Earnings Release • Jul 31, 2024
Earnings Release
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MPC Energy Solutions continues revenue growth and margin improvements in second quarter; 2024 outlook confirmed
Amsterdam/Oslo -- 31 July 2024 -- MPC Energy Solutions ("MPCES", "Company")
published its financial results for the second quarter and first half of 2024
today.
The second quarter was marked by a strong increase in energy output, resulting
in surging revenues and margins in the first half of this year. An increase of
proportionate energy output to 59.1 GWh (H1 2023: 40.4 GWh) led to
proportionate project revenues and EBITDA of USD 6.1 million and USD 3.9
million, respectively, up from USD 4.0 million and USD 1.9 million in the
first half of 2023.
"The results for the year's first half demonstrate that the changes we made
and measures we implemented work. Our portfolio of assets across Central
America enables us to grow, and we continue to control costs and increase
profitability", said Stefan H.A. Meichsner, Chief Financial Officer of MPCES.
"We have laid a robust foundation for the remainder of the year."
The Company also reported a positive group EBITDA of USD 1.7 million for H1
2024, compared to a negative group EBITDA of USD 0.9 million in H1 2023.
Fully operational portfolio
MPCES today owns and operates five power-producing assets across Latin America
and the Caribbean with an aggregate capacity of around 79 MWp. 2024 is the
first time the entire portfolio will be fully operational for a whole year.
"The third quarter is where we commonly see the largest contribution of
revenues and profits to our business", Meichsner added. "Based on the solid
numbers we have delivered year-to-date, we confirm our 2024 outlook."
The Company expects revenues in 2024 to increase to USD 12 million and project
EBITDA to grow to USD 8.5 million, nearly doubling the 2023 EBITDA.
On track with milestone project
In addition to the solid financial results, Meichsner also underlined that the
construction of the 65 MWp solar PV plant in Guatemala is progressing as
planned. "We are on track to connect the project to the grid by mid-2025."
This project alone is expected to generate revenues of more than USD 8 million
per year at EBITDA margins above 80 percent, once operational. MPCES is in the
process of finding a co-investor for the project. "We intend to close a deal
by the end of 2024, demonstrating the significant upside of the revised
strategy and focus we introduced last year", said Meichsner.
For Q2 2024 and H1 2024, the MPCES Group reported the following key financials
(unaudited):
+------------------------------------------+---------------+-----------------+
| in thousand USD unless stated otherwise, | | |
| negative values in "()" | | |
+------------------------------------------+---------------+-----------------+
| | | |
| Consolidated financials by quarter, 2024 | | |
| vs. 2023 | | |
+------------------------------------------+---------------+-----------------+
| | Q2 2024 | Q1 2024 |
| | | |
+------------------------------------------+---------------+-----------------+
| Revenue | 3,012 | 2,532 |
+------------------------------------------+---------------+-----------------+
| Project EBITDA / EBITA | 1,909 / 1,176 | 1,599 /832 |
+------------------------------------------+---------------+-----------------+
| Group EBITDA / EBITA | 1,025 / 292 | 625 / (142) |
+------------------------------------------+---------------+-----------------+
| | | |
| | Q2 2023 | Q1 2023 |
| | | |
+------------------------------------------+---------------+-----------------+
| Revenue | 2,380 | 1,674 |
+------------------------------------------+---------------+-----------------+
| Project EBITDA / EBITA | 1,065 / 231 | 700 / 323 |
+------------------------------------------+---------------+-----------------+
| Group EBITDA / EBITA | (161) / (995) | (728) / (1,105) |
+------------------------------------------+---------------+-----------------+
| | | |
| | | |
+------------------------------------------+---------------+-----------------+
| Proportionate financials for H1, 2024 | | |
| vs. 2023 | | |
+------------------------------------------+---------------+-----------------+
| | H1 2024 | H1 2023 |
| | | |
+------------------------------------------+---------------+-----------------+
| Revenue | 6,104 | 4,022 |
+------------------------------------------+---------------+-----------------+
| Project EBITDA / EBITA | 3,889 / 2,389 | 1,891 / 680 |
+------------------------------------------+---------------+-----------------+
| Group EBITDA / EBITA | 2,031 / 531 | (764) / (1,965) |
+------------------------------------------+---------------+-----------------+
| | | |
| | | |
+------------------------------------------+---------------+-----------------+
| Consolidated financials for H1, 2024 vs. | | |
| 2023 | | |
+------------------------------------------+---------------+-----------------+
| | H1 2024 | H1 2023 |
| | | |
+------------------------------------------+---------------+-----------------+
| Revenue | 5,544 | 4,054 |
+------------------------------------------+---------------+-----------------+
| Project EBITDA / EBITA | 3,508 / 2,008 | 1,765 / 554 |
+------------------------------------------+---------------+-----------------+
| Group EBITDA / EBITA | 1,650 / 150 | (889) / (2,100) |
+------------------------------------------+---------------+-----------------+
| Net income / (loss) | (4,621) | (2,562) |
+------------------------------------------+---------------+-----------------+
| Net income / (loss) excl. FX effects | (139) | (4,141) |
+------------------------------------------+---------------+-----------------+
| EPS (basis and diluted), in USD | (0.21) | (0.11) |
+------------------------------------------+---------------+-----------------+
| EPS (basis and diluted), in USD excl. FX | (0.01) | (0.19) |
| effect | | |
+------------------------------------------+---------------+-----------------+
| Total assets (in million USD) | 131.1 | 130.4 |
+------------------------------------------+---------------+-----------------+
| Equity (in million USD) | 65.3 | 76.2 |
+------------------------------------------+---------------+-----------------+
| Equity ratio (in%) | 50% | 58% |
+------------------------------------------+---------------+-----------------+
| Free cash position (in million USD) | 4.2 | 9.6 |
+------------------------------------------+---------------+-----------------+
| Debt (in million USD) | 53.0 | 43.5 |
+------------------------------------------+---------------+-----------------+
MPC Energy Solutions -- Invitation to webcast -- H1 2024 results
A webcast for the investment community will be held today, Wednesday, 31 July
2024 at 02:00 p.m. CET. There will be a Q&A session after the presentation,
and a recording and written transcript of the webcast will be published on the
Company's website afterwards.
From 02:00 p.m. CET today, the presentation to be reviewed during the webcast
will be available on our website:
https://www.mpc-energysolutions.com/investors/reports-presentations
H1 webcast information:
Date: 31 July 2024
Time: 02:00 p.m. CET
Duration: 45 minutes incl. Q&A
Sign up for and access the webcast here:
https://hca.videosync.fi/2024-07-31-mpces/register
For further information, please contact [email protected]
- ENDS -
About MPC Energy Solutions
MPC Energy Solutions ("MPCES") develops, builds, owns and operates renewable
energy assets, including utility-scale solar photovoltaics (PV) and onshore
wind farms, energy efficiency solutions and hybrid projects, combining
renewable sources and storage technologies. More details at
www.mpc-energysolutions.com (http://www.mpc-energysolutions.com/)
Media contacts
MPC Energy Solutions N.V.
Investor Relations & Public Relations
Email: [email protected] ()
Norway
Mats Samdahl Weltz
Salto Advisers
Phone: +47 950 46330
Email: [email protected]
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