China Wind Power Reports Record Financial Results for FY 2011
July 29 2011 - 9:38AM
PR Newswire (Canada)
TORONTO, July 29, 2011 /CNW/ -- - Triple digit revenue growth
driven by 71% increase in production for Phase I - TORONTO, July
29, 2011 /CNW/ - China Wind Power International Corp. (TSX-V: CNW),
an independent wind power producer in China, today reported its
financial results for the three- and 12-month periods ended March
31, 2011. All amounts are in Canadian dollars unless otherwise
indicated. Selected FY 2011 Financial Highlights
_____________________________________________________________________
|In thousands except per | FY2011 | FY2010 | Change | |share or
percentage data | | | |
|____________________________|_______________|_______________|________|
|Total sales | $6,553| $3,829| +71%|
|____________________________|_______________|_______________|________|
|Recorded revenue | $6,553| $1,719| +281%|
|____________________________|_______________|_______________|________|
|Adjusted EBITDA(1) | $4,798| $482| +895%|
|____________________________|_______________|_______________|________|
|Net loss | $2,505| $4,984| -50%|
|____________________________|_______________|_______________|________|
|Net loss per share - diluted| $0.04| $0.10| -60%|
|____________________________|_______________|_______________|________|
| | Mar. 31, 2011 | Mar. 31, 2010 | |
|____________________________|_______________|_______________|________|
|Cash and Cash equivalents | $635| $373| +$262|
|____________________________|_______________|_______________|________|
|Total Assets | $139,401| $114,185| +22%|
|____________________________|_______________|_______________|________|
"In fiscal 2011 we recorded a 281% increase in recorded revenue, an
895% increase in adjusted EBITDA, and reduced our net loss by 50%,
while increasing production by 71%," said Mr. Jun Liu, Chief
Executive Officer, China Wind Power. "Our financial results reflect
our innate ability to execute on our business plan to fully develop
the potential of our Du Mon County project site, in Heilongjiang
Province." FY2011 Financial and Operational Highlights -- Generated
and sold 81.0 million KWh of electricity in FY2011 for realized
revenue of $6.6 million, up 281% compared to 47.2 million KWh sold
for revenue of $3.8 million in FY2010 -- Achieved first quarter of
profitability in Q3 -- Increased total planned capacity from 546 MW
to 800 MW for all 5 Phases -- Secured the first two tranches of RMB
220 million (approximately CDN$32.6 million) of the previously
announced RMB 330 million (approximately CDN$50 million) loan
agreement with the Agricultural Development Bank of China -- Closed
a non-brokered private placement that generated gross proceeds of
$4.3 million Highlights Subsequent to Year-end -- Production for
fiscal Q1 2012 totaled 28 million KWh of electricity compared to 15
million KWh in fiscal Q1 2011 -- Received final government approval
for the construction of four new wind farms totaling 198 MW which
will comprise Phase III -- Finalizing construction and supply
agreements with a major international turbine manufacturer for
Phase III, which is expected to begin in calendar Q3 2011 -- Moving
toward completion of construction of the 49.5 MW Phase II, which is
expected by the end of December 2011; currently 22 of 35 planned
turbines have been installed Financial Results for FY2011 Total
electricity sales for FY2011 were $6.6 million from production of
81.0 million KWh of electricity, up 71% from $3.8 million for
FY2010 from production of 47.2 million KWh of electricity.
The growth in revenue and production is due to Phase I of the
Company's energy projects approaching total expected capacity
throughout the year. The Company had recorded revenue for FY2011 of
$6.6 million compared to $1.7 million for FY2010 after excluding
the recovery of wind farm plant costs of $2.1 million from total
electricity sales. Sales generated during the testing, tuning
and calibration of the Phase I wind project. Adjusted EBITDA for
FY2011 was $4.8 million compared to $0.5 million in FY2010, an
increase of 895%. The significant increase in adjusted EBITDA
was primarily due to an increase in revenue and production as
previously discussed. Net loss for FY2011 was $2.5 million, or
$0.04 per share, down from a net loss of $5.0 million, or $0.10 per
share, for FY2010. The decrease in net loss is
attributable to a number of factors including the ramping up of
operations in FY2011, which added $4.8 million in revenue, a $2.4
million decrease in stock based compensation, offset by an increase
in interest expense of $1.9 million and a $2.3 million increase in
amortization expense. Net loss per share was also reduced by an
increase in the number of weighted average shares from 48.0 million
to 61.9 million. Selected Financial Highlights for Q4 FY2011
____________________________________________________________________
|In thousands except share or percentage|Q4 FY11 |Q4 FY10 |Change |
|data | | | |
|_______________________________________|_________|_________|________|
|Revenue | $1,700| $1,207| +41%|
|_______________________________________|_________|_________|________|
|Adjusted EBITDA(2) | $1,009| $817| +24%|
|_______________________________________|_________|_________|________|
|Net earnings (loss) | ($623)| ($1,229)| +$608|
|_______________________________________|_________|_________|________|
|Net earnings (loss) loss per share - | ($0.01)| ($0.02)| +$0.01|
|diluted | | | |
|_______________________________________|_________|_________|________|
Financial Results for Q4 FY2011 Total electricity sales for Q4
FY2011 were $1.7 million from 21.3 million KWh, up 41% from $1.2
million from 15.2 million KWh for Q4 FY2010. The increase in
revenue and production was as a result of Phase I of the Company's
wind projects operating at close to total expected capacity for the
quarter compared to the same time in the previous year. Excluding
stock-based compensation, adjusted EBITDA for Q4 FY2011 was $1.0
million, up 24% from $0.8 million for Q4 FY2010. The
improvement in quarterly adjusted EBITDA is attributable to higher
revenue and production as previously discussed. Net loss for Q4
FY2011 was $0.6 million, or $0.01 per share fully diluted, down
from a net loss of $1.2 million or $0.02 per share fully diluted,
for Q4 FY 2010. The year-over-year decrease in net loss was
primarily due to the ramping up of operations of Phase I throughout
the year. Outlook "We are very close to finalizing the construction
and turbine supply agreements for the Phase III, which will allow
us to add an additional 198 MW of capacity to our production," also
said Mr. Liu. "With the completion of Phase II expected by
the end of the calendar year and construction of Phase III expected
to begin by the third quarter of the calendar year, we expect
fiscal 2012 to be an even bigger year of progress for the Company."
About China Wind Power International Corp. China Wind Power
International Corp. is an Ontario company that is uniquely
positioned to capitalize on the growing demand for wind power in
China. The Company indirectly holds the exclusive rights for
wind energy development in Du Mon County, Heilongjiang Province,
which has a demonstrated potential installed capacity of 1,150 MW
of wind energy developable over an area of 612 square km.
While 1,150 MW represents the Company's long-term potential for
wind power in the area, its current plans are for building out
approximately 800 MW over five development phases. The
Company's common shares are listed on the TSX Venture Exchange
under the symbol "CNW". The Company has approximately 63.9 million
shares outstanding. For more information and the latest updates on
China Wind Power, visit our investor relations blog at
http://chinawindpower.posterous.com or follow us on Twitter at
http://twitter.com/ChinaWindPower Forward-looking statements
Certain statements that are not historical facts made in this press
release may be forward looking statements subject to risks and
uncertainties. Statements containing words such as "will", "could",
"expect", "may", "anticipate", "believe", "intend", "estimate",
"plan" and other similar expressions are forward-looking statements
that represent management's beliefs at the time the statements are
made and are based on certain factors and assumptions including
wind farm construction and commercial production schedule, output
and capacity, revenue and earnings expectations and market
potential. These forward-looking statements are subject to a
variety of risks and uncertainties and other factors that could
cause actual events to differ materially from those projected in
forward-looking statements. Important factors that could cause
actual results to differ materially from the Company's expectations
include uncertainties involving the availability of financing;
fluctuations in currency exchange rates; uncertainties relating to
economic and market conditions; uncertainty of estimates of capital
and operating costs; the need to obtain additional financing
to develop the projects and uncertainty as to the availability and
terms of future financing; the possibility of delay in construction
projects and uncertainty of meeting anticipated program milestones;
uncertainty as to timely availability of permits and other
governmental approvals; and other risks and uncertainties disclosed
in the information circular dated May 29, 2009 relating to the
Company's reverse take-over with Berkshire Griffin Inc., which is
available at www.sedar.com under the Company's profile. Except as
required by applicable securities laws, the Company undertakes no
obligation to update any forward looking statement to reflect
events or circumstances after the date on which such statement is
made. Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. ________________________________
(1) Earnings before interest, taxes, depreciation and
amortization (EBITDA) is often used as a measure of financial
performance. However, EBITDA is not a term that has specific
meaning in accordance with IFRS accounting principles and may be
calculated differently by other companies. China Wind reconciles
EBITDA to its net earnings (loss). Adjusted EBITDA excludes
stock-based compensation. (2) Earnings before interest,
taxes, depreciation and amortization (EBITDA) is often used as a
measure of financial performance. However, EBITDA is not a term
that has specific meaning in accordance with IFRS and may be
calculated differently by other companies. China Wind reconciles
EBITDA to its net earnings (loss). Adjusted EBITDA excludes
stock-based compensation. To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/July2011/29/c8260.html
table cellspacing="0" valign="top" border="0" tr valign="top" td
align="left" Wendell Zhangbr/ Chief Financial Officerbr/ China Wind
Power International Corp.br/ 416-916-4205br/ a
href="mailto:wzhang@chinawindpowerinternational.com"wzhang@chinawindpowerinternational.com/a
/td td align="left" /td td align="left" /td td
align="left" /td td align="left" /td td
align="left" /td td align="left" valign="top" Philip Dalebr/
Investor Relationsbr/ TMX Equicombr/ 416-815-0700 ext 253br/ a
href="mailto:pdale@equicomgroup.com"pdale@equicomgroup.com/a /td
/tr /table
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