OPG Power Ventures PLC Final Results

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 2011.
Financial Highlights

  • Revenue up 188% to £33.15m
  • EBITDA up 124% to £15.54m
  • Income from continuing operations (before tax, non operational / exceptional items) up by 66% to £ 13.01m (2010: £7.83m)
  • PBT up 105% to £11.16m
  • Earnings per share up 559 % to 2.129 pence
  • Over-subscribed c.£60m equity placing in February 2011
  • Cash and  cash equivalents of £79.95m (including Available for Sale Investments amounting to £8.85m) and long term borrowings of £45.25m at 31 March 2011
  • 629 MW of growth projects equity fully funded from existing resources and internal accruals.

Operational Highlights

  • 113 MW  of capacity now fully operational (2010: 30 MW)
  • Chennai I (77 MW) stabilised in August 2010 with average load factors approaching 90%
  • Chennai II (2nd 77 MW unit) commissioning on track for 2012
  • Chennai III converted to single unit of 160 MW in place of 2 x 80 MW
  • Chennai  expanded by 80 MW within the existing site
  • MoU with Government of Gujarat for development of 5,400 MW and planning commenced
  • Acquired 120 acre site for 12 MW development at Bellary with potential for a further 250 MW
  • Coal supply flexibility: c. 70% of projects under development with supplies from Indian coal companies. No supply shortages experienced by OPG

M.C.Gupta, Chairman of OPG, commented: "OPG made significant progress in the year, with the successful commissioning of the 77 MW Chennai I facility and substantial advancement of the development pipeline that is set to deliver in excess of 742 MW by 2013, for which we are fully funded, and a total 1250 MW of capacity by 2015."
"Significant uplifts in both revenue and profits were achieved as operating capacity increased to 113 MW (2010: 30 MW).  OPG has a pipeline of 629 MW of development with equity fully funded. The Company continues to benefit from a structural shortage in supply of reliable power in India.  With the planned additional supply likely to fall acutely short of the 300-315 GW by 2017 required in the next five years, we believe this dynamic will prevail and prices will remain firm."
"The Company's profitability and cash generation now provide an excellent platform for our long term growth.  Given the market backdrop, our fully funded development pipeline and our track record, I remain confident of the Company's continued success."

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