SECHILIENNE - SIDEC : Third Quarter 2008 Revenue Figures
Mercredi 12 novembre 2008 / 21h17
Press release
Paris - November 12th 2008 - 7 p.m.
Third Quarter 2008 Revenue Figures
Cumulated consolidated Group revenues at 30 September 2008 represent a 27% increase compared to 30 September 2007 figures
1. Consolidated Group revenues at 30 September 2008 include Séchilienne Sidec revenues as well as revenues from its fully and proportionally consolidated subsidiaries.
The table hereunder shows the breakdown of consolidated revenues at 30 September 2008 as well as their evolution:
Consolidated Group revenues in E millions
Type of Business
Cumulated at 30/09/08
3rd Quarter 2008
Cumulated at 30/06/08
Cumulated at 30/09/07
3rd Quarter 2007
Cumulated at 30/06/07
Thermal
200.0
75.6
124.4
153.1
53.0
100.1
Wind
2.8
0.9
1.9
0.9
0.3
0.6
Photovoltaic
8.5
4.9
3.6
0.9
0.5
0.4
Holding
1.1
0.4
0.7
12.1
3.1
9.0
Total
212.4
81.8
130.6
167.0
56.9
110.1
3rd Quarter 2008 consolidated revenues increased by 43.7% versus 3rd Quarter 2007. Cumulated consolidated revenues at 30 September 2008 amount to E212.4 million, up E45.4 million, representing a 27.2% increase compared to cumulated consolidated revenues at 30 September 2007.
This revenue increase is mainly due to the passing of higher raw materials prices on sales prices concerning electricity produced by thermal plants. The commissioning during 2007 and the first three quarters of 2008 of the 40 MW GALION combustion turbine in Martinique, 32.5 MW of wind farms and 5.7 MW of photovoltaic plants as well as the sale of solar panels and photovoltaic installations to third parties also accounts for this revenue increase (E6.6 million).
The termination of the "Rhodia - Roussillon toll" contract on 30 September 2007 had a negative impact of E8.5 million on revenues.
2. Impact of the general economic environment
Given the evolution of the general economic environment, the Group decided not to plan any divestments in 2008 such as the one realized in 2007, whose contribution to operating profit amounted to E14 million.
While recognizing that financing consents are longer to obtain and financing costs are higher, the Group kept obtaining financing for its projects in acceptable terms, thanks to their quality as well as close ties with its financial partners.
Corporate Debt
The Group refinanced its corporate debt in July 2008, with its historical partners. The new debt amounts to E100 million and has a 7-year maturity with more favourable conditions than the former ones (Euribor + 80 basis points).
On-going projects
The Group signed Term sheets and final loan agreements for the financing of all photovoltaic plants commissioning in 2008 and early 2009 with a total power of 18 MW.
The Group managed to secure two thirds (E60 million) of financing for the 38MW thermal plant of Caraïbe Energie in Guadeloupe. Of those E60 million, E25 million of financing agreements were granted over the past two months by French top tier banks.
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Séchilienne-Sidec (ISIN : FR0000060402 - SECH) is an alternative energy producer that is 43.1% owned by Financière Helios. The Group builds and operates thermal, wind and solar power plants in Europe, the Indian Ocean and the Caribbean for a total operating capacity of 569 Megawatts at 30 September 2008.
