ABO GROUP 
By 27 January 2012 - 18h00 CET - Regulated Information
Antwerp - Thenergo (Euronext Brussels: THEB) publishes its trading update for the fourth quarter of 2011.
The annual results will be published on 30 March 2012.
During the third quarter and until today, Thenergo has
focused on the strategy approved by the Board of Directors,
as described in the press release of 31 August 2011 regarding
the half-yearly results.
Groeikracht units supply energy to the horticultural
industry. The CHP units are controlled as a function of the
demand for heat in the greenhouse, the CO2 requirements of
the crop, and the electricity needed for lighting during the
winter months.
Market prices of gas, electricity and certificates have not
changed so significantly during the fourth quarter as to
necessitate changes in the strategy for the Groeikracht
units.
This strategy continues to focus on negotiations with the
stakeholders, including horticulturalists and banks, to
improve the profitability of the Groeikracht units. These
negotiations have led to Thenergo transferring its
shareholding in several units to the partner
horticulturalist. One Groeikracht unit has filed for
bankruptcy. As a result of the transfers, the consolidated
indebtedness of Thenergo in the Groeikracht segment has
fallen, while the guarantees provided by the holding company
in the context of financing agreements have been reduced.
These guarantees today stand at €1.7 million compared with
€3.3 million as at 30 June 2011. The holding company's debt
position has improved because the proceeds of the share
transfers have to a large extent been used to diminish the
indebtedness of Thenergo NV. Today, Thenergo still has a
stake in 10 Groeikracht CHP plants compared with 22 one year
ago.
The strategy that has been pursued so far will be continued
in the coming months.
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MyPower supplies heat and electricity to manufacturing and
service industries and to public services with an
energy-intensive production process and/or high heat
requirement.
Thenergo currently has one plant operating in this segment,
which during the fourth quarter of 2011 generated energy in
line with expectations.
Thenergo offers its customers an extensive service package
for the management of decentralized production units. This
includes consultancy and administration, management of the
production unit, and management of the energy portfolio. In
some cases the service package was discontinued or reduced
when the shareholdings in Groeikracht units were
transferred.
We have made a clear choice to shift the focus to energy
portfolio consultancy and management. The previously
announced investments in this segment will continue and will
be placed in a separate subsidiary, Etrim NV. The objective
is to develop a service platform with which to offer a
complete service package to the various decentralized energy
producers and consumers. This platform can also be used for
group purchases.
The restructuring of the holding company continued in the
fourth quarter. Our headcount was reduced in proportion to
the activities. The recurring holding cost was more than
halved compared with the same period last year. The cash
position as at 31 December 2011 stood at €1.54 million.
For more information, please contact:
Chris Beliën
CEO
T.: +32 3 292 96 96
Gateway House, Brusselstraat 59
B-2018 Antwerp
Belgium
This press release is available on our website www.thenergo.eu.
If you wish to be kept informed about press releases and financial information, please register at:
www.thenergo.eu/en/press/alerts
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| Documents associés | |
| Trading Update Fourth quarter 2011 |
