Strong growth in first quarter 2016 revenue (+12%)
At the end of the first quarter of 2016 (from 1 January to 31 March), Albioma's consolidated revenue reached €87.2 million, representing a sharp rise of 12% compared with the first quarter of 2015 (+17% excluding the negative impact of changes in raw materials prices). Total electricity production for the period amounted to 887 GWh, compared with 521 GWh in the first quarter of 2015. Total availability rose to 91.4% (88.6% in the first quarter 2015).
Jacques Pétry, Chairman and Chief Executive Officer, commented, "While 2015 was characterised by operational difficulties in France, I am pleased to announce that the performances of our plants in France, Mauritius and Brazil have returned to their previously good levels. The strong energy efficiency and the high availability rate at our plants provide a sound basis for Albioma's international development."
|In millions of euros||1 st quarter 2016 1||1 st quarter 2015 1||Change (%)|
|France - Thermal Biomass||74.1||66.9||11%|
|France - Solar Power 2||10.3||9.9||4%|
|Holding, Anaerobic Digestion and Other||1.5||1.1||36%|
1. Unaudited figures.
2. Including Spain and Italy.
Revenue for the Thermal Biomass business in France reached €74.1 million in the first quarter of 2016, up 11% compared with the first quarter of the previous year. Stripping out the effect of changes in raw materials prices (negative impact of €3.2 million in the first quarter), revenue grew by 17%.
Thanks to the solid performances of the installations, the availability rate increased to 90.7% in the first quarter of 2016, compared with 85.9% in the first three months of 2015, a period which was affected by the strike by some staff at the Le Moule plant in Guadeloupe. The duty rate at the combustion turbine facility at Le Galion in Martinique remained high in the first quarter of 2016, at 30% compared with 21% in the first quarter of 2015.
Electricity produced by the French Overseas thermal installations amounted to 536 GWh over the first three months of 2016, compared with 484 GWh in the same period last year.
First quarter revenue was also boosted by the effect of riders to the electricity sale agreements for the Albioma Le Gol and Albioma Bois-Rouge plants signed in the first quarter of 2016 with EDF. These allow compensation to offset the costs generated by managing combustion by-products and processing liquid waste.
The Group's photovoltaic installations delivered strong performances in the first quarter of 2016, recording revenue of €10.3 million, up 4% on the first quarter of 2015.
Production over the first three months of the year amounted to 23 GWh, the same level as in 2015.
During first quarter of 2016, the Group's two installations, Albioma Rio Pardo Termoelétrica (acquired in March 2014) and Albioma Codora Energia (acquired in August 2015), carried out annual maintenance during the period between sugar harvests.
However, Albioma Rio Pardo Termoelétrica only shut down for six weeks: the plant was operating in January (consuming the bagasse stock built up in 2015) and resumed operations on 15 March 2016. Total net production sold therefore reached 16 GWh, compared with 1 GWh in the first quarter of 2015. Regarding Albioma Codora Energia, it used the entire period between sugar harvests (January to March) to carry out maintenance operations and did not generate any revenue in the first quarter of 2016.
The business therefore recorded revenue of €1.8 million over the period, compared with €0.2 million in the first quarter of 2015. The depreciation of the Brazilian real against the euro resulted in a negative impact of €0.4 million over the period.
The installations in Mauritius turned in excellent performances during the first quarter of 2016, with an availability rate of 93.2% over the period, compared with 94.6% in the first quarter of 2015, and total production of 307 GWh due to a higher call rate, compared with 283 GWh in the same period in 2015.
After the commissioning of Sainter Méthanisation (0.5 MW) on 1 July 2015, revenue for the period totalled €1.1 million, compared with €0.7 million in the same period in 2015.
The Group confirms its objectives of EBITDA of €122-€130 million and net income, Group share, of €25-€30 million for 2016.
Next on the agenda: Annual General Meeting, 24 May 2016 at 3pm.
Albioma is an independent energy producer and world leader in the conversion of biomass into a highly-effective source of energy, in collaboration with its agri-business partners. For more than 20 years, Albioma has operated power plants recovering bagasse, a fibrous by-product of sugar cane, replaced by coal outside the sugar cane harvest. Its unique expertise has enabled Albioma to establish itself as an indispensable partner in the sugar and ethanol industry in the French overseas territories and Mauritius. Albioma is now developing power plants using only biomass, which recover, in addition to bagasse, green waste and wood industry residue. The Group also operates a highly-efficient photovoltaic installation and agricultural anaerobic digestion units. In 2014, the Group, which already had a presence in mainland France, the French overseas territories and Mauritius, began operating in Brazil, the world's leading sugar cane producer.
For further information, please visit www.albioma.com
Investor contactsJulien Gauthier
Media contacts - LPM Strategic CommunicationsLuc Perinet-Marquet
Albioma shares are listed on Euronext Paris (sub B) and eligible for the deferred settlement service (SRD) and PEA-PME plans.
ISIN FR0000060402 - Ticker: ABIO