Thenergo delivers strong growth and increasing recurring EBITDA margin for first half year 2008

28 August 2008 - 18h00 CET - Regulated information

 

Antwerp - Thenergo (Euronext Brussels: THEB and Euronext Paris: THEPA), a leading developer and operator of decentralized, clean energy projects, presents a strong set of financials for the six-month period ended 30 June 2008. A half year report is made available on www.thenergo.eu.

 

 

in 000 €	1H08	1H07	Growth
Revenues	35,212	6,489	x 5.4
REBITDA	5,511	957	x 5.8
margin	15.7%	14.7%
REBIT	1,604	405	x 4.0
margin	4.6%	6.2%
Result	(3,611)	(1,251)

 

1H08 revenue increased with a factor 5.4 to € 35.2 million. Performance at the Recurring EBITDA level was even stronger and increased with a factor 5.8,  leading to an increased margin of 15.7% for the first half year of 2008. A number of non-recurring items, including € 2.8 million related to the contemplated public offering in July 2008, have led to a loss of € 3.6 million for the period, compared to € 1.3 million in the previous year.

 

In preparation of the public offering, a set of pro-forma financials have been prepared for 2007, taking into account the full year impact of the Leysen, tse.AG (formerly Enro) and Polargen acquisitions. In terms of profitability, a comparison between full year 2007 (pro-forma) and the first half of 2008 provides a better insight into Thenergo's rapidly growing operational profitability. At the recurring EBITDA level, the € 5.5 million for the first half of 2008, already equals the full year pro-forma REBITDA for 2007. The REBITDA margin grew from 10.1% in 2007 to 15.7% in 1H08, whereas the REBIT margin grew from 0.9% in 2007 to 4.6% in 1H08. This evolution clearly demonstrates that Thenergo has managed to combine and optimize the acquisitions from 2007 with organic and profitable growth in 2008.

 

Total assets grew from € 186 million at 31 December 2007 to € 264 million at 30 June 2008, with a solvency ratio of 51% and a cash position of  € 32 million at 30 June 2008.

 

The average number of employees increased to 166 FTE in 2008, coming from 14 at half year 2007. The significant increase is mainly linked to the Leysen and tse.AG acquisitions.

 

All sites are running according to plan, and a number of projects under construction have reached their operational status. This brings the total number of operational sites in August 2008 to 24, representing 66 MWe and 188 MWth.

 

Since the start of 2008, 4 new contract signatures were announced, adding to the portfolio a total of 74 MWe and 86 MWth, for a total investment of € 208 million. This means that in the first half year of 2008 a larger contract volume in terms of electrical capacity has been signed than in 2006 and 2007 combined.

 

Carl Malbrain, CEO of Thenergo, comments: "Having transferred this week from Alternext Paris to Euronext Brussels and Euronext Paris, we are pleased to publish a solid set of results over the first half year. With a clear industrial strategy and the strong support of our shareholders and board, we trust that Thenergo will close 2008 as a successful year in our strategic development. We also trust that with strong operational performance, a healthy cash position and our transfer to Euronext we will continue to gain confidence from investors and are convinced that with the current management we can reinforce Thenergo's capital structure and thereby ensuring our future growth."

 

 

 

 

 

 

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, woody biomass and secondary fuels.

Thenergo creates value for its partners and shareholders as a one-stop provider of sustainable energy solutions, transforming renewable fuels into electricity and heat.

Since 25 August 2008, Thenergo has a dual listing on Euronext Brussels (Ticker: THEB) and Euronext Paris (Ticker: THEPA).

 

 

 

Chief Financial Officer

Tel + 32 3 292 97 05

 

Communications Manager

Tel + 32 3 292 97 01

 

Gateway House, Brusselstraat 59                      

B-2018 Antwerp                                                            

Belgium

 

 

 

This press release and the complete version of the Half Year Report are made available through our corporate website www.thenergo.eu

 

Should you wish to receive our press releases and financial information, please subscribe to:

 

A conference call is being set up with analysts and media about these half year results on 28 August 2008 at 18h30 CET.  To access, please dial +32 2 289 53 33. An abstract of this conference call will be made available on our website soon after the call.