News
PRELIMINARY RESULTS STATEMENT 5 APRIL 2006
Preliminary Results for the period from incorporation, 8 December 2004 to 31 December 2005 Announces strategic partnership with AES
Dublin, Ireland – 5 April 2006
Highlights
- IPO and listing on London Stock Exchange in June 2005 raised approximately €91m
- Entered into a forward sales contract with The AES Corporation for CERs to be delivered between 2008 and 2012 that incorporates a secured pre-payment of up to €60 million.
- Signed a term sheet for the placing with AES of new shares in the amount of 9.9% at a price of €2.66 per share, raising approximately €40 million. As part of the term sheet, AgCert and AES agreed to pursue additional strategic initiatives.
- Progressed negotiations with International Finance Corporation (“IFC”) and a group of international banks for a senior syndicated debt facility of up to €120 million.
- EBITDA (€16.6m)
- Net Cash outflow from operating activities (€15.7m)
- Completed construction on 265 sites by 31 December 2005 compared with 8 at 31st December 2004.
- Currently has over 400 operational sites which are expected to generate over 20m CERs over the 10-year contract with the farmers
- Secured advance sales contracts for CERs with future cash flows of approximately €94m (in addition to the AES pre-payment)
- 14 Projects Registered with the CDM Executive Board
- First CERs issued in Mexico and Brazil
- Bill Haskell becomes permanent CEO
Since its incorporation, AgCert's business has developed rapidly. The Company is a pioneer in the nascent Carbon trading market where the regulatory process, essential for the creation of checks and balances remains commercially challenging as regulators and market participants seek to gain experience.
Commenting on today’s announcement, Bill Haskell, AgCert CEO, said
“AgCert has made significant progress since our debut as a public company in June 2005. Despite being behind initial expectations, progress has accelerated in recent months, and continues to bring our implementation programme back on track. We remain confident about the attractive long term prospects for the business.
“Climate change is key to the world’s economic progress and AgCert is determined to play its leadership role in the reduction of greenhouse gases. “
For further information:
| AgCert International | |
| Bill Haskell, CEO | Tel: +353 1 245 7400 |
| Paul D'Alton, CFO | www.agcert.com |
AgCert media inquiries:
| Maitland | |
| Liz Morley / Brian Hudspith | Tel: +44 (0) 20 7379 5151 |
A conference call is organised for 12 noon on Wednesday 5 April to discuss the results and developments at AgCert. Bill Haskell, CEO and Paul D’Alton, Finance Director will be on the call. Please contact Liz Morley at Maitland on 020 7379 5151 for details.