GENEVA, SWITZERLAND -- (Marketwire) -- 03/11/13 -- Etrion Corporation ("Etrion" or the "Company") (TSX: ETX)(OMX: ETX), an independent solar power producer, today released its annual consolidated financial statements and related management's discussion and analysis ("MD&A") for the year ended December 31, 2012.
Marco A. Northland, the Company's Chief Executive Officer, commented: "Our operational platform in Europe continues to over perform and the seasonality of our business should smooth over time as we add additional projects in Chile and other parts of South America, positively impacting our net results and cash flow position. 2012 was a transformational year for the Company, as we executed on our strategy to diversify in terms of geography and contract regime, while at the same time, streamlining operations, redeploying resources and reducing overhead.
The key to our business is to demonstrate that renewable energy, such as solar, can compete with traditional sources of electricity in places that either have an abundance of renewable energy resources and large energy demand or that have attractive sustainable subsidies and strong business fundamentals. We expect 2013 to be an exciting year for us as we secure additional projects."
Selected Financial Information for the Fourth Quarter and Full Year 2012
Three months ended Twelve months ended December 31 December 31 ----------------------- ----------------------- 2012 2011 2012 2011 US$'000 US$'000 US$'000 US$'000-------------------------------------------------------------------------Revenue 7,385 8,585 55,662 51,910Gross profit (1,262) 1,620 29,736 29,762EBITDA(1) 3,576 (4,330) 43,131 28,502EBITDA margin 48% (50)% 77% 55%Net Loss (7,292) (19,795) (8,458) (26,289)Adjusted net (loss)/income before non-recurring and non- cash items(1) (2,351) 51 10,562 4,254Operating cash flow(2) 14,524 (9,728) 40,570 (2,153)Working capital(3) 17,703 20,114 17,703 20,114-------------------------------------------------------------------------1. Earnings before interest, tax, depreciation and amortization ("EBITDA") and adjusted net income before non-recurring and non-cash items are non- International Financial Reporting Standard measures ("IFRS").2. Operating cash flow refers to cash flows before investing and financing activities and the effects of foreign exchange rate differences.3. Working capital refers to current assets less current liabilities.The results for the fourth quarter and full year 2012 were negatively impacted by foreign exchange rate movements due to a weakening of the Euro against the US dollar as the Company's revenues and a significant portion of expenses are derived in Euros (therefore resulting in foreign exchange rate movements on the translation of the Company's annual consolidated financial statements). However, despite a weakening of the Euro against the US dollar by 4% during the fourth quarter of 2012 and 8% during the full year 2012, Etrion generated significant revenues from operations and performed above plan.
