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 CFADS1: increased 28% to $206m
o 9M 2017 FFO2: 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 Ratio3
· 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 €58m. 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 2017 |
YTD Q3 2016 |
Change |
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