THENERGO Thenergo dépose son prospectus d'appel public à l'épargne auprès de la CBFA et annonce ses résultats pro forma pour 2007 | Bourse Reflex
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THENERGO Thenergo dépose son prospectus d'appel public à l'épargne auprès de la CBFA et annonce ses résultats pro forma pour 2007

Jeudi 05 Jun 2008 à 10:23

Anvers - Thenergo (alternext Paris: ALTHE), développeur et opérateur leader dans l'exploitation de projets décentralisés d'énergie propre, a déposé son prospectus d'appel public à l'épargne auprès de la Commission bancaire, financière et des assurances (CBFA) de Belgique en prévision de son augmentation de capital et de son transfert de cotation sur Euronext Bruxelles et Euronext Paris. Sous réserve de l'approbation de ce prospectus, Thenergo a pour objectif de lancer cette transaction fin juin 2008 avec KBC Securities et Dexia Bank comme lead managers. Le but est de réaliser une nouvelle levée de fonds en Belgique et en France et un placement privé avec des investisseurs institutionnels en Europe.

For maximum transparency, the company also discloses its pro-forma financials 2007 and provides guidance as to the development of its activities in 2008.

Deal intake in 2008

As described in its annual report, at the end of 2007 Thenergo had operational sites representing 63 MWe and 185 MWth. Since the start of 2008, 4 new contract signatures were announced, adding to the portfolio a total of 74 MWe and 86 MWth, for a total investment of E208 million. These new sites are expected to turn operational between 2009 and 2011. This means that in the first 5 months of 2008 a larger contract volume in terms of electrical capacity has been signed than in 2006 and 2007 combined.

Pro-forma Profit & Loss statement 2007

In order to better reflect Thenergo's current size of operations, a pro-forma P&L has been prepared, integrating the full year impact of the acquisition of the Leysen group and the ENRO group (renamed Thenergo Sustainable Energy or tse.AG) in 2007. Thenergo's reported P&L, as provided in its annual report 2007, only includes the last 4 months of the Leysen group financials and none of the ENRO financials, as control of the latter was only obtained in January 2008.

Total 2007 pro-forma revenues amount to E54.8 million as compared to the reported revenues of E20.8 million, whereby full year Leysen group 2007 revenues equal E22.9 million whilst full year ENRO group 2007 revenues equal E15.0 million. The pro-forma revenues show an important shift in geographical split of the revenues, leading to a 27% share of the German activities in the pro-forma 2007 revenues.

The pro-forma 2007 Recurring ebitda amounts to E5.5 million as compared to a Recurring EBITDA of E2.5 million based on the reported 2007 financials.

The pro-forma 2007 Recurring EBITDA as well as the Recurring EBITDA based on the reported financials both exclude the (non-cash) share-based expense of E1.9 million. Important to note is that the full year ENRO reported 2007 EBITDA is affected by a number of exceptional provisions mainly linked to changes in management and project write-off. These provisions amount to E4.3 million and are equally excluded from the Recurring pro-forma EBITDA figure. With respect to the Leysen Recurring pro-forma EBITDA, extraordinary costs have been excluded from the Recurring EBITDA for an amount of E0.9 million.

* Thenergo is a listed company. This news release contains information that is subject to transparency regulations.

Unaudited pro forma consolidated 2007 income statement & balance sheet

The below pro-forma financial information has been prepared for illustrative purposes only. Because of its nature, the below pro-forma financial information addresses a hypothetical situation and, therefore, does not represent the company's actual financial position or results.

Unaudited pro forma consolidated 2007 income statement

 
2007 as published  
8 months Leysen  
12 months tse (ENRO)  
Other  
2007 pro forma  
    Unaudited   Unaudited   Unaudited   Unaudited  
           
           
Operating income   20,987   15,533   16,616   4,185   57,321  
Revenues   20,810   15,005   15,011   3,987   54,813  
Other income   177   528   1,605   198   2,508  
           
Operating expenses   -22,048   -15,998   -22,360   -3,541   -63,947  
Cost of sales   -13,670   -8,623   -9,919   -2,533   -34,745  
Payroll expenses   -2,334   -3,637   -2,740     -8,711  
Depreciation and amortisation   -1,696   -871   -1,483   -966   -5,016  
Share-based payment expense   -1,880         -1,880  
Other operating expenses   -2,468   -2,867   -8,218   -42   -13,595  
           
Operating result   -1,061   -465   -5,744   644   -6,626  
           
Financial result   65   -525   -1,590   -654   -2,704  
Finance income   1,394   22   168   94   1,678  
Finance costs   -1,329   -547   -1,758   -748   -4,382  
           
Share of result of associates   227       -49   178  
           
Result before tax   -769   -990   -7,334   -59   -9,152  
Income tax expense/(income)   -1,627   73   -317   -189   -2,060  
           
Result of the year   858   -1,063   -7,017   130   -7,092  
           
           
Attributable to :            
Equity holders of Thenergo   -60   -1,063   -6,046   75   -7,094  
Minority interests   918     -971   55   2  

Unaudited pro forma consolidated balance sheet at 31 December 2007

 
2007 as published  
Leysen  
tse (ENRO)  
Other  
Pro forma Adjustments  
2007 Pro forma  
    Unaudited   Unaudited   Unaudited   Unaudited   Unaudited  
             
             
Non-current assets   117,420   -1,063   41,095   6,542   -716   163,278  
Goodwill   59,853   -1,063       7,268   66,058  
Intangible assets   7,507     10       7,517  
Property, plant and equipment   38,016     40,184   6,316     84,516  
Investments   9,332     11   17   -7,984   1,376  
Deferred tax assets   2,588     876   209     3,673  
Other non-current assets   124     14       138  
             
Current assets   68,627     5,967   983   -3,097   72,480  
Trade receivables   12,170     2,409   564     15,143  
Other receivables   5,447     59   58     5,564  
Inventories   205     306       511  
Other current assets   980     1,170       2,150  
Cash and cash equivalents   49,825     2,023   361   -3,097   49,112  
             
Total assets   186,047   -1,063   47,062   7,525   -3,813   235,758  
             
             
Equity   122,473   -1,063   -839   193   -3,813   116,951  
Share capital   114,848         1,489   116,337  
Retained earnings   -1,386   -1,063   -2,205   127   -5,302   -9,830  
Share-based payments   7,916           7,916  
Hedging reserves   -152       -4     -156  
Minority interests   1,247     1,366   70     2,683  
             
Non-current liabilities   39,158     38,518   5,346     83,022  
Provisions       1,399       1,399  
Long-term borrowings   24,164     29,746   177     54,087  
Leases   12,413     4,162   5,169     21,744  
Deferred tax liabilities   2,581     312       2,893  
Other non-current liabilities       2,899       2,899  
             
Current liabilities   24,416     9,383   1,986     35,785  
Short-term borrowings   6,990     1,126       8,116  
Leases   885       377     1,262  
Trade payables   13,039     4,972   1,102     19,113  
Other payables   2,317     1,056   420     3,793  
Other current liabilities   1,185     2,229   87     3,502  
             
Total equity and liabilities   186,047   -1,063   47,062   7,525   -3,813   235,758  

The following table shows the pro-forma 2007 P&L in segment terms.
Pro Forma Year 2007  
Energy from natural gas  
Energy from biogas and biomass  
Concept engineering energy plants  
 
 
 
Eliminations  
Consolidated  
Leysen group   Tse   Holding              
  2007   2007   2007   2007   2007   2007   2007   2007  
Revenue external customers   8,107   1,205   7,633   22,857   15,011   0   0   54,813  
Revenue other segments   0     4,455       0   -4,455   0  
Total segment revenue   8,107   1,205   12,088   22,857   15,011   0   -4,455   54,813  
Operating result (EBIT)   1,160   575   2,563   -187   -5,745   -3,969   -1,021   -6,625  
Depreciation & impairment projects   1,650   126   334   1,400   3,765   24   0   7,298  
EBITDA   2,810   700   2,897   1,213   -1,980   -3,945   -1,021   673  
Financial result   -1,361   -382   -9   -734   -1,590   1,372   0   -2,704  
Share of result of associates   178       0   0       178  
Income taxes   -895   -887   0   98   -317   52   -112   -2,061  
Result of the year   872   1,080   2,554   -1,019   -7,018   -2,648   -909   -7,090  
              &nbs

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