Investor RelationsHighlights

Highlights

Tabella settembre 2015

1)EBITDA is an accounting measure calculated using a company's net earnings, before interest expenses, taxes, depreciation and amortization are subtracted, as a proxy for a company's current operating profitability, i.e., how much profit it makes with its present assets and its operations on the products it produces and sells, as well as providing a proxy for cash flow. Although EBITDA is not a financial measure recognized in generally accepted accounting principles, it is widely used in many areas of finance when assessing the performance of a company, such as securities analysis. Since it is not regulated by accounting principles, the criteria adopted by the Group could be different from the one adopted by others and therefore it can’t be compared to them.

(2) The economic data of the first quarter of 2014 do not include the economic performance of the Group Waste Italia and Group Geotea that entered into the area of consolidation from 30 September 2014 and from 31 December 2014. On the other hand the economic data of the first quarter of 2014 take into consideration line-by-line the economic and the assets consolidation of the agricultural biomass plants later discontinued from the second quarter of 2014 onwards. All these aspects make it difficult to compare the economic data of the first quarter of 2015 with the same period of 2014.

Gruppo Waste Italia is an investment holding company, active through subsidiaries, in the business of renewable energy, district heating and the environment. Kinexia SpA, through Volteo Energie SpA, sub-holding companies active in renewable energy, owns approximately 6MWe of biogas plants, built and put into operation 46MWp of photovoltaic system, has completed the construction of 7 bioenergy plants of about 1MWe each and started the construction of a wind farm in Calabria of 30MWe.

In addition, Kinexia controls 74.77% of SEI Energia SpA of Turin, a company working in heat and electricity distribution for 19Mwt and 108MWth respectively. In addition, the company, through Ecoema Srl, the sub-holding company operating in the environmental sector and its subsidiaries, owns a field for storing Fluff with a capacity of over 2 million tons year in the area of Brescia. With Innovatec SpA, a subsidiary of Kinexia listed on AIM Italia at the end of December 2013, the Group Kinexia started the new project called "Smart", to offer energy efficiency and energy storage to Italian and foreign corporate and retail markets of Smart Grid. The project is based on technological innovation, both in terms of products and processes, as the new business model will be based on the interconnection between the web and the world of energy efficiency and renewable energy.

The consolidated data The consolidated data of the first quarter of 2015 of Group Kinexia underline an increase by 126% of the production value up to € 84.3 million (1st quarter of 2014: € 37.2 million); by 100% of EBITDA to 22.3 million (1st quarter of 2014: € 10.9 million) and 100% of EBIT to € 6.4 million (1st semester of 2014 € 3.3 million) following the progressive development of the environmental and energy efficiency business. The revenues in the environmental field are equal to € 58.5 million, increasing compared to the same period of 2014 (€ 14 million), thanks to the strategic positioning operated by the Group, following the changed baseline scenario in the integrated business of renewable energy, energy efficiency and environment that led to the acquisition of Waste Italia Group and of Geotea Group as well as the development of the energy efficiency business of Innovatec Group with an increase by 92% of the revenues for 3.8 million euros (1st quarter of 2014: € 2 million). The Perla Jonica project is proceeding and it contributes € 6,7 million to the semester revenues. Perla Jonica is a luxury Hotel located in Sicily and Kinexia is operating in order to increase the energy efficiency of the complex. The aforementioned business strongly contributed to double EBITDA of the period at € 22 million.

The EBITDA of the environmental business is € 20,2 million (1st sem14: € 10,1 million), while Smart Energy and EPC contributed respectively € 0,8 million and € 0,9 million compared to the negative results of € 1,6 million and € 1 million in the first semester of 2014. The impact of EBITDA on the value of production is 26%, 3% less in respect to the same period of previous year (29%); the decrease is due to the fact that in the first semester of 2015 new environmental activities, less profitable compared to waste collection, weigh on the group due to the integration of Waste Italia in Kinexia Group in the last trimester of 2014.

The EBIT is equal to € 6,4 million (1st sem14: € 3,3 million) with an increase of 100% comparing to the same semester of 2014. The result before taxation is negative for € 8,7 million (1st sem14: positive for € 2,1 million) due to the increase of financial expenses of which € 11 million are related to the recent bond emission of € 200 million made by Waste Italia for the acquisition of Geotea Group and for increase the average duration of the Group’s debt. Moreover in the first semester of 2014 the result before taxation benefited of an income of € 2,3 million resulting from the defition of a claims for damages between Kinexia Group and the society Azienda Sviluppo Multiservizi s.p.a. The net result of the Group is therefore negative for € 9.8 million compared to a profit of €1,3 million in 2014 in the same period, following the increase in the profitability of the business, net of write-downs and value adjustments mainly not tax deductible.

The net financial debt at the 30th June 2015 is equal to € 275 million, increasing by € 25 million compared to € 250 million at December 31 2014 due to adjustment policies of net working capital of the new integrated Group and € 10 million due to investments in production activities, internationalization process and financial investment.

The net invested capital is € 337 million compared to € 323,6 at December 31 2014.

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