Maple Energy releases financial results for first half of 2013

By Erin Voegele | August 21, 2013

Peru-based ethanol producer Maple Energy plc has released financial results for the six months ended June 30, reporting increased revenues and gross profit. The company also reported increased volumes of ethanol production and the establishment of additional sugarcane hectares.

The company reported revues of $71.6 million during the first six months of 2013, up from $50.8 million during the same period of 2012. The increase is attributed to a full six-month period of commercial operations in the company’s ethanol business. Gross profits also increased, reaching $18.7 million, compared with $13 million for the same period of last year. Adjusted EBITDA increased to $12.2 million during the first half of the year, up from $4.4 million for the first six months of 2012.

During the first half of this year, Maple Energy planted approximately 924 additional hectares of sugarcane. The company’s plantation now cultivates about 7,456 hectares of the crop.

The company harvested and processed approximately 558,900 gross tons (500,000 net tons) of sugarcane during the first half of the year, up from 135,300 gross tons (121,700 net tons) the previous year. The company’s ethanol production also increased substantially, reaching 10.1 million gallons during the first half of 2012. During the same period of 2012, the company produced only 2.3 million gallons of ethanol.

Maple Energy also produced 57,438 megawatt hours (MWh) of power at its ethanol plant during the first six months of 2013. Comparisons are not available for the same period of 2012, as the power generation facilities commenced operations in July 2012.

On Aug. 15, few days prior to releasing its financial results for the first half of the year, Maple Energy announced that the disbursement under the senior secured debt financing for its ethanol business has occurred. The total amount funded to Maple Energy was $160 million. The funds were provided by Bancolombia Puerto Rico Internaitonal Inc., Corporacion Financiera de Desarrallo S.A., Interbank and Banco Itau BBA S.A., Sassau Branch. The funding was used to pay all outstanding obligations of the existing senior secured debt financing with Corporacion Andina de Fomento, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V., Inter-American Development Bank, and Banco Internacional del Peru S.A.A. previously incurred in connection with the development of the company’s ethanol business. The funding will also pay the transaction expenses and fees associated with the new debt financing and provide additional funds for general corporate purposes.

Earlier in the month, Maple Energy announced that Carlos Palacios Rey was appointed as its non-executive chairman. He previously served as an independent non-executive director of the board. He also currently serves on the company’s nominations committee and audit committee.