DGAP-News: Global EcoPower S. A.: GLOBAL ECOPOWER SUCCEEDS IN WIND ENERGY
ID: 246550
(firmenpresse) - DGAP-News: Global EcoPower S. A. / Key word(s): Miscellaneous
Global EcoPower S. A.: GLOBAL ECOPOWER SUCCEEDS IN WIND ENERGY
08.04.2013 / 09:00
---------------------------------------------------------------------
Press Release
Aix-en-Provence, the 8th of April 2013
GLOBAL ECOPOWER SUCCEEDS IN WIND ENERGY
The results of Global EcoPower (GEP) confirm that its deployment in the
wind energy was successful. Enriched by the experience and expertise of its
founders, the Group is getting organized to become a leading player in the
'turnkey' construction of wind farms in France. GEP is profitable in its
first fiscal year of sole wind activity and, following its financial
restructuration, GEP is totally debt free.
En kEUR * 2012 % of turnover 2011* Audited figures
Turnover ** 5 622 16 126
EBITDA 1 075 19% 1 315
Operating income 1 067 1 307
Profit before tax 1 046 - 35 644
Net result 1 924 34% - 36 161
** GEP does not publish consolidated results due to the lack of
subsidiaries with significant activity
Jean-Marie Santander, CEO of GEP: 'Creating GEP in the middle of a
financial crisis represented a difficult challenge. From 2012, the group
decided to develop a wind activity alongside the solar farms. Now the Group
is operational in wind energy and the results confirm the strategy of the
founders: a business model without risks, based on a strong partnership
with Leonidas&Associates, and a small team. Wind remains a profitable
industry which is well-known by the founders of GEP, who have successfully
implemented their know-how. '
KEY EVENTS OF THE FISCAL YEAR 2012
The fiscal year 2012 was marked by two major events:
- After their resignation from Theolia, the founders of GEP were held by
a non-competition clause in the wind sector ending in October 2011. At
the end of this period, the Group could intervene in 2012 in the wind
activity and the figures show that the deployment of GEP in this sector
has been successful.
- During the fiscal year 2012, GEP carried out a fruitful financial
reorganization:
En kEUR * 2012 2011*Audited figures
Total balance sheet 14 058 7 368
Equity 4 044 50
Financial Debt 0 3 700
Cash 1 349 715
GROUP ACTIVITY IN 2012
In 2012, GEP has identified, analyzed and made acquire by its partner
Leonidas&Associates, three special purpose vehicles (SPV), owning all
permits and approvals for the construction of three wind farms in France.
GEP then signed with each SPV a contract for 'turnkey' construction (except
the turbines) and assistance to the project's owner. The works for the
three wind farms listed below are currently in progress:
- The plant called Montbray&Margueray in department Manche. 20 MW (10
REpower MM 82 turbines of 2 MW). The work started in 2012 and will be
completed during the fiscal year 2013.
- The plant called 'La Guenelle' in department Marne. 22 MW (11 Vestas
V90 turbines of 2 MW). The work started in late 2012 and will end in
late 2013.
- The plant called 'La Voie Romaine' in department Marne. 22 MW (11
Vestas V90 turbines of 2 MW). The work started in late 2012 and will
end in late 2013.
The installed capacity of these three projects is 64 MW, a figure which can
be compared with the 757 MW of wind power capacity that has been connected
to the ERDF grid in 2012.
INCOME STATEMENT
Turnover
The three 'turnkey' contracts (except the turbines) signed for the
construction of three wind farms represent a total turnover of EUR 18,800
k, for a total installed capacity of 64MW.
The contract for the supply of turbines is signed directly and separately
by each SPV with the supplier (Repower and Vestas in this case for these
first projects), which has the advantage for GEP of not burdening its
working capital requirements.
Thus, GEP was able to book EUR5,533K corresponding to the construction
progress of the three wind projects at the end of the fiscal year 2012. The
balance of the turnover of these three operations will be booked during the
fiscal year 2013, excluding contingencies on the sites currently under
construction.
The turnover of the solar activity amounted to EUR 88K, of which EUR 79K
were revenues related to the operating contract of the solar power plant of
Les Marottières.
The total turnover in 2012 amounts to EUR 5,622K.
For reference, the 2011 turnover of GEP had amounted to EUR 16,126K. The
comparison from one year to another is not relevant because the activity of
the company focused almost exclusively on wind energy in 2012, while in
2011 it was concentrated on the construction of two solar power plants.
Ebitda
In 2012, the Ebitda of GEP amounts to EUR 1,075K or 19% of the turnover,
which demonstrates the effectiveness of the implemented structure and of
the model chosen by the Group.
Ebit
Up to now, GEP does not hold any plants for own account. Therefore, the
depreciation of EUR 7K has very little impact on the EBITDA and the EBIT
amounts to EUR 1,067K.
Profit before tax
In 2012, GEP records a financial result of EUR -21K, mainly composed of
interests of the debt to Athanor Sicar (interests of the debt prior to its
conversion into shares in August 2012). This financial result has little
impact on the EBIT. Consequently, the profit before tax amounts to EUR
1,046K.
Exceptional result
The exceptional profits, for a total of EUR 1,801K, come up to EUR1,740K
following accounting impact of the swap of the total debt of Athanor Sicar,
i.e. EUR3,240K, into three million new shares.
The exceptional losses amounted to EUR737K.
The exceptional result therefore amounts by difference to EUR 1,063K.
Net income
GEP's first fiscal year focused on wind power is largely profitable with a
2012 net profit of EUR 1,924K, representing 34% of the turnover.
BALANCE SHEET STRUCTURE
Equity
The equity amounts to EUR 4,044K, thanks to the combination of the benefits
of the financial restructuring (including capital increase containing share
premium of EUR 1,500k in favor of Athanor Sicar) and the net income of
almost two million euro.
Debt and cash
At the end of the fiscal year 2012, the company has no more financial debt
while the latter amounted to EUR 3,700 K as at December 31st, 2011. Cash is
sufficient to finance the operating cycle. As at December 31st, 2012, the
cash amounted to EUR1,349 K vs. EUR715 K at the end of 2011.
FORECAST
GEP foresees for 2013 a turnover of EUR 13m and an EBITDA of EUR 2.6m (20%
of turnover), excluding contingencies on the sites currently under
construction.
The group is also looking for new wind projectsin France. The realization
of one or more new businesses this year will be likely to improve these
targets.
STRATEGY
GEP does not develop the wind power projects internally and positions
itself to acquire projects with all the necessary authorizations and ready
to build. The plants are then built 'turnkey' and sold to third party
investors.
The group continues parallel the development of two photovoltaic projects
in Ardèche and Aude departments for an installed capacity of 53 MW.
Compared to its competitors, GEP has opted for a light structure. A
seasoned team of 9 people, with reduced operating costs, enables the Group
to conduct several projects simultaneously.
As previously announced, GEP is considering its transfer to Alternext in
2013 in order to increase the visibility of its shares and improve its free
float and its liquidity.
Philippe Perret, EVP of GEP: 'GEP shows, since its first fiscal year in
wind power, its ability to generate profit. Buoyed by a completely cleaned
balance sheet, good results in 2012 and an attractive forecast for 2013, we
are optimistic about our transfer to Alternext this year.'
Global EcoPower (GEP) is a 'turnkey' constructor of power plants using
renewable energies. The company is listed on the NYSE Euronext Paris Free
Market under ISIN code: FR0011289198.
Contact: Global EcoPower - Attn to M. Philippe Perret, EVP- 75, rue Denis
Papin - 13857 Aix en Provence Cedex.
End of Corporate News
---------------------------------------------------------------------
08.04.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
206196 08.04.2013
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Bereitgestellt von Benutzer: EquityStory
" alt="Destiny Media Technologies Schedules Second Quarter Fiscal 2013 Earnings Release and Conference Call
Datum: 08.04.2013 - 09:00 Uhr
Sprache: Deutsch
News-ID 246550
Anzahl Zeichen: 2115
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 191 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: Global EcoPower S. A.: GLOBAL ECOPOWER SUCCEEDS IN WIND ENERGY"
steht unter der journalistisch-redaktionellen Verantwortung von
Global EcoPower S. A. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
