MILANO ( – The Board of Directors of Enertronica have approved the 2018 statutory and consolidated financial statements, and the Business Plan 2019 – 2022. “The results for the first half of 2018 – commented Enertronica CEO, Vito Nardi – highlighted the need to accelerate the group’s transition from a business model focused on construction to one more increasingly focused on production and technologies. The process has been on going for three exercises, the turning-point being the acquisition of a controlling stake in Elettronica Santerno. The results of 2018 – negatively affected by a single construction contract – resulted in a definitive and irreversible acceleration of the process, leading to the decision to begin a merger of Enertronica SpA with the subsidiary Elettronica Santerno, an outcome that had always been in the medium-long term objectives of the company. For this reason, the investment agreement signed today with Carraro represents an important step for Enertronica.” In the first half of the year the Production Value contracted to Euro 26.2 million (Euro 45.4 million in the first half of 2017). EBITDA is negative with Euro 3.5 million (positive with Euro 6.4 million in the first half of 2017). The net result was at a loss with € 6.9 million compared to a net profit of € 2.8 million in the first half 2017. The NFP increased to € 25.3 million, mainly following the issue of the new convertible bond loan in the period between the two half-yearly periods. The negative results of the six-monthly consolidation were mainly influenced by the performance of the construction contract in Nevada, which resulted in a loss of approximately € 3.5 million; the plant has been in full production since the spring of 2018 and will not result in further losses in the future years relating to construction activities. Another negative effect derived from the ownership of Enertronica Panama, where there was a loss of approximately € 1.5 million associated with the start-up phase of the activities in the country and a series of unfavourable events that have affected the construction of a 7 MW photovoltaic field. It is estimated that these losses will be recovered in the coming months, also thanks to long-term maintenance contracts already signed. In addition, the cancellation of the construction contract in Spain of about 120 MW will have a big impact on the turnover reduction – estimated at Euro 14 million – and should, in the expectations, fall within 2018. The Board also approved the investment agreement with Carraro and the subscription, by the latter, of an increase in share capital through contribution in kind with exclusion of the option right. The investment agreement envisages that Carraro will subscribe to a reserved capital increase of Enertronica SpA for Euro 4.1 million, conferring a 49% stake in Elettronica Santerno and also envisages Enertronica’s commitment to proceed with the Merger by incorporation of Elettronica Santerno into Enertronica SpA.