Aix-en-Provence (France), March 31, 2015. Global EcoPower (Alternext – FR0011289198 – ALGEP), constructor of power plants using renewable energy sources, announces a net increase in its consolidated revenues in the fiscal year 2014, ended December 31, 2014. The Aix-en-Provence based Group also confirms the eligibility of its shares for the PEA-PME measures for 2015/2016 on the basis of its last financial year.
The activity of Global EcoPower has, once again, proved to be excellent for the year 2014. The Group recorded a consolidated annual turnover of € 15.9 million, up 28% compared to the previous fiscal year.
As a reminder, GEP's activity is to develop (or acquire SPVs having all the rights), build and sell wind or solar power plants. Once sold, the plants are operated by GEP on behalf of the client, for a period of 15 to 20 years.
In August 2014, the Group acquired, for the first time with its own cash, the company PEVD (Parc Eolien de la Vallée du Don) which owns all rights and authorizations for the construction of a 10 MW wind farm in the municipalities of Vay and Marsac-sur-Don in the department of Loire-Atlantique (read the press release here).
This acquisition, which reflects the new ambitions of the group now consisting in acquiring the SPV, raising the financing and building the plant in order to resell it, leads GEP to record the total capital expenditure (acquisition plus construction costs) in cost of sales and the total sale in turnover, both recognized by stage of completion of each power plant.
This new strategy requires, for the first time, to publish consolidated financial statements in order to give a more complete view of the Group. Therefore, the financial statements are presented on a consolidated basis for the fiscal year 2014, and established according to French standards. The consolidated turnover thus includes companies Global EcoPower (GEP), Investeole (99.98% subsidiary of GEP) and Parc Eolien de la Vallée du Don (100% subsidiary of Investeole).
The GEP group plans to prepare consolidated financial statements according to IFRS standards for the year 2015, in order to improve the comparison with other international companies in the sector.
GEP confirms to comply with the PEA-PME eligibility criteria specified by Article D.221-113-5 of the application decree No. 2014-283 of March 4, 2014, namely:
- a total workforce of less than 5,000 employees;
- a turnover of less than € 1.5 billion or total assets of less than € 2 billion.
Accordingly, Global EcoPower shares (Alternext - FR0011289198 - ALGEP) can fully be integrated within the PEA-PME accounts.
PUBLICATIONS OF THE 2014 FINANCIAL STATEMENTS
Global EcoPower will publish its audited consolidated financial statements on April 20, 2015, after trading.
About GLOBAL ECOPOWER
Global EcoPower (GEP) is a “turnkey” constructor of power plants using renewable energies and plans to produce green electricity. GEP is listed on the NYSE Alternext Paris Market of Euronext (ISIN code: FR0011289198 - mnemo: ALGEP).
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Full and original press release in PDF:
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