OPG Power Ventures PLC Final Results

OPG, the developer and operator of Group Captive power plants in India, announces results for the year ended 31 March 2012.

Financial Highlights

• Revenue up 37% to £45.25m
• EBITDA of  £ 12.57m (28% on Revenue)
• Income from continuing operations (before tax, non operational / exceptional items) £9.59m
• Strong performance of 77 MW plant with the unit posting pre tax earnings of £ 7.55 m
• Reduced contribution from legacy assets generating 6% of gross profit of 3 operational units in India (2011: 38%)
• Deconsolidation of Legacy plants (26 MW & 10MW) effective from 1st Dec 2011
• Cash and cash equivalents of £39.26m (including Available for Sale Investments amounting to £1.39m) and long term borrowings of £56.05m at 31 March 2012

Operational Highlights

• 77 MW Unit performed at 92.15% of Capacity
• Further 77MW to be commissioned in September 2012, taking total group capacity to 190 MW
• Chennai IV (80 MW) to commission in Q2 2013
• Chennai III (160 MW) to commission in Q3 2014
• Kutch (2 x 150 MW) facility to be based on air-cooled condenser with H2 2014 commissioning
• Bellary (12 MW) expected to Commission in 2013

The Chairman, Mr M.C.Gupta, said: “In the year under report, we continued to maintain and increase the tempo of progress in the accomplishment of our stated goals. We benefited during the year from a strong, full year contribution from the Chennai 1 (77 MW) plant even as we forged ahead with our projects under construction. It is, therefore, gratifying to be able to report that we expect the first of these initiatives, a further 77 MW plant at Chennai, to join its operational twin in the next few weeks, thereby increasing Group operating capacity to 190 MW.

“The emphasis on accelerated development and delivery continues, both at Chennai and Gujarat, with this largely brownfield expansion portfolio being increasingly de-risked. In the light of what we see as structural, and beneficial, changes taking place with regard to power sector pricing in the country, we are confident that the Group’s differentiated and profitable business model will increasingly contribute to build superior shareholder value”.