4ENERGY INV 
By
Brussels - August 31, 2012 18.00 CET Regulated
Information
4Energy Invest, the Belgian renewable energy company focused on valorising biomass into energy, announces today its Interim Results for the first half year of 2012.
Financial highlights
Consolidated statement of comprehensive income
30 June
2012
30 June
2011
€'000 €'000
Sales 8,992 5,264
Change in inventories of finished goods 20 0
Other operating income 658 26
Revenues 9,669 5,290
Cost of sales -5,507 -3,058
Personnel costs -1,091 -437
Other operating expenses -827 -791
Operating cash flow (EBITDA) 2,244 1,004
Operating result (EBIT) -3,057 -419
Result of the period -4,384 126
The sales for € 8.99 million during the first six months of
2012 are 71% above the sales of the first six months of 2011.
The growth in sales results from the start of the Ham
cogeneration project and the use of the Amel III facility to
produce dried wood chips and white wood pellets, both
projects that were not yet in commercial operation in the
comparable period last year. The sales are mainly composed by
the sale of green energy (€
6.7 million compared to € 3.9 million in 2011), thesale of
energy (€ 2.0 million compared to € 1.3 mllioi n in
2011) and the sale of white wood pellets and dried wood chips
out of the operation of Amel III (€ 0.23million compared to €
0.0 million in 2011).
The cost of sales during the first six months of 2012
amounted to € 5.5 million (€ 3.0 million in 201)1and
consisted of purchases of biomass for € 3.7 million(€ 1.85
million in 2011), operating and maintenance expenses for €
0.7 million (€ 0.8 million in 2011)t,he cost of the
distribution injection tariffs for € 0.1 million (€
0.1 million in 2011) and other expenses for € 1.00million (€
0.25 million in 2011). The disproportional increase in other
expenses results from significant start-up costs in Ham and
other non recurrent expenses related to the fact that certain
parts of the installation in Ham were not yet in
operation.
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PRESS RELEASE
Brussels - August 31, 2012 18.00 CET Regulated
Information
The personnel costs more than doubled compared to similar
period last year and result from inflation and the work-force
that was needed to operate the Ham cogeneration facility and
the Amel III facility.
The resulting EBITDA margin for the first six months of 2012
amounted to € 2.24 million (23.2% of revenues). The EBITDA
margin should steadily improve when the capacity factor of
the Ham cogeneration facility is improved and when the Amel
III facility is used at higher capacity.
The property, plant and equipment of Amel I, Amel II, Amel
III and Ham have been depreciated for € 3.3million compared
to € 1.4 million in the similar period oflast year. All
assets are now considered being in operation. Amel III has
been further impaired for € 1.98 milloi n as to reflect the
decision to stop with the Bio-Coal activities and the
resulting reduced asset value as Amel III will only be used
for drying wood chips and/or making white wood pellets.
The net financial costs of € 1.95 million reflect ht e
interest expenses on the credit facilities used for Amel I,
Amel II, Amel III and Ham and the change in mark-to-market
value at 30 June 2012 of the interest rate swaps that have
been structured for the credit facilities of Amel I, Amel II,
Amel III and the Cogeneration project in Ham. Evolution in
mark-to-market value at 30 June 2012 accounted for € 0.48
million in the total net ifnancial costs (€ -0.2 million in
comparable period last year).
The net profit for the period equals - € 4.4 million.
Consolidated statement of financial position
30 June
2012
31 Dec.
2011
€'000 €'000
Non current assets 81,743 83,086
Current assets 7,445 6,217
Cash and cash equivalents 2,890 710
Total assets 89,188 89,303
Equity 18,132 22,509
Non current liabilities 53,244 54,333
Current liabilities 17,812 12,462
Total equity and liabilities 89,188 89,303
A net decrease in property, plant and equipment results from
the fact that the depreciation on assets in operation (Amel
I, II, III and Ham) and the further impairment on Amel III
outweighed the investments implemented during the first six
months of 2012 as to finalize the construction of the Ham
cogeneration project.
No other projects are under development or construction at
the date of 30/06/2012.
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PRESS RELEASE
Brussels - August 31, 2012 18.00 CET Regulated
Information
The net cash and cash equivalents position does not take into
account unused credit facilities at the level of the
affiliates Renogen/Amel Bio that are available going forward
(€ 0.9 million). 4HamCogen used its cashposition at
30/06/2012 to reduce its working capital facility from € 2.25
million to € 1.0 million Euro in thebeginning of July 2012 as
agreed with the banks consortium.
The equity attributable to the equity holders of 4Energy
Invest decreased to € 18.1 million in line wtih the net loss
of the period.
Repayments under the credit facilities structured for the
assets Amel I and Amel II + leasing Amel Bio equaled
€ 1.3 million over the first 6 months of 2012, in inl e with
the renegotiated debt redemption schedules with KBC Bank.
The current portion of interest bearing loans and borrowings
for € 10.7 million reflects
- the scheduled repayments under the long term credit
facilities structured with KBC and ING for Amel I, II, III
and Ham for a total amount of € 6.1 millionover the coming 12
months;
- the scheduled repayment under the subordinated debt
facility structured with LRM for € 1.1 million over
the coming 12 months;
- the use of short term straight loans for € 3.5 mlliion of
which € 2.25 million mature within the next 12 months period;
Operational highlights
The operational performance of the Amel cogeneration
facilities was slightly below the operational performance of
the similar period last year, mainly driven by less favorable
weather conditions (higher humidity levels of the biomass).
The financial performance over the first six months was also
negatively impacted by significantly lower electricity prices
(-12%) compared to similar period last year. The scheduled
major overhaul of Amel II was executed as planned and within
budget.
4Energy Invest has taken over the Cogeneration project in Ham
from its EPC-contractor MWP end of April
2012. 4Energy Invest has at that date taken over the
responsibility for the operation and the maintenance of the
plant. The operational performance of this cogeneration
facility has been steadily improved since take-over end of
April. The financial performance over the first six months
was negatively impacted by significant start-up costs and
temporary outages that were needed to finalize the
construction of the plant. ING Belgium and KBC Bank approved
in March 2012 a 9 month working capital facility for
4HamCogen for € 2.8 million. The facility was (as agreed)
reduced to € 1.0 million early July2012 when the green
certificates for the produced green energy in Ham over the
period August 2011 - March 2012 were effectively cashed.
4Energy Invest used the Amel III installation to produce
dried wood chips and white wood pellets, however with no
positive EBITDA contribution. KBC Bank agreed to postpone the
start of redemption of the outstanding long
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PRESS RELEASE
Brussels - August 31, 2012 18.00 CET Regulated
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term credit facility of Amel III till 30 September 2012
considering that the outcome of the search process for a
strategic partner for Bio-Coal should be known during summer.
Outlook for the year 2012
4Energy Invest's results for the second half of the year 2012
are expected to be influenced by the following factors
Amel I and Amel II have no further major planned maintenance
for the second half of 2012;
The use of Amel III for the production of dried wood chips
and white wood pellets should start contributing to EBITDA as
from quarter 4 2012 and a gradual ramp-up of the production
capacity of the facility can be expected going forward as
additional production capacity is under contracting;
The operational performance of the Ham cogeneration project
should further improve and the cost structure should
stabilize at a lower level, as such improving the
contribution to EBITDA as from quarter 3 2012;
4Energy Invest continues its discussions with the VREG as to
agree on the cogeneration algorithm for the Ham cogeneration
project. Heat off-take and the sale of related cogeneration
certificates (WKK) are critical for the economics of the Ham
cogeneration project going forward and will be necessary to
absorb depressed electricity prices and a higher operating
cost base.
Electricity prices projected in the wholesale market for the
second half of the year are higher than comparable period
last year. Electricity spot market prices have a direct
impact on the bottom line of the cogeneration activities in
both Amel and Ham going forward;
The increased use of Amel III should further increase the
industrial heat consumption in Amel and thus increase the
qualitative character of the cogeneration units in Amel with
resulting increase in production of green certificates;
4Energy Invest confirms that it needs a further restructuring of its existing credit facilities at both Renogen and 4HamCogen level in order to be able to fulfill the company's financial obligations over 2012 and the years beyond.
This press release as well as the complete Interim Results report are made available in English andDutch through our
corporate website www.4energyinvest.com
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Brussels - August 31, 2012 18.00 CET Regulated
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About 4Energy Invest
4Energy Invest is a Belgian based renewable energy company
that aims at creating and managing a portfolio of small to
midsized locally embedded projects that valorize biomass,
directly or indirectly, into energy. 4Energy Invest
identifies potential biomass projects, performs a feasibility
study and eventually takes responsibility for developing,
financing, constructing and operating the project, in close
cooperation with carefully selected suppliers and
partners.
4Energy Invest (through its fully owned subsidiary Renogen)
has two cogeneration projects, located in
Amel (Wallonia, Belgium), that are fully operational.
4Energy Invest (through its fully owned subsidiary Renogen)
has taken into commercial operation a large scale pellets
production facility to produce dried wood chips and white
wood pellets in Amel (Wallonia, Belgium).
4Energy Invest (through its fully owned subsidiary 4HamCogen)
has taken into commercial operation a 9.5
MW biomass fired cogeneration unit in Ham (Flanders,
Belgium).
4Energy Invest is listed on Euronext Brussels under symbol
ENIN.
Filip Lesaffer, Executive Chairman
Tel: 32 496 57 90
15 www.4energyinvest.com
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PRESS RELEASEBrussels - August 23, 201O 6.OOPM CET
Regulated lnformation
4energy!gy,LJ;L
4Energy lnvest NV/SA
Paepsem Business Park- Boulevard Paepsemlaan 20- 1070 Brussels- BELGIUM
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PRESS RELEASEBrussels - August 23, 201O 6.OOPM CET
Regulated lnformation
4energy!gy,LJ;L
4Energy lnvest NV/SA
Paepsem Business Park- Boulevard Paepsemlaan 20- 1070 Brussels- BELGIUM
info@4energyinvest.com- VAT BE 876.488.436 Page 7
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