Etrion Releases Second Quarter 2021 Results
06 Août 2021 - 10:05PM
Etrion Corporation (“Etrion” or the “Company”, and, together with
its subsidiaries, the “Group”) (TSX: ETX) (OMX: ETX) released today
its condensed consolidated interim financial statements and related
management’s discussion and analysis (“MD&A”) for the three and
six months ended June 30, 2021.
Q2-21 HIGHLIGHTS
Corporate
- On May 31,
2021, the Company completed the sale of its interests in the 45 MW
Niigata solar project to a consortium led by Renewable Japan Co.
Ltd for gross proceeds of JPY6.3 billion (approximately US$57.7
million).
- On June 22,
2021, the Company completed the sale of its interests in the 13.2
MW Komatsu, 24.7 MW Shizukuishi and 9.3 MW Mito, operating solar
energy projects to a Japanese consortium (“Consortium”), for gross
proceeds of JPY8.3 billion (approximately US$74.9 million).
- Subsequent to
the end of Q2-21, on August 5, 2021, Etrion announced the
distribution of a portion of the net proceeds from the sale of
assets. The distribution will be US$0.327 per common share and will
be made as a return of capital to shareholders of record at the
close of business on August 17, 2021. The distribution on shares
traded on the Toronto Stock Exchange will be paid on August 24,
2021, and the distribution on shares traded on Nasdaq Stockholm
will be paid in Swedish kronor on or about August 30, 2021.
- The company
plans to retain approximately CAD 20 million in cash to address any
potential warranty claims from the sale of its assets in Japan,
corporate obligations, and potential claims as well as wind-up
cost.
Financial highlights
- Etrion closed Q2-21 with an
unrestricted cash balance of US$131.7 million held at the corporate
level and a positive working capital of US$119.3 million, after
excluding the Japanese assets-held-for sale.
- Etrion recognized a group gain on sale
of Japanese subsidiaries of JPY12.7 billion (approximately US$
118.2 million).
Management Comments
Marco A. Northland, the Company’s Chief Executive
Officer, commented, “I am pleased how successfully the Company and
its employees managed to close the sale of all our Japanese assets.
As a result, and as advised in the Management Information Circular,
we will be effecting the distribution of the majority of the net
proceeds from the sale of assets to shareholders before the end of
August. The Company will make a determination within this quarter
whether it will begin a windup process or engage in new businesses.
We will communicate our decision once the board review all
options.”
FINANCIAL SUMMARY
|
Three months ended |
|
|
Six months ended |
|
US$ thousands (unless otherwise stated) |
Q2-21 |
|
Q2-20 |
|
|
Q2-21 |
|
Q2-20 |
|
|
|
|
|
|
|
|
|
|
|
Financial performance from discontinued
operations |
|
|
|
|
|
|
|
|
|
Revenues |
6,710 |
|
7,130 |
|
|
10,654 |
|
11,426 |
|
EBITDA |
(2,028 |
) |
5,948 |
|
|
733 |
|
9,101 |
|
Net income |
(3,659 |
) |
2,481 |
|
|
(2,736 |
) |
2,043 |
|
Gain on sale of subsidiaries |
118,242 |
|
- |
|
|
118,242 |
|
- |
|
Accumulated hedging losses |
(11,504 |
) |
- |
|
|
(11,504 |
) |
- |
|
Profit from discontinued operations |
103,079 |
|
2,481 |
|
|
104,002 |
|
2,043 |
|
|
|
|
|
|
|
|
|
|
|
Financial performance from continuing
operations |
|
|
|
|
|
|
|
|
|
EBITDA |
(4,934 |
) |
325 |
|
|
(6,716 |
) |
(1,351 |
) |
Net loss |
(1,977 |
) |
(870 |
) |
|
(4,430 |
) |
(3,010 |
) |
|
|
|
|
|
|
|
|
|
|
Financial position |
|
|
|
|
|
June 302021 |
|
December 312020 |
|
Unrestricted cash at parent level |
|
|
|
|
|
131,679 |
|
8,956 |
|
Restricted cash at parent level |
|
|
|
|
|
- |
|
37,008 |
|
Working capital |
|
|
|
|
|
119,328 |
|
822 |
|
Assets-held-for sale, net |
|
|
|
|
|
3,136 |
|
20,610 |
|
|
About Etrion The Company is
listed on the Toronto Stock Exchange in Canada and the NASDAQ OMX
Stockholm exchange in Sweden under ticker symbol “ETX”. Etrion’s
largest shareholder is the Lundin family, which owns approximately
36% of the Company’s shares directly and through various
trusts.
For additional information, please visit the
Company’s website at www.etrion.com or contact:
Christian Lacueva – Chief Financial Officer
Telephone: +41 (22) 715 20 90
Note: The capacity of power plants in this release
is described in approximate megawatts on a direct current (“DC”)
basis, also referred to as megawatt-peak (“MWp”).
Etrion discloses the information provided herein
pursuant to the Swedish Securities Market Act. The information was
submitted for publication at 10:05 p.m. CET on August 6, 2021.
Non-IFRS Measures: This press release includes
non-IFRS measures not defined under IFRS, specifically earnings
before interest, taxes, depreciation and amortization (“EBITDA”).
Non-IFRS measures have no standardized meaning prescribed under
IFRS and therefore such measures may not be comparable with those
used by other companies. EBITDA is a useful metric to quantify the
Company’s ability to generate cash before extraordinary and
non-cash accounting transactions recognized in the financial
statements. In addition, EBITDA is useful to analyze and compare
profitability between companies and industries because it
eliminates the effects of financing and accounting policy
decisions. The most comparable IFRS measure to EBITDA is net income
(loss). Refer to Etrion’s MD&A for the three and six months
ended June 30, 2021, for a reconciliation of EBITDA reported during
the period.
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