← Back to overview

Thenergo presents full year results 2009

30/03/2010

 

30 March 2010 – 18h00 CET – Antwerp – Regulated Information

Financial key figures

In € 000		2009	2008
Revenues		71,982	70,628
REBITDA		9,496	9,882
REBIT		-963	1,542
Result		-45,335	-64,015

 

Thanks to the organic growth of Thenergo’s core business revenues increased to € 72.0 million in 2009. The share of Thenergo’s core business, the production of energy, in the total revenues increased to 62%. The revenues from energy sales increased with 8%.

In the segments cogeneration based on natural gas and biomass/biogas (outside Germany) the REBITDA increased. The total REBITDA was influenced by the economic crisis which had an impact on the waste business and the cogeneration activities in Germany. In total the REBITDA was kept as good as stable, there was a slight decrease to € 9.5 million.

BU Natural Gas (Groeikracht)

In the segment cogeneration activities based on natural gas (outside Germany)revenues increased with 21%. The REBITDA increased to € 6.0 million. The increase is mainly linked to the higher number of operational production units (Groeikracht-units) within this segment. Growth was unexpectedly lower in the second half of the year due to a number of early switches in cultivation in the greenhouses. These switches lead to a lower heat demand. In addition, the low erelectricity prices had an impact on the sale of part of the electricity on the day-to-day market.

BU Biogas (Binergy)

The revenues in the segment cogeneration activities on biomass/biogas increased with 59% to € 4.0 million. Especially the operational income of Valmass, the production unit that was brought into operation end of 2008, contributes to the revenue increase.

BU tse.AG

The revenues in the segment cogeneration activities in Germany decreased to € 15.5 million as a consequence of the economic relapse and technical problems.

Due to the continued economic crisis there was no recovery in the heat demand fromindustrial external partners in Ludwigsfelde. In the fourth quarter of 2009 theLudwigsfelde-unit didn’t run on full capacity as result of a technical defect.The necessary repairs and maintenances were successfully completed.

BU fuels and waste

Especially during the first half of 2009 Leysen, subsidiary of Thenergo active in the waste business, was impacted by the overall economic downturn.  The international demand for recycled materials collapsed, causing a decline in prices. In the second half of the year there was a substantial pick-up of the business, both in volumes and in prices.

Holding

The holding cost declined form € 3.8 million to € 2.1 million thanks to continued cost reductions.

On 31 December 2009 Thenergo’s cash position amounted to € 14.8 million.

Non-recurring costs

In 2009 Thenergo reached important agreements with the main suppliers and contractors for the jatropha project in Thailand. The transaction resulted in a final agreement, for an amount of € 340,000, which ends all the liabilities ofThenergo.  At the end of 2009 a goodwill impairment charge was booked for an amount of € 8.1 million. € 7.5 million, of this charge, is related to the non-realization or the decrease in scope of the Leysen RES projects and 2 bio-fuel projects. In addition impairments or provisions were booked on the fixed assets of the jatropha related projects for an amount of € 13.9 million.

On the fixed assets of the waste business € 1.9 million was impaired and € 7.6million was booked on the fixed assets of tse.AG.

The board of directors notes that, as a consequence of the impairments, the net assets of the company (€ 41,197,296.37) have fallen to less than half of the company’s share capital (€ 134,004,691.96). In accordance with article 633 of the Company Law Code, the board of directors has decided to call a general meeting of shareholders. They will meet in order to deliberate and decide whether to wind up the company or take any other measures.

Within the framework of article 633 of the Company Law Code the board of directors proposes to carry on the company’s business activities, conditional to the implementation of the short term measures to recover the financial situation of the company:

• Attracting capital at the level of the subholdings either through debt financing or by attracting minority shareholders
• Continue the cost saving program by restructuring the internal organization and further reduction of the headcount and the holding and operational costs
• Stopping the cash drain
  
  • by selling the jatropha related activities
  • by divestment of the non core business Leysen
• Recapitalization of the company by calling an extraordinary general meeting to organize a capital increase 

Going concern

Thenergo’s going concern will depend on (i) Thenergo’s continued access to its credit facilities, (ii) the divestment of non-core assets and (iii) the timely raising of sufficient funds. Thenergo is confident that these measures will be timely executed to ensure the continuity of the Company for the year to come and hence the board has established these financial statements using the going concern assumption.

Thenergo is currently finalizing its IFRS financial statements for the year ended 31 December 2009. The auditor has not yet completed his audit procedures as of today. Should any material changes arise during the audit finalization, an additional press release will be issued. Thenergo will publish its fully audited Annual Financial Report of the year 2009 on April 6, 2010.

Operationalhighlights

In2009 Thenergo brought three new projects into operation. On 31 December 2009 Thenergo manages 29 decentralized production units in Belgium, the Netherlands and Germany, with an electrical capacity of 76 MWe and a thermal capacity of197 MWth (72 MWe and 195 MWth at the end of 2008). During the first quarter of2010 another 5 projects reached the operational status bringing the installed capacity to 85 MWe and 207 MWth (31 March 2010).

Thenergo’s strategy

Thenergo will focus on its core business, the production of electricity and heat based on the combined heat and power technology (CHP)* in Belgium, the Netherlands and Germany.

Thenergo wants to develop its activities in the following four defined businesssegments:

• MyPower supplies industries and communities with energy (heat and electricity). The CHP-units are dimensioned based on the production process and/or heat needs of the partner. These units will run on natural gas or locally produced biogas. Today Thenergo manages one operational MyPower-site with a capacity of 1.4 MWe.

• Groeikracht supplies greenhouse growers with energy. The CHP-units are steered in function of the heat demand of the greenhouse, the CO₂-needs of the crops and the electricity needed for the lightning during winter time. Thenergo manages twenty-three Groeikracht-units with a capacity of 64 MWe.

• Binergy digests manure and organic biological waste into biogas. This biogas will be used as fuel in a CHP-unit. Today Thenergo manages three operational Binergy-sites with a capacity of 5.9 MWe. The input is fully converted into green end products; electricity, heat, disposable waste water and manure granules for horticulture and agriculture.  

• tse.AG manages two wood fired CHP-units. These units deliver steam or hot water to nearby industrial sites or to residential areas through heat networks. Today these units are running at full capacity. The power plants will be further technically optimized to continue improving the financial result.  

The business segments are centrally steered. Thenergo takes up the overall operational responsibilities and the maintenance of the units. In addition,through its ‘Energy Portfolio Management’, Thenergo takes care of the sale of electricity, heat and certificates and the purchase of fuels.

Herewith Thenergo clearly defines its strategy to further valorize its in-house and attained knowledge. The aim maintains to achieve profitability based on attained expertise and economies of scale. Pooling and strategic acquisitions ofexisting units will create economies of scale and will facilitate feedstock supply and control. The termination of the jatropha-activities in Thailand wasa first step in de repositioning of Thenergo.

Thenergo will continue to grow through the acquisition of existing operational siteswith immediate contribution to the operational profit and cash flow, theextension of current operational projects in portfolio and the development of new projects.

About Thenergo

Based in Belgium, Thenergo is fullyintegrated and independent developer and operator of sustainable energy projects using biogas, natural gas and woody biomass. Thenergo creates value for its partners and shareholders as a one-stop provider of sustainable energy solutions, transforming renewable fuels into electricity and heat.

For more information, please contact:

Christophe Van Nevel

Chief Financial Officer

T.: +32 3 292 97 05

Christophe.vannevel@thenergo.eu

Caroline Kerremans

Communications Manager

T.: + 32 3 292 97 01

Caroline.kerremans@thenergo.eu

Gateway House, Brusselstraat 59               

B-2018 Antwerp                                                       

Belgium

This press release is made available through ourcorporate website www.thenergo.eu

Thenergo

België, is een onafhankelijke en volledig geïntegreerde ontwikkelaar enoperator van duurzame energieprojecten op basis van biogas, aardgas en houtachtigebiomassa. Thenergo biedt haar klanten een absolute meerwaarde: het bedrijf iseen ‘one-stop provider’ voor duurzame energieoplossingen, waarbij hernieuwbarebrandstoffen omgezet worden in elektriciteit en warmte

Appendices:

 

Consolidated incomestatement:

	2009	%	2008	%	2007	%
Operating income	76 495		74 912		20 903
Revenues	71 982	100%	70 628	100%	20 725	100%
Recurring EBITDA	9 496	13%	9 882	14%	2 515	12%
Depreciation, amortisation and impairment	- 10 460	14%	-8 340	12%	-1 836	9%
Recurring operating result (REBIT)	-963		1 542	2%	679	3%
One-off items
Non-cash share-based payment expense	-394		-1 069		-1 880
Goodwill impairment	-8 081		-52 040
Asset impairment	-14 238
Costs discontinued projects	- 9 489		-6 470
One-off operating costs	- 2 911
Operating result (EBIT)
Financial income	995		2 222		1 569
Financial costs	- 6 299		-6 769		-1 329
One-off other financial costs	- 2 059		- 2 903
Fair value adjustment forward contracts natural gas/electricity	- 3 311
Share of result of associates	-130		421		227
Income taxes benefit/(expense)	1 545		1 051		1 674
Result for the year	-45 335		-64 015		942

 

* The 2008 figures as published were restated inorder to reflect the final accounting for the Van Dijke Recycling sale.  The restatement resulted in a decline of theresult by € 690.

 

Consolidated balancesheet:

	2009	2008*	2007
Non-current assets	146 408	155 914	121 861
Goodwill	6 755	14 283	51 951
Intangible assets	15 287	20 978	19 720
Property, plant and equipment	117 688	114 863	38 016
Investments	495	1 169	9 332
Deferred tax assets	4 924	4 026	2 718
Other non-current assets	1 259	595	124
Current assets	42 637	62 053	68 606
Trade receivables	16 975	22 531	12 170
Other receivables	8 236	11 912	5 426
Inventories	1 635	3 206	205
Other current assets	975	5 814	980
Cash and cash equivalents	14 816	18 590	49 825
Total assets	189 045	217 967	190 467
Equity	34 481	77 551	122 555
Share capital	128 881	125 292	114 849
Retained earnings	- 106 225	-63 645	-1 305
Share-based payments	9 379	8 985	7 916
Hedging reserves	- 453	1 536	-152
Minority interests	2 899	5 814	1 247
Non-current liabilities	97 900	92 472	43 691
Long-term borrowings	53 870	52 355	24 164
Leases	33 671	29 827	12 794
Employee benefits and provisions	3 897	1 309
Deferred tax liabilities	6 269	8 838	6 733
Other non-current liabilities	193	143
Current liabilities	56 664	47 945	24 221
Short-term borrowings	18 023	9 095	6 990
Leases	5 168	4 373	885
Trade payables	17 510	24 448	13 039
Other payables	1 979	3 872	2 296
Other current liabilities	13 984	6 157	1 011
Total equity and liabilities	189 045	217 967	190 467

 

* The 2008 figures as published were restated in order to reflect thefinal accounting for the Van Dijke Recycling sale.  The restatement resulted in an increase ofequity by € 432.

Voor meer informatie:

ChristopheVan Nevel
Chief Financial Officer
T.: +32 3 292 97 05
Christophe.vannevel@thenergo.eu

Caroline Kerremans
Communications Manager
T.: + 32 3 292 97 01
Caroline.kerremans@thenergo.eu

Gateway House, Brusselstraat 59               

B-2018 Antwerp                                                       

Belgium

Het persbericht is beschikbaar op www.thenergo.eu.                     

 

 

>> Download article as PDF

>> Download article as PDF