First Quarter 2011 - Revenues EUR 1.49 Million, Growth 68 Percent to Year BeforeBy Rototec Geothermal Energy Plc, PRNE
Monday, May 16, 2011
LONDON, May 17, 2011 - The Board of Directors of Rototec Geothermal Energy Plc (-
XE:RGE), the owner of Rototec Oy, the leading Finnish geothermal energy
systems provider and the owner of Rototec i Sverige AB, the Swedish's
upcoming star in the business, has today announced its virgin unaudited
quarterly results for the quarter ended 31 March 2011.
- Reverse takeover of Rototec Oy completed
- Reverse takeover of Rototec i Sverige AB completed
- Listing on the Frankfurt Stock Exchange, under symbol RGE
- Turnover up to EUR 1.49 million for 1 Jan - 31 March 2011, growth 68%
to year before
- EBITDA up to EUR 0.20 million for 1 Jan - 31 March 2011, growth 191% to
- Net capital expenditure on new machinery amounted to EUR 0.40 million
- Forecast the full year revenue of 2011 to exceed EUR 10.3 million with
EBITDA exceeding EUR 2.5 million
During the first quarter of 2011 revenues were up by 68%
compared to restated revenues of EUR 0.89 million achieved during the same
period last year. EBITDA was up by 191% compared to restated EBITDA of EUR
0.07 million achieved during the same period last year. The restated figures
used in the comparatives stated in the financial reports have been compiled
by assuming that Rototec Geothermal Energy Plc was in existence for the whole
of calendar year 2010 with both Rototec Oy and Rototec i Sverige AB as fully
owned 100% subsidiaries.
Commenting on the results, Timo Ojanne, Chief Executive of Rototec
Geothermal Energy Plc said:
"We are delighted with these results. The first quarter of the
year is traditionally a low season for geothermal energy system providers.
Our achievement of 68% growth compared to the same period last year
demonstrates that we are executing the right business model and we are doing
things right in this rapidly growing market of geothermal energy systems.
Our subsidiaries Rototec Oy in Finland and Rototec i Sverige
AB in Sweden are well positioned to capitalise on the growth in these current
markets we operate. The reverse takeover of both subsidiaries by Rototec
Geothermal Energy Plc has been successfully accomplished and all their
operations are now running efficiently.
Our order book for 2011 looks very strong and based on this we
are now looking to increase our capacity by advancing our new drilling
machinery orders. This will enable us to cope with the high demand for our
services that we are currently facing. During this first quarter we have had
a net capital expenditure on new drilling machinery equipment amounting to
EUR 0.4 million. Based on the current rate of demand for our services we
forecast the full year revenue of 2011 to exceed EUR 10.3 million with EBITDA
exceeding EUR 2.5 million.
Our successful listing on the Frankfurt Stock Exchange has
been completed on the 28 March 2011. We expect that this will open the doors
to the capital markets and enable us to get the right financial footing so
that we launch in new territories, with initial focus being the United
Kingdom and Norway. We believe that our business concept is a proved one both
in Finland and Sweden and applying this successfully in United Kingdom and
Norway will enable us to enhance profitability, financial strength and in
turn shareholder value.
We are reviewing our strategic objectives for the years ahead
and we will be updating you with further announcements in due course."
Consolidated Unaudited Income Statement for the 3 months ended 31 March 2011 3 months 3 months 12 months to 31-Mar-11 to 31-Mar-10 to 31-12-10 Unaudited Unaudited Unaudited (Restated)* (Restated)* EUR EUR EUR Operating revenue Net Sales 1,491,385 890,314 7,104,153 Operating expense Cost of goods sold (825,523) (445,895) (3,863,036) Other operating expense (358,973) (221,537) (1,127,116) Other income 72,036 523 166,624 Personnel costs (182,199) (155,702) (762,293) EBITDA 196,727 67,703 1,518,332 Depreciation and amortisation (149,021) (63,728) (333,183) EBIT 47,706 3,975 1,185,149 Financial income and expense (2,746) (2,746) (13,748) Profit before tax 44,960 1,229 1,171,402 Taxation - (15,581) (311,445) Profit for the period 44,960 (14,352) 859,957 Total comprehensive income for period attributable to the owners of the Parent Company 44,960 (14,352) 859,957 Earnings per share, EUR 0.45 cents (0.14) cents 8.60 cents Number of shares outstanding 10,000,000 10,000,000 10,000,000
Consolidated Balance Sheet as at 31 March 2011 As at As at 31-Mar-11 31-12-10 Unaudited Unaudited (Restated)* EUR EUR Assets Non-current assets Goodwill 689,021 688,584 Other intangible assets 89,876 90,430 Tangible non-current assets 1,820,290 1,546,010 Total non-current assets 2,599,187 2,325,024 Current assets Inventories 382,128 343,683 Trade receivables 716,230 777,921 Other current assets 365,788 304,941 Cash and cash equivalents 333,562 546,297 Total current assets 1,797,708 1,972,842 Total assets 4,396,895 4,297,867 Equity and liabilities Share capital 1,000,000 1,000,000 Other paid-in capital 819,186 820,000 Retained earnings 207,666 160,905 Total equity 2,026,853 1,980,905 Non-current liabilities Interest-bearing non-current liabilities 880,797 748,388 Other provisions 5,961 5,919 Total Non-current liabilities 886,758 754,308 Current liabilities Interest-bearing current liabilities 84,951 118,896 Tax liabilities 18,090 73,347 Other current liabilities 1,380,244 1,370,411 Total Current liabilities 1,483,284 1,562,654 Total liabilities 2,370,042 2,316,962 Total equity and liabilities 4,396,895 4,297,867
Changes in equity as at 31 March 2011 As at As at 31-Mar-11 31-12-10 Unaudited Unaudited (Restated)* EUR EUR Incorporation 20,000 20,000 Share issue 1,800,000 1,800,000 IFRS adjustment Financial leasing 161,892 160,114 Retained results 44,961 0 Total closing equity 2,026,853 1,980,114 Consolidated Unaudited Cash Flow Statement for the 3 months ended 31 March 2011 3 months 3 months 12 months to 31-Mar-11 to 31-Mar-10 to 31-12-10 Unaudited Unaudited Unaudited (Restated)* (Restated)* EUR EUR EUR Operations Profit after net financial items 45,410 1,883 1,198,388 Taxes paid (55,476) (17,012) (287,986) Adjustments for items not included in cash flow 149,021 63,730 333,183 Cash flow from operations, excluding change in operating assets and liabilities 138,955 48,601 1,243,585 Change in operating assets and liabilities Change in inventories (38,434) - (181,811) Change in trade receivables 61,968 122,712 (325,434) Change in other current assets (58,763) (26,042) (69,394) Change in accounts payable 16,856 89,759 579,904 Change in other operating liabilities and provisions (66,392) (47,936) 59,780 Cash flow from operations 54,190 187,094 1,306,630 Investments Acquisition of intangible and tangible non- current assets (419,225) (4,316) (1,278,041) Cash flow from investments (419,225) (4,316) (1,278,041) Financing New borrowings 216,800 522,504 Amortization of borrowings (63,649) (72,559) (262,181) Incorporation (45,260) Cash flow from financing 153,151 (72,559) 215,063 Total cash flow (211,885) 110,220 243,653 Exchange-rate differences (855) (1,319) 6,740 Cash and cash equivalents at beginning of period 546,297 296,295 296,295 Cash and cash equivalents at end of period 333,557 405,196 546,688
* The restated figures used in the comparatives stated in the
financial reports have been compiled by assuming that Rototec Geothermal
Energy Plc was in existence for the whole of calendar year 2010 with both
Rototec Oy and Rototec i Sverige AB as fully owned 100% subsidiaries.
The financial information for the quarter ended 31 March 2011 has not
been audited and does not constitute statutory accounts within the meaning of
Section 434 of the Companies Act 2006. The financial information has not been
reviewed by the Company's auditor.
Rototec Geothermal Energy's consolidated financial statements are made in
accordance with International Financial Reporting Standards (IFRS).
Upcoming reports 2nd Quarter Report January-June 22 August 2011 3rd Quarter Report January-September 14 November 2011 Year-end report 2011 21 February 2011
Board and Executive Director declaration
The board and the CEO certify that the 1st quarter report gives a fair
picture of the operations, financial position and results in Rototec Group.
Rototec Geothermal Energy Plc Timo Ojanne Kim Ojanne Jukka Koski Louis Yerolemou The chairman of the Board Director Director Director
About Rototec Geothermal Energy Plc
Rototec Geothermal Energy Plc - "Rototec" - is a total
solution supplier of geothermal energy systems and started its operations in
2007. The current operations are located in Finland and Sweden. Rototec
provides complete geothermal energy systems encompassing thermal response
tests, earth energy design and drilling as an integral part of a complete
geothermal heat pump system. Through proven operational excellence Rototec
delivers a high quality, cost effective and environmentally sustainable
energy source for residential and commercial customers. Rototec is currently
listed on the First Quotation Board on the Frankfurt Stock Exchange (Deutsche
Borse) under trading symbol RGE.
This presentation contains forward-looking statements regarding future
events and the future results of Rototec Geothermal Energy Plc - "Rototec" -
that are based on current expectations, estimates, forecasts, and projections
about the market in which Rototec operates and the beliefs and assumptions of
the management of Rototec. In particular, among other statements, certain
statements with regard to management objectives, trends in results of
operations, margins, costs, return on equity, risk management and competition
are forward-looking in nature. Words such as 'expects', 'anticipates',
'targets', 'goals', 'projects', 'intends', 'plans', 'believes', 'seeks',
'estimates', variations of such words, and similar expressions are intended
to identify such forward-looking statements. These forward-looking statements
are only predictions and are subject to risks, uncertainties, and assumptions
that are difficult to predict because they relate to events and depend on
circumstances that will occur in the future. Therefore, Rototec's actual
results may differ materially and adversely from those expressed or implied
in any forward-looking statements. Factors that might cause or contribute to
such differences include, but are not limited to, economic conditions
globally, the impact of competition, political and economic developments in
the countries in which Rototec operates, regulatory developments in Germany
and internationally and changes in the margins for Rototec' services. Any
forward-looking statements made by or on behalf of Rototec speak only as of
the date they are made. Rototec does not undertake to update forward-looking
statements to reflect any changes in Rototec's expectations with regard
thereto or any changes in events, conditions or circumstances on which any
such statement is based.
For any further information, please contact us directly Rototec Geothermal Energy Plc Mr Kim Ojanne Chief Financial Officer Tel. +46-768-26-66-11 E-mail email@example.com Web www.rototecgeoenergy.com/press/press-releases.html
Tags: Germany, London, May 17, Rototec Geothermal Energy Plc, United Kingdom