GENEVA, Aug. 08, 2018 (GLOBE NEWSWIRE) -- Etrion Corporation (“Etrion” or the “Company”) (TSX: ETX) (OMX: ETX), a solar independent power producer, released today its condensed consolidated interim financial statements and related management’s discussion and analysis (“MD&A”) for the three and six months ended June 30, 2018.

Etrion Corporation delivered strong project-level results in the second quarter of 2018 from its Japanese assets. Higher installed capacity and electricity production, combined with significant reduction in corporate overhead resulted in a significant increase in revenue and consolidated EBITDA compared to the same period in 2017, before extraordinary items.


  • Strong performance in Japan with production and revenues up by 22% and 21%, respectively, compared to Q2-17.
  • Consolidated adjusted EBITDA increased significantly in comparison with Q2-17 driven by performance in Japan and corporate overhead reduction
  • Connected to the grid the 13.2 megawatt (“MW”) Komatsu solar project in western Japan and became fully operational in May 2018. The project was delivered on budget and ahead of schedule.
  • Completed the refinancing of its corporate bonds, extending the maturity and reducing the interest rate.  The bonds received strong demand from Nordic investors with positive validation of Etrion’s strategy to focus on Japan.
  • Growth opportunities in Japan remain positive with 390 MW of projects in different stages of development, including 105 MW targeting to reach ready to build stage within the next 12 months and additional 285 MW of projects in the pipeline.
  • Sound unrestricted cash position to support the growth of the business.

Management Comments

Marco A. Northland, the Company’s Chief Executive Officer, commented, “Japan continues to deliver very positive results.  Cost cutting measures taken in Q4-17 have continued to deliver significant savings in Q2-18 which, combined with a higher installed capacity compared to the same period last year, resulted in consolidated EBITDA improvements. We continue to have a solid cash position with sufficient liquidity to fund our backlog projects.  I am very pleased with the significant progress made on the Niigata and Mie prefecture projects, with combined gross capacity of 105MW, both targeting to reach financial close within the next 12 months. We continue to drive costs down and fine tune the business to better support our growth in Japan.”



 Three months ended 
 Six months ended 
US$ thousands (unless otherwise stated)Q2-18 Q2-17 Q2-18 Q2-17 
Electricity production (MWh) 118,155 42,466 26,241 92,389 
Japan18,155 14,883 26,241 22,329 
Chile- 27,584 - 70,060 
Financial performance 2     
Revenues6,357 7,042 9,267 12,240 
Japan6,357 5,256 9,267 4,387 
Chile- 1,786 - 7.853 
EBITDA2,254 1,904 2,912 1,962 
Japan4,887 3,949 6,617 5,910 
Chile- 48 - 423 
Corporate (General and administrative items)(1,154)(2,093)(2,226)(4,371)
Corporate (Additional termination fee)(1,479)- (1,479)- 
Adjusted EBITDA3,733 2,214 4,391 2,839 
Net loss (746)(6,865)(4,599)(14,429)
Project cash distributions- - 611 3,342 
Cash flow from (used) in operations5,566 1,262 2,771 (1,559)
Adjusted operating cash flow3,804 2,032 4,633 2,311 
Financial position  Jun 18 Dec 17 
Unrestricted cash at parent level    
- Unrestricted cash at parent level  16,352 30,385 
- Corporate bond escrow account  35,099 - 
Restricted cash at project level  15,169 12,818 
Working capital  29,547 43,611 
Consolidated net debt on a cash basis  148,017 136,173 
Corporate net debt  23,334 10,110 
1 MWh-Megawatt-hour 
2 2017 financial results include the financial performance of the Chilean subsidiary, PV Salvador SpA until September 30, 2017 when the Group lost control for IFRS purposes.

Operations and Finance Update call 
A conference call webcast to present the Company’s second quarter 2018 Operations and Finance update will be held on Wednesday, August 8, 2018, at 10:00 a.m. Eastern Daylight Time (EDT) / 4:00 p.m. Central European Summer Time (CEST).      

Dial-in details:
North America: +1-647-788-4991 / Toll Free: +1-877-291-4570 / Sweden Toll Free: 02-079-4343

A webcast will be available at

The Operations and Finance update call presentation and the Company’s condensed consolidated interim financial statements for the three and six months ended June 30, 2018, as well as the related documents, will be available on the Company’s website (
A replay of the telephone conference will be available until August 29th, 2018

Replay dial-in details:
North America: +1-416-621-4642 / Toll Free: +1-800-585-8367 
Pass code for replay: 4386077

About Etrion 
Etrion Corporation is an independent power producer that develops, builds, owns and operates utility-scale solar power generation plants. The Company owns and operates 57 MW of solar capacity in Japan.  Etrion also has several projects in the backlog and pipeline at different stages of development in Japan. The Company is listed on the Toronto Stock Exchange in Canada and the NASDAQ OMX Stockholm exchange in Sweden under ticker symbol “ETX”. Etrion’s largest shareholder is the Lundin family, which owns approximately 36% of the Company’s shares directly and through various trusts.

For additional information, please visit the Company’s website at or contact:

Christian Lacueva – Chief Financial Officer 
Telephone: +41 (22) 715 20 90
Note: The capacity of power plants in this release is described in approximate megawatts on a direct current (“DC”) basis, also referred to as megawatt-peak (“MWp”).

Etrion discloses the information provided herein pursuant to the Swedish Securities Market Act. The information was submitted for publication at 8:05 a.m. CEST on August 8, 2018.

Non-IFRS Measures:
This press release includes non-IFRS measures not defined under IFRS, specifically EBITDA and Adjusted operating cash flow. Non-IFRS measures have no standardized meaning prescribed under IFRS and therefore such measures may not be comparable with those used by other companies.  EBITDA is a useful metric to quantify the Company’s ability to generate cash before extraordinary and non-cash accounting transactions recognized in the financial statements. In addition, EBITDA is useful to analyze and compare profitability between companies and industries because it eliminates the effects of financing and accounting policy decisions. The most comparable IFRS measure to EBITDA is net income (loss). In addition, adjusted operating cash flow is used by investors to compare cash flows from operating activities without the effects of certain volatile items that can positively or negatively affect changes in working capital and are viewed as not directly related to a company’s operating performance. The most comparable IFRS measure to adjusted operating cash flow is cash flow used in operations. Refer to Etrion’s MD&A for the three and six months ended June 30, 2018, for a reconciliation of EBITDA and adjusted operating cash flow reported during the period. 

Forward-Looking Information: 
This press release contains certain “forward-looking information”. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to the Company’s projects in Japan under construction and in development) constitute forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company as well as certain assumptions including, without limitation, the ability of the Company to execute on its projects in Japan under construction or in development on economic terms and in a timely manner. Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, the risk that the Company may not be able to obtain all applicable permits for the development of projects in Japan and the associated project financing required for the development of such projects on economic terms and the risk of unforeseen delays in the development and construction of its projects under construction or in development. Reference is also made to the risk factors disclosed under the heading “Risk factors” in the Company’s AIF for the year ended December 31, 2017 which has been filed on SEDAR and is available under the Company’s profile at

Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.