Etrion Announces Second Quarter 2017 Financial Results

게시됨 2017. 8. 10.
Etrion Corporation 
Etrion Corporation released its condensed consolidated interim financial statements and related management's discussion and analysis ("MD&A") for the three and six months ended June 30, 2017.

Key Highlights

- Revenue was US$7.0 million (Q2-17) compared to US$3.1 million (Q2-16), a 126% increase, driven by Japan

- Project EBITDA was US$4.0 million (Q2-17) compared to US$1.5 million (Q2-16), a 167% increase, driven by Japan

- The Company delivered a significant increase on its installed capacity in Japan, reaching 39.3MW in Q2-17 compared to 9.3MW (Q2-16). This also increased production in Japan from 3.4 million kWh to 14.9 million kWh

- Unrestricted cash balance at the end of Q2-17 was US$40.8 million

- Growth opportunities in Japan remain strong with a pipeline of about 250MW at different stages of development

Management Comments

Marco A. Northland, the Company's Chief Executive Officer, commented, "Japan delivered strong results. We doubled our EBITDA compared to 2016, increased our installed capacity and made significant progress with our pipeline. We continue to have a strong cash position, giving us flexibility on how to fund our growth. I am very excited at the prospects over the next 18 months in this market and look forward to bringing new projects to financial close. On the operational side, our plants are performing well above plan, demonstrating superior design, technology and operations, further validating our decision to select Hitachi as best-in-class technology partner to build our projects."

Operational Highlights

- Japan construction update: The construction of the 13.2MW Komatsu solar project in northern Japan is 25% complete, on budget and on schedule, with estimated connection by second quarter of 2018. In addition, the 9.5MW Aomori solar project is now fully connected with the last two sites of 4.2MW connected in July 2017.

- Production Japan: Produced 14.9 million kW/h of electricity during the three months ended June 30, 2017, from the Company's 39MW solar portfolio comprising eight sites in Japan (2016: 3.4 million kWh), representing an overall production increase of 338% quarter-over-quarter.

- Japan project development: The Company continues to advance its pipeline of solar development opportunities in Japan. Management is targeting to bring new projects to financial close in 2018 with an aggregate capacity of nearly 50MW.

Financial Highlights 

- Revenue: Generated revenues of US$7.0 million (2016: US$3.1 million) and US$12.2 million (2016: US$6.9 million) during the three and six months ended June 30, 2017, respectively. This represented a 126% and 77% increase over 2016, respectively, from the Company’s 109 MW portfolio comprising eight solar power plants in Japan and one solar power plant in Chile.

- Solar segments performance: Generated earnings before interest, taxes, depreciation and amortization ("EBITDA") from its solar segments in Japan and Chile of US$4.0 million (2016: US$1.5 million) and US$6.3 million (2016: US$2.9 million) during the three and six months ended June 30, 2017, respectively. This reported EBITDA represented a 167% and 117% increase, respectively, over 2016.

- Cash and Working Capital: Closed the three months ended June 30, 2017 with a cash balance of US$62.0 million, of which US$40.8 million is unrestricted (December 2016: US$61.2 million and US$42.3 million, respectively) and positive working capital of US$46.1 million (December 2016: US$45.3 million). 


The Company's solar segment generated positive EBITDA and net income in Japan. However, due primarily to depreciation and financing expenses during the three and six months ended June 30, 2017, the Company generated a consolidated net loss from continuing operations of US$6.9 million (loss per share of US$0.018) and US$14.4 million (loss per share of US$0.037) compared to a net loss of US$2.9 million (loss per share US$0.006) and US$9.7 million (loss per share US$0.023) during the comparable periods in 2016, respectively.

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Etrion Corporation (솔라패널 설치):
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