Ege haina 1q 2008

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1st Quarterly Financial Report – 2008 March, 2008

Summary (US$ Thousands) Revenues Variable Margin Operating Costs Operating Income Net Income

1Q 2008 100,484 40,086 74,981 25,503 11,023

1Q 2007 64,847 27,695 52,989 11,858 3,670

2007 344,519 136,025 269,126 75,392 37,138

-

75,392

EBITDA

25,503

Net cash provided (used in) by operating activities

16,732

14,077

19

(17,525)

97.2 502 377 (126)

95.1 490 389 (105)

2.2 2.6 (3.1) 19.5

96.8 2,169 1,674 (502)

Availability, % Sales, GWh Generation, GWh Spot Purchase, GWh

11,858

Var % 55.0 44.7 41.5 -

Quarterly Summary Variable margin greater for the first quarter of 2008 versus the same period of 2007 by 44.7%. Net income for the first quarter was US$ 11.0 million greater than the same period of 2007. Net income was impacted positively in 1Q 2008 due to the increase in variable margin to US$ 40.1 million. EBITDA for the first quarter of 2008 equaled US$ 25.5 million versus US$11.9 million for the first quarter of 2007 and US$27.1 million for the fourth quarter of 2007. For this quarter, accounts receivable increased by US$4.0 million from the fourth quarter of 2007. The three distribution companies have sustained their energy supply to end-users at approximately 80% of demand during the first quarter of 2008.

External Factors

US$/Barrel

Fuel prices have continued their upward trend during this quarter, reaching on a single day US$ 73.83/Bbl for Platt’s US Gulf Coast HFO #6, 3% S (fuel used to index the tariffs under contract and for acquisition in the international markets).

Average Platts price US Gulf Coast for HFO #6, 3%S 80 75 70 65 60 55 50 45 40 35

76.4

59.3 49.9

46

53.2

49

68

73.8

70

53.7

52.4 42.6

44.4

40

39

56 50

47

1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 HFO #6, 3%S

Maximum per Q

Financial Results Revenue Revenue increased by 55.0% to US$100.5 million in the first quarter of 2008 compared to the same period of 2007 as a result of a 62.8% increase in revenue from the sale of energy and a 1.9% increase in revenue from the sale of capacity. Revenue from the sale of energy increased as a result of: a 63.6% increase in the average price per GWh, primarily as a result of the effect of the increase in the average price of fuel oil used to index the contract energy to US$68.58 per barrel in the first quarter of 2008 from US$38.69 per barrel in the same period of 2007 and the application of the price indexation formula in our PPAs; and

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