Discover the new green era - TerniEnergia Industrial Plan 2014-2016

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TERNIENERGIA PRESENTA IL NUOVO PIANO INDUSTRIALE 2014-16 E AGGIORNA I TARGET 2013
• Outlook 2013: Utile Netto pari a circa euro 7 milioni
• Valore della produzione: CAGR 2014-16 +35%
• EBITDA margin 2014-16 pari al 14,5%
• Utile netto: CAGR 2014-16+58%
• Gearing ratio 2016 pari a 0,6x
• Investimenti 2014-16: euro 16,5 milioni per attività di ESCO con formula FTT
• Pay-out ratio costante e pari a circa il 50%

“DISCOVER THE NEW GREEN ERA”: PRINCIPALI LINEE STRATEGICHE
TerniEnergia punta ad affermarsi tra i maggiori player a livello internazionale nel settore di riferimento grazie al nuovo modello di business e all'integrazione della struttura finanziaria.
Il nuovo piano industriale prevede il rafforzamento del processo di internazionalizzazione, con focus strategico sugli impianti di dimensione industriale e il consolidamento di partnership e sinergie con operatori industriali e finanziari caratterizzati da elevato merito creditizio.
TerniEnergia manterrà la proprietà (piena o in JV) della maggior parte degli asset, al fine di assicurare ricavi stabili e ricorrenti nel lungo periodo. I nuovi investimenti saranno concentrati nel settore dell'efficienza energetica che si stima in forte crescita, con significative marginalità ed elevato tasso di innovazione tecnologica.
Il Piano evidenzia l'importanza dell'attività di EPC, anche grazie all'accordo raggiunto con Prelios SGR e con l'advisor Power Capital per la costituzione del Fondo immobiliare chiuso denominato RA (Renewable Assets), destinato a investire sulla nuova asset class costituita dagli impianti di produzione energetica da fonti rinnovabili.
TerniEnergia è il partner tecnico industriale del Fondo RA con target di raccolta a 100 milioni di euro in due tranche da 50 milioni e una leva superiore al 60%. Il Gruppo, all'inizio del 2014, apporterà al Fondo RA impianti di sua proprietà per circa Euro 70 milioni di enterprise value, trattenendo quote del Fondo pari a circa il 5%. La restante liquidità del Fondo sarà utilizzabile per nuovi progetti che TerniEnergia svilupperà e realizzerà nel mondo per poi gestirli direttamente. Il nuovo modello prevede la costruzione di impianti su incarico di soggetti investitori che ne acquisiscono la proprietà e ne conferiscono a TerniEnergia la gestione, consente di ridurre la posizione finanziaria netta e autofinanziare gli interventi pianificati con i flussi di cassa generati dall’attività industriale e dalla cessione degli impianti agli investitori.
Il nuovo piano industriale 2014-2016 punta ad accelerare la strategia di focalizzazione delineata col piano baseline lo scorso anno, attraverso l’innovativo modello di accesso al capitale, il rafforzamento della produzione di cassa e la stabilità dei margini nel periodo di piano.

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Discover the new green era - TerniEnergia Industrial Plan 2014-2016

  1. 1. INDUSTRIAL PLAN 2013-2016 TARGETS UPDATE OCTOBER 1, 2013 – LONDON, UK DISCOVER THE NEW GREEN ERA TERNIENERGIA INVESTOR BOOKLET
  2. 2. DISCLAIMER INDUSTRIAL PLAN 2013-2016 TARGETS UPDATE OCTOBER 1, 2013 – LONDON, UK 2 This presentation contains statements that constitute forward-looking statements based TerniEnergia SpA’s current expectations and projections about future events and does not constitute an offer or solicitation for the sale, purchase or acquisition of securities of any of the companies mentioned and is directed to professionals of the financial community. These statements appear in a number of places in this presentation and include statements regarding the intent, belief or current expectations of the customer base, estimates regarding future growth in the different business lines and the global business, market share, financial results and other aspects of the activities and situation relating to the Company. Such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those expressed in or implied by these forward looking statements as a result of various factors, many of which are beyond the ability of TerniEnergia SpA to control or estimate precisely. Consequently it is recommended that they be viewed as indicative only. Analysts are cautioned not to place undue reliance on those forward looking statements, which speak only as of the date of this presentation. TerniEnergia SpA undertakes no obligation to release publicly the results of any revisions to these forward looking statements which may be made to reflect events and circumstances after the date of this presentation, including, without limitation, changes in TerniEnergia SpA business or acquisition strategy or to reflect the occurrence of unanticipated events. Statement The Manager mandated to draft corporate accounting documents of TerniEnergia SpA, Paolo Allegretti, attests – as per art.154-bis. comma 2 of the Testo Unico della Finanza (D.Lgs. 58/1998) – that all the accounting information contained in this presentation correspond to the documented results, books and accounting of the Company.
  3. 3. TERNIENERGIA AGENDA INDUSTRIAL PLAN 2013-2016 TARGETS UPDATE OCTOBER 1, 2013 – LONDON, UK 3 STEFANO NERI CHAIRMAN & CEO PAOLO RICCI MANAGING DIRECTOR FABRIZIO VENTURI MANAGING DIRECTOR PAOLO ALLEGRETTI CFO DISCOVER THE NEW GREEN ERA – STRATEGIC OVERVIEW A NEW WORLD MARKET ASSESSMENT INDUSTRIAL ROADMAP DISCOVER THE NEW GREEN ERA - FINANCIALS
  4. 4. INDUSTRIAL PLAN 2013-2016 TARGETS UPDATE OCTOBER 1, 2013 – LONDON, UK DISCOVER THE NEW GREEN ERA TERNIENERGIA STEFANO NERI CHAIRMAN & CEO
  5. 5. •33.3 MW in full ownership •11.1 MW in JV 50:50 •1.5 MW biomass •272 PV Plants installed •272.2 MW installed •20,000 area lights managed •2 Biomass plants installed •1 Discarded Tyres recovery plant installed •2 water remediation plant installed A SMALL GLOBAL COMPANY FULLY INTEGRATED IN THE GREEN INDUSTRY HANDLED THE SLOWDOWN SCENARIO THROUGH BUSINESS INTERNATIONALIZATION INDUSTRIAL PLAN 2013-2016 TARGETS UPDATE OCTOBER 1, 2013 – LONDON, UK 5 INDEPENDENT POWER PRODUCER INTEGRATED ENERGY SOLUTIONS ENVIRONMENTAL RESOURCES SOLUTIONS AVERAGE PLANT CAPACITY PER YEAR (MW) INSTALLED MW 0.076 0.259 0.907 1.016 1.758 1.85 7.67 2007 2008 2009 2010 2011 2012 1H 2013 199.46 33.30 11.10 1.55 EPC JV FO BIOMASS
  6. 6. INDUSTRIAL PLAN 2013-2016 TARGETS UPDATE OCTOBER 1, 2013 – LONDON, UK 6 NET PROFIT ~ 7 Mio € INDUSTRIAL ENFORCEMENT WITH FINANCIAL BALANCE FOREIGN SUBSIDIARIES A SMALL GLOBAL COMPANY FULLY INTEGRATED IN THE GREEN INDUSTRY HANDLED THE SLOWDOWN SCENARIO THROUGH BUSINESS INTERNATIONALIZATION 2013 FORECAST ~
  7. 7. A CLEAR SET OF INDUSTRIAL AND FINANCIAL PRIORITIES DISCOVER THE NEW GREEN ERA INDUSTRIAL PLAN 2013-2016 TARGETS UPDATE OCTOBER 1, 2013 – LONDON, UK 7 INCREASE INTERNATIONAL ACTIVITY AN INNOVATIVE MODEL FOR ACCESSING CAPITAL STRONG SELECTION OF VALUE-DRIVEN CAPITAL ALLOCATION HIGHER CASH FLOW PRODUCTION OUTPUT OF STABLE PROFITABILITY IN THE LONG TERM FOCUS ON UTILITY SCALE PLANTS CUSTOMERS AND PARTNERS WITH ACKNOWLEDGMENT OF CREDIT RATING
  8. 8. WHERE WE SEE OPPORTUNITIES • EMERGING COUNTRY MARKETS WHERE PV ENERGY DEMAND INCREASING • MARKETS CHARACTERIZED BY DEMAND FOR REPLACEMENT CAPACITY AND ENERGY EFFICIENCY • DEVELOPMENT OF PLANTS IN COUNTRIES WHERE GRID PARITY MOST LIKELY TO HAPPEN OR THROUGH PRIVATE OR PUBLIC PPA (POWER PURCHASE AGREEMENTS) KEY SUCCESS FACTORS • TRACK RECORD AS EPC PROVIDER ON OVER 20 MW OF UTILITY SCALE PROJECTS • OUR TEAM HAS THE ABILITY TO UNDERSTAND COUNTRY OPPORTUNITIES AND TO CONDUCT RISK ASSESSMENT • TARGET OPTIMIZED ON LATE STAGE PROJECT BACKLOG • REVENUES BY SELECTED INVESTMENTS WITH HIGH POWER CAPACITY CUSTOMERS AND INVESTORS • DRIVE THE INCREASING DEMAND FROM INSTITUTIONAL INVESTORS TO A NEW ASSETS CLASS REPRESENTED BY RENEWABLE ENERGY PLANTS • FOCUS ON PARTNERSHIP WITH DEVELOPERS AND END BUYERS (INVESTOR FUND AND MAJOR UTILITIES) OF GRID CONNECTED PLANTS TERNIENERGIA IS READY TO START A NEW GROWTH STAGE KEY INDUSTRY TRENDS ACTION PLAN BREAKDOWN INDUSTRIAL PLAN 2013-2016 TARGETS UPDATE OCTOBER 1, 2013 – LONDON, UK 8
  9. 9. IMPROVE ACCESS TO CAPITAL TERNIENERGIA IS READY TO START A NEW GROWTH STAGE KEY FINANCIAL SOLUTIONS INDUSTRIAL PLAN 2013-2016 TARGETS UPDATE OCTOBER 1, 2013 – LONDON, UK 9 NFP UNDER CONTROL CREATE VALUE BY A NEW MODEL OF ASSET MANAGEMENT INVESTMENT FUND ALLOWING ADDITIONAL OPPORTUNITIES THE INDUSTRIAL PLAN SELF-FINANCING THE CASH NEEDS
  10. 10. Contratto di locazione TERNIENERGIA Property and Facility Manager System Integrator INVESTORS 10 INDUSTRIAL PLAN 2013-2016 TARGETS UPDATE OCTOBER 1, 2013 – LONDON, UK 10 TERNIENERGIA IS READY TO START A NEW GROWTH STAGE STRATEGIC ASSET CLASS IN GROWING MARKETS Rent rates Lease plant Shares Advisory TERNIENERGIA EPC - BOT Investment Industrial power plants
  11. 11. 64 74 87 68 60 52 1.06 0.81 0.60 -2,00 -1,50 -1,00 -0,50 0,00 0,50 1,00 0 20 40 60 80 100 120 140 160 2014 E 2015 E 2016 E NFP/EQUITY (Mio €) EQUITY NFP NFP/EQUITY 136 201 248 14.50% 14.50% 14.50% -4,00% 1,00% 6,00% 11,00% 16,00% 21,00% - 50 100 150 200 250 300 2014 E 2015 E 2016 E REVENUES (Mio €) – EBITDA MARGIN (%) REVENUES EBITDA MARGIN 8 15 20 0 5 10 15 20 25 2014 E 2015 E 2016 E NET PROFIT (Mio €) NET PROFIT A SOLID PERSPECTIVE OF CAPITAL EFFICIENCY INDUSTRIAL PLAN 2013-2016 TARGETS UPDATE OCTOBER 1, 2013 – LONDON, UK 11 TOTAL REVENUES: 585 Mio € TOTAL NET PROFIT: 43 Mio € DIVIDENDS: ~ 50 % OF THE CONSOLIDATED PROFIT It is recommended that these forward looking statements are to be viewed as indicative only.
  12. 12. INDUSTRIAL PLAN 2013-2016 TARGETS UPDATE OCTOBER 1, 2013 – LONDON, UK DISCOVER THE NEW GREEN ERA TERNIENERGIA PAOLO RICCI MANAGING DIRECTOR
  13. 13. • STRONG PV TECHNOLOGY PRICE DECREASE • ELECTRICITY PRICE INCREASE • NUMBER ONE ELECTRICITY SOURCE IN EU IN TERMS OF NEWLY INSTALLED CAPACITY (2.6% ELECTRICITY DEMAND – 5.2% PEAK ELECTRICITY DEMAND) WORLD WIDE PV INDUSTRY STATE OF THE ART INDUSTRIAL PLAN 2013-2016 TARGETS UPDATE OCTOBER 1, 2013 – LONDON, UK 13 PV TECHNOLOGY MATURE MAINSTREAM SOURCE OF ENERGY 102 GW CUMULATED CAPACITY AS AT 2012 INSTALLED 2012 SUMMARY • 31.1 GW INSTALLED (30.4 IN 2011) • 17.2 GW GRID CONNECTED IN EUROPE (22.4 IN 2011) • GERMANY IS THE MARKET LEADER WITH 7,6 GW FOLLOWED BY CHINA (5 GW), ITALY (3.4), USA AND JAPAN
  14. 14. PV INDUSTRY EVOLUTION A NEW WORLD MARKET ASSESSMENT* INDUSTRIAL PLAN 2013-2016 TARGETS UPDATE OCTOBER 1, 2013 – LONDON, UK 14 SINCE 2012 THE EUROPEAN LEADING ROLE IN THE PV POLICY DRIVEN MARKET IS COMING TO AN END NEW PV EUROPEAN INSTALLATIONS DECREASED (FROM 74% TO 55%) 2013 INSTALLATION GROWTH OF PV WILL BE MOSTLY REALIZED OUTSIDE EUROPE * ANNEXES: DETAILED DATA PV MARKET IS BECOMING TRULY GLOBAL
  15. 15. FOCUS ON PV MARKET EUROPE VS WORLD FORECAST UNTIL 2020 INDUSTRIAL PLAN 2013-2016 TARGETS UPDATE OCTOBER 1, 2013 – LONDON, UK 15 DRASTIC DECREASE OF FEED IN TARIFF PROGRAMMES UNCERTAIN FUTURE FOR THE EUROPEAN PV MARKET BASELINE SCENARIO* ESTIMATES THAT 4% IN 2020 AND UP TO 10% IN 2030 OF THE ELECTRICITY DEMAND WILL BE PROVIDED BY PV YEAR 2012 SLOWED FIRST PV MARKET DECLINE IN EUROPE SINCE 2000 * Source: EPIA GROWTH POTENTIAL OUTSIDE EUROPE OPPORTUNITIES IN PPA, FIT AND REPLACEMENT OF FOSSIL SOURCE FAST GROWING MARKETS: CHINA, INDIA, SOUTHEST ASIA, LATIN AMERICA and MENA POTENTIALITY: 60 TO 250 GW IN 2020 260 TO 1.100 GW IN 2030
  16. 16. FUTURE PROSPECTS FOR MARKET DEVELOPMENT TWO SETS OF DRIVERS INDUSTRIAL PLAN 2013-2016 TARGETS UPDATE OCTOBER 1, 2013 – LONDON, UK 16 * Source: EPIA INVESTORS’ MOOD CAN RAPIDLY CHANGE VERY VARIABLE DEVELOPMENT PANORAMA ATTRACTIVENESS OF THE COUNTRY FOR INVESTORS ATTRACTIVENESS OF PV FOR THE COUNTRY
  17. 17. BIOENERGY AND CIRCULAR INDUSTRY EVOLUTION GROWTH OF ENERGY FROM MARGINAL RESOURCES INDUSTRIAL PLAN 2013-2016 TARGETS UPDATE OCTOBER 1, 2013 – LONDON, UK 17 Source: SHELL * Excluding traditional biomass 2020 6 GW 2020 16.000 2020 50 Mtoe BIOGAS ENERGY INSTALLED IN EU BIOGAS ENERGY PLANTS IN EU TOE SAVED BY BIOMASS WASTE IN EU THE INDUSTRIAL SECTOR IS THE LARGEST BIOENERGY CONSUMER IN 2010 AT 196 MTOE, INCREASING TO OVER 300 MTOE IN 2035 GROWING AT AN AVERAGE RATE OF 3.3% PER YEAR DEMAND FOR BIOENERGY* WILL BE MORE THAN DOUBLED FROM 526 MTOE IN 2010 TO NEARLY 1,200 MTOE BY 2035
  18. 18. INDUSTRIAL PLAN 2013-2016 TARGETS UPDATE OCTOBER 1, 2013 – LONDON, UK DISCOVER THE NEW GREEN ERA TERNIENERGIA FABRIZIO VENTURI MANAGING DIRECTOR
  19. 19. TERNIENERGIA BUSINESS DIFFERENTIATION EXECUTING THE NEW GREEN ERA 2016 WHY WE ARE READY INDUSTRIAL PLAN 2013-2016 TARGETS UPDATE OCTOBER 1, 2013 – LONDON, UK 19 INDEPENDENT POWER PRODUCER INTEGRATED ENERGY SOLUTIONS ENVIRONMENTAL RESOURCES SOLUTIONS LEADING EXPERIENCE IN RENEWABLE SECTOR TARGETING GROWTH DEMAND SUPPORTED BY FINANCIAL DRIVER BUSINESS AND TECHNOLOGY DIVERSIFICATION Renewable energy production by direct investments or with primary co-investors. Development and construction (EPC or BOT) of utility scale plants for premium customers. Energy efficiency activity with third part financing formula. O&M activity. Direct investments for sustainable solutions to recover energy and material from marginal resources.
  20. 20. TERNIENERGIA COUNTRY DIFFERENTIATION EXECUTING THE NEW GREEN ERA 2016 WHY WE ARE GOING GLOBAL INDUSTRIAL PLAN 2013-2016 TARGETS UPDATE OCTOBER 1, 2013 – LONDON, UK 20 COUNTRY RISK DIVERSIFICATION FLEXIBLE FOCUS ON MARKETS WHERE WE BELIEVE IT’S MORE PROFITABLE TO DEVELOP NEW PLANTS BUSINESS CORE IN EMERGING COUNTRIES WITH STRONG GROWTH IN ENERGY AND ENVIRONMENTAL DEMAND LONDON POLAND ROMANIA GREECE ITALY RSA
  21. 21. TERNIENERGIA INDUSTRIAL ROADMAP EXECUTING THE NEW GREEN ERA 2016 OUR ANSWERS TO OPTIMIZE THE VALUE CHAIN INDUSTRIAL PLAN 2013-2016 TARGETS UPDATE OCTOBER 1, 2013 – LONDON, UK 21 STRENGHTHEN THE CORE ACTIVITY IN UTILITY SCALE PLANTS DEVELOPMENT PORTFOLIO OPTIMIZATION TROUGH PROJECTS BACKLOG REPRESENTED BY RA FUND INVESTMENTS PROJECT DEVELOPMENT EPC & BOT POWER GENERATION SELECT AND PERMIT INTERNATIONAL UTILITY SCALE PROJECTS DEVELOP PORTOFOLIO OF NEW PLANTS MIX TOWARDS FULLY PERMITED PROJECTS ADVISE NEW INVESTMENT TO FUND ADVISOR (POWER CAPITAL) AND MANAGENT COMPANY (PRELIOS SGR) PROVIDE ENGINEERING AND DETAIL DESIGN PROCUREMENT OF PROJECT MATERIALS SECURE THE SUPPLY CHAIN BY PROVIDING MAJOR COMPONENTS THROUGH GLOBAL PURCHASING CONSTRUCTION OF PLANTS AND CONNECTION TO THE GRID AND/OR SELL MANAGE FULL OWNED OR IN JV OWNED CONNECTED PLANTS IN THE SOLAR OR BIOMASS SECTOR (19 MW TOT) RECEIVE FEED IN TARIFF OR INCENTIVES FOR RENEWABLE POWER PRODUCTION SALE THE SOLAR POWER TO LOCAL OR NATIONAL GRID AUTHORITY OR TO PREMIUM CUSTOMERS FINANCING NEW PROJECTS & ASSET CONTRIBUTION OPERATION & MANTEINANCE ACHIEVE THE HIGHEST LEVEL OF PERFORMANCE AND RELIABILITY FROM THE SOLAR ASSETS PROVIDE A COMPREHENSIVE SCHEME FOR TECHNICAL OPERATIONAL MANAGEMENT AUDIT ENERGY PRODUCTION, MONITOR REAL-TIME DATA, SUPPLY IN-DEPTH PERFORMANCE REPORTS CLOSE RELATIONSHIPS WITH INVESTMENT FUND (RA- RENEWABLE ASSETS) AND MAJOR FINANCIAL INSTITUTIONS CONTRIBUTE OPERATING AND CONNECTED PLANTS TO INVESTMENT FUND (19,4 MW TOT) OBTAINING IN COUNTERPART A SHARE OF FUND
  22. 22. TERNIENERGIA INDUSTRIAL ROADMAP EXECUTING THE NEW GREEN ERA 2016 FOCUS CORE ACTIVITIES IN GREEN INDUSTRY INDUSTRIAL PLAN 2013-2016 TARGETS UPDATE OCTOBER 1, 2013 – LONDON, UK 22 EXCELLENCE EASE OF PROCUREMENT INSTALLATION RAPIDITY MARKET COMPETITIVE BANKABILITY HIGH RETURNS IN RELATION TO RISK (IRR DOUBLE DIGIT) HIGH QUALITY DESIGN CONSOLIDATED PV INDUSTRY SUPPLY CHAIN FAST EXECUTION OF PROJECTS WORLD WIDE ABILITY TO GENERATE SCALE ECONOMIES RELATIONSHIP AND TRACK RECORD WITH MAJOR BANKS STRONG ENGINEERING AND INNOVATION SCOUTING
  23. 23. INDUSTRIAL PLAN 2013-2016 TARGETS UPDATE OCTOBER 1, 2013 – LONDON, UK DISCOVER THE NEW GREEN ERA TERNIENERGIA PAOLO ALLEGRETTI CFO
  24. 24. 2014 E 2015 E 2016 E IES FPM*+ERS+EE**+IPP CAGR TERNIENERGIA FINANCIAL ROADMAP FOCUS ON REVENUES (Mio €) INDUSTRIAL PLAN 2013-2016 TARGETS UPDATE OCTOBER 1, 2013 – LONDON, UK 24 35% * FUND PLANTS MANAGEMENT ** ENERGY EFFICIENCY 136 201 248 75.0% 71.0% 65.3% 25.0% 29.0% 34.7% It is recommended that these forward looking statements are to be viewed as indicative only.
  25. 25. 14 23 30 3.76 6.74 11.23 2014 E 2015 E 2016 E EBIT EBIT/NIC (NET INTEREST COST) TERNIENERGIA FINANCIAL ROADMAP FOCUS ON EBIT (Mio €) INDUSTRIAL PLAN 2013-2016 TARGETS UPDATE OCTOBER 1, 2013 – LONDON, UK 25 It is recommended that these forward looking statements are to be viewed as indicative only.
  26. 26. TERNIENERGIA FINANCIAL ROADMAP FOCUS ON NET WORKING CAPITAL (Mio €) INDUSTRIAL PLAN 2013-2016 TARGETS UPDATE OCTOBER 1, 2013 – LONDON, UK 26 30.4 34.5 38.6 46.0 63.9 74.9 (30.0) (46.2) (61.5) (3.4) (9.7) (10.1) 31.60% 21.20% 16.80% 2014 E 2015 E 2016 E (100,0) (50,0) - 50,0 100,0 150,0 Inventories Trade Receibles Trade payables Other Assets / Liabilities NWC/Sales (%) 43 42.5 41.9 It is recommended that these forward looking statements are to be viewed as indicative only.
  27. 27. 68 60 52 1.06 0.81 0.60 - 0,20 0,40 0,60 0,80 1,00 1,20 - 10 20 30 40 50 60 70 80 2014 E 2015 E 2016 E Net Financial Position NFP/EQUITY TERNIENERGIA FINANCIAL ROADMAP FOCUS ON CAPEX & NFP (Mio €) INDUSTRIAL PLAN 2013-2016 TARGETS UPDATE OCTOBER 1, 2013 – LONDON, UK 27 TOTAL INVESTMENTS IN THE PLAN PERIOD 16.5 Mio € ESCO ACTIVITIES TPF It is recommended that these forward looking statements are to be viewed as indicative only. NET CASH FLOW (Mio €) 9 8 8
  28. 28. TERNIENERGIA FINANCIAL ROADMAP FOCUS ON INDICATORS INDUSTRIAL PLAN 2013-2016 TARGETS UPDATE OCTOBER 1, 2013 – LONDON, UK 28 2014 E 2015 E 2016 E NFP/EBITDA 3,44 2,07 1,45 NFP/EQUITY 1,06 0,81 0,60 EBIT/NET INTEREST COST 3,76 6,74 11,23 ROE 15,3% 24,7% 30,6% ROI 10,9% 17,2% 21,5% It is recommended that these forward looking statements are to be viewed as indicative only.
  29. 29. INDUSTRIAL PLAN 2013-2016 TARGETS UPDATE OCTOBER 1, 2013 – LONDON, UK 29 TERNIENERGIA FOR FURTHER INFORMATIONS PAOLO ALLEGRETTI CFO HEAD OF INVESTOR RELATIONS ALLEGRETTI@TERNIENERGIA.COM +39 0744.7581 FEDERICO ZACAGLIONI HEAD OF CORPORATE COMMUNICATION PRESS OFFICE ZACAGLIONI@TERNIENERGIA.COM FILIPPO CALISTI BUDGETING AND CONTROL MANAGER CALISTI@TERNIENERGIA.COM MICHELE LIZZIO FINANCIAL CONTROLLER LIZZIO@TERNIENERGIA.COM FLORIANA VITALE IR.TERNIENERGIA@IRTOP.COM +39 02.45473883 TERNIENERGIA IR TOP CONTENTS BY FEDERICO ZACAGLIONI DESIGNED BY CRISTIANO MANZONI THANKS TO http://icons8.com/ CREDITS

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