OPG Power Ventures plc Trading Statement (7390F)

TIDMOPG

RNS Number : 7390F

OPG Power Ventures plc

29 May 2013

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 GBP20m up 90%  (Q4 FY12: GBP10.76m); 
   --   FY13 estimated revenue GBP56m up 46% (FY12: GBP38.48m); 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 
  (GBPm)                  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    Financing     Civil Works        Chimney and     Testing and Commissioning 
   stage                 and Foundations    Boiler related 
                                             construction 
---------  ----------  -----------------  ----------------  -------------------------- 
 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 GBP17.8m and profit before tax was GBP2.5m.

For further information, please visit www.opgpower.com or contact:

 
                                         +91 (0) 44 429 11 
 OPG Power Ventures PLC                   211 
 Arvind Gupta 
 V Narayan Swami 
  Ajay Paliwal 
 
 Cenkos Securities (Nominated Adviser 
  & Broker) 
 Stephen Keys / Camilla Hume             +44 (0) 20 7397 8900 
 
 Tavistock Communications 
 Simon Hudson/Kelsey Traynor             +44 (0) 20 7920 3150

-ends-

This information is provided by RNS

The company news service from the London Stock Exchange

END

TSTVVLFLXEFEBBV

Opg Power Ventures (LSE:OPG)
Historical Stock Chart
From May 2024 to Jun 2024