Earnings Release • Apr 28, 2011
Earnings Release
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PRESS RELEASE Courbevoie, France 28 April 2011
In the 1st quarter of 2011, Séchilienne-Sidec's consolidated revenues came to €77.7 million, up 17.3% compared with the 1st quarter 2010.
| In millions of euros | 1st quarter | ||
|---|---|---|---|
| Segment | 2011 | 2010 | Change |
| Thermal | 69.3 | 52.7 | +31.6% |
| Photovoltaic Operation Other sales (*) |
5.7 5.7 - |
11.2 2.6 8.6 |
ns +115.6% ns |
| Wind | 2.1 | 2.0 | +4.8% |
| Holding company | 0.6 | 0.3 | ns |
| Total | 77.7 | 66.2 | +17.3% |
* Sales of solar panels and turnkey solar installations to third parties
During the quarter, revenues for the Thermal business came to €69.3 million, up 31.6% compared with the same period in 2010. This increase is due to the effects of the commissioning of the Caraïbes Energie plant (38 MW) at the beginning of March, the high call rate on the CCG peak-load power plant and the increase in coal prices.
Overall, production at the plants (excluding the Mauritius plants which are consolidated by the equity method) amounted to 479.8 GWh over the quarter, up 13.2%. This increase is due to the above-mentioned effects for the CCG and Caraïbes Energie plants, and to the CTM plant which nearly doubled its production compared with the 1st quarter 2010 that had been impacted by a 10-year boiler maintenance programme. Production at the Indian Ocean plants remained stable.
There was some social unrest at the Group's thermal plants in the 1st quarter but this had a limited impact on production.
Operating revenues for the Photovoltaic segment totalled €5.7 million, up 116%. With 56.2 MW connected at 31 March 2011, compared with 21.2 MW at 31 March 2010, production reached 14.2 GWh, up 114% compared with the 1st quarter of 2010. There were no sales of panels or installations to third parties.
In the 1st quarter 2011, 13.4 MW of plants were connected, with 3.2 MW on roofing and 10.2 MW remaining to be connected on the Kourou (Guyana) open-field. Concerning this installation, a first tranche of 1.8 MW had already been commissioned at the end of 2010.
At 31 March 2011, the Group thus had installed power (connected and connection pending) of 59.9 MW. The Group has also launched the construction of two new open-field installations in Guyana (4.0 MW) and Reunion (5.4 MW), due to be completed in the second half of 2011.
The French finance law for 2011 allows tax benefits for photovoltaic projects commissioned before 31 March 2011. The Group has 11.8 MW meeting these conditions.
Revenues for the Wind segment came to €2.1 million, up 4.8%. Production was up 2.7% at 24.8 GWh: the impact of Porte de France coming on stream at the end of 2010 (8 MW) was partially offset by less favourable wind conditions than at the beginning of 2010.
Founded 30 years ago, Séchilienne-Sidec is an independent energy producer specialising in electricity generation in mediumsized coal/biomass, photovoltaic and wind power plants. With its technical expertise, its project management experience and the quality of its teams of engineers, the Group manages all stages of a power plant's life cycle: design, finance, construction and operation, all over the world, including in complex environments. ISIN: FR0000060402 – SECH
Séchilienne-Sidec +33 (0)1 41 16 82 00 Comalto +33 (0)1 44 94 96 30
Jean-François Carminati - [email protected]
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