Canada markets open in 1 hour 49 minutes

Etrion Corporation (ETX.TO)

Toronto - Toronto Real Time Price. Currency in CAD
Add to watchlist
0.3900-0.0050 (-1.27%)
At close: 11:12AM EDT
Full screen
Previous Close0.3950
Open0.3900
Bid0.3950 x 0
Ask0.4000 x 0
Day's Range0.3900 - 0.3900
52 Week Range0.1800 - 0.6200
Volume1,364
Avg. Volume107,780
Market Cap130.297M
Beta (5Y Monthly)N/A
PE Ratio (TTM)4.19
EPS (TTM)0.0930
Earnings DateMar. 12, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • Etrion Releases First Quarter 2021 Results
    GlobeNewswire

    Etrion Releases First Quarter 2021 Results

    GENEVA, Switzerland, May 07, 2021 (GLOBE NEWSWIRE) -- Etrion Corporation (“Etrion” or the “Company”, and, together with its subsidiaries, the “Group”) (TSX: ETX) (OMX: ETX), a solar independent power producer, released today its condensed consolidated interim financial statements and related management’s discussion and analysis (“MD&A”) for the three months ended March 31, 2021. Q1-21 HIGHLIGHTS Corporate On March 31, 2021, subsidiaries of the Company signed the first formal agreements to sell their interests in the Company’s 13.2 MW Komatsu, 24.7 MW Shizukuishi and 9.3 MW Mito operating solar energy projects to a Japanese consortium for an aggregate net purchase price of approximately JPY 8.252 billion (or US$74.9 million). The Company is currently negotiating the sale of the Company’s fourth operating project, Misawa, which is currently undergoing repairs from winter storms to a fourth purchaser associated with the same consortium. The Company expects to close the sale of these projects before the end of June 2021.On April 9, 2021, the Company announced the signature of agreements to sell the Group’s interests in the 45 MW Niigata solar project under construction for an aggregate net purchase price of approximately JPY 6.3 billion (approximately US$57.7 million), subject to certain adjustments at closing. The Company expects to close the sale of this project before the end of June 2021.An annual and special meeting of shareholders of the Company to consider the sale of the Group’s Japanese projects, among other things, has been scheduled for May 27, 2021. The notice of meeting and Management Information Circular for such meeting has been posted on SEDAR and mailed or made available to shareholders. Financial highlights from Continuing Operations During Q1-21, the Group’s corporate segment generated negative earnings before interest, taxes, depreciation and amortization (“EBITDA”) of US$1.8 million and a net loss of US$2.5 million, compared to a negative EBITDA of US$1.7 million and a net loss of US$2.1 million, respectively, in the same period in 2020. Net results were affected in 2021 by expenses associated with the sale process of the Japanese assets and lower capitalized development costs. Etrion closed Q1-21 with an unrestricted cash balance of US$4.9 million held at the corporate level and a negative working capital of US$1.6 million, after excluding the Japanese assets-held-for sale. Operational highlights from Discontinued Operations Etrion produced 11.2 Gigawatt-hours (“GWh”) of electricity from the Company’s 57-megawatt (“MW”) portfolio comprising 11 solar power plant sites in Japan, a 10.4% decrease in production compared with the same period in 2020, due to heavy snowfalls causing significant damage to the Misawa solar park and adverse weather conditions which impacted the overall performance of the solar plants. Construction of the 45 MW Niigata solar project in central Japan is approximately 78% complete with estimated connection to the electricity grid in the fourth quarter of 2021. Project is on schedule and on budget. During January and February 2021, the Misawa solar park suffered from heavy snowfalls resulting in damage to the solar modules on sites three and four. The production of electricity was partially interrupted, and the total damage is currently under assessment. The solar project company has property and business interruption insurance policies. The project company will be assessing the insurance claim with the insurer after confirming the level of damage and agreeing the business interruption claim with the insurer. The Company expects to have the parks fully restored by June of this year. As of today, the Company has not been adversely affected by COVID-19. The Company has implemented very rigorous guidelines to ensure the wellbeing of its employees while at the same time maintaining minimal business disruptions. Financial highlights from Discontinued Operations Etrion’s consolidated revenues from the Japanese discontinued operation of US$3.9 million, were 8.2% lower relative to the same period in 2020. Etrion’s solar segment EBITDA from the Japanese discontinued operation of US$2.8 million, was 12.4% lower relative to the same period in 2020. Revenue and EBITDA decreased due to heavy snowfalls causing significant damage to the Misawa solar park and adverse weather conditions which impacted the overall performance of the solar plants. Nevertheless, the Group’s Japanese segment generated a net income of $0.9 million, in comparison with a net loss of $0.4 million for the same period in 2020 mainly as an effect of IFRS 5 application since the depreciation of the assets held for sale (solar plants) ceased from September 30, 2020, the date of the new classification. Management Comments Marco A. Northland, the Company’s Chief Executive Officer, commented, “I am pleased with the progress we have made on the negotiations to sell the Japanese assets. While these are very complex transactions, I am confident we will achieve the closing of these transactions before the end of June 2021.” FINANCIAL SUMMARY Three months endedUS$ thousands (unless otherwise stated) Q1-21Q1-20Electricity production (MWh)1 11,16812,463 Financial performance from discontinued operations Revenue 3,9444,296EBITDA 2,7613,153Net income (loss) 923(439) Financial performance from continuing operations EBITDA (1,782)(1,676)Net loss (2,453)(2,139) Financial position March 312021December 312020Unrestricted cash at parent level 4,8658,956Restricted cash at parent level -37,008Working capital (1,641)822Assets-held-for sale, net 20,75420,610 About Etrion Etrion Corporation is an independent power producer that develops, builds, owns and operates utility-scale solar power generation plants. The Company owns and operates 57 MW of solar capacity and owns the 45 MW Niigata project under construction, all in Japan. The Company is listed on the Toronto Stock Exchange in Canada and the NASDAQ OMX Stockholm exchange in Sweden under ticker symbol “ETX”. Etrion’s largest shareholder is the Lundin family, which owns approximately 36% of the Company’s shares directly and through various trusts. For additional information, please visit the Company’s website at www.etrion.com or contact: Christian Lacueva – Chief Financial Officer Telephone: +41 (22) 715 20 90 Note: The capacity of power plants in this release is described in approximate megawatts on a direct current (“DC”) basis, also referred to as megawatt-peak (“MWp”). Etrion discloses the information provided herein pursuant to the Swedish Securities Market Act. The information was submitted for publication at 8:05 a.m. CET on May 7, 2021. Non-IFRS Measures: This press release includes non-IFRS measures not defined under IFRS, specifically earnings before interest, taxes, depreciation and amortization (“EBITDA”). Non-IFRS measures have no standardized meaning prescribed under IFRS and therefore such measures may not be comparable with those used by other companies. EBITDA is a useful metric to quantify the Company’s ability to generate cash before extraordinary and non-cash accounting transactions recognized in the financial statements. In addition, EBITDA is useful to analyze and compare profitability between companies and industries because it eliminates the effects of financing and accounting policy decisions. The most comparable IFRS measure to EBITDA is net income (loss). Refer to Etrion’s MD&A for the three months ended March 31, 2021, for a reconciliation of EBITDA reported during the period. Forward-Looking Information: This press release contains certain “forward-looking information”. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to the Company’s proposed sale of its Japanese solar assets, the construction and operation of the Niigata project and the restoration of the Misawa solar project) constitute forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company as well as certain assumptions including, without limitation, the ability of the Company to complete the sale of the Japanese assets and the timing of such sale or, if such sale does not proceed, to execute on its development projects in Japan on economic terms and in a timely manner. Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, the risk that the Company may not be able to complete the sale of the Japanese assets or the completion of such sales may take longer than anticipated, the restoration of the Misawa project may take longer than anticipated, the Company’s solar projects may not produce electricity or generate revenues and earnings at the levels expected, the risk that the Company may not be able to obtain all applicable permits for the development of projects in Japan and the associated project financing required for the development of such projects on economic terms, uncertainties with respect to the potential impact of the current COVID-19 pandemic on the Company’s operations and the risk of unforeseen delays in the development and construction of its projects. Reference is also made to the risk factors disclosed under the heading “Risk factors” in the Company’s AIF for the year ended December 31, 2020 and the risk factors set out in the Management Information Circular for the annual and special general meeting of the shareholders of the Company to be held on May 27, 2021, both of which have been filed on SEDAR and is available under the Company’s profile at www.sedar.com. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein. ___________________________________ 1 MWh = Megawatt-hour

  • Etrion to Release First Quarter 2021 Results on May 7, 2021
    GlobeNewswire

    Etrion to Release First Quarter 2021 Results on May 7, 2021

    GENEVA, Switzerland, May 04, 2021 (GLOBE NEWSWIRE) -- Etrion Corporation (“Etrion” or the “Company”) (TSX: ETX) (OMX: ETX), a solar independent power producer, will release its first quarter 2021 results before the market opens on Friday, May 7, 2021. The Company’s condensed consolidated interim financial statements for the three months ended March 31, 2021, as well as the related documents, will be available on the Company’s website (www.etrion.com) About Etrion Etrion Corporation is an independent power producer that develops, builds, owns and operates utility-scale solar power generation plants. The Company owns and operates 57 MW of solar capacity and owns the 45 MW Niigata project under construction, all in Japan. The Company is listed on the Toronto Stock Exchange in Canada and the NASDAQ OMX Stockholm exchange in Sweden under ticker symbol “ETX”. Etrion’s largest shareholder is the Lundin family, which owns approximately 36% of the Company’s shares directly and through various trusts. Subscribe to receive Etrion’s press releases by email as soon as they are published. Click here to subscribe Etrion discloses the information provided herein pursuant to the Swedish Securities Market Act. The information was submitted for publication at 11:05 p.m. CET on May 4, 2021. For additional information, please visit the Company’s website at www.etrion.com or contact: Christian Lacueva – Chief Financial OfficerTelephone: +41 (22) 715 20 90

  • Etrion Announces Mailing of Materials for Annual and Special Meeting of Shareholders and Plans Following Completion of Sale of Assets
    GlobeNewswire

    Etrion Announces Mailing of Materials for Annual and Special Meeting of Shareholders and Plans Following Completion of Sale of Assets

    GENEVA, Switzerland, April 16, 2021 (GLOBE NEWSWIRE) -- Further to its press releases of March 31 and April 9, 2021, Etrion Corporation (“Etrion” or the “Company”) (TSX: ETX) (OMX: ETX), a solar independent power producer, is pleased to announce that it will be mailing next Wednesday the Management Information Circular (the “Circular”) and related meeting materials for an annual and special meeting of shareholders (“Shareholders”) to be held on May 27, 2021 (the “Meeting”). The Circular and other Meeting materials will also be filed on SEDAR at www.sedar.com. The Meeting is being called to request approval of, in addition to usual annual meeting matters, the previously announced sale of Etrion’s Japanese solar projects (the “Transaction”) that would represent a sale of all or substantially all the Company’s assets or undertaking. Shareholders will also be asked to approve a reduction of capital to facilitate a distribution of proceeds from the Transaction and the voluntary dissolution of the Company, as the Company will not have any significant assets or active business operations following completion of the Transaction. As set out in the Circular, the current plan of the board of directors of the Company (the “Board”) following completion of the Transaction is as follows: Upon closing of the Transaction (“Closing”), the Company will cause its subsidiaries to distribute the proceeds thereof, net of applicable expenses, liabilities and taxes, to the Company.Within approximately 60 days after Closing, the Company plans to make an initial distribution to Shareholders of approximately CAD$0.41 (approximately US$0.32) per share, provided that the actual amount of the distribution will be determined by the Board based on its assessment of the financial position of the Company and its future cash needs. Assuming that Shareholders approve a reduction of capital at the Meeting, such distribution will be made by way of return of capital, which in the circumstances should generally not be taxed as a dividend for Canadian income tax purposes.The Company plans to reserve approximately CAD$20 million to cover for any liabilities that may result from potential warranty claims under the different agreements contemplated as part of the Transaction, other corporate level liabilities and anticipated expenses to cover continuing operations and windup costs.After Closing, the Company will be required to provide certain transition services to the purchasers of its projects for a period of 90 days. The Company plans to maintain the minimum resources required to effectively provide such transition services, continue to prosecute the pursuit of its claim for Italian tax credits and complete the windup of its subsidiaries, except as may be required to pursue such credits.Subject to the possibility of the Board identifying other potential business opportunities, the Company expects to complete its windup activities and proceed with the dissolution within approximately 24 months after Closing, although it is possible that the dissolution may be extended beyond that time. Any cash remaining at the completion of the windup activities and settlement of all liabilities of the Company will be distributed to shareholders. The Company currently expects the final distribution to be between CAD$0.04 (approximately US$0.03) per share and CAD$0.08 (approximately US$0.06) per share. About Etrion Etrion Corporation is an independent power producer that develops, builds, owns and operates utility-scale solar power generation plants. The Company owns and operates 57 MW of solar capacity and owns the 45 MW Niigata project under construction, all in Japan. The Company is listed on the Toronto Stock Exchange in Canada and the Nasdaq Stockholm exchange in Sweden under ticker symbol “ETX”. Etrion’s largest shareholder is the Lundin family, which owns approximately 36% of the Company’s shares directly and through various trusts. For additional information, please visit the Company’s website at www.etrion.com or contact: Christian Lacueva – Chief Financial Officer Telephone: +41 (22) 715 20 90 This information is information that Etrion Corporation is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication at 5:05 p.m. CET on April 16, 2021. Forward-Looking Information: This press release contains certain “forward-looking information”. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to the Company’s proposed sale of its Japanese solar assets, the distribution of proceeds therefrom and the possible dissolution of the Company) constitute forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company as well as certain assumptions including, without limitation, the ability of the Company to complete the sale of the Japanese assets and the net proceeds therefrom that will be available to the Company. Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, the risk that the Company may not be able to complete the sale of the Japanese assets, effect a distribution of proceeds or dissolve the Company and the net proceeds from the Transaction that will be available to the Company after payment of applicable expenses, liabilities and taxes will be less than anticipated. Reference is also made to the risk factors disclosed under the heading “Risk factors” in the Company’s AIF for the year ended December 31, 2020 which has been filed on SEDAR and is available under the Company’s profile at www.sedar.com. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.