Earnings Release • Mar 29, 2013
Earnings Release
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29 March 2013 – 18h00 CET – Regulated Information
Antwerp – Thenergo (Euronext Brussels: THEB), a developer, operator and provider in the context of energy projects, presents its results for the year ended 2012.
As announced in the report from the Board of Directors for the 2011 financial year, the restructuring of Thenergo continued without delay in 2012. The dynamics of energy prices in 2012, and more specifically the difference between the prices of gas and electricity, were not at all positive and the profitability of the Groeikracht segment declined further. The decision to withdraw from this segment was therefore implemented further. At the start of 2012 Thenergo still had participations in 9 of the original 22 Groeikracht entities. There were only 4 left at the end of June 2012, and the last holding in a Groeikracht entity was sold in November 2012.
Among other things, Thenergo utilised the sale of its holdings in Groeikracht entities to reduce its financial debts even further. The consolidated net financial debt stood at € 1.777 million on 31 December 2011, including PMV's loan at holding level. This net financial debt was reduced to € 294,000 on 31 December 2012.
As a result of selling Groeikracht entities, the guarantees linked to the credit agreements at the level of the subsidiaries were reduced to € 0 (€ 1.976 million as at 31 December 2011).
Thenergo retained its holding in the Biocogen power plant (MyPower segment), which runs on biogas from paper and cardboard manufacturer Oudegem Papier. This power plant ran more efficiently in 2012 than it had up to 2011. The existing technical problems were resolved at the end of 2011, resulting in increased operating hours in 2012 and a positive financial result.
As was also announced, Thenergo continued to expand its services segment in the course of 2012. The focus within the Etrim segment is directed towards:
Cost savings and staff reductions continued unabated in 2012, with the aim of adapting the workforce to the reduced activities and further decreasing office costs.
As a consequence, the Board of Directors further developed the strategy formulated in 2011, namely:
Thenergo's cash position as at 31 December 2012 amounted to € 1.202 million. After careful consideration of all options, including that of dissolving the company, the Board believes that the strategy as outlined above has every chance of succeeding. The Board has noted that the company's net assets have fallen to below one quarter of the company's share capital and is therefore applying Article 633 of the Companies Code. The Board of Directors is requesting the General Meeting of Shareholders to adopt the Board's proposal and to vote to continue the company.
The Board of Directors is currently speaking to potential investors in order to realise the potential expansion of the Thenergo Group. In 2012 and until now, funds that Thenergo recovered from the reorganisation have among other things been invested in the Etrim platform. Thenergo believes that these discussions may well be successful, taking into account:
Thenergo makes a distinction between 'continuing operations' and 'discontinued operations' in the presentation of its results as at 31 December 2012 on the basis of the above completed or planned divestments.
| in € 000 | 31/12/2012 | 31/12/2011 |
|---|---|---|
| Continuing Operations | ||
| Turnover | 3,781 | 2,105 |
| EBITDA | (120) | (2,094) |
| EBIT | (487) | (4,015) |
| Result (continuing operations) | (692) | (5,508) |
| Discontinued operations | ||
| Result (discontinued operations) | 1,118 | (6,982) |
| Result for the period | 426 | (12,490) |
(For details, please see appendix)
Because of the implementation of the strategic plan to divest the Groeikracht segment, the consolidated income statement for 2012 below-the-line turnover only shows turnover from continuing operations. Thenergo's continuing operations include the 'My Power, 'ETRIM' and 'Holding' segments. The turnover realised with third parties from these segments amounted to € 3.781 million in 2012, compared to € 2.105 million in 2011. The turnover is mainly attributable to production and trading of green power and CHP
(Combined Heat and Power) certificates. The turnover also includes a limited amount of sales of services as a result of putting the ETRIM trading platform into operation and the sale of electricity from the remaining CHP power plant.
The consolidated EBITDA from continuing operations increased from € - 2.096 million in 2011 to € - 0.102 million in 2012.
The operating costs include staff costs and overhead costs that partly relate to the discontinued operations. However, because they are not directly attributable to these discontinued operations, they have been included under the result from continuing operations. These costs will disappear in 2013 due to the sale of the Groeikracht entities in 2012. Furthermore, the Board of Directors will take the necessary measures with the management to reduce costs further.
As a consequence of further internal development of the ETRIM trading platform € 0.305 million in personnel costs have been activated.
Thenergo achieved consolidated profits of € 0.426 million as on 31 December 2012. This profit includes the result of the discontinued operations at € 1.118 million.
The discontinued results include a capital gain of € 1.235 million as a consequence of divestment of operations.
Chris Beliën CEO T.: +32 3 292 96 96 [email protected]
Gateway House, Brusselstraat 59 B-2018 Antwerp Belgium
This press release and the associated accounts are available on our website www.thenergo.eu
If you want to be kept informed about press releases and financial information then please register on: www.thenergo.eu/en/press/alerts
| in € 000 | 2012 | % | 2011 | % |
|---|---|---|---|---|
| Continuing operations | ||||
| Operating income | 3,807 | 2,153 | ||
| Turnover | 3,781 | 100% | 2,105 | 100% |
| Other operating income | 26 | 48 | ||
| Operating costs Raw materials and consumables |
-4,294 -2,250 |
-60% | -6,168 -1,446 |
-69% |
| Personnel costs | -545 | -14% | -1,451 | -69% |
| Depreciations | -311 | -8% | -338 | -16% |
| Exceptional impairment losses on assets | -56 | -1% | -1,583 | -75% |
| Other operating expenses | -1,132 | -30% | -1,350 | -64% |
| Result from operations | -487 | -4,015 | ||
| Financial result | -178 | -1,490 | ||
| Interest returns | 42 | 1% | 4 | 0% |
| Interest charges | -216 | -6% | -234 | -11% |
| Other financial income or costs | -4 | 0% | -1,260 | -60% |
| Result before tax | -665 | -5,505 | ||
| Tax income /(- expenses) | -27 | -1% | -3 | 0% |
| Result for the financial year from continuing operations | -692 | -5,508 | ||
| Discontinued operations | 1,118 | -6,982 | ||
| Result for the financial year from discontinued operations | 1,118 | -6,982 | ||
| Result for the financial year | 426 | -12,490 | ||
| Attributable to | ||||
| Owners of the business | ||||
| Result for the financial year from continuing operations (€ 000) | -692 | -5,508 | ||
| Result for the financial year from discontinued operations (€ 000) | 1,133 | -5,094 | ||
| Result for the financial year from continuing and discontinued operations (€ 000) Minority interests |
441 | -10,602 | ||
| Result for the financial year from continuing operations (€ 000) | 0 | 0 | ||
| Result for the financial year from discontinued operations (€ 000) | -15 | -1,888 | ||
| Result for the financial year from continuing and discontinued | -15 | -1,888 | ||
| operations (€ 000) | ||||
| Earnings per share | ||||
| From continuing and discontinued operations: | ||||
| Basic and diluted earnings per share (€) | 0.02 | -0.37 | ||
| From continuing operations | ||||
| Basic and diluted earnings per share (€) | -0.02 | -0.19 | ||
* The published figures for 2012 and 2011 have been adapted to reflect IFRS 5. The presentation distinguishes the continuing operations from the activities that have been divested. Since the Binergy Meer operations are not being sold, the published figures for 2011 have been revised in accordance with IFRS 5. The impact of this revision on the continuing operations is € -/- 1,533
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