Earnings Release • Jul 31, 2023
Earnings Release
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MPC Energy Solutions' results for the first half of 2023 surpass full-year numbers reported for 2022; new development activities in Panama and El Salvador
Amsterdam/Oslo - 31 July 2023 - MPC Energy Solutions (MPCES, Company) announced
its H1 2023 results today. MPCES generated 40.4 GWh of electricity from its
power-generating projects in the first six months of 2023, corresponding to USD
3.5 million in revenues and USD 2.3 million EBITDA. The total revenue and
EBITDA, including the Company's trading activities in Colombia, were USD 4.1
million and USD 1.8 million, respectively.
MPC Energy Solutions is a global provider of sustainable energy and primarily
focuses on low-carbon energy infrastructure, including solar and wind farms, and
other hybrid and energy efficiency solutions in Latin America and the Caribbean.
On a consolidated basis, MPCES reported negative EBITDA and EBIT of USD 0.9
million and USD 2.7 million, respectively, and a net loss for the reporting
period of USD 2.6 million. MPCES ended the second quarter 2023 with total assets
of USD 130.4 million, of which USD 15.4 million were cash and cash equivalents.
The consolidated equity ratio of the group as of 30 June 2023 was 58%.
"Since solar PV is the core technology in our operational portfolio today, the
summer months during the third quarter - following the seasonal patterns of
solar radiation in the countries we operate in - will be the ones that
significantly drive the overall financial performance of MPCES in the current
financial year. With the solid results reported for the first half of 2023 and
another project scheduled to come online in Colombia later this year, we are on
track to achieving our target of USD 10 million in revenues and USD 7 million in
EBITDA from power-producing assets on a project level for the year", said Stefan
H.A. Meichsner, CFO of MPC Energy Solutions.
MPCES also commenced new development activities across the region during the
second quarter, with a development partnership agreement signed in Panama, and
own greenfield developments started in El Salvador. "Developing greenfield
projects will always be where we can create substantial value for our
shareholders. Expenses required to develop projects are comparatively low and
removing development risk significantly increases project values. And our
development backlog remains strong and is rapidly maturing", commented
Meichsner.
Following the end of the second quarter, on 5 July 2023, Martin Vogt resigned as
CEO of the Company and stepped down from his position. Stefan H.A. Meichsner,
the Company's CFO, has taken over the responsibilities and the Supervisory Board
of MPCES initiated a succession process for the CEO position.
The Company will host an investor webcast today at 09:00 a.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 09:00 a.m. CET on 31 July 2023, the presentation to be reviewed during the
conference call and webcast will be available on our website:
https://www.mpc-energysolutions.com/investors/reports-presentations
H1 webcast information:
Date: 31 July 2023
Time: 09:00 a.m. CET
Duration: 30 minutes incl. Q&A
The live webcast can be accessed through the following link: https://edge.media
-server.com/mmc/p/7uh6m9g6
- ENDS -
About MPC Energy Solutions
MPC Energy Solutions ("MPCES") is a global provider of sustainable energy and
primarily focuses on low-carbon energy infrastructure, including solar and wind
farms, and other hybrid and energy efficiency solutions. The Company
participates in the full project lifecycle of renewable solutions, from early
-stage development through construction and operation. More details at www.mpc
-energysolutions.com
Media contacts
MPC Energy Solutions N.V.
Investor Relations & Public Relations
Email: ir@mpc
-energysolutions.com (http://javascript:linkTo_UnCryptMailto(%27ocknvq%2CkphqBore
%5C%2Fgpgtiauqnwvkqpu0eqo%27);)
Norway
Mats Samdahl WeltzMats Samdahl Weltz
Salto Advisers AS
Phone: +47 950 46 330
Email: [email protected]
United Kingdom
Judith Ugwumadu
Montieth & Company
Phone: +44 7774 985705
Email: [email protected]
Americas
Perry Goldman
Montieth & Company
Phone: +1 (646) 8643568
Email: [email protected]
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