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Renewable energy segment - biomass and waste to energy
borsafinanza_andamento_SER.shtml
Key financial information for this segment may be summarised as follows:
Falck operates in renewable energy from biomass and WTE through Actelios SpA and its subsidiaries. This segment focuses on the market for energy from renewable sources.
In particular, the strategy is developed by putting into operation power plants that are in the completion phase and through the development of new projects, either directly or through joint ventures, with leading industrial enterprises.
Revenue increased by Euro 7,074 thousand compared to 2007 principally due to the improvement in CIP6 tariffs compared to 2007 and the strong performance of the plant in Trezzo sull'Adda. This compensated for the lost production and sale of electrical energy (45 days) at the Granarolo dell'Emilia plant, which, following its repair, performed well as did the biomass plant in Rende.
Gross profit also improved, with an increase of Euro 5,968 thousand, corresponding to 41.9% (2007 - 38.6%) of revenue.
Revenue for the year compared to 2007 may be analysed as follows:
Operating profit increased by Euro 7,427 thousand compared to 2007 and is equal to 33.5% of revenue (2007 - 27.9%).
Profit for the year, which amounted to Euro 19,056 thousand, represents an increase of Euro 4,300 thousand compared to 2007.
The net financial position was a total asset of Euro 92,421 thousand, an improvement of Euro 5,127 thousand on the balance at 31 December 2007. The net financial position comprises non-recourse borrowings of Euro 79,841 thousand at 31 December 2008.
Capital expenditure in the period, which amounted to Euro 17,132 thousand, represents the group's investment in the projects in Sicily, the photovoltaic plants in Mesagne, and improvements carried out to operating plants during the year.
Employee numbers decreased by 2 compared to the total at 31 December 2007, while employee costs were substantially in line with the previous year recording a slight decrease of Euro 194 thousand.
Renewable energy segment - wind energy
Key financial information for this segment may be summarised as follows:
Falck operates in the renewable energy from wind segment through Falck Renewables Plc and its subsidiaries. The segment focuses on the construction and management of plants that generate electricity using wind energy.
In addition to the subsidiaries this segment includes Parque Eolico La Carracha Sl and Parque Eolico Plana de Jarreta Sl in which a 26% interest is held and that are consolidated applying the net equity method.
Given the significant growth in revenue (+Euro 23,226 thousand) due to new wind farms becoming operational, the segment recorded increased operating profit Euro 17,871 thousand and a profit for the year of Euro 1,692 thousand compared to the loss of Euro 10,930 thousand sustained in 2007.
The net financial position was affected by the significant level of investment and increased by Euro 135,419 thousand compared to 2007 and comprises Euro 283,155 thousand of project financing.
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