Copenhagen, 24 November 2011
Company Announcement No 50/2011
INTERIM REPORT FOR THE PERIOD 1 JANUARY – 30 SEPTEMBER 2011
HIGHLIGHTS
The “New Greentech” is a reality
- Combination of Greentech Energy Systems (Greentech) and GWM Renewable S.p.A (GWM) completed on 11 August 2011
- GWM Renewable Energy II S.p.A (GWM RE) contributed the entire share capital of GWM and the 50.03 % stake in Global Litator as consideration for the issue by Greentech of 53,722,347 shares at DKK 18.85 per share.
Major increase in electricity generated, revenue and EBITDA
- 69% increase in pro-forma consolidated revenue for Q1 – Q3 to EUR 33,825K
- 264% increase in pro-forma consolidated EBITDA for Q1 – Q3 to EUR 11,983K
- Total electricity generated (gross) in Q1 – Q3 2011 of 240,350 MWh, a 64% increase.
Two Polish projects ready for construction
- The Wojciechowo project (32.2 MW) is expected to be operative by the end of 2012. The project is developed and will be constructed and operated in a 50/50 joint venture with the largest state-owned Polish energy company Polska Grupa Energetyczna (PGE)
- The Ustka project (30 MW) has obtained the last outstanding permission and is ready for construction. The project is expected to be operative by the end of 2012.
Financing and acquisition of 30 MW wind park in Spain
- The wind park is expected to produce more than 66,000 MWh annually and the revenue from the park is estimated to be EUR 5.5M with an EBITDA of EUR 4.7M.
Events occurred after 30 September 2011
Monte Grighine project obtains permanent grid connection
Positive impacts:
- Greentech is able to draw the remaining EUR 2.5M under the project financing of the project
- Sale of the substation of the project to grid-owner Terna can be arranged which will free additional cash flow to Greentech in the range of EUR 4 – 5M
- Guarantees provided by Greentech to the project financing banks of up to EUR 124.7M will elapse
- Guarantees provided by Greentech to EDF EN of up to EUR 60M will elapse
- Following the sale of the substation to Terna, the parent company guarantee provided by Greentech towards Terna of EUR 3.65M will also elapse
New COO appointed
- Michele Lerici has joined the Management Board in Greentech Energy Systems A/S as Chief Operating Officer (COO) with responsibility for the total operation of wind, solar and energy plants.
Partial cancellation of construction stop of Cagliari II
- The court of Cagliari has partially cancelled the stop of the construction releasing 7 of 16 turbines and allowing the fulfillment of the works to finalise the wind farm
- Release of the remaining 9 turbines is expected shortly.
Today at 3 pm CET a conference call in English will be hosted by the Management Board. The related presentation and dial-in numbers will be available on Greentech’s website (www.greentech.dk) prior to the call taking place.
The Board of Directors
For further information, please contact:
Peter Høstgaard-Jensen, Chairman of the Board of Directors, Tel: +45 40 10 88 71
Sigieri Diaz della Vittoria Pallavicini, CEO, Tel: +45 33 36 42 02
Mark Fromholt, CFO, Tel: +45 33 36 42 02
