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WtE, biomass and photovoltaic sector
The WtE, biomass and photovoltaic sector for 2010 corresponds to the consolidated financial statements of Falck Renewables SpA, excluding the wind sector that is under the control of Falck Renewables Wind Ltd, which has been included in the scope of consolidation of Falck Renewables SpA for one month only following completion of the extraordinary transaction.
The WtE, biomass and photovoltaic sector also includes Falck SpA's direct share (24.73%) of the results of operations and net assets of Palermo Energia Ambiente ScpA.
The wind sector corresponds to the consolidated financial statements of Falck Renewables Wind Ltd for the entire financial year.
The key financial highlights of this sector may be analysed as follows:
This sector focuses on the production of electricity from renewable sources.
In particular, the strategy is developed through the management of operating power plants, putting into operation plants in the start-up phase and the development of new projects, either directly or through joint ventures, with leading industrial enterprises
Despite the strong performance of the plants in Trezzo sull'Adda and Granarolo dell'Emilia, revenue fell by Euro 4,612 thousand compared to 2009, which principally reflects the decreased revenue of the Rende biomass plant as it operated at reduced capacity up to April 2010 following which operations were suspended to carry out the total revamp of the plant in order to allow it to participate in the Green Certificates incentives system from January 2011.
This sector also includes the results of Esposito Servizi Ecologici Srl and Ecocentro Soluzioni Ambientali Srl, which have been included in the scope of consolidation from June 2010.
Gross profit increased slightly by Euro 856 thousand and represents 37.3% (2009 - 34.6%) of revenue.
Revenue for the year compared to 2009 may be analysed as follows:
Operating profit fell slightly by Euro 338 thousand compared to 2009 and is equal to 20.1% of revenue (2009 - 19.4%).
Profit for the year amounted to Euro 6,835 thousand, an increase of Euro 1,501 thousand compared to 2009.
The net financial position was a total asset of Euro 16,425 thousand, a fall of Euro 72,963 thousand compared to the balance at 31 December 2009, which is largely due to investments in photovoltaic plants and the revamp of the biomass plant in Rende, the acquisition of Esposito Servizi Ecologici Srl and Ecocentro Soluzioni Ambientali Srl, and the payment of dividends by Falck Renewables SpA. The net financial position comprises non-recourse loans that amounted to Euro 57,502 thousand at 31 December 2010 compared to Euro 65,371 thousand at the end of 2009.
Capital expenditure in the period, which amounted to Euro 48,999 thousand, represents the Group's financial commitment in relation to the photovoltaic plants, the requalification of the plant in Rende, and improvements to operating plants. Expenditure on intangible assets comprised Euro 1,369 thousand in relation to development costs on photovoltaic projects and the projects of Powercrop SpA that was sold on 30 July 2010.
Employee numbers increased by 23 compared to 31 December 2009, principally due to the inclusion in the scope of consolidation of Esposito Servizi Ecologici Srl and Ecocentro Soluzioni Ambientali Srl following their acquisition in June 2010.
Wind sector
The key financial information for this sector may be summarised as follows:
Falck operated in the wind sector through Falck Renewables Wind Ltd and its subsidiaries until 15 November 2010.
The extraordinary transaction completed on 15 November 2010 resulted in the transfer of the wind sector activities to Falck Renewables SpA, consequently from this date Falck SpA operates in the renewable energy sector through its listed subsidiary Falck Renewables SpA.
The wind sector focuses on the construction and management of plants that generate electricity using wind energy.
In addition to the subsidiaries this sector also includes the 26% stake in Parque Eolico La Carracha Sl and Parque Eolico Plana de Jarreta Sl, which are consolidated applying the net equity method.
Revenue for this sector increased by Euro 4,007 thousand compared to 2009 but was lower than budget due to the exceptionally low wind levels recorded in the UK in early 2010.
Consequently, both gross profit and operating profit fell on the previous year by Euro 7,935 thousand and Euro 7,338 thousand respectively.
As in 2009, profit for the year in 2010 reflects the tax benefit arising from application of the Tremonti Law that amounted to Euro 5,299 thousand (2009 - Euro 9,106 thousand), further details are provided on page 59 of the financial statements.
The installed capacity of the segment increased from 408 MW in 2009 to 450 MW at 31 December 2010.
The net financial position, a net indebtedness, increased by Euro 135,756 thousand compared to 2009 and comprises Euro 543,711 thousand of project financing. The increased indebtedness is principally due to significant capital expenditure incurred during the year that amounted to Euro 130,351 thousand.
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