Financial data

(million EUR)                                                                                            2012 2011
Main Economic Data      
Operating Revenue   177 114
Adjusted EBITDA   137 69
Net operating income   71 19
EBIT at adjusted replacement ciost   75 22
Net income   28 1
of which Group net income   28 1
Group net profit (loss) at adjusted replacement cost   31 (6)
EBITDA margin %   77% 61%
Main Financial Data      
Net invested capital   1,013 1,004
Shareholders' Equity   550 534
Total net financial indebtedness   463 470
of which non-recourse project financing   520 446
Financial Leverage   46% 47%
Operational Data      
Installed capacity of wind farms at period end - MW 596 548
Electricity Production from wind farms millions of KWh 1,222 740
Capital Expenditures millions of
EUR		 39 53
Electricity Production - Italy million of KWh 1,072 627
Electricity Production - France million of KWh 128 113
Electricity Production - Bulgaria million of KWh 22 N.A.
Market indicators      
Electricity Reference Price EUR/MWh 75.48 72.23
"Green Certificates" Sale Price (Italy) EUR/MWh 80.34 82.12
Feed in tariff (France) EUR/MWh 89.36 86.98
Feed in tariff (Bulgaria) EUR/MWh 94.43 N.A.

(EUR Thousand)                                                                               2012     2011
Adjusted Operating Revenues 
Wind Sector: Italy 162,568 97,748
Wind Sector: France 11,448 9,841
Wind Sector: Bulgaria 2,067 -
Total Wind 176,083 107,589
Water Services - 5,375
Holding Division 957 744
Total 177,040 113,708
     
Adjusted EBITDA
Wind Sector: Italy 136,648 76,361
Wind Sector: France 8,283 6,914
Wind Sector: Bulgaria 1,299 -
Total Wind 146,230 83,275
Water Services - 969
Holding Division (9,142) (14,941)
Total 137,088 69,303
Operating margin at adjusted replacement cost
Wind Sector: Italy 83,457 36,783
Wind Sector: France 1,096 (271)
Wind Sector: Bulgaria 11 -
Total Wind 84,563 36,512
Water Services - 606
Holding Division (9,873) (15,091)
Total 74,690 22,027
 
Capital expenditures on tangible and intangible assets
Wind Sector: Italy 38,368 52,806
Wind Sector: France 4 84
Wind Sector: Bulgaria - -
Total Wind 38,372 52,890
Water Services - 64
Holding Division 1,006 520
Total 39,378 53,474