Copenhagen, 21 February 2013
Company Announcement No 5/2013
2012: The turnaround of Greentech is completed
Financials 2012 confirm Greentech’s positive trend
- 31% increase in net production to 361.2 GWh
- 28% increase in pro-forma consolidated revenue for 2012 to EUR 59.9M
- 25% increase in pro-forma consolidated revenue for 2012 including revenue from associates to EUR 70.7M
- 67% increase in pro-forma consolidated EBITDA for 2012 to EUR 31.7M adjusted for non-recurring costs
- 48% increase in pro-forma consolidated EBITDA for 2012 including EBITDA from associates to EUR 38.6M adjusted for non-recurring costs
- 2012 loss before tax of EUR 7.5M (loss of EUR 4.0M before tax adjusted for non-recurring costs)
Significant production increase and positive trend in weather conditions
- Total production generated in Q4 2012: 126 GWh (gross) – up 7%
- Total production generated in 2012: 444 GWh (gross) – up 24%
- Actual wind production vs. estimates +8% in Q4 2012 and -5% for the full year 2012.
- Solar conditions above expected level for 2012.
New CFO appointed
- In the end of November 2012, Alessandro Reitelli was appointed new CFO of Greentech and continues to hold the position as COO ad interim.
Cagliari II project in full operation
- The Cagliari II project (Energia Alternativa) entered into full operation in mid-November 2012.
New operational solar plants
- 3 solar plants with an aggregate capacity of approx. 2 MW were acquired from Pirelli Group in the end of December 2012.
Events occurred after 31 December 2012
- In January 2013, Greentech has sold its 50% stake of the Wojciechowo project in Poland to the partner PGE Energia Odnawlalna S.A.
- The financing of the project Cagliari II for EUR 14.5M was completed on 18 February 2013.
Peter Høstgaard-Jensen, Chairman of the Board of Directors, declared:
”Greentech announces Q4 and full year 2012 results which confirm the positive trend in financial figures. Despite some non-recurring costs and a postponement in the entry into operation of Cagliari II, the performance for 2012 shows that the turnaround of Greentech is completed. This achievement, together with the strong cash position gives to Greentech a solid base to exploit new business opportunities as to reach the Company’s target of 1 GW in 2014.”
The Annual Report for 2012 will be published on 21 March 2013.
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
