ALERION CLEAN POWER S.P.A. PRESS RELEASE
Milan, 12th May 2015
The Board of Directors of Alerion approves 2015 First Quarter Results:
- Revenues: Euro 18.3 million (14.9 million euro in 2014 first quarter)
- EBITDA: Euro 14.3 million (10.0 million euro in 2014 first quarter)
- EBIT: Euro 9.2 million (5.6 million euro in 2014 first quarter)
- Net Profit: Euro 4.2 million (1.2 million euro in 2014 first quarter)
- Net financial indebtedness: Euro 205.4 million (168.2 million euro as at 31 December 2014) (escluding fair value of interest rate swaps)
The Board of Directors of Alerion Clean Power S.p.A. examined and approved 2015 First Quarter Results, prepared according to the principles of International Accounting Standards/International Financial
Reporting Standards (IAS/IFRS).
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"We are pleased with our first quarter results, a strong growth both in terms of operating margin and net profit. The results achieved thanks to the increase in electricity production, resulting from the good wind recorded, and the increase in installed capacity, following the acquisition of the wind plant in Agrigento, demonstrating the earning potential and financial strength of the Group and confirming the validity of the strategic choices made. "commented Giulio Antonello, CEO of Alerion Clean Power S.p.A..
2015 First Quarter operational highlights and consolidated results
In the first quarter of 2015, Revenues amounted to 18.3 million euro (14.9 million euro in the first quarter of 2014) and include Revenues for the sale of energy equal to 18.0 million euro (13.6 million euro in the first quarter of 2014), with an increase compared to the first quarter of the previous year related to the growth in electricity production following wind conditions in line with normal seasonal averages, but significantly higher than those recorded in the same period of previous year, and to the increase in installed capacity due to the acquisition of the remaining 50% of Wind Power Sud S.r.l. ("WPS"), owner of the Agrigento wind plant.
The electrical production in the first quarter of 2015 amounted to 150,809 MWh, an increase of 29,544
MWh compared to the same period of previous year when it amounted to 121,265 MWh. In particular, the electrical production of fully consolidated plants amounted to 123,454 MWh, an increase of 35% compared to 91,147 MWh of the same period of 2014.
In the first quarter of 2015, the average selling price of electricity and green certificates amounted to
150.2 euros per MWh, compared with Euro 152.8 per MWh in 2014.
2014) and includes the results of a joint ventures for 1.2 million euro (0.9 million euro in 2014).
EBIT amounted to 9.2 million euro (5.6 million euro in the first quarter of 2014) and includes depreciation and amortization of 5.1 million euro (4.4 million euro in the first quarter 2014), with an increase mainly due to the full consolidation of WPS. Income before taxes amounted to 5.0 million euro (1.7 million euro in the first quarter 2014) and includes net financial costs totaling 4.2 million euro (3.9 million euro in the first quarter 2014), of which about 0.5 million euro for costs related to the early repayment of project financing loans, executed inFebruary 2015.
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Net Profit amounted to 4.2 million euro (1.2 million euro in the first quarter 2014). Group Net Profitamounted to 4.0 million euro (1.1 million euro in the first quarter 2014).
Net Invested Capital of the Group as of March 31, 2015 was 346.7 million euro, an increase of 27.8 million euro compared to 318.9 million euro at December 31, 2014. Net Equity of the Group as of March 31, 2015 amounted to 118.6 million euro, an increase of 4.0 million euro compared to December 31, 2014. This change is mainly due to the result for the period. Net Financial Indebtedness as of March, 31, 2015 totaled 225.5 million euro, an increase compared to December 31, 2014 of 23.6 million euro resulting mainly i) from the purchase of 50% of WPS for 16.5 million euro, ii) the effect of the full consolidation of WPS, including the refinancing of its bank debt, of approximately 16.0 million euro, iii) the interest expenses in the quarter of 3,2 million euro, partially offset by the positive effect of iv) the liquidity generated in the first quarter of 2015 of approximately 11.6 million euro. Net Financial Indebtedness, net of derivatives, as of March, 31, 2015 amounted to205.4 million euro (168.2 million euro as of December, 31 2014).
Significant events of First Quarter 2015 Bond Issue and Purchase of 50% of Wind Power Sud srl
On February 11, 2015 Alerion proceeded to the issuance of a bond, listed on the Italian bond market (MOT), guaranteed non-convertible and non-subordinated for a total amount of 130 million euro, with a duration of 7 years and an annual fixed interest rate of 6%.
The issuance of the bond was aimed at closing of debt in project financing of four group companies
(Renergy San Marco Srl, Parco Eolico Licodia Eubea Srl, Wind Power Sud Srl and Minerva Srl), through the extinction of financing and related hedging contracts, in order to allow more efficient management of the cash generated by wind farms.
This issue allowed, among other things, to use the existing liquidity of wind farms to buy the remaining
50% stake of the company Wind Power Sud Srl in February 2015.
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The Shareholders' Meeting, held on 29 April 2015, has approved the distribution of a cash dividend of €
0.045 gross per ordinary share (net of treasury shares), allocating for this purpose part the reserve called
"Retained earnings" in the amount of about 2 million euro (coupon no. 4).
The Shareholders' Meeting has also 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 and Anna Bartyan Luca Arnaboldi.
On May 4, 2015 the Board of Alerion Clean Power S.p.A. confirmed Gastone Colleoni as Chairman and
Giulio Antonello as Chief Executive Officer.
During 2015 the Group will continue the optimization of wind farms' efficiency and the rationalization of operating costs, including the increase of economies of scale, with particular reference to the plants no longer subject to the constraints imposed by the project financing.
Consolidated results of 2015 will also benefit from the increase in the installed capacity of the Group following the acquisition of 50% stake in Wind Power Sud S.r.l..
Simona Raffaelli, Emanuela Borromeo alerion@imagebuilding.it
Tel. +39 02 89011300
Stefano Francavilla stefano.francavilla@alerion.it Tel. +39 02 7788901
Luca Lunghini Luca.lunghini@alerion.it Tel. +39 02 7788901
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(€ mi l l i on) | 2014 | 2013 (*) |
Total revenues | 18.3 | 14.9 |
Operat ing costs | (5.2) | (5.7) |
Net income / (loss) of Joint Ventures accounted for using equity method(1) | 1.2 | 0.9 |
Gross operat ing margin (EBITDA) | 14.3 | 10.0 |
Depreci ati on and Impa i rment of a s s ets (2) | (5.1) | (4.4) |
Net operating margin (EBIT) | 9.2 | 5.6 |
Fi nanci al i nc ome and expens es a nd from i nves tments | (4.2) | (3.9) |
Earnings before taxes (EBT) | 5.0 | 1.7 |
Income tax | (0.8) | (0.5) |
Net income / (loss) | 4.2 | 1.2 |
Net i ncome / (l os s ) attr i buta bl e to mi nori ti es | 0.2 | 0.1 |
(€ mi l l i on) 31 March 2015 31 December 2014
Intangible assets 69.4 43.8
Property, plant and equipment 257.9 236.2
Fiancial Assets 13.6 19.5
Tot al fixed asset s and long-term invest ment s 340.9 299.5
As s ets hel d for s a l e 0.2 0.0
Other non-fi na nci al a s s ets and l i abi l i ti es 5.6 19.4
NET INVESTED CAPITAL 346.7 318.9
Shareholders' equit y at tribut able to the Group 118.6 114.6
Non-controlling interest 2.6 2.4
Shareholders' equit y 121.2 117.0
Ca s h a nd Ca s h equi va l ents 24.5 47.9
Other fi na nci a l a s s ets a nd l i a bi l i ti es (250.0) (249.8)
Net financial posit ion (225.5) (201.9)
SHAREHOLDERS' EQUITY + NET FINANCIAL POSITION 346.7 318.9
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CONSOLIDATED FINANCIAL STATEMENTS
- Net Fi na nci a l I ndebtednes s (€ mi l l i on)
31 March 2015 | 31 December 2014 | |
Cash and Cash equivalents - Ca s h a t ba nks | 24.5 | 47.9 |
Cash and cash equivalents | 24.5 | 47.9 |
Current financial receivables | 0.1 | 0.2 |
Current financial liabilities | ||
- Other fi na nci a l l i a bi l i ti es | - | (0.3) |
- Borrowi ngs from ba nks | (59.2) | (83.0) |
- Debts to Bondhol ders | (1.0) | - |
- Deri va ti ve fi na nci a l i ns truments | (4.2) | (17.8) |
CURRENT FINANCIAL DEBT | (64.4) | (101.1) |
CURRENT FINANCIAL DEBT | (39.8) | (53.0) |
Non-current financial liabilities - Other fi na nci a l l i a bi l i ti es | (1.9) | (1.9) |
- Borrowi ngs from ba nks | (53.8) | (146.2) |
- Debts to Bondhol ders | (126.2) | - |
- Deri va ti ve fi na nci a l i ns truments | (15.9) | (16.0) |
NON-CURRENT FINANCIAL DEBT | (197.8) | (164.1) |
NET FINANCIAL INDEBTEDNESS PER CONSOB NOTICE NO. DEM/6064293/2006 | (237.6) | (217.1) |
Non-current financial receivables | 12.1 | 15.2 |
NET FINANCIAL INDEBTEDNESS | (225.5) | (201.9) |
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