4energy invest presents interim results for the six month period ended 30 june 2009 - Notas de prensa bursatiles

Brussels - August 17, 2009 6.00PM CET
Regulated Information

4Energy Invest, the Belgian renewable energy company focused on
valorising biomass into energy, announces today its Interim Results
for the first half of 2009.

Financial highlights


Consolidated Income Statement
(in thousands of Euros) 30 June 2009 30 June 2008

Sales 4.169 4.515
Other operating income 228 12
Revenues 4.397 4.528

Cost of sales -2.104 -2.044
Personnel costs -338 -144
Other operating expenses -920 -488

Operating cash flow (EBITDA) 1.035 1.852
Operating cash flow (EBITDA) - excluding 1.266 1.852
impact fair value warrants

Operating result (EBIT) -372 904

Result of the period -354 628


The total revenues for ? 4.4 million during the first six months of
2009 are marginally below the revenues of the first six months of
2008 despite a 25% higher electricity production in the same period .
The revenues are mainly composed by the sale of green energy (? 4
million compared to ? 4.1 million in 2008), the sale of CO2
certificates related to the operation of Amel I and II (? 0.1
million in 2008 and in 2009) and the availability penalties paid by
the main contractor under the availability guarantee included in the
Engineering, Procurement and Construction contract for Amel II for an
amount of ? 0.2 million.

The resulting EBITDA margin for the first half of 2009 amounted to ?
1.0 million (23.5% of revenues) or ? 1.3 million (28.8% of revenues)
if the fair value of the warrants accounted for under other
operational expenses and personnel costs are excluded.

The difference with the EBITDA margin of the comparable period of
2008 is mainly explained by the fact that the two Amel cogeneration
units in operation were faced with an exceptional fall in electricity
prices, exceptional unscheduled outages and a replacement of the
Operations and Maintenance team.


Consolidated Balance Sheet
(in thousands of Euros) 30 June 2009 31 December 2008

ASSETS

Non current assets 47.109 42.418
Current assets 11.252 15.449
Cash and cash equivalents 8.528 11.810

TOTAL ASSETS 58.361 57.866

Equity 26.989 27.112
Non current liabilities 23.467 24.660
Current liabilities 7.904 6.094

TOTAL EQUITY AND LIABILITIES 58.361 57.866


The net increase in non current assets (after depreciation of assets
in operation) mainly reflects the increase in assets under
construction and development to ? 7.0 million and is composed as
follows:

* The construction of the large scale torrefied wood production
facility in Amel for an amount of ? 5.2 million that is scheduled
to be brought into commercial operation before the end of the
year 2009;
* The construction of the wood preparation facilities for Amel I
and Amel II for an amount of ? 0.5 million that were taken into
commercial operation as of July 1st 2009;
* Assets under development outstanding for ? 1.3 million reflect
the investments and activated expenses on the following projects:
Ham cogeneration project, Pontrilas cogeneration project,
Reisbach project and others.

The equity attributable to the equity holders of 4Energy Invest
decreased marginally to ? 27.0 million in line with the difference in
between the net loss of the period and the positive equity value
related to the warrants.

Repayments under the credit facilities structured for the assets in
commercial operation were in line with the agreed redemption
schedule. No use has been made yet of the credit facilities
structured for Amel III for ? 9.3 million (of the total investment
budget of ? 13.3 million for Amel III). Since ? 5.2 million has
already been invested and financed with own financial resources,
4Energy Invest will recover ? 1.2 million of cash over the coming
months. Next to those available credit facilities structured for Amel
III, 4Energy Invest has unused credit facilities available for ? 0.6
million.

Operational highlights for the first six months of 2009

* An improvement of the operational performance of the Amel I &
Amel II cogeneration facilities during the second quarter of 2009
as a result of the creation of an in-house operations and
maintenance team.
In February 2009, 4Energy Invest took the strategic decision to
terminate the long term Operations & Maintenance Agreement that
was signed for the Amel I and Amel II facilities in between
Renogen and Wartsila Nederland. From April 2009 on, 4Energy
Invest coordinates in-house the operations and maintenance
activities of its Amel I and Amel II cogeneration units.
Electrical energy produced in Q2 2009 was 13 % higher than in Q1
2009 and 5 % higher than Q2 2008. Electrical energy production
during the first semester 2009 increased by 25 % compared to
electrical energy production in first semester 2008. This
increase in electricity production was however more than off-set
by the significant drop in electricity prices that accentuated
during the second quarter of 2009.
Having the in-house operations and maintenance team working in
parallel with the team of Wartsila Nederland for three months
induced extra operational costs. Management is convinced that the
extra costs were justified and should be beneficial to the
company on a long term recurrent basis.
* Final settlement regarding availability guarantee for Amel II
with main EPC contractor.
* Construction of a large scale torrefied wood pellets production
facility in Amel ("Amel III") is progressing as expected and
within budget.
* Obtainment of the construction and environmental permits for the
cogeneration project in Ham (Belgium).
* Obtainment of the environmental permit for the cogeneration
project in Pontrilas (UK).
* 4Energy Invest has filed for the construction and environmental
permits for a large scale torrefied wood pellets production
facility in Ham, adjacent to the planned cogeneration unit.

Outlook for the year 2009
4Energy Invest's annual results are expected to be influenced by

* A targeted increase in electricity production of the Amel I and
Amel II cogeneration facilities by 15% compared to the
electricity production realised during the first semester of
2009, as a result of

* The improvement in performance of the in-house Operations &
Maintenance team;
* The benefit of the investments made in

* the additional wood preparation facilities in order to
reduce the exposure of incoming biomass to humidity and
reduce the handling costs of the biomass;
* the covered biomass storage facilities to better absorb
critical wood supply periods (summer and winter
holidays of the wood industry) and to better respond to
spot opportunities for buying biomass;

* Electricity prices currently experienced in the (spot) power
market for the electricity output of its Amel I and Amel II
cogeneration facilities to be considered as exceptionally low.
The market already experienced a light rebound in electricity
prices in June after reaching a bottom in May 2009. 4Energy
Invest expects this light rebound to accentuate during the second
semester 2009;
* The exact timing of the start of operations of the torrefaction
unit (Amel III);

4Energy Invest expects the financial closing of the Ham cogeneration
project before the end of the year.
4Energy Invest confirms that its BioCoal production project in Ham
and its cogeneration project in Pontrilas are progressing and that
efforts will be continued to come to financial closing of those
investment files.
4Energy Invest will continue its development efforts on the Reisbach
cogeneration and BioCoal project in Germany and its biogas and
BioCoal project in Flanders.

This press release as well as the complete Interim Results report are
made available in English, Dutch, French and German through our
corporate website www.4energyinvest.com

About 4Energy Invest
4Energy Invest is a Belgian based renewable energy company that aims
at creating and managing a portfolio of small to midsized locally
embedded projects that valorise biomass, directly or indirectly, into
energy.
4Energy Invest identifies potential biomass projects, performs a
feasibility study and eventually takes responsibility for developing,
financing, constructing and operating the project, in close
cooperation with carefully selected suppliers and partners.
4Energy Invest (through its fully owned subsidiary Renogen) has two
cogeneration projects, located in Amel (Wallonia, Belgium), that are
fully operational. 4Energy Invest is building in Amel a large scale
torrefaction unit to produce torrefied wood pellets, or BioCoal, with
minimum CO2 footprint.
Leveraging on the multi-disciplinary experience and on the in-depth
biomass expertise of its management and operating team as well as on
the fully operational combined heat and power plant in Amel, 4Energy
Invest presently pursues other cogeneration projects either on a
stand alone basis or in combination with other applications that
converts biomass into solid fuel (BioCoal).
In that respect, a cogeneration project and a large scale
torrefaction unit in Ham (Flanders, Belgium) and a cogeneration
project in Pontrilas (England, UK) are under advanced stage of
development. In addition, 4Energy Invest is still developing a
combined cogeneration and BioCoal production project in Germany and a
biogas and BioCoal project in Flanders, Belgium.
4Energy Invest is listed on Euronext Brussels under symbol ENIN.

For more information, please contact:
Nico Terry, Chief Financial
Officer Yves Crits, Chief
Executive Officer
Tel: +32 (0)2 526 90 13
Tel: +32 (0)2
526 90 11
nico.terry@4energyinvest.com

yves.crits@4energyinvest.com

Lucia Sanchez, Origami PR Consult
Tel.: +32 (0)2 539 07 04
lucia@origami.be


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