Last checked at 29 May 2013 07:00
29 May2013
OPG Power Ventures plc
("OPG" or the "Company")
Trading update for the three months and for the year ended 31 March 2013
OPG, the developer and operator of power stations in India, presents the following trading update for the three months and for the year ended 31 March 2013.
Operational Highlights
·; Q4 FY13 generation of 338 million units up 99% (Q4 FY12:170 million units);
·; FY13generation of 932 million units up 44% (FY12: 648 million units); and
·; Both plants performed ahead of management expectations with over 90% PLF for the year as a whole and exceeding 100% in Q4 FY13.
Project Highlights
·; 80 MW Chennai III construction complete and final trials underway ; commissioning expected in June 2013;
·; 160 MW Chennai IV c. 50% of civil works foundation completed;boiler and chimney construction c.10% complete; project on track for commissioning in H2calendar year 2014;and
·; 300 MW Gujarat c. 80% civil works and foundation completed and boiler and chimney construction significantly advanced; project on schedule for commissioning in H2 calendar year 2014.
Financial Highlights
·; Average tariff realized up 13% to Rs5.58/kWh (FY12: Rs4.93/kWh);
·; Q4 FY13 estimated revenue £20m up 90% (Q4 FY12: £10.76m);
·; FY13 estimated revenue £56m up 46% (FY12: £38.48m); and
·; Underlying estimated Indian rupee revenue Rs 4,823m up 63% (FY12: Rs2.951m) despite 25 day shutdown.
Particulars | Q4 FY13 | Q4 FY12 | % Change | FY13 | FY12 | % Change |
Generation (million units) | ||||||
Chennai I | 169 | 170 | -1% | 617* | 648 | -5% |
Chennai II | 169 | NA | 315 | NA | ||
Total | 338 | 170 | +99% | 932 | 648 | +44% |
PLF (%) | ||||||
Chennai I | 102 | 101 | 92 | 96 | ||
Chennai II | 102 | NA | 99 | NA | ||
Average PLF | 102 | 101 | 96 | |||
Tariff (Rs/kWh) | 5.59 | 5.23 | +7% | 5.58 | 4.93 | +13% |
Estimated Revenue (£m) | 20 | 10.76 | +90% | 56 | 38.48 | 46% |
Estimated Revenue (Rsm) | 1,754 | 825 | +113% | 4,823 | 2,951 | +63% |
* 25 day shutdown taken in June 2013 for planned maintenance and connection of Chennai II to common facilities.
Projects
In an effort to assist OPG's shareholders in distilling the most important stages of the life cycle of a project during its development, for the first time, the Company has provided below a, quantified assessment of the progress of its current and most significant projects. This is based purely on management's experience and not verified by any third party and is presented by reference to each of four key stages in a typical project in development and estimates the risk of a non-performing project at each stage.
Project stage | Financing | Civil Works and Foundations | Chimney and Boiler related construction | Testing and Commissioning |
Chennai III | 100% | 100% | 100% | 80% |
Chennai IV | 100% | 50% | 10% | - |
Gujarat | 100% | 80% | 40% | - |
Results announcement date
Results for the year ended 31 March 2013 will be announced during the third week of June 2013.
About OPG
OPG is operating and developing power projects in India under the group captive model with 190 MW in operations and a further 552 MW under development. In the six months ended 30 September 2012, the Group's revenues were £17.8m and profit before tax was £2.5m.
For further information, please visit www.opgpower.com or contact:
OPG Power Ventures PLC | +91 (0) 44 429 11 211 |
Arvind Gupta |
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V Narayan Swami Ajay Paliwal |
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Cenkos Securities (Nominated Adviser & Broker) |
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Stephen Keys / Camilla Hume | +44 (0) 20 7397 8900 |
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Tavistock Communications |
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Simon Hudson/Kelsey Traynor | +44 (0) 20 7920 3150 |
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