive of Euro 4.3 million (Euro
108 million as at 31/12/2015, short-term NFP of 8 million)
* Net equity amounted to Euro 56.5 million, +1.42% (Euro 55.8 million as at
03/31/2015)
* Portfolio of No. 4,012,998 treasury shares (9.10% of the share capital) for
extraordinary operations
* Ongoing the participation in tenders for photovoltaic EPC in Africa for a
total of 170 MWp
* The Board of directors has confirmed Stefano Neri as CEO of the Company;
Massimiliano Salvi appointed Vice President, Fabrizio Venturi and Laura
Bizzarri Executive Directors

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 March 31, 2016.

Stefano Neri
,Chairman and CEO of TerniEnergia
commented as follows:
"The first quarter figures show positive elements for the performance of the
Company, despite the significant downsizing of energy trading, with a
consequent lower revenues resulting from the divestment of Free Energy. It
is, in particular, the first report that provides a snapshot of the
TerniEnergia transition phase, initiated at the end of 2015. The Company
intends, in fact, to complete the path aimed to increase the lead role of
TerniEnergia in the smart energy sector, integrating the activities in
renewables, energy efficiency and energy management with innovative systems
and solutions with high added value that make it possible to introduce
technologies that can act as a bridge between the industrial and "physical"
business and the digital and "virtual" one. At the same time, the Company is
preparing to develop its role in the field of circular economy and
environmental business. To achieve these goals, the management has paid
particular attention to strengthening the process of internationalization, to
increase the margins and to maintain the balance and financial sustainability
of the Group's activities.
TerniEnergia is therefore in the best position to prosecute the most decisive
strategic choices already highlighted in the business plan: from the spin-off
of the environmental activities in order to increase investment in new
technology systems to create a broader platform, to the acquisition of
additional technologies and expertise, also through the optimal use of the
portfolio of treasury shares"
.

CONSOLIDATED RESULTS AS AT MARCH 31, 2016

Revenues
amounted to Euro 31.3 million, showing the contribution of the two giant
construction sites in South Africa, during its progress through two EPC
contracts. The comparison with the first quarter of 2015 (Euro 68.6 million;
-54.37%), is conditioned from the exit from the consolidation scope of Free
Energia, which while not causing substantial changes in the business model,
resulting in a significant redefinition of the energy trading business.
EBITDA
amounted to Euro 4 million, showing a decrease (-22.17%) compared to March 31,
2015 (Euro 5.2 million), but proportionally improved compared to the
revenues. An evolution confirmed by theEbitda Margin
, equal to 12.89%, with an increase compared to 03/31/2015 (7.56%) thanks to
the incidence of the results of the business lines with higher added value.
Net operating income (EBIT)
amounted to Euro 2.8 million (Euro 3.8 million as at March 31, 2015, -26.49%),
after depreciation, amortization and write-downs of Euro 1.2 million (Euro
1.3 million in the same period of 2015).
Net profit
, which includes the share of results from the activity of photovoltaic JV,
amounted to Euro 0.6 million. Net income as at March 31, 2015 was Euro 1.2
million (-50.85%).
Thenet financial position
amount to Euro 72.7 million (Euro 87.4 million at 12/31/2015). The non-current
NFP is Euro 77.2 million, while the net financial position in short term is
positive and amounted to Euro 4.5 million. The NFP/Net equity ratio equal to
1.29x, improves significantly (1.56x as at 31/12/2015).
The Net Equity
amounted to Euro 56.3 million, with an increase of 0.95% (Euro 55.8 million at
12/31/2015), while the Fixed assets amounted to Euro 125.3 million, of which
Euro 82.2 million referring to tangible assets. Net equity takes into account
the treasury shares held in portfolio, which amounted to No. 4,012,998 (9.10%
of the Share Capital).

INDUSTRIAL RESULTS AS AT MARCH 31, 2015

Completed the first of the two "giant" worksites in South Africa, the second
of Tom Burke (a PV plaant with a total power of 66 MWp on behalf of a leading
Italian utility) is in line with the timetable envisaged by the final
contracts for 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 274, with an aggregate capacity of
approximately 366.6 MWp (13.2 MWp in full ownership and 30 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 17.8
million kWh. In the environmental sector are operating two 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).

SIGNIFICANT EVENTS OCCURRED AFTER THE END OF FINANCIAL PERIOD

Established in Mozambique the subsidiary "TerniEnergia Moçambique Limitada"
On April 20, 2016, TerniEnergia announced the successful establishment in
Maputo (Mozambique) of TerniEnergia Moçambique Limitada Company, a 100%
subsidiary, as part of its development strategy and business
internationalization. The Mozambican subsidiary will operate to carry out the
program of activities that the Group is planning to develop in African
countries, considered strategic in terms of the trend for the growth of the
business related to renewable energy and smart energy.

Connected to the grid the "giant" PV plant of Paleisheuwel (South Africa)
On April 26, 2016, the first of the two "giant" photovoltaic worksites in
South Africa, on behalf of a leading Italian utility, has been completed. The
PV plant has been connected to the national transmission grid managed by
Eskom. In particular, TerniEnergia Projects PTY Ltd, a South African
subsidiary of TerniEnergia SpA, has completed the construction of the PV
plant in Paleisheuwel (for a total installed capacity of 82.5 MWp), in
advance of the timeline envisaged by the final contracts for EPC
(engineering, procurement and construction) and O&M (operation and
maintenance) four-year and renewable term, and in compliance with the
expected financial results.

Shareholders' meeting approves 2015 Financial Statements and the distribution
of dividends equal to Euro 0,025 per share
On April 27, 2016, The Annual Shareholders' Meeting of TerniEnergia approved
the draft financial statements and noted the presentation of the consolidated
financial statements as at December 31, 2015.. Shareholders' meeting also
approved the distribution of a dividend of Euro 0,025 per share,
corresponding to a payout ratio of 43% on consolidated net profit. The
dividend will be paid on May, 25 2016, and the relevant coupon No. 7 shall be
separated on May, 23 2016. The Shareholders' Meeting appointed the members of
the Board of Directors, which will remain in office for the years 2016, 2017
and 2018, until the Shareholders' Meeting called to approve the financial
statements as at 31 December 2018, the number of which has been determined in
9 members. Also appointed the three members of the Board of Statutory
Auditors and 2 alternate auditors from Slate no. 1, who will remain in office
for the years 2016, 2017 and 2018.

BUSINESS OUTLOOK

TerniEnergia is strengthening the activities of scouting and market analysis
for the development of new projects and to participate in new international
tenders as "EPC contractor" for large utility or primary investors.
TerniEnergia aims to develop new growth opportunities in countries with
considerable potential of growth, with the aim to consolidate its global
presence, with a view to geographical diversification and maximization of the
value created with internationalization strategy. In particular, in the field
of photovoltaic plants, are ongoing preliminary activities to achieve
important contracts in emerging target countries with abundant renewable
resources, stable regulatory systems and high economic growth systems. In
this context, 4 tenders for the construction of photovoltaic systems on
behalf of a leading utility with the formula EPC (engineering, procurement
and construction) have reached the final stage, respectively, in Zambia,
South Africa, Egypt and Mozambique for a total of 170 MWp.
In addition, consistent with the strategic objectives set in the updated
business plan, TerniEnergia has undertaken a new initiative to strengthen and
consolidate the activities of the Business Line "Energy Saving", from which
are expected contracts for industrial scale energy saving projects to be
implemented for primary industrial players. In this perspective it was
launched the "HUB" project, a new operating mode to unlock the industrial
energy efficiency market through the formula of the "third party financing"
in Italy.
In the short term it will be completed the integration of TerniEnergia
Gas&Power, with the completion of the merger into TerniEnergia in order to
strengthen the Business Line "Energy Management" to access the dual fuel
market for industrial customers.
TerniEnergia, moreover, will continue its scouting of the best opportunities
to enter into the field of development and industrial production of smart
solutions and technologies for the renewables manageement, the energy
efficiency and the cleantech. This target aims to achieve a strong business
diversification in anti-cyclical sectors and contribute to the completion of
the Group's "core" activities along the entire energy value chain, from
plants design to after-sales evolved services.
Within the scope of the Cleantech business li...

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