DGAP-News: Electrawinds SE announces 2012 results: Laying the foundations for future growth
(firmenpresse) - DGAP-News: Electrawinds SE / Key word(s): Final Results/Capital
Increase
Electrawinds SE announces 2012 results: Laying the foundations for
future growth
23.04.2013 / 08:10
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Electrawinds announces 2012 results: Laying the foundations for future
growth
) Electrawinds realized EUR 112.8m revenues and EUR 28.1m EBITDA
representing an EBITDA margin of 25%
) Total installed capacity grew by 28.9 MW to 265.3 MW
) Quality of the pipeline significantly improved: 478 MW in authorized
projects
) Electrawinds plans to raise new equity by the beginning of Q3-2013
Luxemburg | Electrawinds SE, a renewable energy producer from biomass, wind
and solar resources, reports today its 2012 financial results.
Key milestones for the year>Completion of the Business Combination with ECT I SE leading to a listing
on Frankfurt Stock Exchange.>Further progress on a sustainable liquid biomass strategy comprising a
diversification of revenue streams and ongoing vertical integration:
- Acquisition&re-commissioning 2nd generation biodiesel plant in the
Netherlands (providing downstream flexibility towards renewable electricity
generation and/or transport fuel production)
- Completion and commissioning of a rendering plant in Serbia (partly
securing feedstock upstream)>Electrawinds SE finalized the construction of wind farms in Belgium and
Ireland (26 MW) and solar parks (2.9 MW) in Belgium and Italy, increasing
the installed MW in operation up to 265.3 MW.>Quality of the pipeline significantly improved: Electrawinds SE invested
significant funds and efforts in the development of its pipeline. At
year-end 2012 the company has 478 MW in authorized projects in its pipeline
compared to 317 MW at year-end 2011.
Revenues
Electrawinds SE realized consolidated revenues of EUR 112.8m during the
2012 business year. Revenues were slightly below the 2011 level mainly due
to liquid biomass plants transiting from base load operation towards
peak-shaving operation modus in the course of 2012.
Electrawinds was able to partly compensate this decline by increased
production from newly installed wind and solar facilities constructed in
2011 and fully contributing in 2012.
EBITDA
Electrawinds SE was able to maintain a stable EBITDA margin at around 25%.
The EBITDA was however negatively impacted by the implementation costs of
its vertical integration strategy in the Bio segment (the transition
efforts to tune the processes enabling for the 2nd generation biodiesel
production and start-up of the rendering facility in Serbia), lower grey
electricity prices throughout 2012 and significant expenditures made in
advancing the development of the project pipeline. These project
development expenditures are expected to significantly decrease from 2013
onwards. In 2012, no minority stake sales in operational subsidiaries were
realized.
Net result
The net result for 2012 amounts to a loss of EUR 42.9m negatively impacted
by a non-recurring non-cash loss of EUR 9.3m resulting from the accounting
treatment of the business combination, and by the accounting impact from
negative mark-to-market of interest hedging instruments for an amount of
EUR 4.9m, totaling EUR 19.1m at year-end 2012. Interest expenses on
shareholders' subordinated debt amounted to EUR 9.0m.
Net debt
The consolidated net debt amounted to EUR 361.3m at year-end 2012, a net
increase of EUR 39.6m compared to year-end 2011 mainly due to new project
financing drawn for projects brought into operation in the course of the
year (wind projects in Ireland&Belgium and solar projects in Belgium&Italy). The Business Combination with European CleanTech I SE in October
2012 strengthened the capital structure of Electrawinds by EUR 55m. The
company will pursue capital reinforcement measures in 2013 in order to
further reduce its debt position at holding level. An important part of the
debt position at holding level is falling due within 2013.
Outlook>Within the Bio segment, the rendering plant in Serbia and the biodiesel
production is expected to ramp-up as from Q2-2013 onwards.>The company will continue to streamline its operations, further optimize
the allocation of its resources and prioritize its numerous development
opportunities on the ready-to-build projects. With these actions the
project development expenditures are expected to significantly decrease
from 2013 onwards. These efforts should lead to a cash break-even DCPM
segment.>The Electrawinds SE Board of Directors decided on April 22, 2013 to
return to the capital market and to raise a substantial amount of equity by
the beginning of Q3-2013. The proceeds from the capital increase will be
employed to finance ready-to-built projects from its pipeline and to
deleverage the company at holding level.>The company plans to provide a more detailed outlook and an update on the
planned capital market transaction in the course of May 2013.
Conference call
Electrawinds will host on April 23, 2013 at 14:00 CET an investor
conference call
Dial in | +32(0)27460055
PIN code | 28673997#
A presentation will be made available on the company's website shortly
before the call under the heading Investor Presentations
(http://ewi.electrawinds.eu/investor-presentations.asp)
Annual Report
The annual report 2012 will be published on the company's website on April
30, 2013
Contact
Eddy Baeke - CFO | +32 (0)59 569 700
eddy.baeke(at)electrawinds.be
Bert Heyman - Investor Relations | +32 (0)59 569 700
investor.relations(at)electrawinds.eu
Cautionary statement regarding forward-looking statements
This press release contains certain forward-looking statements. Any
forward-looking statement applies only on the date of this press release.
Such statements are based on current expectations and convictions and, by
their nature, are subject to a number of known and unknown risks and
uncertainties as a result of which the actual results and performance may
differ substantially from expected future results or performance expressed
or implied in the forward looking statements. The information and views
contained in this press release may change without prior notice, and
Electrawinds SE has neither the intention nor the obligation to update
forward-looking statements in this communication, except insofar as it is
obliged to do so by any applicable legislation or by the rules of any stock
exchange on which its shares may be traded.
Annex 1 | PROFIT&LOSS ACCOUNT - 2012/2011
Electrawinds GroupAnnex 2 | BALANCE SHEET - 2012/2011
December 31, December 31,
'000EUR 2012 2011
Total operating revenue 112,816 116,483
EBITDA 28,085 31,060
Operating result (3,607) 3,294
Financial result (25,884) (28,857)
Listing fee (9,249) 0
Share of result from equity accounted
investments (2,086) (2,076)
EBT (earnings before taxes) (40,826) (27,639)
Result for the year (42,922) (26,394)
Electrawinds Group23 04 2013
'000EUR December 31, 2012 December 31, 2011
Total non-current assets 462,639 409,815
Total current assets 98,752 87,443
Total assets 561,391 497,258
Total equity 85,510 64,354
Total non-current liabilities 286,506 311,528
Total current liabilities 189,375 121,377
Total equity and liabilities 561,391 497,258
Net financial debt 361,333 321,716
Annex 3 | OPERATING REVENUES AND EBITDA BY SEGMENT - 2012/2011
2012 (in million Bio Wind Solar Operational DCPM Inter-End of Corporate News
Total
EUR) segments segment
Operating Revenues 72.1 33.1 2.9 108.0 15.8 (11.0)
112.8
EBITDA 13.6 25.1 2.3 41.0 (8.9) (4.0) 28.1
2011 (in million Bio Wind Solar Operational DCPM Inter-
Total
EUR) segments segment
Operating Revenues 76.0 28.7 1.6 106.4 24.6 (14.5)
116.5
EBITDA 18.3 22.7 1.4 42.3 (6.0) (5.3) 31.1
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Language: English
Company: Electrawinds SE
40, Avenue Monterey
2163 Luxemburg
Grand Duchy of Luxembourg
Phone: +352 27 449878
Fax: +352 27 449879
E-mail: investor.releations(at)electrawinds.eu
Internet: ewi.electrawinds.eu
ISIN: LU0538936351, LU0538952044
WKN: A1C4HF, A1E016
Listed: Regulierter Markt in Frankfurt (Prime Standard)
End of News DGAP News-Service
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