GLOBAL ECOPOWER (ex Energeo) : 2013 full year results above targets: 31.8% EBITDA margin - Proposal of free shares allocation

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Aix-en-Provence (France), April 2nd, 2014. The 2013 results of Global EcoPower (FR0011289198 - ALGEP), approved by the Board of Directors at its meeting on April 1st, 2014, confirm the success of the company's deployment in wind power. GEP is profitable for its second consecutive fiscal year in wind energy, with an increase of 268% of its EBITDA. Drawing on these good results, GEP will propose at the next General Meeting the allocation of free shares up to eight new shares for every hundred shares held.

In K¤ - Social Data (1) audited 2013 2012 Variation
Turnover 12 443 5 622 +121%
EBITDA(2) 3 960 1 075 +268%
EBITDA margin (% of turnover) 31,8% 19,1%  
Operating income
Operating margin (% of turnover)
3 317

26,7%
1 067

19,0%
+211%
Profit before tax 3 420 1 046 +227%
Net result 1 776 1 927 -8%
Net margin (% of turnover) 14,3% 22,1%  
  1. GEP does not publish consolidated results due to the absence of subsidiaries with significant activity

  2. EBITDA = operating income + operating depreciation - reversals

 

Jean-Marie Santander, President and CEO:

 « Our results confirm the correctness of our strategy. At the end of the financial crisis, the energy specialist business has changed significantly: we were able to detect it and adapt to it. A close-knit team, a very short decision chain, competent partners who are available and embrace the same values make Global EcoPower a profitable company.

On March 27th, the European Commission confirmed that the French wind energy feed-in tariff is compatible with EU rules and does not provide excessive compensation. In this climate of support for wind activity, Global EcoPower aims to become a leading player in the European energy ecosystem. »
 

Philippe Perret, Executive Vice President of GEP
« GEP confirms its ability to generate profit for its second fiscal year in wind power. We are pleased to reward our shareholders with a first allocation of free shares. Strengthened by a strong balance sheet and the good results in 2013, we are optimistic about our future development. »
 

KEY EVENTS OF THE YEAR 2013
The fiscal year 2013 was characterized by the following key events:

  • The arrival of new international shareholders in the capital of GEP in April 2013, allowing to increase the free float to more than 50% of capital ;
  • The grid connection on December 16th, 2013, of the first wind farm built turnkey by GEP. It is the wind farm called "La Guenelle" in the department of Marne, with an installed capacity of 22 MW (11 Vestas V90 turbines of 2 MW). GEP is now recognized as a "turnkey" constructor by European banks specialized in the financing of renewable energy projects ;
  • The listing on Alternext Paris in June 2013, with the signing of a liquidity contract, then switching to continuous trading in September 2013.

 

GROUP ACTIVITY IN 2013
In 2013, GEP continued to build the three wind farms described below:

  • Wind farm called « Montbray & Margueray » in the department of Manche. 20 MW (10 Repower MM 82 turbines of 2 MW). Commissioning is scheduled for Q2 2014 ;
  • Wind farm called « La Guenelle » in the department of Marne. 22 MW (11 Vestas V90 turbines of 2 MW). The works are completed and the plant is in production since late February 2014 ;
  • Wind farm called « La Voie Romaine » in the department of Marne. 22 MW (11 Vestas V90 turbines of 2 MW). Commissioning is scheduled for Q2 2014.

The installed capacity of these three projects is 64 MW, a figure that can be compared to the 630 MW of wind power that have been connected to the ERDF grid in 2013 (Source: RTE France).

 

FINANCIAL RESULTS 2013
Turnover

GEP has achieved a "wind energy" turnover of K¤ 12,362, corresponding to the state of progress of the three wind projects at the end of fiscal year 2013, namely:

- Wind farm called « Montbray & Margueray »: K¤ 4, 849 ;

- Wind farm called « La Guenelle »: K¤ 3, 771 ;

- Wind farm called « La Voie Romaine »: K¤ 3, 742.

For the record, the contract for the supply of turbines is signed directly and separately by each SPV with the turbine supplier (Repower and Vestas in this case for the first three sites), which allows GEP not to increase its need for working capital.

As for the solar part, its turnover amounts to K¤ 81, corresponding to the operating contract of the photovoltaic plant of Les Marottières.

The total turnover in 2013 was therefore established to K¤ 12,443, compared to K¤ 5,622 in 2012, i.e. an increase of 121%.

 

EBITDA
The EBITDA of GEP amounted to K¤ 3,960 in 2013, representing an EBITDA margin of 31.8% of turnover
, compared to K¤ 1,075 in 2012, i.e. an increase of 268%.

This high level of EBITDA demonstrates the correctness of the strategy implemented by the founders.

 

Operating income
GEP has booked a depreciation of K¤ 633 for, in particular, meeting the contractual commitments regarding the solar power plant of Les Marottières.

The operating income thus amounted to K¤ 3,318 against K¤ 1,067 in the previous fiscal year, i.e. an increase of 211%.

 

Financial result
GEP recorded in 2013 a financial result of K¤ 103, consisting essentially of a reversal of financial depreciation. This amount has little impact on the operating income. Therefore, the profit before tax amounted to K¤ 3,420 against K¤ 1,046 in the previous fiscal year.

 

Extraordinary result
The extraordinary result amounted to K¤ (940) against K¤ 1,063 in the previous fiscal year. It is mainly due to:

  • an exceptional charge of K¤ 400 on the project called "Montbray & Margueray" ;
  • a charge of K¤ 102 related to the depreciation of BTP Consult shares ;
  • non-recurring provision charges of K¤ 412.

 

Net result
GEP performs a second highly profitable "wind energy" fiscal year with a net result 2013 of K¤ 1,776, representing 14.3% of turnover.

With these excellent results, GEP will propose at the next General Meeting the allocation of new free shares to the shareholders of GEP, with eight new shares allocated for 100 shares held. Based on the current share capital consisting of 4,359,043 shares, this allocation of free shares would result in the creation of 348,724 new shares.

By this operation, GEP can thus associate its shareholders to the success of the company while maintaining the cash necessary for the continuation of its development strategy.

 

BALANCE SHEET STRUCTURE
Equity

Equity amounted to K¤ 5,822 at December 31st, 2013, against K¤ 4,044 in late 2012.

Debt and liquidity
At December 31st, 2013, the bank assets amounted to K¤ 1,473.

Given the emission of drafts in December 2013 for suppliers for an amount of K¤ 2,078, the accounts at December 31st, 2013 bring out liquidity up to K¤ 290 and a very punctual financial debt of K¤ 895.

To date, the company has no financial debt and no bank loan.

 

STRATEGY & PROSPECTS
In 2014, GEP will continue the excellent dynamics driven by its managers.

Compared to its competitors, GEP has opted for a light and flexible structure. A close-knit and experienced team of 10 people, with reduced operating expenses, allows the company to conduct several projects simultaneously.

In the first half of 2014, GEP focuses primarily on the delivery of the two wind farms under construction for a total installed capacity of 42 MW.

Meanwhile, the Group is studying new wind projects in France (several projects are currently being finalized) and continues to develop two solar projects in the departments of Ardèche and Aude for an installed capacity of 18 MWp. In France, GEP does not develop internally wind farms and is positioned to acquire projects with all the necessary authorizations and ready to build. The plants are then built "turnkey" and sold to third party investors.

Drawing on its experience and results in France, GEP's target is to start in 2014 an activity in the most stable emerging markets in order to develop and build solar plants and wind farms on behalf of third party investors.

 

ELIGIBILITY OF GEP SHARES TO PEA-PME
Global EcoPower announces it meets all eligibility criteria* for PEA-PME specified by the Enforcement Decree dated on March 4th this year (Decree n ° 2014-283).

As a result, Global EcoPower shares can be fully integrated within the PEA-PME accounts which, as a reminder, enjoy the same tax benefits as the traditional share savings plan (PEA).

* Companies are eligible if, on the one hand, their workforce is less than 5000 people and if, on the other hand, either their turnover is less than ¤ 1.5 billion, or their balance sheet does not exceed ¤ 2 billion. These criteria must be assessed taking into account the fact that the company may be part of a group.

 

The SFAF Meeting and presentation of annual results will be held on Wednesday, April 2nd, 2014 at 14:30 at the Hotel Raphaël, 17 avenue Kléber, 75116 Paris.

 

About Global EcoPower
Global EcoPower (GEP) is a "turnkey" constructor of power plants using renewable energies. GEP is listed on the NYSE Alternext Paris Market of NYSE Euronext (ISIN code: FR0011289198 - ALGEP).

Contacts

Global EcoPower
Philippe PERRET
Executive Vice-President
Tél. : + 33 442 245 016
contact@global-ecopower.com
ACTUS Finance
Mathieu OMNES
Investor relations
Tél. : + 33 (1) 72 74 81 87
momnes@actus.fr
ACTUS Finance
Jean-Michel MARMILLON
Press relations
Tél. : + 33 (1) 53 67 07 80
jmmarmillon@actus.fr
Information réglementée
Communiqués au titre de l'obligation d'information permanente :
- Communiqué sur comptes, résultats, chiffres d'affaires Communiqué intégral et original au format PDF :
http://www.actusnews.com/documents_communiques/ACTUS-0-35289-gep_pr_a2013_20140402_uk.pdf
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