PRESS RELEASE Milan, 30 July 2013

Transcription

1 Informal translation of the Italian press release PRESS RELEASE Milan, 30 July 2013 The Board of Directors of Alerion approves 2013 first half results, with revenues from wind farms increasing by 15% compared to 2012 first half and net financial debt decreasing by 42.4 million euro compared to December 2012 Net Profit of 2013 first half raises to 4.4 million euro - Operating Revenues: Euro 40.1 million (+4.9 million compared to 1H 2012 excluding biomasss activities, which were sold in December 2012) - EBITDA: Euro 27.7 million (+2.0 million compared to 1H 2012, excluding biomasss activities, which were sold in December 2012) - EBIT: Euro 16.7 million (+0.4 million compared to 1H 2012) - Net Profit: Euro 4.4 million (+0.9 million compared to 1H 2012) - Group Net Profit: Euro 3.6 million (+0.1 million compared to 1H 2012) *** The Board of Directors of Alerion Clean Power S.p.A. examined and approved 2013 First Half Results, prepared according to the principles of International Accounting Standards/International Financial Reporting Standards (IAS/IFRS).

2 Consolidated Results (Euro million) First Half 2013 First Half 2012 difference Operating revenues EBITDA (0.4) EBIT EBT Group Net Profit (Euro million) 30 June December 2012 difference Net Invested Capital (34.7) Net Financial Indebtedness (42.4) Net Financial Indebtedness (excluding fair value of interest rate swaps) (27.9) Group Shareholders Equity Operational highlights The production of wind plants in 1H 2013 increased by 35,144 MWh compared to the same period last year, due to both full capacity operation at the San Marco in Lamis plant (37,992 MWh in 2013 compared to 25,076 MWh in 2012) and the increased production of other operating plants (218,280 MWh in 2013 compared to 196,052 MWh in 2012). The production of photovoltaic plants in the first half of 2013 amounted to 3,371 MWh, in line with the production of the first half of 2012 (3,339 MWh). On June 25 th, 2013, Alerion completed the sale of its portfolio of photovoltaic plants with a total installed capacity of about 4 MW. Total consideration of the sale amounted to 3.0 million euro, corresponding to an Enterprise Value of approximately 23 million euro. During the first half of the year was obtained the authorization for the construction and operation of a wind farm in the municipality of Foggia, Torretta di Sezze, with a total capacity of 9 MW. During the 1H 2013, Alerion has started negotiations with an international investor for the start up of an activity for the development, construction and operation of wind farms in which Alerion will act as industrial partner. In particular, this activity will allow the Group to leverage on the experience gained over the years in the development and construction of wind farms.

3 In this context, on 10 April 2013, Alerion acquired a company owner of an authorization for the construction and operation of a wind farm of 17.5 MW in the municipality of Manfredonia (FG). Following the completion of the agreement with the international investor, which is expected to occur shortly, the investor will acquire a majority stake in the company and will cover the financial needs for the construction of the plant, while Alerion, through its subsidiary Alerion Servizi Tecnici e Sviluppo will coordinate the construction of the plant, performing in particular the civil and electrical works First Half Consolidated Results Operating revenues as of June 30, 2013 totaled Euro 40.1 million, following to an electricity production of 259,643 MWh, an increase of 12,051 MWh over the first half of 2012 (equal to 247,592 MWh). In particular, the first half of 2013 has been characterized by strong revenues from wind power, an increase of 15% compared to the first half of 2012 and by the absence of revenues from biomass sector as a result of the sale of Bonollo Energia SpA, completed in December EBITDA for 1H 2013 amounted to Euro 27.7 million (Euro 28,1 million in 1H2012, which in 2012 included Euro 2.4 million EBITDA relating to the biomass plant sold in December 2012). 1H 2013 EBITDA includes operating costs of approximately Euro 13.5 million, inclusive of losses realized on the sale of photovoltaic companies of Euro 0.6 million (due to the change from December 2012 to June in the fair value of interest rate swaps on financial debt of the companies sold) and the cost of the imbalance payments of Euro 0,6 million, not present in the first half of H 2013 EBIT amounted to Euro 16.7 million (Euro 16.3 million in 1H 2012) and includes depreciation and amortization of Euro 10.8 million (Euro 11.6 million in 1H 2012). 1H 2013 Net Income is equal to Euro 4.4 million (Euro 3.5 million in 1H 2012) and Group Net Income is equal to Euro 3.6 million (Euro 3.5 million at June 30, 2012). Net Invested Capital of the Group at 30 June 2013 amounted to Euro million (Euro million at 31 December 2012), a decrease compared to 31 December 2012 of Euro 34.7 million. Group Shareholders Equity at June 30, 2013 amounted to Euro million, with an increase of Euro 6.4 million compared to December 31, The change is primarily due to i) the net profit for the

4 period of Euro 3.6 million, ii) the distribution of dividends for Euro 5.2 million, iii) the change in fair value of the interest rate swaps on project financing debts, net of the tax effect, of Euro 8.6 million and iv) the purchase of own shares for Euro 0.2 million. Net Financial Indebtedness as of June 30, 2013 amounted to Euro 289,9 million (with a decrease of Euro 42.4 million compared to 31 December 2012). Net Financial Indebtedness includes financial debts relating to the fair value of interest rate swaps on project financing equal to Euro 32.7 million (Euro 47.2 million at December 31, 2012). Therefore, Net Financial Indebtedness of the Group, excluding fair value of interest rate swaps, amounts to Euro million at June 30, 2013 (Euro million at December 31, 2012). At June, 30, 2013, financial leverage, expressed as the ratio between net financial debts and net invested capital, was 66.2% (70.3% at 31 December 2012). Significant events following 30 June 2013 and foreseeable evolution Significant events after 30 June 2013 No significant events occurred after 30 June Foreseeable evolution During 2013 the Group will strengthen its presence in the wind sector in Italy, focusing on the management of operating plants and the evaluation of new investment opportunities. The Group is also committed to improving the operational efficiency of the plants through investments in innovative technologies. Alerion Clean Power S.p.A. Contacts for investors and analysts Stefano Francavilla stefano.francavilla@alerion.it Tel Luca Lunghini Luca.lunghini@alerion.it Tel

5 CONSOLIDATED FINANCIAL STATEMENTS Reclassified Income Statement ( million) I ST Half 2013 I ST Half 2012 Operating revenues Gross operating margin (EBITDA) Net operating margin (EBIT) Earnings before taxes (EBT) Net income / (loss) Net income / (loss) attributable to the Group CONSOLIDATED FINANCIAL STATEMENTS Reclassified Statement of Financial Position ( million) 30 June December 2012 Intangible assets Property, plant and equipment Fiancial Assets Total fixed assets and long term investments Non Current Assets held for sale Other non financial assets and liabilities NET INVESTED CAPITAL Shareholders' equity attributable to the Group Non controlling interest Shareholders' equity Cash and Cash equivalents Other financial assets and liabilities (340.7) (386.8) Net financial indebtedness (289.9) (332.3) SHAREHOLDERS' EQUITY + NET FINANCIAL INDEBTEDNESS

6 CONSOLIDATED FINANCIAL STATEMENTS Net Financial Indebtedness ( million) 30 June December 2012 ( million) Cash and Cash equivalents Cash at banks Cash and cash equivalents Current financial receivables Current financial liabilities Other financial liabilities (4.1) (4.3) Borrowings from banks (51.0) (51.9) Payables to associates (3.5) (3.5) Derivative financial instruments (8.9) (9.9) Totale passività finanziarie correnti (67.5) (69.6) CURRENT FINANCIAL DEBT (14.9) (13.1) Non current financial liabilities Other financial liabilities (9.3) (9.8) Borrowings from banks (252.6) (278.7) Derivative financial instruments (23.7) (37.3) NON CURRENT FINANCIAL DEBT (285.6) (325.8) NET FINANCIAL INDEBTEDNESS PER CONSOB NOTICE NO. DEM/ /2006 (300.5) (338.9) Non current financial receivables NET FINANCIAL INDEBTEDNESS (289.9) (332.3)