PLT energia : approves the half–year consolidated results at June 30th, 2016

PLT ENERGIA APPROVES THE HALF-YEAR CONSOLIDATED RESULTS AT JUNE 30TH, 2016 SIGNIFICANT MARGIN GROWTH: EBITDA +48.5% AND EBIT +71.7%

• Value of production equal to 34.2 million euro (24.3 million euro in the first half of 2015), significantly influenced by intra-group revenues resulting from the construction of wind farms which, at a consolidated level, do not bring profit margins.
• EBITDA* + 48.5% equal to 7.5 million euro (5.0 million euro in the first half of 2015)
• Operating profit (EBIT) + 71.7%, equal to 3.9 million euro (2.2 million euro in the first half of 2015).
• Net profit equal to 10.9 million euro influenced by the one-off gain stemming from the sale of the 40% interest in Maicor Wind
• Net financial position equal to 102.9 million euro (+1.2% compared to 2015) with an impact on the total net invested capital of 71.9% (75.5% at the end of 2015).
• Net invested capital equal to 143 million euro (+ 6.1% compared to 2015).
• Production of electricity is increasing by 14.5% compared to the previous semester.

Cesena, 29th September 2016 - PLT energia S.p.A., an Italian industrial holding operating in the renewable energy market, announces that the Board of Directors, meeting today, has approved the half-year consolidated results at June 30th, 2016.

The half-year results show an improvement of the main profitability indicators compared to the previous semester.

Pierluigi Tortora, CEO of PLT Energia Spa, commented: "The continuous increase in results represents a strong incentive for the Group to pursue investments aimed at increasing the installed capacity, with positive effects in terms of operational efficiency. The growth plan will continue in the wake of the technical-industrial skills acquired until now, with the hopes of being able to further improve and start contextually, through PLT puregreen SpA, a new challenge in the downstream segment, independently, with an ethical approach and a prudent financial management."

The Value of production at June 30th 2016, equal to 34.2 million euro, mainly refers to the production and sale of energy (4.6 million euro), the operating grants related to the incentive tariffs (6.6 million euro) and the increase of fixed assets stemming from internal works (about 21 million euro).

EBITDA, equal to 7.5 million euro, includes, in addition to the above revenues, operating costs equal to 25.0 million euro, mainly related to the purchase of services and goods to realise the plants and personnel costs for 1.6 million euro.

The significant increase, + 48.5% recorded in the first half of 2016, is due to the contribution of new plants in operation and to the recovery of efficiency due to economies of scale by a comparison between costs and greater installed capacity.

EBIT, equal to 3.9 million euro, less depreciations of 3.7 million euro mainly related to plants and equipments, is increasing by 71.7% compared to the first half of 2015. Net profit, equal to 10.9 million euro, includes interests and financial incomes of 7.6 million euro, excluding current and deferred taxes for a total of 565 thousand euro.

Net profit has been influenced by the one-off gain stemming from the sale of the 40% interest in Maicor Wind, previously consolidated with the equity method, equal to 9,952 thousand euros and recorded in the Financial Statements under the item "Income from investments in associates."

Net capital amounts to 143.1 million euro and it's covered by Equity for 40.1 million euro and net financial position for 102.9 million.

Operational Data at June 30th, 2016

June 2016 December 2015 June 2015 MWH PRODUCED MW INSTALLED MWH PRODUCED MW INSTALLED MWH PRODUCED MW INSTALLED

Wind and mini-wind 113,872.2 38.6 183,616.0 102.46 97,794.8 99.85

Photovoltaic 6,573.1 10.0 13,558.0 10.0 6,956.1 10.0

Biomasses/Biogas 4,684.9 2.0 9,433.5 2.0 4,578.7 2.0

Totale 125,101.9 50.6 206,607.5 114.5 109,329.6 112

With regard to MW installed, at the beginning of May 2016, as reported earlier, PLT energia sold to Enel Green Power its 40% stake in Maicor Wind, a company that owns two wind farms in Calabria with a total capacity of 64 MW which have contributed to the Group's production until April 2016.

In the middle of June 2016, two of the seven mini-wind farms, whose projects were admitted to the facilities provided by the DM 29th July 2013 obtained by PLT engineering Srl, became operational with an output of

0.12 MW (out of a total of 0.42 MW completed during the months of July and August 2016).

The increase in MWh produced, compared with that of June 2015, is due not only to a good wind recorded in the first half of 2016, but also to the full contribution of Torre di Ruggiero wind farm in the first semester of 2016 (in operation since June 2015 with an installed capacity of 10 MW) and the wind farms owned by SAV S. Maria Srl, as well as the acquisition in July 2015 of FAS Srl, owner of a wind farm already in operation with a capacity of 2.55 MW.

First-Half 2016 highlights

In May 2016, as mentioned above, it has occurred the disposal of the 40% stake in Maicor Wind (JV with Enel Green Power), a company owner, also through its subsidiary Enerlive, of two wind farms in Calabria for a total capacity of 64 MW.

Enel Green Power and PLT energia started their partnership in 2009 with the signing of an agreement providing, among other provisions, a put&call option concerning the 40% of Maicor Wind owned by PLT energia.

In the same month Powerservice S.r.l., company of PLT energia Group, engaged in trading activities, has become PLT pureGreen S.p.A., sales company that will go directly to the final customer with the sale of electricity and gas.

The new social form will allow both greater visibility for the market and the stakeholders in general and further strategic options to support the new business.

In June the company "Parco eolico di Tursi e Colobraro srl", a 100% subsidiary of PLT energia S.p.A, signed the multi-line financial contract, for a total of 74.1 million euro, for the construction of a wind farm with a total capacity of 60 MW, located in the municipalities of Tursi and Colobraro (MT). This transaction, with a project financing structure, involved a banking pool consisting of BPER, as agent bank, BPM, ICCREA BancaImpresa and Credito Valtellinese.

Business outlook

With regard to the construction of Simeri Crichi and Tursi and Colobraro wind farms, with an installed capacity of 22,55 MW and 60 MW respectively, works are in an advanced realisation phase and will be completed in the second semester.

However, while the work on Tursi and Colobraro wind farm are continuing with no surprises, the construction site of Simeri Crichi suffered a suspension of work due to the discovery of relics considered of archaeological interest by the Commission for the Architectural and Landscape Heritage. In addition to the sickout of over six months, it has seen fit to put direct and indirect constraints that forced to give up five wind turbines planned in the original design, reducing, in this way, the previous installed capacity of 33.28 MW, purchased at the last auction, to 22.55 MW.

It is therefore reasonable to estimate plants will be in operation in the first quarter of 2017.

On June 29th 2016, after a long process, the decree to regulate the incentives to renewable sources, different from photovoltaics, was finally released.

Therefore, in the second semester, PLT energia will explore the possibility to participate in competitive procedures for dutch auctions, which will close at the end of November 2016, with some new wind farms.

Moreover, PLT energia is carrying on the activities of scouting and feasibility assessment of some initiatives geared to the acquisition of plants already in operation, thus allowing synergies and economies of scale especially related to the maintenance sector of the plants of the Group company, PLT engineering.

Other forms of renewable energy (solar and biogas / biomass) have now reached standard levels of production which, unless adverse or unforeseeable weather events, guarantee constant production levels of electricity according to the characteristics of each plant.

Significant events after the half-year closure date

In July 2016, the institute certifying DASA RÄGISTER has successfully completed the certification process of the Integrated Management System BS OHSAS 18001: 2007, EN ISO 14001: 2004, EN ISO 9001: 2008 of PLT engineering S.r.l, which aims to pursue a process of improving quality and safety standards, as well as to define the framework on which to set the activities according to the environmental objectives.

During July and August 2016, the other five mini-wind farms, with a capacity of 0.30 MW, located in the municipalities of Petrizzi and Marcellinara (CZ) and whose projects were admitted to the facilities provided by the DM 29th July 2013 obtained by PLT engineering Srl , came into operation.

On August 31st 2016, PLT pureGreen S.p.A. has acquired the 100% shares capital of the company Easy Gas

& Power S.r.l. The operation is part of the sales strategy to the final customer of electricity and gas that PLT energia, through its subsidiary PLT puregreen S.p.A., has began in the first half year.

The "Autorità Garante della Concorrenza e del Mercato", at the meeting of September 6th 2016, decided to confirm the legality rating assigned to PLT energia on 5th August 2015, as well as to increase the previously assigned score to three stars (a star for the basic requirements and two stars for winning requirements).

Consolidated Income Statement (euro/000))

30/06/2016	30/06/2015
Value of production	34.215	100.0%	24.269	100.0%
Operating Costs	25.052	73.2%	17.405	71.7%
Personnel Costs	1.634	4.8%	1.828	7.5%
EBITDA	7.529	22.0%	5.036	20.8%
Depreciation and Amortization	3.675	10.7%	2.825	11.6%
EBIT	3.854	11.3%	2.211	9.1%
Income from participating interests	0	0.0%	1.326	5.,5%
Financial incomes/ (expenses)	7.589	22.2%	(2.193)	9.0%
Pre-tax profit	11.443	33.4%	1.344	5.5%
Tax	565	1.7%	(12)	0.1%
Net profit (loss)	10.878	31.8%	1.356	5.6%