Quarterly Quarterly Financial Report Financial Report December 31st, 2009
December 31st, 2009
EGE Haina Reports Fourth Quarter 2009 Net Income of US$4.8 million; Revenues of US$94.8 million
Special points of interest:
Santo Domingo, Dominican Republic, March 26th, 2010 – EGE Haina announced
• US$12.0 million of Local Bond were placed during 4Q’09, completing the US$ 30.0 million authorized by the SIV. • US$13.7 million offset contract entered into with Ede Sur and CDEEE in October 2009.
today a fourth quarter 2009 net income of US$4.8 million, compared to a net loss of US$2.6 million in the fourth quarter 2008, driven by an increase in energy sales price and higher demand. Fourth quarter 2009 revenues were US$94.8 million, showing a 2.2% increase when compared to the same period of the previous year.
• During the period, the Company sold US$20.8 million face value of sovereign bonds.
Financial and Operational Summary (US$ Thousands, except for Operational data)
• During 4Q’09 the Company made partial repurchases of the 144A Senior Notes in the amount of US$5.7 million, face value. • On February 26, 2010,
HIDRO and the Company agreed to offset US$13.1 million of the Company’s accounts payable to HIDRO against the same amount of accounts receivable from Edesur
Inside this Issue:
Description
4Q'09
4Q'08
Var %
YTD'09
YTD'08
Var %
Revenues
94,799
92,553
2%
307,198
460,567
-33%
Operating Costs
84,700
92,575
-9%
278,183
402,057
-31%
Variable M argin
31,193
25,971
20%
103,465
143,619
-28%
EBITDA¹
14,057
2,339
501%
44,555
73,814
-40%
Operating Income (loss)
10,099
(22)
-46706%
29,015
58,510
-50%
Net Income (loss)
4,814
(2,633)
-283%
14,402
38,573
-63%
Operating cash, net
1,039
10,561
-90%
(17,302)
6,136
-382%
• Quarter highlights
2
Availability, %
72
91
-21%
81
91
-11%
• External factors
2
Sales, GWh
507
496
2%
1,956
2,146
-9%
• MD&A
3
Generation, GWh
406
357
14%
1,465
1,445
1%
• Financial Debt
5
Spot Purchase, GWh
101
139
-28%
491
701
-30%
• 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