Page 52-53 - GRO_Winter_2012

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GLOBAL RENEWABLES ONLINE - WINTER 2012/13
dropower’s evolving role in reliable
renewable energy systems, bankable
water-management projects, climate
change protection, regional develop-
ment and progressive energy and cli-
mate markets and incentives.
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CHINA HYDROELECTRIC
CORPORATION ANNOUNCES
RECORD RESULTS FOR THE THIRD
QUARTER OF FISCAL 2012
-
Continuing favorable rainfall and
tariff increases resulted in a 30% year
over year increase in third quarter rev-
enue
-
Third quarter adjusted EBITDA in-
creased 26% year over year due to tar-
iff increases and favorable rainfall
- 2012
nine months GAAP net income
of $6.8 million compared to net loss of
$11.1million in the prior year period
and 2012 third quarter GAAP net loss
of $1.7 million compared to net loss of
$4.1 million for prior year period
-
China Hydroelectric benefited from
above average precipitation levels in
Fujian and Zhejiang provinces for the
third quarter and year to date; Yunnan
continued to experience less than aver-
age precipitation through September
30, 2012
China Hydroelectric Corpora-
tion (NYSE: CHC, CHCWS) (“China
Hydroelectric” or “the Company”),
an owner, developer and operator of
small hydroelectric power projects
in the People’s Republic of China
(“
PRC”), today announced its financial
results for the three and nine months
ended September 30, 2012.
The new Board of Directors has
devoted a significant amount of time
and effort to ensure a smooth transi-
tion for the Company following re-
cent changes in the composition of the
Board of Directors and management.
With the able assistance of Dr. You-Su
Lin serving as interim Chief Executive
Officer and the efforts of the transition
committee of the Board, I am pleased
that the business operations have pro-
ceeded without any disruption,” stated
Amit Gupta, recently elected Chair-
man of the Board.
Dr. You-Su Lin, interim chief ex-
ecutive officer, said “I am pleased to
report that China Hydroelectric contin-
ued to benefit from favorable hydro-
logical conditions in two key provinces
as presented below and, as a result,
realized record revenues, gross profit,
operating income and EBITDA for the
third consecutive quarter. These results
compare favorably with the same pe-
riods in 2011 since precipitation was
well below average throughout all of
2011.
The Company’s liquidity posi-
tion, which is principally dependent
on two key factors, cash flow gener-
ated from operations and the state of
domestic financial markets in China,
materially improved as the year pro-
gressed. Lending by banks and other
financial institutions in China, which
first showed notable signs of improve-
ment in the second quarter of 2012, has
enabled the Company to raise a total
of $91.7 million from new borrowings
and favorable refinancings this year.”
With the previously announced
signing of a Share Transfer Agree-
ment to sell the 30 megawatt Yuheng
hydroelectric power project located
in Fujian province, and the record op-
erating results as well as recent bor-
rowing and refinancing activity, the
Company’s short-term liquidity needs
will be met. Management’s long-term
goal, through further negotiations with
lending institutions, is to more closely
match the Company’s debt maturity
to the long-life of its operating assets,
thereby minimizing the likelihood of
future liquidity crises,” added Dr.Lin.
Source:
HYDRO TASMANIA WELCOMES RET
REPORT
1
9
DECEMBER 2 0 1 2—HYDRO
Tasmania today welcomed the
release of the Climate Change Authori-
ty’s final report on the review of the
national Renewable Energy Target
(
RET).
As the largest generator of renew-
able energy in Australia, Hydro Tas-
mania recognises the important role
that the RET plays in underpinning the
continued development of additional
renewable energy and lowering Aus-
tralia’s carbon intensity.
HYDROPOWER NEWS