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Press Release
Thenergo presents full year 2008 financials
30/03/2009
30 March 2009 – 18h00 CET – Regulated information
Antwerp – Thenergo (Euronext Brussels: THEB), a leading developer and operator of decentralized, clean energy projects, presents its annual results for the twelve-month period ended on 31 December 2008.
* The 2007 figures as published were restated in order to reflect the finalization of the Leysen and Groeikracht De Markvallei. The restatements resulted in an increase of the result by 84.
** The 2007 Pro Forma figures as published were restated in order to reflect the change in consolidation method for Biocogen and Groeikracht Wommelgem. The restatements resulted in a decrease of the result by 190.
Note: all comparisons to 2007 are on a pro forma basis, including the full year 2007 financials of the acquisitions Leysen and tse.AG.
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Financial highlights |
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| In 000 € | 2008 | 2007** | Growth | 2007* | Growth | |||||
| Pro Forma | ||||||||||
| Revenues | 70.628 | 54.150 | 30,4% | 20.725 | 240,8% | |||||
| REBITDA | 9.882 | 5.161 | 91,5% | 2.515 | 292,9% | |||||
| margin | 14,0% | 9,5% | 12,1% | |||||||
| REBIT | 1.542 | 172 | 797,1% | 679 | 127,2% | |||||
| margin | 2,2% | 0,3% | 3,3% | |||||||
| Result | -63.325 | -7.281 | 769,7% | 942 | -6822,4% | |||||
Operational highlights
After the acquisitions and organic growth in 2007, for Thenergo 2008 was a year of integration, consolidation and continued organic growth. The companies acquired in 2007 were further integrated during the course of 2008. In August 2008 Polargen moved its offices to Antwerp (the Thenergo offices) and was rebranded into Thenergo. Furthermore together with Leysen a new platform was developed to simplify, focus and direct the biomass sourcing, in order to improve the fuel supply to the energy units. In Germany the Board of Directors of tse.AG was extended and six members of Thenergo’s executive committee were appointed as members of the Board.
In 2008 Thenergo brought five new projects into operation. Thenergo’s core business has achieved strong growth with Valmass (Vleteren, Belgium), Biogasanlage Beckum (Beckum, Germany) and three natural gas CHP projects (Belgium and The Netherlands) that reached the operational status in 2008.
The Valmass project in Vleteren is a biogas CHP plant on the premises of Bart’s Potatoes Company which converts organic waste into biogas to create green electricity and heat. The fermented residue is refined into high-quality fertilizer granules for use in agriculture and horticulture. The plant represents a capacity of 1.7 MW electrical and 1.9 MW thermal, providing green electricity to approximately 3,500 households. Furthermore Biogasanlage Beckum became operational in 2008. In Beckum sugar beets are used as feedstock to produce green electricity and heat. At full capacity the plant will generate a maximum electrical capacity of 1.1 MW, which corresponds to the electricity needs of approximately 2,500 households. The three natural gas CHP projects deliver electricity, heat and CO2 to greenhouses. Together these units generate an electrical capacity of 7 MW and a thermal capacity of 8 MW, delivering green electricity to approximately 9,000 households.
At the end of 2008 Thenergo holds 27 operational projects in Europe, representing a total of 72 MW electrical and 195 MW thermal capacity. The gross installed capacity increased to 72 MWe at the end of 2008, up from 63 MWe at the end of 2007. Since the first of January 2009 two* new natural gas CHP projects became operational, one on a new site and one as an extension of a current site. Currently Thenergo has an installed electrical capacity of 76 MWe. Thenergo confirms its organic growth and now has six** new projects under construction, all of these projects should be brought into service during the course of 2009.
After completion of these sites under construction, Thenergo’s portfolio reaches up to approximately 100 MWe and 200 MWth.
In 2008 Thenergo’s activities were predominantly focused on the operations of the current operational sites in order to fully optimize the profitability of these operational units. This focus will be pursued in 2009, along with the implementation of the above mentioned six new projects.
*Groeikracht Abelebaan, Groeikracht Butenpole II (extension)
**Groeikracht De Blackt II, Groeikracht Wommelgem II (extensions), Groeikracht Bavikhove, Groeikracht Vrasene, Binergy Ieper, Greenpower (new sites)
Financial highlights*
• Revenues: over 2008, revenues increased from €54.2 million to €70.6 million (+30.4%) thanks to organic growth and putting in operation five new projects.
• Recurring EBITDA: recurring EBITDA increased from €5.2 million in 2007 to €9.9 million in 2008 (+91.5%). Despite the economic downturn the EBITDA margin increased from 9.5% to 14.0%, thanks to the increasing importance of the core business in the revenues and further integration of the companies acquired in 2007. The increase in recurring EBITDA has a positive impact on recurring EBIT, but this effect is slightly reduced due to lower margins during the start-up of projects.
• Recurring EBIT: recurring EBIT increased from €0.2 million in 2007 to €1.5 million in 2008. The recurring EBIT margin increased from 0.3% to 2.2%.
• Result: The 2008 result amounts to €-63.3 million. Besides strong operating performance the result was strongly influenced by the goodwill impairment of €-52.0 million and other one off items such as IPO costs and costs linked to discontinued projects. The goodwill impairment charges were booked on the acquisitions Leysen and tse.AG and reflect the economic downturn in the waste business and the unfavorable financial market conditions decreasing the valuation of project pipelines.
• At 31 December 2008 Thenergo still holds a cash position of €18.6 million.
*Note: all comparisons to 2007 are on a pro forma basis.
Annual Financial Report 2008
Thenergo is currently finalizing its IFRS financial statements for the year ended 31 December 2008. 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 expects to be able to publish its fully audited Annual Financial Report for the year 2008 before 7 April 2009.
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Consolidated income statement |
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| For the year ended 31 December | 2008 | % | 2007** | % | Variance | 2007* | % | Variance | ||
| In 000 € | Pro Forma | EUR | EUR | |||||||
| Operating income | 74.912 | 56.653 | 18.259 | 20.903 | 54.009 | |||||
| Revenue | 70.628 | 100,0% | 54.150 | 100,0% | 16.478 | 20.725 | 100,0% | 49.903 | ||
| Recurring EBITDA | 9.882 | 14,0% | 5.161 | 9,5% | 4.721 | 2.515 | 12,1% | 7.367 | ||
| Depreciation, amortisation | -8.340 | 11,8% | -4.989 | 9,2% | -3.350 | -1.836 | 8,9% | -6.503 | ||
| and impairment | ||||||||||
| Recurring operating result (REBIT) | 1.542 | 2,2% | 172 | 0,3% | 1.371 | 679 | 3,3% | 864 | ||
| Goodwill impairment | -52.040 | 73,7% | 0 | 0,0% | -52.040 | 0 | 0,0% | -52.040 | ||
| Other | -7.539 | 9,2% | -7.111 | 4,1% | -4.226 | -1.879 | 0,0% | -6.470 | ||
| Operating result (EBIT) | -58.037 | 82,2% | -6.939 | 12,8% | -51.097 | -1.200 | 5,8% | -56.836 | ||
| Financial result | -4.547 | 3,1% | -2.570 | 3,1% | 522 | 240 | 7,5% | 659 | ||
| Contemplated public offering costs | -2.903 | 4,1% | 0 | 0,0% | -2.903 | 0 | 0,0% | -2.903 | ||
| Share of result of associates | 1.111 | 1,6% | 178 | 0,3% | 933 | 227 | 1,1% | 884 | ||
| Income taxes | 1.051 | 2.050 | -999 | 1.674 | -624 | |||||
| Result | -63.325 | 89,7% | -7.281 | 13,4% | -56.044 | 942 | 4,5% | -64.267 | ||
* The 2007 figures as published were restated in order to reflect the finalization of the Leysen and Groeikracht De Markvallei purchase accounting. The restatements resulted in an increase of the result by 84.** The 2007 Pro Forma figures as published were restated in order to reflect the change in consolidation method for Biocogen and Groeikracht Wommelgem. The restatements resulted in a decrease of the result by 190.
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Consolidated balance sheet: |
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| 31 December 2008 | 31 December 2007* | ||
| Non-current assets | 156.346 | 121.861 | |
| Goodwill | 14.283 | 51.951 | |
| Intangible assets | 20.978 | 19.720 | |
| Property, plant and equipment | 114.863 | 38.016 | |
| Other non-current assets | 6.222 | 12.174 | |
| Current assets | 62.053 | 68.606 | |
| Trade receivables | 22.531 | 12.170 | |
| Other current assets | 20.932 | 6.611 | |
| Cash and cash equivalents | 18.590 | 49.825 | |
| Total assets | 218.399 | 190.467 | |
| Equity | 77.982 | 122.555 | |
| Share capital | 125.292 | 114.849 | |
| Retained earnings | -63.645 | -1.305 | |
| Other equity | 16.335 | 9.011 | |
| Non-current liabilities | 92.472 | 43.691 | |
| Long-term borrowings and leases | 52.355 | 24.164 | |
| Other non-current liabilities | 40.117 | 19.527 | |
| Current liabilities | 47.945 | 24.221 | |
| Short-term borrowings and leases | 13.468 | 7.875 | |
| Trade payables | 24.448 | 13.039 | |
| Other current liabilities | 10.029 | 3.307 | |
| Total equity and liabilities | 218.399 | 190.467 | |
| * Restated 2007 figures |
About Thenergo
Based in Belgium, Thenergo is a fast growing, fully integrated and independent developer and operator of sustainable energy projects using biogas, natural gas, bio-oil 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.
Thenergo is listed on Euronext Brussels (Ticker: THEB).
www.thenergo.eu
For more information, please contact:
Christophe Van Nevel
Chief Financial Officer
Tel + 32 3 292 97 05
christophe.vannevel@thenergo.eu
Caroline Kerremans
Communications Manager
Tel + 32 3 292 97 01
caroline.kerremans@thenergo.eu
Gateway House, Brusselstraat 59
B-2018 Antwerp
Belgium
This press release is made available through our corporate website www.thenergo.eu. Should you wish to receive our press releases and financial information, please subscribe to:
www.thenergo.eu/en/press/alerts.
A conference call is being set up with analysts and media about these results on 30 March 2009 at 19h00. To access, please dial +32 2 289 53 33. Please contact Caroline Kerremans (+32 3 292 97 01) for the access code. An abstract of this conference call will be made available on our website after the call.