Trading Statement

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 £20m up 90%  (Q4 FY12: £10.76m);

·   FY13 estimated revenue £56m up 46% (FY12: £38.48m); 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 (£m)	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 stage	Financing	Civil Works and Foundations	Chimney and Boiler related construction	Testing and Commissioning
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 £17.8m and profit before tax was £2.5m.

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

OPG Power Ventures PLC	[phone]
Arvind Gupta
V Narayan Swami Ajay Paliwal
Cenkos Securities (Nominated Adviser & Broker)
Stephen Keys / Camilla Hume	[phone]
Tavistock Communications
Simon Hudson/Kelsey Traynor	[phone]

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