Quarterly Quarterly Financial Report Financial Report September 30th, 2010
September 30th, 2010
EGE Haina Reports Third Quarter 2010 Net Income of US$11.8 million; Revenues of US$118.9 million Special points of interest:
Santo Domingo, Dominican Republic, November 4th, 2010 – EGE Haina
EGE Haina reported a
Consolidated Net Debt to Consolidated EBITDA Ratio and a Consolidated Interest Coverage Ratio of 1.2:1.0 and 6.5:1.0, respectively, as of September 30th, 2010.
On July 17, 2010, the
Company re-implemented the PPA with EDE Este for 50MW. The additional 50MW (to complete the original 100MW) will remain suspended for a 24-month period.
announced today third quarter 2010 net income of US$11.8 million, compared to a net income of US$8.1 million in the third quarter 2009, driven by an increase in energy sales price and higher demand. Third quarter 2010 revenues were US$118.9 million, showing a 35% increase when compared to the same period of the previous year.
Financial and Operational Summary
In September, 2010 the
Company entered into a letter of credit by € 15 million with Citibank in favor of Cobra with an annual interest rate of 0.75%. The LC expires in May, 2011 and is collateralized with a certificate of deposit accruing interests at 0.40% annual interest rate.
(US$ Thousands, except for Operational data)
Description
3Q'10
3Q'09
Var %
YTD'10
YTD'09
Var %
Revenues
118,935
88,421
35%
307,963
212,399
45%
Operating Costs
101,931
77,803
31%
261,638
193,483
35%
Variable Margin
37,772
29,392
29%
108,388
72,272
50%
EBITDA¹
21,004
14,474
45%
58,347
30,499
91%
Operating Income (loss)
17,004
10,618
60%
46,325
18,916
145%
Net Income (loss)
11,810
8,119
45%
29,188
9,589
204%
(20,706)
(10,154)
104%
58,733
(18,341)
-420%
Availability, %
92
86
7%
82
90
-9%
Operating cash, net
Inside this Issue: Quarter highlights
2
Sales, GWh
609
514
19%
1,597
1,449
10%
External factors
2
Generation, GWh
458
384
19%
1,262
1,059
19%
MD&A
3
Spot Purchases, GWh
151
130
17%
335
390
-14%
Financial Debt
5
Collections
6
Financial Results
7
1
EBITDA is a non-GAAP financial measure, which is calculated by adding depreciation and amortization expenses to the Operating income.
1