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Italeaf: higher revenues and margins in the TerniEnergia's history

he TerniEnergia's history

* Approved the financial statements at 31 December 2015;
* Pre-tax profit amounted to Euro 6.1 million; Net profit of Euro 2.6
million, proposed dividend of Euro 0,025 p.s
* Revenues of Euro 369.8 million, + 288% (Euro 95.2 million at 31/12/2014)
* EBITDA amounted to to Euro 25.2 million, +40% (Euro 18 million as at
31/12/2014) with EBITDA margin to 6.8% (18.9% as at 31/12/2014)
* EBIT of Euro 17.1 million, + 103% (Euro 8.4 million at 31/12/2014)
* Earnings before taxes (EBIT) amounted to Euro 6.1 million; Net profit
amounted to Euro 2.6 million, -59% (Euro 6.2 million at 31/12/2014); tax
rate of 57,3%
* NFP of Euro 87.3 million, of which Euro 8.1 million in short-term (Euro
92.9 million at 30/09/2015, of which Euro 7.1 million in short-term)
* Net equity amounted to Euro 55.8 million (Euro 70.8 million at 30/09/2015)
* Approved the merger of TerniEnergia Gas&Power in TerniEnergia S.p.A.

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 draft financial statements and the consolidated
financial statements as at December 31, 2015.

Stefano Neri
Chairman and CEO of TerniEnergia stated as follows:
"The Group's results confirm the implementation of targeted structural and
operational improvements, envisaged in the transition to the new business
model. The achieviement of the higher revenues and margins in the company's
history, the drastic and continuous reduction in the NFP, the improvement in
the performance indicators are all key data demonstrating the correctness of
the choices at the base of the business plan "Fast on the smart energy road".
With these assumptions, we prepare to complete the roadmap that we have
designed and passing through a strategic repositioning of the Company, with
possible M&A aimed at alliances or integration with companies operating in
the "smart technologies" and with the focus on partnership research in the
environmental sector. Through the achievement of the targets of the
industrial plan and the contemporary scouting for extraordinary transactions,
we will further strengthen the value of our company"


amounted to Euro 369.8 million, showing an increase of 288% compared to 31
December 2014 (Euro 95.2 million) attributable, on the one hand, to the
presence of Free Energia in the scope of consolidation until 30 November 2015
and, secondly, to the state of play of the worksites for EPC activities
concerning two contracts in South Africa.
amounted to Euro 25.2 million, a significant increase (+ 40%) compared to
December 31, 2014 (Euro 18 million). TheEBITDA margin
amounted to 6.8%, decreasing compared to 2014 (18.9%) due to the different
business model. Revenues and margins are the highest achieved in the history
of the company.
Net operating income (EBIT)
amounted to Euro 17.1 million (Euro 8.4 million as at December 31, 2014),
after depreciations, amortizations and impairments of Euro 8.1 million (Euro
9.6 million total in 2014).
Net profit,
which includes the share of results from the activity of photovoltaic JV,
amounted to Euro 2.6 million, while the profit before tax(EBT)
amounted to 6.1 million. The significant incidence of a tax rate of 58%
(increasing due to the effects of the reduction of IRES from 2017, which led
to a recalculation of deferred taxes already in the year 2015), is the main
reason for the contraction of the Net profit compared to December 31, 2014,
which amounted to Euro 6.2 million (-59%).
TheNet financial position
is Euro 87.3 million (Euro 92.9 million as at 30/09/2015). NFP compared to
2014 has decreased of Euro 20.8 million, bearing witness placed by management
on maintaining a group's financial balance. The Current NFP is equal to Euro
79.2 million, while the NFP in short term amounts to Euro 8.1 million. The
steady reduction of the NFP allowed to reach the expected results in the
Business Plan's Update. The ratio NFP/Net equity is 1,56x (gearing ratio
156%) and remains almost constant compared with the 1,51x of the previous
year, also in line with the expectations of the business plan. The ratio
NFP/EBITDA is equal to 3.46 x (6x compared to the year 2014).
The Net Equity
Euro 55.8 million decreasing of 21.8% (Euro 71.3 million at 31/12/2014), by
effect of disinvestment from Free Energia, while the Fixed assets amounted to
Euro 125.3 million, of which Euro 82.6 million related to tangible assets.
Net equity takes into account the treasury shares held in portfolio, which
amounted to No. 4,012,998.

The Board of Directors approved the proposal to the Shareholders' Meeting
about the distribution of a gross 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 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 (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 64
million kWh. In the environmental sector are operating two treatment and
recycle of end of life tires plants (ELTs), the GreenAsm biodigestion and
composting plant and finally the groundwater remediation plant in Nera
Montoro (TR).
From the beginning of the year Free Energia Group has managed 1,3 TWh of
energy for energy-intensive customer. The industrial results of Free Energia
SpA are considered in the consolidated TerniEnergia Group results until
November 30, 2015, the effective date of the divestment.
TerniEnergia Gas&Power has handled about 13.2 million standard cubic meters of
gas equivalent to 139,800 MWh.
The group has realized interventions of lighting energy efficiency of
industrial scale for about 10,200 light points with a expected savings higher
than 21.2 million kWh and 3,901 TEP.
Greenled Industry produced in 2000 led lamps allocated to energy efficiency
projects and 500 lamps for direct sales.


Net revenues
amounted to Euro 32.2 million (Euro 17.7 million as at 31/12/2013). The gross
operating margin (EBITDA
) amounted to Euro 11.5 million (Euro 5.7 million as at 31/12/2013).The net
amounted to Euro 2.1 million (Euro 1.7 million as at 31/12/2013).


Signed agreement with Khalid Al Hamed Group LLC
January 19, 2016 -
Established in Abu Dhabi subsidiary TerniErgia Middle East Power LLC, 51%
owned by Al Hamed Group and 49% owned by TerniEnergia, with a share capital
of 150,000 Dirham. The profits will be distributed as follows: 75% in
TerniEnergia S.p.A. and 25% to Khalid Al Hamed Group LLC. TerniEnergia will
have the responsibility for the management of operational and industrial

Presented "TerniEnergia Hub", the new working formula of the "Energy saving"
Group's Business Line
February 11, 2016
- Target of the solution: to create a specialized investment asset class,
which would allow to the capital markets to invest in Italian energy saving
projects. The business tool is the ideal convergence platform between the
industrial chain of the energy efficiency sector and the institutional
investors. TerniEnergia will provide to the ESCo various solutions (from
financial leasing to securitization of receivables projects) to solve the
critical issues that hamper the financing market of energy saving.


TerniEnergia intends to increase 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, strengthening the activities of
scouting and market analysis for the development of possible partnerships in
the EPC (not exclusively photovoltaic), in order to assess the possibility of
setting up an "Italian leader" industrial platform for the achievement of
large contracts abroad.
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. The aim of "TerniEnergia Hub" is to form a strategic alliance
between all actors of the energy efficiency value chain to meet the needs of
the capital market, selecting energy efficiency projects and interventions
with FTT formula (financing through third parties), assessing the economic
returns from the business plan and the technology risk and offering them to
institutional investors to finance the construction or acquiring credits
generated by the activities of energy saving. The operation aims to create a
specialized asset investment class, that allows capital markets to invest in
Italian projects of energy saving. It is one of the factors that, according
to the analysis of the financial community, have so far delayed the
development of the energy efficiency financing market, leading to frustration
the sector and delaying the achievement of a significant size for projects.
TerniEnergia also aims to maximize returns from the acquisition of Greenled
Industry, with a function of supply chain optimization for the line of
business "Energy Saving", under which the supply of LED lamps is the main
item cost. This transaction is consistent with the TerniEnergia targets and
in line with the growth of the '' Energy Saving" sector.
TerniEnergia has started the full integration into the Group of TerniEnergia
Gas&Power, into Business Line "Energy Management". The Company aims to enter
in the dual fuel market and to 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; distinguish the role of the Company to the
institutions, the market, the financial community and the industrial
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 energy efficiency and 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
Within the scope of the Cleantech busi...

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