ContourGlobal PLC Q3 2017 Bondholder Update (2991Z)
December 14 2017 - 1:00AM
UK Regulatory
TIDMGLO
RNS Number : 2991Z
ContourGlobal PLC
14 December 2017
14 December 2017
ContourGlobal plc
Q3 2017 Bondholder Update
Financial highlights
-- Strong financial performance with significant growth in
revenue, Adjusted EBITDA, CFADS and FFO):
o 9M 2017 Revenue: increased 13% to $742m
o 9M 2017 Adjusted EBITDA: increased 16% to $380m
o LTM Q3 2017 CFADS(1) : increased 28% to $206m
o 9M 2017 FFO(2) : increased to 22% to $197m
-- Successful integration of new businesses, including Brazil
hydro and Solutions Brazil, drives strong growth
-- Robust credit performance with 5.1x DSCR and 3.4x Bond Indenture Defined Leverage Ratio(3)
-- Successful November 2017 Initial Public Offering ("IPO") on
the London Stock Exchange ("LSE") further strengthens credit
quality with $490m of corporate level liquidity
-- On track to meet FY Adj. EBITDA guidance of $500m - $520m
Financial Highlights
Q3 2017 Q3 2016 Change
-------------- -------- -------- -------
YTD Revenue 742 654 13%
-------------- -------- -------- -------
YTD Adjusted
EBITDA* 380 327 16%
-------------- -------- -------- -------
LTM CFADS* 206 162 28%
-------------- -------- -------- -------
YTD FFO* 197 161 22%
-------------- -------- -------- -------
* Non-IFRS metrics
Operational highlights
-- ContourGlobal continues to achieve industry-leading health
and safety performance, with 0.03 Lost Time Incident ("LTI") rate
for the past 12 months.
-- Availability factors are high across the fleet with September
YTD factors of 91.4% in Thermal and 97.3% in Renewables.
Availability in Renewables was higher than previous period, while
availability in Thermal was slightly below due to scheduled
maintenance activities at Maritsa and KivuWatt.
-- Renewable resource performance was below expected levels with
3% impact on Adjusted EBITDA for 9M 2017.
-- In December, the company closed the acquisition of a 19MW
solar portfolio in Italy for EUR58m. The plants are located near
existing ContourGlobal assets and can be immediately integrated
into the company's operations and maintenance platform.
-- Final negotiations for commercial close for a 500MW new-build
thermal plant in Kosovo currently underway in Pristina, Kosovo.
Operational Highlights
YTD Q3 YTD Q3 Change
2017 2016
--------------------------- ------- ------- -------
GWh
produced Thermal 5,872 5,393 +9%
-------------- ----------- ------- ------- -------
Renewable 3,316 3,223 +3%
-------------------------- ------- ------- -------
MW in
operation Thermal 2,640 2,531 +4%
-------------- ----------- ------- ------- -------
Renewable 1,497 1,373 +9%
-------------------------- ------- ------- -------
Availability
factor Thermal 91.4% 91.9% -0.5%
-------------- ----------- ------- ------- -------
Renewable 97.3% 94.7% +2.6%
-------------------------- ------- ------- -------
Avg.
capacity
factors Thermal 37.5% 36.3% +1.2%
-------------- ----------- ------- ------- -------
Renewable 35.5% 36.2% -0.7%
-------------------------- ------- ------- -------
Presentation and conference call
The company will host a call for investors at 14:00 BST.
Confirmation code and participant access numbers per country are
available on the ContourGlobal website:
http://www.contourglobal.com/event/contourglobals-q3-2017-bondholder-update-call
The presentation for the call can be downloaded at
http://www.contourglobal.com/reports
Enquiries
Investor Relations - Media - Brunswick
ContourGlobal
Alice Heathcote - +1 Charlie Pretzlik/Simon
646 599 2924 Maine - +44 (0) 207 404
investors@contourglobal.com 5959
Contourglobal@brunswickgroup.com
(1) Cash Flows Available for Debt Service (CFADS) is a metric
defined in ContourGlobal's EUR700m Bond Indenture that is reported
on a last 12 month (LTM) basis; CFADS growth ($162m Q3 2016 to
$206m Q3 2017) excludes $90m special distribution in Q2 2016 from
Maritsa
(2) Funds from operations
(3) Debt Service Coverage Ratio and Leverage Ratio
("Non-Guarantor Combined Leverage Ratio") as defined in Bond
Indenture.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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