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Home > Businesses > Energy > Media releases

Essar Energy results for the half year ended 30 June 2011

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August 19, 2011 Bookmark and Share  
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Key Highlights

  • Solid operating and financial performance
    • 7.27mmt throughput at Vadinar refinery (H12010: 7.28mmt)
    • 93%-100% power plant availability – 64% EBITDA margin (H1 2010: 54%)
    • Profit before tax of US$278.5 million, up 80%
  • Strong and continuing forecast growth
    • Power output CAGR1, 41% since 2009 to March 2012
    • Refining capacity CAGR1, 27% since 2009 to March 2013
  • Growth projects
    • 711,000 bbl/day refining capacity by end March 2012 – Vadinar refinery expansion on track
    • 4,510 MW of power capacity by end March 2012. 9,670 MW of power capacity by end March 2014
    • Contingency plans in place for coal blocks awaiting clearances
  • Completed US$350 million acquisition of Stanlow refinery (31 July 2011) – commenced 100 day plan
  • Decision to move financial year end to March to align financial reporting with  subsidiaries

Results

  • Strong revenue growth up 37%, primarily due to 39% higher refining and marketing revenues due to higher realisations offset by lower power revenues, down by 14%
  • EBITDA2 up by 49%2 to US$477.9 million primarily due to higher Gross Refinery Margin (‘GRM’) and higher Power EBITDA2 
  • Current price (‘CP’)2 GRM for our Refinery and Marketing business has increased from US$6.0 per barrel to US$8.3 per barrel, inclusive of sales tax benefit.
  • CP EBITDA2 (including sales tax benefit) for our Refining and Marketing business has increased by US$23.5 million to US$259.9 million in H1 2011 primarily due to higher refining margins and increased sales tax incentive benefit on account of higher product prices. 

To download the complete announcement, please click here

 
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