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Velcan’s First Half 2017 Results
October 27th, 2017
Consolidated Financial Data
in Million Euros
30/06/2017 30/06/2016 Var %
§ Turnover Half Year 1,5 1,7 -14%
§ EBITDA Half Year -0,1 0,1 NA
§ Net Result Half Year -4,6 -5,8 +21%
30/06/2017 31/12/2016 Var %
§ Cash & Financial assets 100 105 -5%
§ Market Capitalization 88 78 +13%
§ Cons. Equity 127 133 -5%
Issued shares less Treasury shares (in Thousands)
§ Net outstanding shares 6012 6014 -0%
Book value per share (in Euros)
21,1 22,2 -5%
Velcan’s turnover in the first half of 2017 (H1 2017) amounted to EUR 1.5m arising from sales of electricity by the Rodeio Bonito Hydro Power Plant (HPP) in Brazil. It was down by 14% when expressed in Euros (28% when expressed in BRL) relative to H1 2016 due to the structure of the new Power Purchase Agreements (PPA) which include seasonality effect with higher sales in H2 (35% higher than in H1) and a lower average sale price (15% lower). The seasonality effect will reverse itself positively in H2.
Consumed purchases in Brazil amounted to EUR -0.2m for H1 2017 compared to EUR -0.1m during H1 2016 following a stabilization of the Energy Reallocation Mechanism (MRE) system. However this cost will increase significantly during H2 due to the extreme drought currently happening in Brazil that will affect significantly the year end operating results. Since 30th June 2017, the Rodeio Bonito Plant has already paid 1.6 m reais (EUR 420 k) to the MRE for H2 2017, and more MRE payments are expected by year end.
Operating costs were slightly down relative to H1 2016 (EUR -1.4m for H1 2017 compared to EUR -1.6m for H2 2016).
Operating result was slightly negative (EUR -0.5m) compared to H1 2016 (EUR -5.5m) when the result was heavily impacted by a EUR -5.2m provision on Indonesian projects. Excluding provisions and impairments, the operating result is stable.
EBITDA for H1 2017 was slightly negative to EUR -0.1m vs. EUR 0.1 in H1 2016 because of the seasonality impact on sales of the Rodeio Bonito plant and a lower average electricity sale price.
Net financial income for H1 2017 was EUR -4.0m vs. EUR -0.1m in H1 2016 mainly due to the appreciation of the Euro vs the US dollar while most of the Group’s financial investments and cash are invested in US dollar. The FX realized and unrealized loss was EUR 6.6m while the financial gain excluding FX was EUR 2.6m. EUR 75 m equivalent of financial assets, cash and cash equivalent are still allocated in USD as of the date of the report. Should the further degradation of the EUR-USD rate since June 30th not revert itself before the end of the year, additional FX losses will impact the 31st December 2017 results.
Net result, Group share, was therefore a loss of EUR -4.6m vs. a loss of EUR -5.7m in H1 2016.
Group other comprehensive income amounts to EUR -2.4m, mostly due to the appreciation of the Euro compared to the Brazilian real (10%), the US Dollar and the Indian Rupee (3%) and its impact on the Group conversion reserves where the assets held in foreign currency in Brazil (Rodeio Bonito), India and other entities are translated into Euro. The Group total comprehensive income for H1 2017 amounts to EUR -7.0m.
Shareholders equity amounts to EUR 126.6m as of 30th June 2017 vs. EUR 133.3m as of 31st December 2016.
The number of Treasury shares is slightly up compared to 31st December 2016 (1,793,459). The net number of outstanding shares amounts to 6,011,983.
Book value per outstanding share is EUR 21.1, down 5% compared to 31st December 2016.
First half activity brief – India
During the period Velcan has been continuing the development of its 571 MW cascade. For the most advanced tandem of 426 MW, the current phase of development addresses the major next steps of the projects such as: land acquisition by the state Government, concession agreement revision, road infrastructure availability and a bankable PPA. The completion of such steps is beyond the control of Velcan alone. These challenges depend mainly on decisions and actions from the government (central and state), therefore making it difficult to evaluate the level of uncertainty of both the final outcome of the projects and their timeframe.
The projects are still amongst the most advanced hydropower projects in the Indian Himalayas and they feature very competitive techno-economic characteristics.
First half activity brief – Indonesia
Following the sale of the most important project held in the country (Meureubo 2), the Group’s portfolio size has decreased to a small size which may not economically justify having full operations in the country. Given the tariff issue of the most advanced project, the Group is looking for potential partners and investors for taking over the lead development in the Sukarame and Redelong projects.
Significant events since 30th June 2017
Sale of the Meureubo 2 HEP.
Velcan has fully divested its Meureubo 2 Hydropower Project (59 MW located in the Aceh Province), sold to a Hong-Kong based investor. The transaction follows several months of administrative uncertainties which have stalled the Power Purchase Agreement process with PT.PLN, the national utility which is also a 25% consortium member in the Project through its subsidiary PT.PJB. The Meureubo 2 project development costs were already fully impaired as on 31st December 2016 and the sale will have a positive impact on the 2017 financial year.
As per the resolutions of the Extraordinary General Meeting held on Friday the 28th of July 2017, the Company’s share capital was reduced from EUR 7,805,442 EUR 6,605,442 divided 6,605,442 shares of one euro (EUR 1) nominal value each, by cancelation of 1,200,000 treasury shares.
14:13 (2 minuten geleden)
the general meeting of shareholders has granted to the board of director of directors an authorization to implement a share buy back program.
The market will be informed should the board of directors decides to use this authorization in the future.
Gisteren nog wat bijgekocht aan 10 om gem. fors te verlagen maar of het een goede zet was???
Velcan: Sale of the Sukarama Hydropower Project in Indonesia
December 21st, 2017
VELCAN announces it has fully divested its Sukarame Hydropower Project (7 MW located in South Sumatera), sold to an Indonesian Independent Power Producer.
Since March 2016, the construction of the project was on hold due to acute tariff uncertainties and PPA unavailability. The Group had started in late 2015 the pre-construction activities, after an increase of the feed-in-tariff (USD 132 /MWh for the first 12 years, and USD 82.5 for the remaining 8 years), decided by the Ministry of Energy and Mineral Resources.
However, PLN (the state owned electricity company and sole authorized buyer in Indonesia) has refused to comply with this regulation and to buy the power, claiming that such new FIT was too high. Policy discussions have been going on and have resulted in August 2017 in a new tariff, which is now to be negotiated with PLN, and subject to a ceiling of 100% of the provincial BPP, which is PLN’s local procurement cost. In the West Lampung Regency, where the project is located, such BPP ceiling is of Rp 1034 per kWh (7.6 USD cts as current exchange rate). That means the maximum tariff for the Sukarame Project that can be negotiated with PLN is USD 76 / per MWh, barely 60% of the tariff based on which the investment decision was initially taken.
The Sukarame project costs were already fully impaired as on 31st December 2016. The sale price, which is to remain confidential at this stage, allows only a partial recovery of such costs, given the low IRRs forecast resulting from the new tariff.
The small size of the Group’s portfolio in Indonesia (now only the Redelong Hydropower project of 18 MW) does not economically justify having full operations in the country, and the Group is having discussions with potential partners and investors for taking over the lead development in the Redelong project.
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5 1.188 10,25 ____10,35 288 1
2 1.338 10,2 ____ 10,45 154 1
1 514 10,15 ____10,5 702 4
2 767 10,1____ 10,55 299 2
3 2.284 10,05 ____10,6 490 2
5 2.325 10 ____10,65 250 2
18 8.416 ____ 2.183 12