Earnings Release • Apr 29, 2010
Earnings Release
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Courbevoie, 29 April 2010
Séchilienne-Sidec has reported consolidated revenues of €66.2 million for the first quarter of 2010, an increase of 20.6% compared to the first quarter of 2009.
| In € millions | |||
|---|---|---|---|
| Business segment | Q1 2010 | Q1 2009 | % change |
| Thermal | 52.7 | 49.6 | 6.3% |
| Photovoltaic | 11.2 | 3.2 | nm |
| - Operation | 2.6 | 1.4 | 91.5% |
| - Other (*) | 8.6 | 1.8 | nm |
| Wind | 2.0 | 1.7 | 16.9% |
| Holding | 0.3 | 0.4 | nm |
| TOTAL | 66.2 | 54.9 | 20.6% |
(*) Sales of panels to third parties
The Thermal segment generated revenues of €52.7 million in the quarter, up 6.3% compared to the same period in 2009. This change was mainly due to an improvement in availability and generating conditions for the power stations.
Output from power stations (excluding subsidiaries consolidated by the equity method) was 424 GWh for the quarter, up 11% compared to the first quarter of 2009. Although the coal price effect was slightly positive over the period, it had no significant impact on the trend in revenues from thermal generation.
The CTM plant in the Caribbean region was closed from the end of 2009 to mid-February 2010 as part of the 10-year boiler maintenance cycle. In the first quarter of 2009, production at this plant was seriously affected by social unrest. The CCG plant had good production levels, thanks to high demand from EDF during March.
The power stations in the Indian Ocean region also showed a strong operating performance. The CTBR plant, which was affected by a serious alternator problem in the first quarter of 2009, had its annual maintenance closure at the beginning of the quarter.
With 21.2 MW connected at 31 March 2010 (compared with 11.1 MW at 31 March 2009), Photovoltaic division revenues totalled €2.6 million, nearly double their level in the first quarter of 2009.
The Group has 40.4 MW of capacity connected, awaiting connection or under construction. The commissioning of the Pierrelatte plant (7 MW in the Drôme) is expected to take place in the first half of May 2010.
Sales of panels contributed €8.6 million to revenues. They were achieved as part of a policy of optimising procurement and technical criteria for the various modules installed by the Group.
Revenues from the Wind segment stood at €2 million. The increase of nearly 17% compared to the same period last year reflects the improvement in wind conditions since the beginning of 2009.
The construction of the Caraïbes Energie plant continued on schedule. Connection to the network is still expected to occur at the end of 2010.
The Group is preparing to launch the construction of a new 4 MW open-field photovoltaic plant in Lassalle in Martinique, and an 8 MW wind farm at Porte de France, in Forbach in Moselle. A total of €26.9 million in financing has been obtained for these projects.
The QHSE programme that began in late 2009 in one of the Réunion power stations continued through the first quarter and will soon be rolled out to the Group's other thermal plants.
The Group has established a €20 million credit line for the purpose of financing its inventory of photovoltaic panels.
Bank financing for the Caraïbes Energie plant has been increased to €96 million through the addition of a further €10 million debt, thus reducing the amount of equity capital allocated to this project.
***
About Séchilienne-Sidec – ISIN: FR0000060402 – SECH - Founded 25 years ago, Séchilienne-Sidec is an independent energy producer specialised in electricity generation in medium size coal/biomass, photovoltaic, and wind power plants. Due to 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 and more specifically in complex environments.
Séchilienne-Sidec +33 (0)1 41 16 82 00 Oratorio (Press Relations / Analysts / Investors): +33(0)1 44 94 96 30 Jean-François Carminati - [email protected] – +33(0)6 63 87 57 60 Arnaud Salla - [email protected] – +33(0)6 16 17 52 26
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