Earnings Release • May 6, 2011
Earnings Release
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PRESS RELEASE
Brussels - May 6, 2011 - 18.00 CET
Regulated Information
4Energy Invest, the renewable energy company focused on valorising biomass into energy, announces today its Trading Update for the first quarter of 2011.
| Non audited consolidated statement of comprehensive Income |
Q1 2011 | Q1 2010 |
|---|---|---|
| (in thousands of Euros) | ||
| Sales | 2,766 | 2,120 |
| Other operating income | 14 | 6 |
| Total operating income | 2,780 | 2,126 |
| Operating expenses | ||
| Cost of sales | -1,459 | -1,209 |
| Personnel costs | -224 | -233 |
| Other operating expenses | -315 | -366 |
| Operating cash flow (EBITDA) | 782 | 318 |
| Operating cash flow (EBITDA) excluding impact FV warrants & exceptional operating income/expenses |
803 | 368 |
Better operational performance of the Amel cogeneration facilities, higher realized electricity prices and increased heat consumption result in 30% higher sales and 145% higher operating cash flow over quarter 1 2011 compared to quarter 1 2010
The repayment schedule of the outstanding long-term credit facilities of Renogen related to the projects Amel I, Amel II and Amel III will be stretched over a linear period of 10 years starting as from December 31st 2011. Renogen agreed to restore its Debt Service Reserve Account for an amount of 1,325,000 euro at the latest by September 30Th 2012. An interest rate of Euribor 3 months + 2.50% will apply on the outstanding amounts under the long-term credit facilities. This agreement should enable Renogen to structurally respect its obligations under its credit contract going forward and should allow 4Energy Invest to further define the options to strengthen the equity base of the Group.
We refer to the Annual Report published on April 29, 2011 for a more detailed review of the different projects under construction, under advanced stage of development and under development.
This press release is made available in English, Dutch and French through our corporate website www.4energyinvest.com
4Energy Invest is a Belgian based renewable energy company that aims at creating and managing a portfolio of small to mid-sized locally embedded projects that valorize biomass, directly or indirectly, into energy. 4Energy Invest identifies potential biomass projects, performs a feasibility study and eventually takes responsibility for developing, financing, constructing and operating the project, in close cooperation with carefully selected suppliers and partners.
4Energy Invest NV/SA
4Energy Invest (through its fully owned subsidiary Renogen) has two cogeneration projects, located in Amel (Wallonia, Belgium), that are fully operational.
4Energy Invest (through its fully owned subsidiary Renogen) is about to take in commercial operation in Amel (Wallonia, Belgium) a large scale torrefaction unit to produce BioCoal or torrefied wood pellets with minimum CO2 footprint.
4Energy Invest (through its fully owned subsidiary 4HamCogen) is constructing a 9.5 MW biomass fired cogeneration project in Ham (Flanders, Belgium).
Exploiting its in-depth biomass expertise, 4Energy Invest presently pursues other similar cogeneration projects either on a stand alone basis or in combination with other applications that convert biomass into solid fuel (BioCoal). In addition, 4Energy Invest is preparing the roll out of the torrefaction technology with permits that have been obtained in Ham (Flanders, Belgium) and in Reisbach (Germany). Permit files are also under preparation in countries where more abundant biomass resources are available (than in Western Europe) and where integrated projects can be pursued.
4Energy Invest is listed on Euronext Brussels under symbol ENIN.
Nico Terry, Chief Financial Officer Tel: +32 (0)2 526 90 13 [email protected]
Yves Crits, Chief Executive Officer Tel: +32 (0)2 526 90 11 [email protected]
4Energy Invest NV/SA
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