GLOBAL ECOPOWER STRENGTHENS ITS STRUCTURES AND ITS GROWTH IN THE WIND SECTOR


30.10.12 18:05
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Jean-Marie Santander, Chairman and CEO of GEP: 'With the start of the windbusiness, our company has been able to strengthen its partnership with theGerman group Leonidas Associates, initially agreed for solar power plants.This success is mainly due to our great reactivity, our professionalism,our knowledge of the market and our technical skills. GEP is becoming a keycompany in this field in France.'Financial restructuringGEP's financial restructuring has been successfully completed thanks to: (i) a capital increase reserved to its long-term shareholder of 3,000,000shares in exchange for its whole liability amounting to EUR 3,240,928 and(ii) a capital increase reserved for shareholders with preferentialsubscription rights of 1,207,927 new shares.After this restructuring, the capital and share premium have increased ofEUR 2,103,963. The share capital amounts to EUR1,438,484.81and the companyis totally free of any debt.The company is now financially restructured to carry out its developmentplan.Strategic planningUnlike many parties involved in the same sector, the management, enrichedby its experience, decided that the group would not develop the wind farmsby itself. However, the company is positioning itself to acquireready-to-build projects with all necessary authorizations.An experienced team of 9 people, with reduced opeRating costs, allows GEPto lead multiple projects simultaneously.Compared to its competitors, Global EcoPower opted for a light structureand records neither financial debt nor any shareholder loan. The powerplants are built turnkey and sold to third party investors. To date, thegroup does not intend to generate any debt by retaining power plants forits own account. This position, combined with the professionalism of themanagers and their technical mastery, provides great operationalreactivity.In order to reduce its working capital requirements, GEP has signed withits German partner for each project a contract of assistance to theproject's owner and 'turnkey construction' except turbines. Allnegotiations with the turbines suppliers are conducted by GEP; however, thefinal contract is signed directly by the investor.Construction of three wind farms in FranceFor three years, GEP has worked actively for the establishment of a young,dynamic and operational team framed by seasoned leaders. During thisperiod, the company has built and delivered an agro-solar project of 3.4MWp, consisting of 55,000 m² of photovoltaic greenhouses in Maine et Loire,and has been assisting the project's owner in the construction of aground-based solar power plant of 5 MWp in Seine Maritime.Then, in January 2012, GEP decided to enter the wind business. Confrontedwith competition from several French and foreign groups to acquire variousready-to-build wind opportunities, GEP has managed to secure the followingthree projects, for a total capacity of 64 MW, accompanied by its partnerLeonidas Associates:- Montbray & Margueray wind park (Manche): The operation involves theconstruction of 10 turbines of 2 MW each and two delivery stations. Workhas already started and the company expects to deliver the plant in 2013.- La Guenelle wind park (Marne): The operation involves the construction of11 turbines of 2 MW each and two delivery stations. The work begins inNovember 2012 and the company expects to deliver the plant in 2013.- La Voie Romaine wind park (Marne): Neighboring the La Guenelle wind park,the operation involves the construction of 11 turbines of 2 MW each andthree delivery stations. The project will be built during the fiscal year2013.GEP will build, between 2012 and 2013, on behalf of its German partner, atleast these three wind farms and conducts negotiations in the same time inorder to acquire other projects in France.ForecastThe turnover at December 31st 2012, calculated according to theconstruction progress rate of the three projects ongoing, is expected toreach EUR4.5m for an EBITDA of around one million euros.The company will record neither substantial financial expenses nordepreciation, which should lead to the publication of the first fiscal yearshowing a significant net income.The balance of the turnover generated by these constructions will be fullyrecorded next year. The fiscal year 2013 should also record all or part ofthe turnover and EBITDA of the power plants under negotiation at the timeof this release. GEP's target is to build several power plantssimultaneously in 2013, representing more than 100 MW.Philippe Perret, Managing Director of GEP: 'The deployment in wind sectorcould be carried out quicker than expected thanks to our reactivity,allowing us to target the first largely profitable fiscal year already in2012.' Stock marketThe management has asked NYSE Euronext to resume GEP's listing on theMarché Libre in Paris starting from Wednesday, October 31, 2012.During fiscal year 2013, GEP considers its transfer to Alternext in orderto increase the visibility of its stock and to improve its free float andliquidity.GEP is building power plants using renewable energy sources. The company islisted on the NYSE Euronext Paris Free Market under ISIN code:FR0011289198.End of Corporate News---------------------------------30.10.2012 Dissemination of a Corporate News, transmitted by DGAP - acompany of EquityStory AG.The issuer is solely responsible for the content of this announcement.DGAP's Distribution Services include Regulatory Announcements,Financial/Corporate News and Press Releases.Media archive at www.dgap-medientreff.de and www.dgap.de---------------------------------190851 30.10.2012


 

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