Etrion Releases Third Quarter 2021 Results
03 Novembro 2021 - 4:05AM
Etrion Corporation (“Etrion” or the “Company”, and, together with
its subsidiaries, the “Group”) (OMX: ETX) released today its
condensed consolidated interim financial statements and related
management’s discussion and analysis (“MD&A”) for the three and
nine months ended September 30, 2021.
Q3-21 HIGHLIGHTS
Corporate
- On July 28,
2021, the Company completed the sale of its TK interests in the 9.5
MW Misawa energy project to the Consortium, for gross proceeds of
JPY 1.5 billion (approximately $13.5 million).
- On August 24,
2021, the Company distributed $0.327 per share to the shareholders
as a return of capital for a total amount of $109.2 million, and
the share capital was reduced accordingly.
- On August 24,
2021, the Company made a distribution to the holders of its
outstanding restricted share units (“RSUs”) in the amount of $0.327
per RSU for a total amount of $5.0 million.
- The Company
retained 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.
- Subject to
the possibility of the Board identifying other potential business
opportunities, the Company expects to complete its windup
activities and proceed with the dissolution within approximately 36
months. The Company will make a determination during this period as
to whether it will begin a windup process or engage in new
businesses.
- The Company
applied to voluntarily delist its common shares from the Toronto
Stock Exchange (the “TSX”). Such delisting became effective after
the close of trading on September 17. This action was taken in
order to minimize the costs and management time associated with the
listing of the common shares. The Company also intends to apply to
delist from Nasdaq Stockholm (“Nasdaq”). In accordance with good
Swedish market practice, the formal application for delisting will
be submitted to Nasdaq no earlier than three months after the
delisting from the TSX. Such process is intended to provide
shareholders with a reasonable time to trade their Common Shares or
otherwise act on the basis of the information.
Financial highlights
- Etrion closed Q3-21 with an
unrestricted cash balance of US$22.0 million held at the corporate
level and a positive working capital of US$20.5 million.
- Etrion recognized a group gain on sale
of the last Japanese solar project of JPY1.1 billion (approximately
US$9.6 million).
Management Comments
Marco A. Northland, the Company’s Chief Executive
Officer, commented, “I am pleased to have provided a liquidity
event to shareholders after a successful divesture of all Japanese
solar assets. The Company going forward will maintain very limited
resources; however, we will continue to explore new opportunities
for future deployment of cash or eventually proceed with a windup
of the Company as previously disclosed””
FINANCIAL SUMMARY
|
Three months ended |
Nine months ended |
US$ thousands (unless otherwise stated) |
Q3-21 |
Q3-20 |
Q3-21 |
Q3-20 |
|
|
|
|
|
Financial performance from discontinued
operations |
|
|
|
|
Revenues |
246 |
6,011 |
10,900 |
17,437 |
EBITDA |
20 |
4,757 |
753 |
13,858 |
Net income (loss) |
215 |
1,212 |
(2,521) |
3,255 |
Gain on sale of subsidiaries |
9,580 |
- |
127,822 |
- |
Accumulated hedging losses |
(1,079) |
- |
(12,583) |
- |
Profit from discontinued operations |
8,716 |
1,212 |
112,718 |
3,255 |
|
|
|
|
|
Financial performance from continuing
operations |
|
|
|
|
EBITDA |
(2,069) |
31,734 |
(8,785) |
30,383 |
Net (loss) income |
(2,541) |
26,818 |
(6,971) |
23,808 |
|
|
|
|
|
Financial position |
|
|
Sep 2021 |
Dec 2020 |
Unrestricted cash at parent level |
|
|
21,967 |
8,956 |
Restricted cash at parent level |
|
|
- |
37,008 |
Working capital |
|
|
20,541 |
822 |
Assets-held-for sale, net |
|
|
- |
20,610 |
|
About Etrion The Company is
listed on 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 08:05 a.m. CET on November 3,
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 nine months ended September 30, 2021, for a
reconciliation of EBITDA reported during the period.
Forward-Looking Information:
This press release contains certain “forward-looking information”.
All statements, other than statements of historical fact, that
address activities, events or developments that the Company
believes, expects or anticipates will or may occur in the future
(including, without limitation, statements relating to amount of
funds that will be required to satisfy potential warranty claims
under the sale agreements, other corporate level liabilities and
anticipated expenses to cover continuing operations and windup
costs, the possibility of acquiring or commencing an alternative
business, the proposed delisting of the Company’s common shares
from Nasdaq and the possibility that the Company may proceed to
wind up its activities and dissolve following the completion of the
sale of its solar assets) constitute forward-looking information.
This forward-looking information reflects the current expectations
or beliefs of the Company based on information currently available
to the Company as well as certain assumptions including, without
limitation, assumptions as to the amount of funds that will be
required to satisfy future obligations and assumptions as to the
timing of the delisting of the Company’s common shares from Nasdaq
and the dissolution of the Company. Forward-looking information is
subject to a number of significant risks and uncertainties and
other factors that may cause the actual results of the Company to
differ materially from those discussed in the forward-looking
information, and even if such actual results are realized or
substantially realized, there can be no assurance that they will
have the expected consequences to, or effects on the Company.
Factors that could cause actual results or events to differ
materially from current expectations include, but are not limited
to, the risk that the Company may have insufficient funds to
satisfy its future obligations, including without limitation
warranty claims under the agreements pursuant to which its projects
were sold; the risk that the Company may not be successful in
acquiring or commencing an alternative business; and uncertainties
with respect to the timing of the delisting of the Company’s common
shares from Nasdaq and the dissolution of the Company.
Any forward-looking information speaks only as
of the date on which it is made and, except as may be required by
applicable securities laws, the Company disclaims any intent or
obligation to update any forward-looking information, whether as a
result of new information, future events or results or otherwise.
Although the Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainty therein.
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