Quarterly Quarterly Financial Report Financial Report December 31st, 2010
December 31st, 2010
EGE Haina Reports Fourth Quarter 2010 Net Income of US$12.8 million; Revenues of US$114.5 million Special points of interest:
Santo Domingo, Dominican Republic, March 15th, 2011 – EGE Haina announced
• EGE Haina reported a
Consolidated Net Debt to Consolidated EBITDA Ratio and a Consolidated Interest Coverage Ratio of 0.97:1.0 and 7.6:1.0, respectively, as of December 31st, 2010.
• In October 2010, the
company repaid the first tranche of the Local Bond issued (US$ 6 MM), remaining US$ 24 MM outstanding.
today fourth quarter 2010 net income of US$12.8 million, compared to a net income of US$4.8 million in the fourth quarter 2009, driven by an increase in energy sales price and higher demand. Fourth quarter 2010 revenues were US$114.5 million, showing a 21% increase when compared to the same period of the previous year.
• During November and
December 2010, the Company entered into two agreements with Banco Popular Dominicano for US$8 MM and US$5 MM at variable interest rates. The loans mature in November and December 2015, respectively.
• On March 8, 2011 the
Company issued its audited financial statements for 2010.
Inside this Issue:
Financial and Operational Summary (US$ Thousands, except for Operational data)
Description
4Q'10
4Q'09
Var %
FY'10
FY'09
Var %
Revenues
114,546
94,799
21%
422,509
307,198
38%
Operating Costs
98,283
84,700
16%
359,921
278,183
29%
Variable M argin
38,290
31,193
23%
146,678
103,465
42%
EBITDA¹
20,324
14,057
45%
78,671
44,555
77%
Operating Income (loss)
16,263
10,099
61%
62,589
29,015
116%
Net Income (loss)
12,785
4,814
166%
41,973
14,402
191%
Operating cash, net
41,656
1,039
3908%
99,817
(17,302)
-677%
Availability, %
93
72
29%
90
81
11%
Sales, GWh
582
507
15%
2,178
1,956
11%
• Quarter highlights
2
Generation, GWh
363
406
-11%
1,625
1,465
11%
• External factors
2
Spot Purchases, GWh
219
101
117%
554
491
13%
• MD&A
3
• 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