“FAST ON THE SMART ENERGY ROAD”: PRINCIPALI LINEE STRATEGICHE
TerniEnergia punta ad affermarsi come la prima “smart energy company” indipendente italiana attiva nei settori dell’energia da fonti rinnovabili, dell’efficienza energetica, del waste e dell’energy management, grazie al nuovo modello di business e all’integrazione nel Gruppo di Free Energia. Confermata l’evoluzione della struttura organizzativa, che sarà basata su 4 business lines funzionali: Technical Services, Cleantech, Energy management ed Energy saving, con il completamento della fusione per incorporazione di Lucos Alternative Energies in TerniEnergia.
Il nuovo piano “Fast on the smart energy road” fonda i suoi presupposti di carattere industriale su:
- backlog di commesse nel settore fotovoltaico già acquisite e in via di acquisizione all’estero;
- incremento dell’attività di energy management in Italia, grazie all’allargamento del perimetro dei clienti di Free Energia, gran parte dei quali ricorrenti e fidelizzati;
- sviluppo di rilevanti opportunità commerciali “cross-selling” nei settori dell’efficienza energetica (in forte crescita) e della vendita di energia;
- forte diversificazione del business di TerniEnergia in settori anticiclici e completamento delle attività “core” del Gruppo lungo l’intera catena del valore dell’energia, dalla progettazione di impianti fino ai servizi evoluti post-vendita;
- scouting per l’individuazione di potenziali operazioni di M&A volte a favorire la crescita per linee esterne nei settori Gas&Power, anche a livello internazionale;
- ricerca di possibili partnership nel settore EPC fotovoltaico, al fine di valutare la possibilità di dare vita a una piattaforma industriale “leader italiana” per il conseguimento di grandi commesse all’estero;
- ottimizzazione delle condizioni di profittabilità degli impianti di produzione da energia rinnovabile, anche attraverso la vendita di olio vegetale tracciato e sostenibile;
- ingresso nel settore dello sviluppo e produzione industriale di soluzioni e tecnologie smart per l’efficienza energetica e il cleantech.
Dal punto di vista strategico, TerniEnergia conta di poter ottimizzare la struttura finanziaria alle esigenze operative, mettendo a leva l’energia prodotta per ridurre il peso di quella acquisita sul mercato per l’attività di energy management, aumentando la possibilità di rilasciare garanzie corporate, facilitando i rapporti con il mondo del credito, grazie alla ripresa di business ad elevata generazione di ricavi in Italia.
Il nuovo piano industriale, infine, prevede il rafforzamento del programma di acquisto azioni proprie per dotare la Società di un portafoglio azionario da utilizzare come corrispettivo per eventuali operazioni straordinarie e la proposta del voto maggiorato.
1. FAST ON THE SMART ENERGY ROAD
TERNIENERGIA BUSINESS PLAN 2015|2017
CONGRESS ROOM
HOTEL PRINCIPE DI SAVOIA
FEBRUARY 9, 2015 – MILAN, IT
2. AGENDA
TERNIENERGIA TODAY & TOMORROW | TOWARDS THE SMART ENERGY COMPANY
Stefano Neri
Chairman and CEO
TERNIENERGIA EVOLUTION AND GROWTH STRATEGY
Sergio Agosta
Managing Director
THE NEW ORGANIZATIONAL STRUCTURE
Sergio Agosta
Managing Director
Umberto Paparelli
Vice President
Salvatore Pelleriti
CEO Free Energia S.p.A.
ECONOMIC AND FINANCIAL OVERVIEW
Paolo Allegretti
CFO
UNLOCKING VALUE FOR THE FUTURE COMPANY GROWTH
Stefano Neri
Chairman and CEO
BUSINESS PLAN
2015-2017
February 9, 2015 – MILAN, IT
3. Stefano Neri
Chairman and CEO
TERNIENERGIA TODAY & TOMORROW
TOWARDS THE SMART ENERGY COMPANY
FAST ON THE SMART ENERGY ROAD
BUSINESS PLAN
2015-2017
February 9, 2015 – MILAN, IT
4. FORECAST FY2014
BUSINESS PLAN
2015-2017
February 9, 2015 – MILAN, IT
•15.8 MW in full ownership
•23.3 MW in JV 50:50
•1.5 MW biomass
•56 Mln KWh generated
•273 PV Plants installed
•284.1 MW installed
•800 GWh FY energy managed
•220 GWh 4Q energy managed
•21,000 area lights managed
•2 Biomass plants installed
•1 End fo Life Tyres plant installed
•2 Water remediation plant installed
POWER GENERATION & EPC ENERGY MANAGEMENT & ESCO ENVIRONMENTAL
TOTAL INSTALLED MW
REVENUES BREAKDOWN
TECHNICAL SERVICES
32%
CLEANTECH
6%
ENERGY MANAGEMENT
61%
ENERGY SAVING
1%
INDUSTRIAL RESULTS
FINANCIAL HIGHLIGHTS
REVENUES ≈ 100 M/€ (≈ +50% - FY 2013)
EBITDA ≈ 19 M/€ (≈ +50% - FY 2013)
NET PROFIT ≈ 6 M/€
NFP ≈ 109 M/€ (≈ -30% - 1H 2014)
EQUITY ≈ 70 M/€ (≈ +30% - FY 2013)
243,75
15,80
23,30 1,55
EPC/BOT
FO
JV
BIOMASS
5. SHAREHOLDERS STRUCTURE
7 SPV for full
ownership
PV plants
6 JV for PV
plants with
national
partners
97,60% 100%
55%
LYTENERGY SRL70%
100% 50%
100% 100% 100% 100% 100% 50%
BA & Partners
Floating
Capital
46,78% 2,1%
42,12%
BUSINESS PLAN
2015-2017
February 9, 2015 – MILAN, IT
Energetica9%
80%80%
TerniEnergia
Polska
TerniEnergia
Romania
TerniEnergia
Hellas
TerniEnergia
Project
Tevasa TerniEnergia
Solar
South Africa
80%
6. BOARD OF DIRECTORS BOARD
COMMITEE
FOR RELATED PARTIES
TRANSACTIONS
COMPENSATION
COMMITTEE
RISK CONTROL
COMMITTEE
Chairman Member Member
Member Member Chairman
Member Chairman Member
CORPORATE GOVERNANCE
Stefano Neri
Umberto Paparelli
Sergio Agosta
Fabrizio Venturi
Ernesto Santaniello (Chairman)
Vittorio Pellegrini
Simonetta Magni
Board of Statutory Auditors
Auditors
Monica Federici
Francesca Ricci
Domenico De Marinis
Paolo Migliavacca
Mario Molteni
Chairman & CEO
Vice President
Managing Director
Managing Director
Managing Director
Non Executive Director
Non Executive Director
Independent Director
Independent Director
Independent Director
BUSINESS PLAN
2015-2017
February 9, 2015 – MILAN, IT
7. MAIN AMBITIONS FOR THE NEW TERNIENERGIA GROUP
BUSINESS MIX REBALANCE TOWARDS THE SMART ENERGY COMPANY
COMPLETE ENERGY VALUE CHAIN
APPRAISAL OF RENEWABLE POWER GENERATION THROUGH THE SALE TO
FREE ENERGIA
FINANCIAL EFFICIENCY THROUGH THE ISSUE OF CORPORATE
GUARANTEES
DEVELOPMENT OF CROSS-SELLING OPPORTUNITIES
BOOST TO THE INTERNATIONALIZATION ACTIVITIES
DEVELOPMENT OF INNOVATIVE TECHNOLOGIES TO SUPPLY THE NEEDS
OF THE INDUSTRIAL BUSINESS
BUSINESS PLAN
2015-2017
February 9, 2015 – MILAN, IT
9. • Supporting customers
in energy management
through advanced
services
• Turning the heavy
consumption treath
into an opportunity.
• Embedding
innovative energy
saving technologies
• Fully-developed
energy trading
• Leveraging
renewables power
generation for
industrial
consumption
• Plant design,
architecture
• Electrical/Civil
Engineering
• Construction
• Grid
connection
• Monitoring
maintenance
• Security, video
surveillance
• Energy
production from
PV and Biomass.
• Recurring
income from
energy sale
• Site selection
• Site purchase
• Permits
• Off-Take agreement
A FULLY INTEGRATED SMART ENERGY COMPANY
BUSINESS PLAN
2015-2017
February 9, 2015 – MILAN, IT
VALUE
CHAIN
SOLARANDBIOMASS
PLANTSCOMPONENTS
DEVELOPMENT
ENGINEERING
PROCUREMENT
CONSTRUCTION
POWERGENERATION
ANDSTORAGE
O&M
ENERGY
MANAGEMENT
AFTER-SALES
SERVICES
ENERGYEFFICIENCY
FTT-EPC
ENVIRONMENTAL
BUSINESS
MATERIAL RECOVERY
• End of life tyres
• Recovery of materials from marginal
resources (aerobic biodigestion)
• Water remediation
CROSS-SELLING
OPPORTUNITIES
CROSS-SELLING
OPPORTUNITIES
10. KEY STRENGTHS
BUSINESS PLAN
2015-2017
February 9, 2015 – MILAN, IT
TEAM
MANAGEMENT TEAM
EXPERTISE AND
PROVEN ABILITY IN THE
ENERGY AND
CLEANTECH SECTORS
INTEGRATION WITH
NEW MANAGEMENT
TEAM WITH HIGH
SKILLS IN INNOVATIVE
SECTORS
NEW ORGANIZATIONAL
AND EFFICIENT
STRUCTURE
BACKLOG
BACKLOG OF GIANT PV
PLANTS ABROAD WITH
REDUCTION OF
COUNTRY RISK
RECURRING
AGREEMENTS WITH
HEAVY ENERGY
CONSUMPTION
CUSTOMERS
CROSS-SELLING
OPPORTUNITIES
THANKS TO THE
COMMERCIAL
NETWORK
BUSINESS MODEL
INTEGRATED BUSINESS
MODEL WITH THE
POSSIBILITY TO
CONTROL ALL THE
ENERGY VALUE CHAIN
DIVERSIFIED BUSINESS
IN ANTICYCLICAL
SECTORS
ENTRY IN HIGH MARGIN
BUSINESS RELATED TO
INNOVATIVE
TECHNOLOGIES
FINANCIAL EFFICIENCY
LEVERAGING THE OWN
POWER GENERATED TO
REDUCE THE PURCHASE
ON ENERGY MARKET
INCREASED CAPACITY
TO ISSUE CORPORATE
GUARANTEES
BACK TO DEVELOP
BUSINESS ACTIVITIES
ON ITALIAN MARKET
11. COMPETITIVE POSITION vs LISTED COMPARABLES
EPC
POWER GENERATION
O&M
ENERGY
MANAGEMENT
ENERGY EFFICIENCY
CLEANTECH
POWER GENERATION
CLEANTECH
WASTE MANAGEMENT
BUSINESS PLAN
2015-2017
February 9, 2015 – MILAN, IT
12. Sergio Agosta
Managing Director
Umberto Paparelli
Vice President
Salvatore Pelleriti
CEO Free Energia
THE NEW ORGANIZATIONAL STRUCTURE
FAST ON THE SMART ENERGY ROAD
BUSINESS PLAN
2015-2017
February 9, 2015 – MILAN, IT
13. THE NEW ORGANIZATION IN A SNAPSHOT
A NEW SYNERGISTIC, OPERATIVE AND FINANCIAL APPROACH
FOUR BUSINESS LINES TO COMPLETE THE VALUE CHAIN OF ENERGY
CLEANTECHTECHNICAL SERVICES ENERGY SAVING
PHOTOVOLTAIC EPC –
POWER GENERATION
RECOVERY OF ENERGY AND
MATERIAL FROM MARGINAL
RESOURCES – SUSTAINABLE
AND TRACED VEGETABLE OIL
POWER PLANTS
MANAGEMENT
SOLUTIONS, EPC AND
TECHNOLOGIES FOR ENERGY
EFFICIENCY
ENERGY MANAGEMENT
ENERGY TRADING AND
MANAGEMENT –
AFTER-SALES SERVICES
BUSINESS PLAN
2015-2017
February 9, 2015 – MILAN, IT
14. TECHNICAL SERVICES – SOLID BACKLOG IN RSA
BUSINESS PLAN
2015-2017
February 9, 2015 – MILAN, IT
TOM BURKE
UPINGTON
PALEISHEUWEL
SITE OPENED
VALUE: 880.000.000 rand
INSTALLED CAPACITY: 67 MWP
AREA: 195 HA
CARPENTRY: KG 5.800.000
ELECTRICAL CABLES 2.500 KM
EMPLOYEES: 450
SITE OPENED
VALUE: 1.100.000.000 rand
INSTALLED CAPACITY: 82,5 MWP
AREA: 240 HA
CARPENTRY: KG 7.000.000
ELECTRICAL CABLES 3.000 KM
EMPLOYEES: 550
CONNECTED TO THE GRID
VALUE: 148.000.000 rand
INSTALLED CAPACITY: 10 MWP
AREA: 30 HA
CARPENTRY: KG 700.000
ELECTRICAL CABLES 370 KM
EMPLOYEES: 150
PHOTOVOLTAIC INDUSTRY
ENGINEERING
PROCUREMENT
CONSTRUCTION
O&M
15. A LEAD NATIONAL PLAYER IN CLEANTECH
BUSINESS PLAN
2015-2017
February 9, 2015 – MILAN, IT
CLEAN
TECHNOLOGIES
END OF LIFE
TYRES PLANTS
RECOVERY OF
ENERGY AND
MATERIALS
FROM
MARGINAL
RESOURCES
WATER
REMEDIATION
PRODUCTION
OF RENEWABLE
ENERGY
REMEDIATION PLANT
OF ACQUIFER GROUND WATER
NERA MONTORO (TR)
END OF LIFE TYRES PLANT
20.000 T/Y
NERA MONTORO (TR)
COMPOSTING/ANAEROBIC
DIGESTION PLANT 35.000 T/Y
ENERGY RECOVERY 0,7 MWE
NERA MONTORO (TR)
PYROGASIFICATION PLANT
POWER CAPACITY 0,85 MWE
BORGOSESIA (VC)
COMPOSTING/ANAEROBIC
DIGESTION PLANT 33.000 T/Y
ENERGY RECOVERY 0,7 MWE
CALIMERA (LE)
END OF LIFE TYRES PLANT
20.000 T/Y
BORGO VAL DI TARO (PR)
IN OPERATION
UNDER CONSTRUCTION
16. ENTRY IN ENERGY MANAGEMENT BUSINESS
BUSINESS PLAN
2015-2017
February 9, 2015 – MILAN, IT
EXPERTISE – ORGANIZATION – IT SERVICES
HEAVY CONSUMPTION CUSTOMERS
RESELLER
RENEWABLE POWER
PRODUCERS
• PLANTS OPTIMIZATION
• VEGETABLE TRACED AND
SUBSTAINABLE OIL SALE
• RELATIONSHIP WITH
INSTITUTIONAL PLAYERS
• ENERGY SAVING
• SELF CONSUMPTION
PLANTS
• INTERCONNECTOR
• INTEROPERABILITY
SECURED LOANS
• INVOICING
• BUSINESS MANAGEMENT
• ADMINISTRATION
• CREDIT GARANTEE
• EXCISE DUTY
MANAGEMENT
ENERGY SALE
TO HEAVY
CONSUMPTION
CUSTOMERS
AND RESELLERS
IT SERVICES
AND
SOFTWARES
FOR ENERGY
CUSTOMERS
RENEWABLE
ENERGY PLANTS
OPTIMIZATION
ADMINISTRATIVE
AND FINANCIAL
SERVICES FOR
CREDIT
MANAGEMENT
17. INTEGRATING LUCOS AE INTO GROUP’S DYNAMICS
BUSINESS PLAN
2015-2017
February 9, 2015 – MILAN, IT
SOLUTIONS
FOR ENERGY
EFFICIENCY
LIGHTING
SOLUTIONS
FOR
INDUSTRIAL
ENERGY
EFFICIENCY
MULTISECTOR
ESCO (FTT)
ESPCO (EPC
AND
CONSULTING)
MERGER BY INCORPORATION
PROCESS IN TERNIENERGIA START OF NEW BUSINESS OPPORTUNITIES THANKS TO
THE ENERGY MANAGEMENT COMMERCIAL NETWORK
ENERGY SALE
ENERGY SAVING
ESCO - ESPCO
HEAVY CONSUMPTION CUSTOMERS
INDUSTRIAL
ISTITUTIONAL
LARGE SCALE RETAIL TRADERS
PUBLIC ADMINISTRATIONS
RESELLERNETWORK
TECHNICALINSTALLERS
18. Paolo Allegretti
CFO
ECONOMIC AND FINANCIAL OVERVIEW
FAST ON THE SMART ENERGY ROAD
BUSINESS PLAN
2015-2017
February 9, 2015 – MILAN, IT
19. A SOLID DOUBLE-DIGIT GROWTH
BUSINESS PLAN
2015-2017
February 9, 2015 – MILAN, IT
REVENUES 2015-2017 [M€]
67 102
355
437 475
2013A 2014F 2015E 2016E 2017E
Technical Services
22%
Cleantech
8%
Energy Management
66%
Energy Saving
4%
CAGR +47%
2015 REVENUES BREAKDOWN 2014 – 2017 REVENUES BY BUSINESS LINES
61%
68%
1%
7%
6%
12%
32%
13%
2014F 2017E
TECHNICAL SERVICES
CLEANTECH
ENERGY SAVING
ENERGY MANAGEMENT
20. EBITDA BOOST WITH A BALANCED MIX
BUSINESS PLAN
2015-2017
February 9, 2015 – MILAN, IT
12
19
23
28
32
2013 2014F 2015E 2016E 2017E
EBITDA 2015-2017 [M€]
BREAKDOWN EBITDA 2015-2017 [%]
CAGR +14%
EBITDA MARGIN [%] 18,50% 18,51% 6,39% 6,40% 6,71%
27% 27% 28%
5%
12%
22%
21%
24%
30%
47%
37%
20%
2015E 2016E 2017E
TECHNICAL SERVICES
CLEANTECH
ENERGY SAVING
ENERGY MANAGEMENT
21. A DYNAMIC PATH OF INVESTMENTS WITH HIGH RETURNS
BUSINESS PLAN
2015-2017
February 9, 2015 – MILAN, IT
167
183
194
2015E 2016E 2017E
16
22
25
9,4%
12,5%
13,2%
2015E 2016E 2017E
EBIT
ROI
EBIT vs ROI 2015-2017 [M€]
BREAKDOWN CAPEX 2015-2017 [M€] NET CAPITAL INVESTED 2015-2017 [M€]
11 22 21
63,4% 57,6%
74,4%
36,6%
42,4%
25,6%
2015E 2016E 2017E
ENERGY SAVING (FINANCIAL ASSET) CLEANTECH
22. A SEASON OF DEVELOPMENT SOLIDLY BUILT
BUSINESS PLAN
2015-2017
February 9, 2015 – MILAN, IT
96 106 108
1,36 1,37
1,27
2015E 2016E 2017E
NFP
GEARING RATIO
NFP EVOLUTION 2015-2017 [M€]
NFP/EBITDA 2014-2017 CUMULATING CASH FLOW 2015-2017 [M€]
5,75
4,25
3,78
3,40
2014F 2015E 2016E 2017E
81
29
(52)
OPERATING CASH FLOW CAPEX & FINANCIAL ASSET FREE CASH FLOW
23. Stefano Neri
Chairman and CEO
UNLOCKING VALUE FOR THE FUTURE COMPANY GROWTH
FAST ON THE SMART ENERGY ROAD
BUSINESS PLAN
2015-2017
February 9, 2015 – MILAN, IT
24. UNLOCKING VALUE FOR THE FUTURE COMPANY GROWTH
BUSINESS PLAN
2015-2017
February 9, 2015 – MILAN, IT
INNOVATIVE
TECHNOLOGIES
DEVELOPMENT
PV EPC
PARTNERSHIPS
M&A
GAS & POWER
LOYALTY
SHARES
EMPOWERING
BUY-BACK
POLICY
ASSETS
ENHANCEMENT
PLANNING THE INTRODUCTION OF
INCREASED VOTING RIGHTS TO IMPROVE
THE GROUP’S GROWTH STRATEGY
THROUGH M&A OPERATIONS,
EMPOWERING THE CONTINUOUSLY
CONTROL BY LONG TERM SHAREHOLDERS
STRENGTHENING THE SHARES BUY-
BACK PROGRAM TO PROVIDE THE
GROUP OF A PORTFOLIO CONSISTING
OF TERNIENERGIA ORDINARY SHARES
TO BE USED AS CONSIDERATION FOR
ANY EXTRAORDINARY TRANSACTIONS,
THROUGH AN EXCHANGE OF EQUITY OR
AS A SUBJECT OF THE TRANSFER, OR
FOR OTHER PURPOSES DEEMED OF
STRATEGIC, FINANCIAL, INDUSTRIAL
AND/OR OPERATIONAL INTEREST OF
THE COMPANY
CONTINUING THE PATH OF
ENHANCEMENT OF THE ASSETS
REPRESENTED BY THE OWNERSHIP OF
PHOTOVOLTAIC SYSTEMS OF
INDUSTRIAL SIZE DEVELOPED,
MAINTAING THE MANAGEMENT OF
POWER GENERATION
SCOUTING IN THE GAS & POWER MARKETS
FOR M&A OPERATIONS.
POTENTIAL INTERNATIONAL GROWTH
THE COMPANY INTENDS TO EXPLORE THE
POSSIBILITY OF BECOMING A PLATFORM
FOR POSSIBLE PARTNERSHIPS IN PV EPC,
TO CREATE A NATIONAL INDUSTRIAL
LEADER READY FOR THE INTERNATIONAL
CHALLENGES
DEVELOPMENT OF INNOVATIVE
TECHNOLOGIES TO SUPPLY THE NEEDS OF
THE INDUSTRIAL BUSINESS
26. DISCLAIMER
DISCLAIMER - This document has been prepared by TerniEnergia solely for investors and analysts. This
document does not constitute an offer or invitation to purchase or subscribe any shares or other
securities and neither it nor any part of it shall form the basis of or be relied upon in connection with
any contract or commitment whatsoever.
Some information contained here in and other material discussed at the meetings may include forward-
looking information based on TerniEnergia’s current beliefs and expectations. These statements are
based on current plans, estimates, projections, and projects and therefore you should not place undue
reliance on them.
Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of
important factors could cause actual results to differ materially from those contained in any forward-
looking statement. Such factors include, but are not limited to: changes in global economic business,
changes in the price of certain commodities including electricity, gas and coal, the competitive market
and regulatory factors.
Moreover, forward-looking statements are current only at the date they are made.
BUSINESS PLAN
2015-2017
February 9, 2015 – MILAN, IT
27. FOR FURTHER INFORMATIONS
BUSINESS PLAN
2015-2017
February 9, 2015 – MILAN, IT
PAOLO ALLEGRETTI
CFO
HEAD OF INVESTOR RELATIONS
ALLEGRETTI@TERNIENERGIA.COM
+39 0744.7581
FEDERICO ZACAGLIONI
HEAD OF CORPORATE COMMUNICATION
PRESS OFFICE
ZACAGLIONI@TERNIENERGIA.COM
WWW.TERNIENERGIA.COM
TWITTER: @TERNIENERGIA
FACEBOOK: WWW.FACEBOOK.COM/TERNIENERGIA