Ege haina 3q 2008

Page 1

Quarterly Financial Report September, 2008

EGE Haina Reports Third Quarter 2008 Earnings of US$19.4 million; Revenues of US$146.2 million, up 50% Santo Domingo, Dominican Republic, December 8th, 2008 – EGE Haina announced today third quarter earnings of US$19.4 million, up 61% from the third quarter 2007, driven primarily by an increase in operating income. Third quarter 2008 revenues were US$146.2 million, showing a 50% increase when compared to revenues for the same period of the previous year.

Financial and Operational Summary (US$ Thousands, except for Operational data) Description

3Q'08

3Q'07

Var %

YTD'08

YTD'07

Var %

Revenues

146,176

97,686

50%

368,014

241,314

53%

Operating Costs

121,639

80,510

51%

309,482

212,507

46%

Variable Margin

39,978

34,369

16%

104,734

84,994

23%

EBITDA

28,960

21,643

34%

71,475

48,266

48%

Operating Income

24,537

17,176

43%

58,532

28,807

103%

Net Income

19,441

12,073

61%

41,206

16,476

150%

Operational cash, net

(6,362)

2,715

-334%

(4,425)

(16,709)

74%

Availability, % Sales, GWh

94 588

97 599

-3% -2%

92 1,648

97 1,628

-5% 1%

Generation, GWh

350

480

-27%

1,088

1,278

-15%

Spot Purchase, GWh

238

119

100%

561

354

59%

Quarter Highlights and Recent Developments In August, 2008 the Company entered into a power sales agreement with Consorcio Energético Punta Cana Macao S.A. (CEPM). Through the aforementioned, the Company committed to sell 50MW and associated energy over an eighteen (18) year period. Related to the contract described above, three engines form Sultana Barge were disconnected from the national interconnected system and will be fully dedicated to sell electricity to CEPM in accordance with the terms of the agreement. In September, 2008 the Company entered into a letter of intent with Vestas Argentina, S.A. to acquire 25 wind turbine generators for the Juancho Los Cocos project for a total purchase price of €53,212,791. Related to this contract, the Company made a down-payment for an amount of €10,642,558 (20% of the total purchase price) as a retention fee. On September 17th, 2008 the Sultana and Barahona plants were declared commercially unavailable due to lack of fuel. Both units were synchronized with the national interconnected system on September 21st. On September 22nd, 2008 the Company collected the total amount lent to CEPM by US$18.3 million. On October 23rd, 2008 the Company paid the third interest coupon under the US$175 million senior notes. On October 29th, 2008 Ede Este and EGE Haina signed a contract suspension agreement for the PPA signed in 1999 between the parties. The suspension is effective November 1st and will last until EDE Este pays in full its current outstanding electricity bills with EGE Haina. As per conditions of the agreement, EGE Haina will continue to receive the revenues of pledge customers and credit card receipts for approximately US$6.0 million on a monthly basis. On November 26th, 2008 the Company entered into a Letter of Credit (LC) with Citibak for an amount up to US$3,014,000, in favor of Carbon and Minerals, LLC (coal supplier). The LC expires on September 1st, 2009 and is collateralized with a time deposit held at the Citibank.

1


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.