ALERION CLEAN POWER S.P.A. Milan, 31 July 2015
The Board of Directors approves the consolidated financial 2015 irst Half Results Revenues of 29.8 million euro (26.4 million euro 1H2014, + 13%)
EBITDA of 20.3 million euro (15.2 million euro 1H2014, + 34%)
Group net profit of EUR 1.2 million (negative 3.4 million 1H2014)
Net financial position totaled € 229.0 million (201.9 million euro at December 31, 2014), an increase primarily due to the acquisition of 50% of Wind Power Sud Srl (34 MW). Net financial position, net of derivatives, is
211.5 million euro
Receivables for Green Certificates of 22.0 million euro (11.5 million euro at 31 December 2014)
The Board also accepts the offer of a leading real estat developer for the sale of the Via Durini pro erty in Milan, at a value of 20.75 million euro
The Board of Directors of Alerion examin
d and appr
ved the consolidated financial report of he Group
as of 30 June 2015, prepared using the principles of valuation an
measurement criteria
stablished y
the "International Accounting Standard" / "International Financial Reporting Standards" (IAS / IFRS).
Economic results (€ million)
01/01‐30/06
2 15
01/01‐30/06
2014
Revenues
EBITDA
Net income / (loss)
Net income / (loss) attributable to the Group
29.8
20.3
1.2
1.2
26.4
15.2 (3.5) (3.4)
Financial position results (€ million)
June 30, 2 15 Dec 31, 2014
Shareholders' equity attributable to the Group
115.6
114.6
Net Financial Indebtedness
229.0 201.9
Net Financial Indebtedness (excluding fair value of derivatives)
211.5
168.2
Operating performance
Installed wind capacity at the end of period (MW)
01/01‐30/06
2 15
270.3
01/01‐30/06
2014
54.7
Electricity production (MWh) ‐ Wind Sector
242,291 212,401
Electricity production (
Wh) ‐ Wind Sector (fully consolidated)
198,942 16 ,537
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Operating performance in the first half of 2015 and recent events
Business performance for the first half 2015 was characterized by an increase in electricity production of operating plants. In particular, the electrical output of the consolidated plants (including joint ventures) in the first half of 2015 amounted to 242,291 MWh, an increase of 29,890 MWh compared to 1H 2014 (equivalent to 212,401 MWh) and the electrical output of the fully consolidated plants amounted to
198,942 MWh, an increase of 37,405 MWh (+ 23.2%) over the first half of 2014. The increase in
electricity production in the six months is connected to both a wind in line with normal seasonal averages, but significantly higher compared to that recorded in the same period last year, and the
increase of capacity resulting from the
acquisition
of the remaining 50%
of Wind Power Sud
Srl
(Agrigento wind farm, with an installed capacity of 34 MW, hereinafter "WPS"), fully consolidated as of
February 12, 2015.
On 29th July, the subsidiary Durini 18 Srl, owner of five floors of the building located in via Durini 18 in Milan, used partly as headquarters, received a binding offer from a leading real estate operator for the purchase of this property, for a value of 20.75 million euro. The transaction provides that the buyer will also purchase the remaining part of the property, owned by third parties, and its execution depends on the simultaneous sale of the two portions of building. Even the owner of the other portion has already
accepted the offer to purchase.
The Board of Directors of Aleriot has resolved today to accept this offer, stating that the deed for the
sale of the property will be completed by September 30, 2015.
The sale of the property, which also will include the subsequent liquidation of the company Durini 18
S.r.l. will generate a profit of about 1.5 million euro.
In addition, it should be noted that, as a result of damage to a wind turbine of the wind farm of Agrigento, previously announced in the 1Q interim report, Alerion has decided to start in late June a program of extraordinary maintenance on the entire wind farm to take advantage of the summer
months, typically characterized by a lower wind.
2
Consolidated 2015 First Half Results
In the first half of 2015, Revenues amounted to 29.8 million euro, up 13% from 26.4 million euro at June
30, 2014. The increase over the first half of the previous year was due to increased production electricity recorded in the period.
2014) and risk provisions for 0.8 million euro (0.3 million euro at June 30, 2014). It should be noted that the EBITDA for the first half includes 2.5 million euro arising from the consolidation of WPS, as of
February 12, 2015.
The increase in EBITDA in the first half of 2015 reflects also a significant reduction in operating costs (‐
1.1 million euro compared to the first half of 2014), resulting from the program for improving the efficiency of Group's operational costs.
2014, and includes depreciation and amortization of 9.7 million euro (8.2 million euro in first half of
2014), with an
increase compared to
the first half of the previous year
mainly due to the full
consolidation of WPS.
EBIT for the first half of 2015 also includes the effect of the adjustment of the value of the property of Durini 18 at its estimated sale price, represented by a devaluation of approximately 1.6 million euro (1.1 million euro to net of tax effects). As previously mentioned the sale of the property will result, once
completed, in a profit of about 1.5 million euro.
the issuance of the bond, in February 2015.
3
Profit before taxes also reflects the positive effect of approximately 1.4 million euro, arising from the acquisition of control of WPS (accounted for under by '' IFRS 3 ‐ Business Combinations ") and resulting from the comparison between the fair value of net assets recorded at the acquisition date and the total amount paid for the acquisition of control and the value of the previously held interest of the company. This value also takes into account the allocation to a provision for scheduled maintenance activities
amounted to 2.2 million euro.
Euros, an increase compared to June 30, 2014 when it was a negative for 3.4 million euro.
Net invested capital of the Group at 30 June 2015 amounted to 347.8 million euro (318.9 million euro at 31 December 2014), an increase compared to 31 December 2014 of 28.9 million euro mainly due tothe consolidation of WPS.
Net equity of the Group at 30 June 2015 amounted to 115.6 million euro, an increase of 1.0 million euro compared to 31 December 2014. This change was mainly due to: i) the positive result for the period, ii) the change in fair value of derivatives on project financing, net of tax, of 2.5 million euro and iii) thedistribution of dividends for 2.0 million euro.
Net Financial Position as at 30 June 2015 amounted to € 229.0 million, an increase compared to 31
December 2014 of 27.1 million euro resulting mainly from i)the purchase of 50% of the shares and the
WPS and its shareholder loans for 16.5 million euro, ii) the effect of the full consolidation of WPS,
including the refinancing of
its bank debt, for approximately
16 million euro, iii) the
payment of
dividends for 2 million euro, iv) interest expenses of approx. 7 million Euros and, positively, v) the cash generated during the first half of 2015 of approximately 12 million euro and vi) the positive fair value
change of derivatives, for 2.6 million euro.
It should also be noted that Receivables for green certificates and electricity amounted to approximately
24.1 million Euros.
4
The Net Financial Position, excluding the fair value of derivatives, amounted to 211.6 million euro at June 30, 2015 (168.1 million euro at 31 December 2014). At June 30, 2015, leverage ("leverage"), expressed as the ratio between net debt and net capital, amounted to 65.8% (63.3% at 31 December
2014).
On February 11, 2015, as approved on 18 December 2014 by the Board of Directors of Alerion Clean Power S.p.A., the Company issued a non‐convertible secured bond for a total amount of 130 million euro, 7‐year term, with a nominal annual fixed rate of 6%. The issuance of such bond was aimed at closing of debt project financing of four group companies (Renergy San Marco Srl, Licodia Eubea Wind Farm Srl, WPS and Minerva Srl), through the extinction of the bank loan agreements, and related hedging contracts, in order to allow a more efficient management of liquidity generated from wind
farms.
In February 2015, following the subscription of the Bond Issue, Alerion Energie RInnovabili S.p.A., a subsidiary of Alerion Clean Power S.p.A., acquired the remaining 50% stake of WPS, owner of the 34
MW wind farm in Monte Petrasi (AG). The total consideration paid for the purchase of shares and
related shareholder loans amounted to
16.5 million euro. Effective February 12, 2015, therefore,
participation, previously consolidated using the equity method, was consolidated using the integral method, in accordance with the principle of reference "IFRS 10 ‐ Consolidated Financial Statements".
On May 12, 2015, Alerion completed the sale of its 8% stake in Eolsiponto, owner of a 17.5 MW wind farm in Manfredonia (Foggia) to Indias Capital Ltd, a company owned by the Santander Group. The total
consideration for the sale was approximately 2.4 million euro, fully paid on the same date.
5
Dividends
The Shareholders' Meeting of Alerion Clean Power S.p.A., on 29 April 2015, approved the proposal to distribute dividends, payable on June 17, 2015 with an ex dividend date of June 15, 2015, through the partial use of reserves, of Euro 0.045 for each ordinary share outstanding (net of treasury shares), for a
total of approximately 2.0 million euro.
The Shareholders' Meeting of 29 April 2015 appointed the Board of Directors of the Company for the period 2015‐2017, composed of 7 members, in the persons of Corrado Santini, Gastone Colleoni, Giulio Antonello, Mario Bonamigo, Patrizia Savi, Sylvia Anna Bartyan and Luca Arnaboldi. On May 4, 2015 the
Board of Alerion confirmed Gastone Colleoni Chairman and Chief Executive Officer Giulio Antonello.
The Board of Directors of Alerion has also appointed General Manager with effect from 13 July 2015, Mauro Miglio. As announced on April 8, Giulio Antonello, current Chief Executive Officer of Alerion, has expressed his intention to move on to pursue other interests and to ensure maximum continuity of management and support his successor will remain in office until the first Board Meeting in September
2015, which will resolve on the appointment of Mauro Miglio as new Chief Executive Officer.
In the second half of 2015 Alerion will focus on reducing costs and streamlining of operations, while working to define a new Business Plan, whose guidelines will be operational efficiency and pursuit of
economies of scale, also through M&A.
Contacts for Investors and analysts: Stefano Francavilla (stefano.francavilla@alerion.it) Luca Lunghini (luca.lunghini@alerion.it) Tel. +39 02 7788901
Press contacts: Image Building Simona Raffaelli, Emanuela Borromeo alerion@imagebuilding.it Tel. +39 02 89011300
6
(€ mi l li on) Total revenues Operating costs
Net income / (loss) of Joint Ventures accounted for using equity method
Provi sions for ri s ks
Gross operating margin (EBITDA) Depreci a ti on and I mpa i rment of as s ets Net operating margin (EBIT)
Fi na nci a l income a nd expens es
Earnings before ta es (EBT)
Inco
e tax
Net income / (loss)
Net i ncome / (l os s ) attri butabl e to mi nori ti es
Net income / (loss) attributable to the Group
CONSOLIDATED FINANCIAL STATEMENTS ‐ Reclassified Statement of Financial Position (€ million) | ||
(€ mi l l ion) | June 30, 2015 | December 31, 2014 |
Intangible assets | 1.9 | 43.8 |
Prope ty, plant and e uipment | 251.6 | 236.2 |
Fiancial Assets | 4.1 | 19.5 |
Total fixed assets and long‐term investments | 337.6 | 299.5 |
Other non‐fi na nci a l a ss ets and lia bi lities | 10.2 | 19.4 |
NET INVESTED CAPITAL | 347.8 | 318.9 |
Shareholders' equity attributable to the Group | 115.6 | 114.6 |
Non‐controlling interest | 3.2 | 2.4 |
Shareholders' equity | 118.8 | 117.0 |
Ca s h a nd Ca s h equi va lents | 11.2 | 47.9 |
Other fi na nci a l as s ets and lia bilities | (240.2) | (250.0) |
Net financial position | (229.0) | (201. ) |
SHAREHOLDERS' EQUITY + NET FINANCIAL POSITION | 347.8 | 318.9 |
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CONSOLIDATED FINANCIAL STATEMENTS
‐ Net Fi nanci al Indebtednes s (€ million)
June 30, 20
5 December 31, 2014
Cash and Cash equivalents
‐ Ca s h at ba nks
Cash and cash equivalents Current financial receivables Current financial liabilities
‐ Ot er fi na nci a l l i a biliti es
11.2
11.2
1.7
‐
47.9
47.9
0.2
(0.3)
‐ Borrowi ngs fro
ba nks
(95.4)
(83.0)
‐ Debts to Bondholders
‐ Deriva tive fi na ncia l ins truments
CURRENT FINANCIAL DEBT
(3.0) (4.0) (102.4)
‐ (17.8) (101.1)
CUR ENT FINANCIAL DEBT
Non‐current financial liabilities
‐ Ot er fi na nci a l l i a biliti es
(89.6)
(1.9)
(53.0)
(1.9)
‐ Borrowi ngs fro
ba nks
(6.3)
(146.2)
‐ Debts to Bondholders
‐ Deriva tive fi na ncia l ins truments
NON‐CURRENT FINANCIAL DEBT
NET FINANCIAL INDEBTEDNESS PER CONSOB DEM/6064293/20 6
Non‐current financial receivables
NET FINANCIAL INDEBTEDNESS
OTICE NO.
(126.3) (13.4) (147.9)
(237.5)
8.5 (229.0)
‐ (16.0) (164.1)
(217.1)
15.2 (201.9)
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