Total Asset growth of 24% to EUR 669m
Funding secured
Consolidated Total Assets for the period ended at 30 September 2008 were recorded at EUR 668.5m. This equates to an annualized growth rate of 24% versus year-end 2007. Thereof, approximately EUR 232m were invested in signed projects in the European Renewable and Conventional Energy sector. This represents a fivefold increase of the respective amount recorded by year-end 2007.
These projects consist of seven windparks, four photovoltaic parks and one gas-fired peak power plant. Taking the increased energy investments into consideration, the virtually unchanged current assets of EUR 435.6m reflect the ability of the company to optimize its capital by securing leveraged project finance from banks.
Total Shareholder’s Equity of EUR 543.4m for the period ended 30 September 2008 provides the company with a solid basis for the projected growth path. The NAV per certificate amounts to EUR 9.39 per certificate.
Balanced Result
In view of the advanced investment activities and the time-lag of operative revenues associated to the execution of Greenfield investments, the quarter ending 30 Sept 2008 resulted in a small loss of EUR 0.7m. Operating expenses of EUR 14.8m were almost compensated by a financial result of EUR 13.7m. Retained earnings carried forward were recorded at EUR 3.4m.
Successful completion of Investments in Spain;
Project Pipeline in CEE
The company has forecasted that the equity will be fully invested by mid 2009. On top of already reported investments up to 30 June 2008, the company has announced the signing of a 14MW Photovoltaic Park in Catania/Sicily as well as a 28MW Windpark in Stettin/Poland.
In addition, the company has recently secured the development of a windpark project in Macedonia, with an installed capacity of 40MW. The project, which is currently in the license phase, is planned to become operative in 2010. Macedonia, similar to EU countries, is promoting the expansion of wind-powered energy with a fixed feed-in tariff for 20 years.
MIP has successfully completed the construction of 29MW photovoltaic plants connected to the grid in Spain during the reporting period, which will contribute to the operative result of the company in the 4th quarter. Already communicated projects i.a. in Hungary, Slovakia, Poland, Czech Republic and Macedonia are under development and will contribute to operative revenues from as early as next year.
The unaudited financial statements are available as a download on the company’s webpage www.meinlpower.com.
For further inquiries please contact: iroffice@meinlpower.com
