ALERION CLEAN POWER S.P.A. Milan, 12 November 2015
(Informal translation of the Italian press release)
Revenues of 37.1 million euro up from 34.6 million euro in the first nine months of 2014
EBITDA amounted to 22.8 million euro, up compared to 17.8 million euro in the first nine months of 2014
Group net result negative for 2.5 million euro, improved compared to the first nine months of 2014 when it was negative for 8.5 million euro
Net financial position totaled € 211.8 million (201.9 million euro at December 31, 2014), an increase primarily due to the acquisition of 50% of Agrigento wind farm (34 MW). Net financial position, net of derivatives, is
194.3 million euro
Receivables for Green Certificates and electricity sales of 25.7 million euro (14.8 million euro at 31 December 2014)
The Board of Directors of Alerion Clean Power S.p.A. examined and approved 2015 First Nine Months Results, prepared according to the principles of International Accounting Standards/International Financial Reporting Standards (IAS/IFRS).
III° Q 2015 | III° Q 2014 | Economic results (€ million) | 01/01‐30/09 | 01/01‐30/09 |
2015 | 2014 | |||
7.3 | 8.1 | Revenues | 37.1 | 34.6 |
2.5 | 2.5 | EBITDA | 22.8 | 17.8 |
(3.7) | (5.3) | Net income / (loss) | (2.6) | (8.8) |
(3.5) | (5.1) | Net income / (loss) attributable to the Group | (2.5) | (8.5) |
III° Q 2015 | III° Q 2014 | Financial position results (€ million) | 30.09.2015 | 31.12.2014 |
Shareholders' equity attributable to the Group | 111.9 | 114.6 | ||
Net Financial Indebtedness | 211.8 | 201.9 | ||
Net Financial Indebtedness (excluding fair value of derivatives) | 194.3 | 168.2 | ||
Operating performance | 01/01‐30/09 | 01/01‐30/09 | ||
2015 | 2014 | |||
270.3 | 254.7 | Installed wind capacity at the end of period (MW) | 270.3 | 254.7 |
60,388 | 71,584.0 | Electricity production (MWh) - Wind Sector | 302,679 | 283,985 |
49,335 | 53,205.0 El ectrici ty producti on (MWh) - Wind Sector (full y consoli dated) | 248,277 | 214,742 | |
Mauro Miglio, Chief Executive Officer of Alerion, commented: 'The results achieved in the first nine months of the year, with growth in EBITDA margins from 50% to over 60%, start showing the first effects of the program for improving operational efficiency. In the coming months we will continue the implementation of actions to achieve further improvements in profitability and will evaluate opportunities in order to reach significant economies of scale.'
Business performance for the first nine months of 2015 was characterized by an increase in electricity production of operating plants. In particular, the electrical output of the consolidated plants amounted to 248,277 MWh, an increase of 33,535 MWh (+ 15,6%) compared to the first nine months of 2014 (equivalent to 214,742 MWh).
The increase in electricity production is connected to both the growth in installed capacity resulting from the acquisition of the remaining 50% of Wind Power Sud S.r.l. (Agrigento wind farm, with an installed capacity of 34 MW, hereinafter 'WPS') and electrical production of first nine months of 2015 higher than recorded production in the same period of 2014, despite the electrical output of the third quarter of 2015 was affected by the low wind of summer months and the damage of a wind turbine of
the wind farm of Agrigento, which involved the launch in late June 2015 of a program of extraordinary maintenance on the entire farm.
The total production of the operating plants managed by Alerion in the first nine months of 2015 amounted to 356 GWh compared to the 353 GWh of the first nine months of 2014 and to the historical average of 360 GWh.
It should also be noted that on September 16, 2015 the subsidiary Durini 18 Srl, owner of five floors of the building located in via Durini 18 in Milan, used partly as headquarters, completed the sale of this property, for a value of 20.75 million euro. The sale of the property, which also will include the subsequent liquidation of the company Durini 18 S.r.l., has generated a profit of about 1.5 million euro.
In the first nine months of 2015, Revenues amounted to 37.1 million euro, up 7.2% from 34.6 million euro in the first nine months of 2015, including Revenues for energy sales of 35.9 million euro (31.4 million euro in the same period of last year). The increase over the first nine months of the previous year was due to increased production electricity recorded in the period.
The increase in EBITDA in the first nine months of 2015 reflects also a significant reduction in operating costs (-1.7 million euro compared to the first nine months of 2014), also resulting from the program for improving the efficiency of Group's operational costs.
EBIT for the first nine months of 2015 also includes the effect of the adjustment of the value of the property of Durini 18 at its sale price, represented by a devaluation of approximately 1.9 million euro. As previously mentioned the sale of the property has resulted in a profit of about 1.5 million euro, including tax effects of the operation.
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.
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