Etrion publishes its 2021 results


GENEVA, Switzerland, March 11, 2022 (GLOBE NEWSWIRE) — Etrion Corporation (“Etrion” or the “Company”, and, together with its subsidiaries, the “Group”) today released its annual consolidated financial statements and related management and (“MD&A”) for the year ended December 31, 2021.



  • On May 31, 2021, the Company completed the sale of its TK interests in the 45 MW Niigata solar project to a consortium led by Renewable Japan Co. Ltd for gross proceeds of JPY 6.3 billion (approximately US$57.7 million). ).
  • On June 22, 2021, the Company completed the sale of its TK interests in the 13.2 MW Komatsu, 24.7 MW Shizukuishi and 9.3 MW Mito solar power projects, operating solar power projects to a consortium Japan (the “Consortium”) for gross proceeds of 8.3 JPY. billion (about $74.9 million).
  • On July 28, 2021, the Company completed the sale of its TK interests in the 9.5 MW Misawa Power Project to the Consortium, for gross proceeds of 1.5 billion JPY (approximately $13.5 million).
  • Following distributions to securityholders of the Company (see below under the heading Financial Highlights), the Company has retained approximately C$20 million in cash to meet any potential warranty claims arising from the sale of its assets in Japan, corporate obligations and potential claims as well as liquidation.
  • The common shares of the Company were voluntarily delisted from the Toronto Stock Exchange after the close of trading on September 17, 2021 and from the Nasdaq Stockholm Stock Exchange on January 4, 2022.
  • Subject to the ability of the Board of Directors to identify other potential business opportunities, the Company may deploy the remaining capital in a new venture or complete its liquidation activities and proceed to dissolution within approximately 36 months after the sale of the Japanese assets. Any cash remaining upon completion of liquidation activities and settlement of all indebtedness of the Company will be distributed to shareholders.

Financial Highlights

  • On January 7, 2021, Etrion redeemed in full and at a redemption price of 100.725% of the nominal value plus accrued and unpaid interest the principal amount of €40 million (approximately US$49.0 million) of the Bonds. outstanding business.
  • On August 24, 2021, the Company distributed $0.327 per share to shareholders as a return of capital for a total amount of $109.2 million, and the share capital was reduced accordingly.
  • On August 24, 2021, the Company made a distribution to holders of its outstanding Restricted Share Units (“RSUs”) in the amount of US$0.327 per RSU for a total amount of US$5.0 million.
  • In 2021, Etrion recognized a Group gain on the sale of subsidiaries of 13.8 billion JPY (127.8 million USD).
  • Etrion closed 2021 with an unrestricted cash balance of US$20.6 million held at the corporate level and positive working capital of US$18.8 million.

Management Comments

Marco A. Northland, Chairman and CEO of the company, said, “I am pleased to have provided a liquidity event to shareholders following the successful divestiture of all Japanese solar assets. Going forward, the Company will retain very limited resources; however, we will continue to explore new opportunities for the future deployment of the Company’s remaining cash or possibly proceed with a liquidation of the Company, as previously discussed. »


Three months completed
Twelve months ended
In thousands of US dollars (unless otherwise indicated) T4-21 T4-20 2021 2020
Financial performance of discontinued operations
Revenue 3,932 10,900 21,369
EBITDA 1,310 2,777 2,063 16,635
Net profit (loss) 1,310 (214 ) (1,211 ) 3,041
Gain on sale of subsidiaries 127,822
Cumulative coverage losses (12,583 )
Profit (loss) from discontinued operations 1,310 (214 ) 114,028 3,041
Financial performance of continuing operations
EBITDA (3,618 ) (3,560 ) (12,403 ) 26,823
Net income (loss) (3,795 ) (4,263 ) (10,766 ) 19,545
Financial situation Dec 2021 Dec 2020
Species not assigned at parent level 20,578 8,956
Cash allocated at parent level 37,008
Working capital 18,835 822
Assets held for sale, net 20,610

About Etrion
Etrion’s largest shareholder is the Lundin family, which owns approximately 36% of the Company’s shares directly and through various trusts.

For more information, please visit the Company’s website at or contact:

Christian Lacueva – Chief Financial Officer
Telephone: +41 (22) 715 20 90

The information was submitted for publication at 23:05 CET on March 11, 2022.

Non-IFRS measures:
This press release includes non-IFRS measures not defined by IFRS, specifically earnings before interest, taxes, depreciation and amortization (“EBITDA”) and adjusted operating cash flow. Non-IFRS measures do not have standardized meanings prescribed by IFRS and, therefore, these measures may not be comparable to those used by other companies. EBITDA is a useful measure to quantify the Company’s ability to generate cash before extraordinary and non-cash accounting transactions recognized in the financial statements. Additionally, EBITDA is useful for analyzing and comparing profitability across companies and industries because it removes the effects of financial and accounting policy decisions. The most comparable IFRS measure to EBITDA is net income. Refer to Etrion’s MD&A for the year ended December 31, 2021 for a reconciliation of EBITDA and adjusted operating cash flow 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 limited to, statements relating to the amount of funds that will be required to satisfy potential warranty claims under sales agreements, other corporate-level liabilities, and anticipated expenditures to cover ongoing operations and liquidation costs, the possibility of acquiring or starting another business and the possibility that the Company will proceed with the liquidation of its activities and its dissolution after the completion of the disposal of its solar assets) constitutes forward-looking information. This forward-looking information reflects the Company’s current expectations or beliefs based on information currently available to the Company and certain assumptions, including, without limitation, assumptions as to the amount of funds that will be required to satisfy future obligations and costs associated with the dissolution of the Company. Forward-looking information is subject to a number of important risks and uncertainties and other factors that may cause the Company’s actual results to differ materially from those discussed in the forward-looking information, and even if such actual results are achieved or substantially achieved, there can be no assurance that they will have the expected consequences 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 have sufficient funds to meet its future obligations, including, without limited to, warranty claims under the agreements under which its projects were sold; the risk that the Company will not succeed in identifying and pursuing an alternative activity; and uncertainties as to the timing of any other business venture or the liquidation and dissolution of the Company.

Any forward-looking information speaks only as of the date on which it is made and, except as required by applicable securities laws, the Company disclaims any intention or obligation to update any forward-looking information, whether as a result of new information, future or other events or results. Although the Company believes that the assumptions inherent in forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and, accordingly, undue reliance should not be placed on such information due to the inherent uncertainty of such information. -this.


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