18
Sat, Aug

Abstract

State-owned enterprises play an important role in economic growth and the delivery of critical public services such as health, education, water, and energy. The underperformance of state-owned enterprises can lead to significant challenges in overall ... See More + State-owned enterprises play an important role in economic growth and the delivery of critical public services such as health, education, water, and energy. The underperformance of state-owned enterprises can lead to significant challenges in overall national growth and competitiveness and pose a fiscal risk to the government. Consequently, improving the performance of state-owned enterprises remains an important issue for policy makers and development practitioners. More recently, efforts to strengthen corporate governance have been gaining international momentum as a means to improve the performance of state-owned enterprises. This study aims to examine the relationship between corporate governance and the performance of state-owned enterprises. Using data from 320 state-owned enterprises in the Republic of Korea, the study examines the effects of corporate governance on various measures of state-owned enterprise performance, including performance evaluation results, customer satisfaction, and financial performance. The empirical results indicate that board size, corporatization, and transparency and disclosure are positively related to the performance of state-owned enterprises, suggesting that they have an impact on the efficiency of state-owned enterprises. Independence of the board of directors and separation between the positions of board chair and chief executive officer have an insignificant or negative impact on specific measures of performance. These results suggest that a larger board, corporatization of state-owned enterprises, and more transparent disclosure practices can be beneficial for the performance of state-owned enterprises.  See Less -

Read more: Effects of corporate governance on...

Abstract

Too often, academics and policy makers interpret formality as a binary choice and formalization as an irreversible process. Yet, formalization has many facets and shades on the business and labor fronts, and firms may not be able or willing to formalize... See More + Too often, academics and policy makers interpret formality as a binary choice and formalization as an irreversible process. Yet, formalization has many facets and shades on the business and labor fronts, and firms may not be able or willing to formalize all at once. This paper explores the joint process of business and labor formalization, using a unique panel data set of Peruvian micro enterprises. The paper finds that business formality does not imply labor formality, and vice versa. Further, there is significant churning in and out of different dimensions of formality within a relatively short period. Using an instrumental variable approach, the paper infers that business formalization affects labor formalization but not the other way around, and that enforcement is a key driver of formalization. Overall, the analysis shows that formalization is a gradual and reversible process, with small entrepreneurs weighing their possibilities in each pathway to business (often) or labor (less often) formalization, but rarely both at the same time.  See Less -

Read more: Pathways to formalization going...

| Source: Eguana Technologies Inc.

CALGARY, Alberta, Aug. 07, 2018 (GLOBE NEWSWIRE) -- Eguana Technologies (TSX.V:EGT)(OTCQB:EGTYF) and Nu-NRG Group are pleased to announce that the two companies have entered an agreement to bring the Evolve – Home Energy Storage System to Eastern Canada.

Nu-NRG Group is focused on bringing new energy technologies to their network of home builders, product specifiers, government agencies, product installers and end-users. Their product portfolio includes: intelligent solar systems, electric vehicle charging infrastructure and, now, advanced residential energy storage systems.

The company will begin to offer the Evolve system to its network of partners with a focus on new and existing residential solar installations as well as new home construction opportunities. The primary applications for the Evolve system are solar self-consumption and backup power. Ontario’s ‘time of use’ rate structure illustrates the potential for energy storage in the behind-the-meter segment of the market.

“We are excited to be offering a Canadian developed product to our growing network across Canada. The Evolve product complements our existing product offering and initial feedback from channel partners has been positive,” said Patrick Carew, COO at Nu-NRG Group. “We are already seeing demand arise from home builders and utilities throughout Eastern Canada and look forward to completing several high-profile installations this Fall.” 

“We view Canada as a high-growth opportunity in the next years for both our Evolve and our Elevate product lines — we are now executing a sales strategy that ensures we are positioned as a leader in our home market,” said Livio Filice, Director of Residential Sales, North America. “We are working closely with Nu-NRG to bring the Evolve system to their growing roster of clients, all of whom are seeking the most innovative energy solutions.”

Nu-NRG will become an Eguana-certified installer and complete their initial Evolve installations in September. First projects have already been identified and product orders have been placed. Evolve systems will continue to be deployed throughout the balance of this year.

Evolve – Home Energy Storage Systems

Evolve is a fully-integrated residential energy storage system that includes the company’s proprietary power electronics system, LG Chem low-voltage battery modules, and a comprehensive user interface. The system is rated at 5KW AC output with a modular battery design based on a 6.5 kWh battery, which is scalable from 13 to 39kWh in storage capacity. The NEMA 3R wall-mounted package is suitable for indoor and outdoor installations. The package is backed by a 10-year standard warranty.

The Evolve supports grid-connected solar self-consumption, time of use, and backup power. It is now available in the United States and in Caribbean markets, with certification standards matching UL1741, California’s Rule 21, and Hawaii’s Rule 14H.

Interested parties may contact:

Eguana Technologies
Livio Filice
Director of Residential Sales, North America
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1.905.929.7522

Nu-NRG Group Inc.
Patrick Carew
C.O.O
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1.416.543.0011

About Nu-NRG Group

Nu-NRG Group Inc., Headquartered in Toronto, ON. is a complete Sustainability Solution Provider to the Canadian marketplace.  We source Green Technology Solutions globally to enable our Commercial and Consumer clients reduce their Carbon footprint and empower Clean Energy production through advanced turnkey alternative energy solutions.  We provide Canadian representation for Innovative Global Solutions such as Smartflower Solar, Eguana Technologies, Sunflower by Shadecraft, EVoCharge and Elby e-Bike.  For more information, visit www.nu-nrg.ca or follow us @NuNRGGroup on Twitter.

About Eguana Technologies Inc.

Based in Calgary, Alberta Canada, Eguana Technologies (EGT: TSX.V) (OTCQB: EGTYF) designs and manufactures high performance residential and commercial energy storage systems. Eguana has two decades of experience delivering grid edge power electronics for fuel cell, photovoltaic and battery applications, and delivers proven, durable, high quality solutions from its high capacity manufacturing facilities in Europe and North America.

With thousands of its proprietary energy storage inverters deployed in the European and North American markets, Eguana is one of the leading suppliers of power controls for solar self-consumption, grid services and demand charge applications at the grid edge.

To learn more, visit www.EguanaTech.com or follow us on Twitter @EguanaTech

Forward Looking Information

The reader is advised that some of the information herein may constitute forward-looking statements within the meaning assigned by National Instruments 51-102 and other relevant securities legislation. In particular, we include: statements pertaining to the value of our power controls to the energy storage market and statements concerning the use of proceeds and the Company's ability to obtain necessary approvals from the TSX Venture Exchange.

Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties. Many factors could cause the Company's actual results, performance or achievements, or future events or developments, to differ materially from those expressed or implied by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof. Readers are also directed to the Risk Factors section of the Company’s most recent audited Financial Statements which may be found on its website or at sedar.com. The Company does not undertake any obligation to release publicly any revisions to forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Read more: Nu-NRG Group and Eguana Technologies Partner To...

| Source: Atlantica Yield plc

 

  • Net profit attributable to the Company for the first half of 2018 was $67.4 million, compared to a net profit of $12.6 million in the first half of 2017.
  • Revenues for the first half increased to $513.1 million (+6.2% year-over-year).
  • Cash available for distribution (“CAFD”) was $89.7 million in the first half of 2018, on track to meet the 2018 guidance.
  • Operating cash flow for the first half of 2018 was 163.2 million, a 57% increase with respect to the first half of 2017.
  • Further Adjusted EBITDA including unconsolidated affiliates1 grew by 12.8% to $443.3 million in the first half of 2018, compared with $392.9 million in the same period of 2017.
  • Quarterly dividend of $0.34 per share declared by the Board of Directors, representing a 31% increase compared to the same quarter of 2017.

August 6, 2018 – Atlantica Yield plc (NASDAQ: AY) (“Atlantica”), the sustainable total return company that owns a diversified portfolio of contracted assets in the energy and environment sectors, reported today financial results for the six-month period ended June 30, 2018.

Revenues for the second quarter of 2018 were $287.8 million, representing a 1.0% increase compared to the second quarter of 2017.  For the first half of 2018, revenues increased by 6.2% to $513.1 million compared to the same period of 2017. Further Adjusted EBITDA including unconsolidated affiliates[1] was $263.5 million for the second quarter and $443.3 million for the first half of 2018, representing an increase of 15.6% and 12.8% as compared to the respective periods of 2017. 

CAFD generation in the first half of the year reached $89.7 million (of which $46.7 million was generated in the second quarter of 2018), compared to $95.5 million in the same period of 2017.  

Highlights

  For the three-month period ended June 30,   For the six-month period ended June 30,
 (in thousands of U.S. dollars)   2018     2017     2018     2017  
Revenue $   287,848   $   285,069   $   513,113   $   483,215  
Profit/(loss) for the period attributable to the Company   72,114     24,382     67,350     12,613  
Further Adjusted EBITDA incl. unconsolidated affiliates2   263,459     227,841     443,259     392,891  
Net cash provided by operating activities   32,671     17,908     163,206     104,280  
CAFD3   46,706     34,582     89,737     95,454  

Key Performance Indicators

   As of and for the six-month period ended June 30,
  2018     2017  
Renewable energy      
MW in operation4 1,446     1,442  
GWh produced5 1,446     1,560  
Efficient natural gas      
MW in operation 300     300  
GWh produced 1,101     1,171  
Availability(%)6 98.6 %   99.8 %
Electric transmission lines      
Miles in operation 1,099     1,099  
Availability(%)7 99.9 %   96.6 %
Water      
Mft3 in operation 10.5     10.5  
Availability (%) 100.9 %   102.1 %

Segment Results

 

(in thousands of U.S. dollars)

For the six-month period ended   June 30,
    2018     2017    
Revenue by geography        
North America $   172,315   $   170,457  
South America   59,881     58,688  
EMEA   280,917     254,070  
Total revenue $   513,113   $   483,215  
         
Further Adjusted EBITDA incl. unconsolidated affiliates by geography        
North America $   154,659   $   151,786  
South America   49,247     58,615  
EMEA   239,353     182,490  
Total Further Adjusted EBITDA incl. unconsolidated affiliates $   443,259   $   392,891  
         
   
 

(in thousands of U.S. dollars)

For the six-month period ended
June 30,
    2018     2017
Revenue by business sector      
Renewable energy $   392,213   $   363,603
Efficient natural gas   61,437     59,414
Electric transmission lines   47,903     47,617
Water   11,560     12,581
Total revenue $   513,113    $   483,215
       
Further Adjusted EBITDA incl. unconsolidated affiliates by business sector      
Renewable energy $   345,386   $   279,263
Efficient natural gas   46,892     52,842
Electric transmission lines   40,300     49,832
Water   10,591     10,954
Total Further Adjusted EBITDA incl. unconsolidated affiliates $   443,259   $   392,891

Production in the U.S. solar assets remained stable period-over-period, with the annual maintenance work in Mojave taking place as expected in the second quarter of 2018. Production in Spain was lower mainly due to lower solar radiation, especially during the second quarter of 2018 when compared to the comparable quarter of 2017. However, impact on revenues was limited, since most of the revenues are based on the availability of assets and not their actual production. Operating performance in Kaxu (South Africa) continued to be solid during the second quarter of 2018, with a capacity factor of 32.3% during the first half of 2018. Finally, production in wind was slightly higher than in the same period a year ago.

Regarding Atlantica’s availability-based assets, they continue to deliver solid performance with high availability levels in ACT, in transmission lines and in water assets.

Liquidity and Debt

As of June 30, 2018, cash available at the Atlantica Yield corporate level was $152.3 million.

As of June 30, 2018, net project debt was $4,713.9 million ($4,954.3 million as of December 31, 2017) and net corporate debt was $486.7 million ($494.6 million as of December 31, 2017).  The net corporate debt / CAFD pre-corporate debt service ratio8 stood at 2.2x as of June 30, 2018.

Net project debt is calculated as long-term project debt plus short-term project debt minus cash and cash equivalents at the consolidated project level. Net corporate debt is calculated as long-term corporate debt plus short-term corporate debt minus cash and cash equivalents at Atlantica Yield corporate level.

CAFD pre-corporate debt service is calculated as Cash Available For Distribution plus interest paid by Atlantica Yield.

Executing on Refinancing Opportunities

During the second quarter of 2018, Atlantica Yield refinanced its Helios 1&2 and Helioenergy 1&2 solar assets in Spain, with an average improvement in spreads of approximately 100 basis points, in line with Atlantica’s plan and guidance.

Helios 1&2 have been refinanced with a €292 million miniperm structure with a syndicate of eight banks. The new financing  agreement eliminates the cash sweep mechanism, included in the previous agreement.

Helioenergy 1 & 2 have been refinanced with a syndicate of seven banks and the investment management firm Rivage Investment. The notional amount of the debt of $263.5 million has been maintained and the average tenor has been extended.

The new total aggregate project debt has been used to repay the previous debt agreements and to terminate certain interest rate derivative agreements, among others.

Dividend

On July 31, 2018, the Board of Directors of Atlantica Yield approved a dividend of $0.34 per share which represents a 31% increase with respect to the second quarter of 2017.  This dividend is expected to be paid on or about September 15, 2018 to shareholders of record as of August 31, 2018.

Details of the Results Presentation Conference

Atlantica Yield’s CEO, Santiago Seage, and its CFO, Francisco Martinez-Davis, will hold a conference call today, August 6, at 8:30 am EST.

In order to access the conference call participants should dial: +1 646-828-8193 (US), +44 (0) 330 336 9127 (UK) or +1 647-484-0475 (Canada), followed by the confirmation code 1313595.  A live webcast of the conference call will be available on Atlantica Yield's website. Please visit the website at least 15 minutes earlier in order to register for the live webcast and download any necessary audio software.

Additionally, Atlantica Yield’s management will meet with investors in New York at the 2018 Global Industrials Conference organized by Jefferies on August 8 and at the Power, Utilities, MLPs and Pipelines Conference organized by Goldman Sachs on August 9, 2018.

Forward-Looking Statements

This press release contains forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this press release, including, without limitation, those regarding our future financial position and results of operations, our strategy, plans, objectives, goals and targets, future developments in the markets in which we operate or are seeking to operate or anticipated regulatory changes in the markets in which we operate or intend to operate. In some cases, you can identify forward-looking statements by terminology such as "aim," "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "guidance," "intend," "is likely to," "may," "plan," "potential," "predict," "projected," "should" or "will" or the negative of such terms or other similar expressions or terminology.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements speak only as of the date of this press release and are not guarantees of future performance and are based on numerous assumptions. Our actual results of operations, financial condition and the development of events may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements. We do not undertake any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events or circumstances.

Investors should read the section entitled "Item 3D. Key Information—Risk Factors" and the description of our segments and business sectors in the section entitled "Item 4B. Information on the Company—Business Overview", each in our annual report for the fiscal year ended December 31, 2017 filed on Form 20-F, for a more complete discussion of the factors that could affect us.

Important risks, uncertainties and other factors that could cause these differences include, but are not limited to: Difficult conditions in the global economy and in the global market and uncertainties in emerging markets where we have international operations; changes in government regulations providing incentives and subsidies for renewable energy, decreases in government expenditure budgets, reductions in government subsidies or other adverse changes in laws and regulations affecting our businesses and growth plan, including reduction of our revenues in Spain, which are mainly defined by regulation through parameters that could be reviewed at the end of each regulatory period; our ability to acquire solar projects due to the potential increase of the cost of solar panels; political, social and macroeconomic risks relating to the United Kingdom's exit from the European Union; changes in general economic, political, governmental and business conditions globally and in the countries in which we do business; challenges in achieving growth and making acquisitions due to our dividend policy; inability to identify and/or consummate future acquisitions, under the AAGES ROFO Agreement, the Abengoa ROFO Agreement or otherwise from third parties or from potential new partners, including as a result of not being able to find acquisition opportunities on favorable terms or at all; our ability to close acquisitions under our ROFO agreements with AAGES, Algonquin, Abengoa and others due to, among other things, not being offered assets that fit our portfolio, not reaching agreements on prices or, in the case of the Abengoa ROFO Agreement, the risk of Abengoa selling assets before they reach COD; our ability to identify and reach an agreement with new sponsors or partners similar to the ROFO agreements with AAGES, Algonquin or Abengoa; legal challenges to regulations, subsidies and incentives that support renewable energy sources; extensive governmental regulation in a number of different jurisdictions, including stringent environmental regulation; increases in the cost of energy and gas, which could increase our operating costs; counterparty credit risk and failure of counterparties to our offtake agreements to fulfill their obligations; inability to enter into new offtaker agreements or replace expiring or terminated offtake agreements with similar agreements; new technology or changes in industry standards; inability to manage exposure to credit, interest rates, foreign currency exchange rates, supply and commodity price risks; reliance on third-party contractors and suppliers; risks associated with acquisitions and investments; deviations from our investment criteria for future acquisitions and investments; failure to maintain safe work environments; effects of catastrophes, natural disasters, adverse weather conditions, climate change, unexpected geological or other physical conditions, criminal or terrorist acts or cyber-attacks at one or more of our plants; insufficient insurance coverage and increases in insurance cost; litigation and other legal proceedings, including claims due to Abengoa's restructuring process; reputational risk, including potential damage caused to us by Abengoa's reputation; the loss of one or more of our executive officers; failure of information technology on which we rely to run our business; revocation or termination of our concession agreements or power purchase agreements; lowering of revenues in Spain that are mainly defined by regulation; risk that the 16.5% Share Sale will not be completed; inability to adjust regulated tariffs or fixed-rate arrangements as a result of fluctuations in prices of raw materials, exchange rates, labor and subcontractor costs; exposure to electricity market conditions which can impact revenue from our renewable energy; changes to national and international law and policies that support renewable energy resources; lack of electric transmission capacity and potential upgrade costs to the electric transmission grid; disruptions in our operations as a result of our not owning the land on which our assets are located; risks associated with maintenance, expansion and refurbishment of electric generation facilities; failure of our assets to perform as expected, including Solana and Kaxu; failure to receive dividends from all project and investments, including Solana and Kaxu; failure or delay to reach the "flip-date" by Liberty Interactive Corporation in its tax equity investment in Solana; variations in meteorological conditions; disruption of the fuel supplies necessary to generate power at our efficient natural gas power generation facilities; deterioration in Abengoa's financial condition; Abengoa's ability to meet its obligations under our agreements with Abengoa, to comply with past representations, commitments and potential liabilities linked to the time when Abengoa owned the assets, potential clawback of transactions with Abengoa, and other risks related to Abengoa; failure to meet certain covenants or payment obligations under our financing arrangements; failure to obtain pending waivers in relation to the minimum ownership by Abengoa and the cross-default provisions contained in some of our project financing agreements; failure of Abengoa to maintain existing guarantees and letters of credit under the Financial Support Agreement or failure by us to maintain guarantees; failure of Abengoa to maintain its obligations and production guarantees, pursuant to EPC contracts; changes in our tax position and greater than expected tax liability, including in Spain; conflicts of interest which may be resolved in a manner that is not in our best interests or the best interests of our minority shareholders, potentially caused by our ownership structure and certain service agreements in place with our current largest shareholder; the divergence of interest between us and Abengoa, due to Abengoa's sale of our shares; potential negative tax implications from being deemed to undergo an "ownership change" under section 382 of the Internal Revenue Code, including limitations on our ability to use U.S. NOLs to offset future income tax liability; negative implications from a potential change of control; negative implications of U.S. federal income tax reform; technical failure, design errors or faulty operation of our assets not covered by guarantees or insurance; failure to collect insurance proceeds in the expected amounts; and various other factors, including those factors discussed under “Item 3D. Key Information—Risk Factors” and “Item 5.A—Operating Results" in our annual report for the fiscal year ended December 31, 2017 filed on Form 20-F.

Furthermore, any dividends are subject to available capital, market conditions, and compliance with associated laws and regulations. These factors should be considered in connection with information regarding risks and uncertainties that may affect our future results included in our filings with the U.S. Securities and Exchange Commission at www.sec.gov. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or developments or otherwise. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or targeted.

The CAFD and other guidance included in this press release are estimates as of March 7, 2018. These estimates are based on assumptions believed to be reasonable as of that date, when Atlantica Yield published its FY 2017 Financial Results. Atlantica Yield plc. disclaims any current intention to update such guidance, except as required by law.  

Non-GAAP Financial Measures

We present non-GAAP financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. The non-GAAP financial measures may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS as issued by the IASB. Non-GAAP financial measures and ratios are not measurements of our performance or liquidity under IFRS as issued by the IASB and should not be considered as alternatives to operating profit or profit for the year or any other performance measures derived in accordance with IFRS as issued by the IASB or any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities.

We define Further Adjusted EBITDA including unconsolidated affiliates as profit/(loss) for the period attributable to the Company, after adding back loss/(profit) attributable to non-controlling interest from continued operations, income tax, share of profit/(loss) of associates carried under the equity method, finance expense net, depreciation, amortization and impairment charges, and dividends received from the preferred equity investment in ACBH.

Our management believes Further Adjusted EBITDA including unconsolidated affiliates is useful to investors and other users of our financial statements in evaluating our operating performance because it provides them with an additional tool to compare business performance across companies and across periods. This measure is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired. Further Adjusted EBITDA including unconsolidated affiliates is also used by management as a measure of liquidity.

Our management uses Further Adjusted EBITDA including unconsolidated affiliates as a measure of operating performance to assist in comparing performance from period to period on a consistent basis and to readily view operating trends, as a measure for planning and forecasting overall expectations and for evaluating actual results against such expectations, and in communications with our Board of Directors, shareholders, creditors, analysts and investors concerning our financial performance.

We define Cash Available For Distribution as cash distributions received by the Company from its subsidiaries minus all cash expenses of the Company, including debt service and general and administrative expenses. Management believes cash available for distribution is a relevant supplemental measure of the Company’s ability to earn and distribute cash returns to investors.

We believe cash available for distribution is useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of our ability to make quarterly distributions. In addition, cash available for distribution is used by our management team for determining future acquisitions and managing our growth.

Consolidated Statements of Operations
(Amounts in thousands of U.S. dollars)

  For the three-month period ended June 30,   For the six-month period ended June 30,  
    2018       2017       2018       2017  
  Revenue $    287,848      $   285,069     $   513,113     $   483,215  
  Other operating income   56,644       25,321       85,058       40,313  
  Raw materials and consumables used   (2,854 )     (6,064 )     (7,274 )     (7,140 )
  Employee benefit expenses   (5,218 )     (4,179 )     (10,315 )     (8,259 )
  Depreciation, amortization, and  impairment charges   (85,673 )     (78,835 )     (160,297 )     (155,711 )
  Other operating expenses   (75,032 )     (74,370 )     (141,226 )     (128,785 )
Operating profit/(loss) $  175,715      $   146,942     $   279,059      $   223,633  
  Financial income   36,575       168       36,871       488  
  Financial expense   (106,039 )     (101,657 )     (206,106 )     (202,696 )
  Net exchange differences   1,328       (3,104 )     1,148       (2,963 )
  Other financial income/(expense), net   (8,027 )     2,209       (9,687 )     6,487  
Financial expense, net $   (76,163 )   $   (102,384 )   $   (177,774 )   $ (198,684 )
Share of profit/(loss) of associates carried under the equity method   1,502       1,374       2,909       2,076  
Profit/(loss) before income tax $   101,054     $   45,932     $   104,194     $   27,025  
  Income tax   (26,369 )     (17,348 )     (31,019 )     (12,848 )
Profit/(loss) for the period $   74,685     $   28,584     $   73,175     $   14,177  
Loss/(profit) attributable to non-controlling interests   (2,571 )     (4,202 )     (5,825 )     (1,564 )
Profit/(loss) for the period attributable to the Company $    72,114     $   24,382     $   67,350     $   12,613  
Weighted average number of ordinary shares outstanding (thousands)     100,217        100,217         100,217        100,217  
Basic earnings per share attributable to Atlantica Yield plc (U.S. dollar per share) $   0.72     $  0.24     $  0.67     $   0.13  

Consolidated Statement of Financial Position
(Amounts in thousands of U.S. dollars)

Assets As of June 30,
 2018
  As of December 31, 2017
Non-current assets      
  Contracted concessional assets $  8,736,368   $   9,084,270 
  Investments carried under the equity method   53,002     55,784
  Financial investments   51,589     45,242
  Deferred tax assets   165,182     165,136
Total non-current assets $    9,006,141   $   9,350,432 
Current assets      
  Inventories $   18,534   $   17,933
  Clients and other receivables   260,241     244,449
  Financial investments   215,148     210,138
  Cash and cash equivalents   657,212     669,387
Total current assets $   1,151,135   $   1,141,907 
Total assets $    10,157,276   $   10,492,339 
Equity and liabilities      
  Share capital $   10,022     $   10,022   
  Parent company reserves   2,100,092       2,163,229  
  Other reserves   91,935       80,968  
  Accumulated currency translation differences   (51,158 )     (18,147 )
  Retained Earnings   (416,767 )     (477,214 )
  Non-controlling interest   130,110       136,595  
Total equity $   1,864,234     $   1,895,453  
Non-current liabilities      
  Long-term corporate debt $   624,163     $   574,176   
  Long-term project debt   4,956,811       5,228,917  
  Grants and other liabilities   1,662,379       1,636,060  
  Related parties   80,300       141,031  
  Derivative liabilities   285,985       329,731  
  Deferred tax liabilities   225,171       186,583  
Total non-current liabilities $   7,834,809     $   8,096,498   
Current liabilities      
  Short-term corporate debt   14,878       68,907  
  Short-term project debt   262,009       246,291  
  Trade payables and other current liabilities   153,917       155,144  
  Income and other tax payables   27,429       30,046  
Total current liabilities $  458,233     $   500,388   
Total equity and liabilities $   10,157,276     $   10,492,339  

Consolidated Cash Flow Statements
(Amounts in thousands of U.S. dollars)

  For the three-month period ended June 30,   For the six-month period ended June 30,
    2018       2017       2018       2017  
Profit/(loss) for the period   74,685       28,584       73,175       14,177  
  Financial expense and non-monetary adjustments   127,403       183,671       297,862       339,761  
Profit for the period adjusted by financial expense and non-monetary adjustments $   202,088     $   212,255     $   371,037     $   353,938  
  Variations in working capital   (35,573 )     (51,266 )     (47,227 )     (79,967 )
  Net interest and income tax paid   (133,844 )     (143,081 )     (160,604 )     (169,691 )
Net cash provided by/(used in) operating activities $   32,671     $   17,908     $   163,206     $   104,280  
  Investment in contracted concessional assets9   2,178       (875 )     62,690       (2,694 )
  Other non-current assets/liabilities   (6,244 )     10,795       (11,362 )     (2,568 )
  Acquisitions of subsidiaries   -       -       (9,327 )     -  
  Other investments   1,048       68,304       2,521       24,675  
Net cash provided by/(used in) investing activities $   (3,018 )   $   78,224     $   44,522     $   19,413  
               
Net cash provided by/(used in) financing activities $ (106,383 )   $   (87,508 )   $ (207,598 )   $ (123,702 )
               
Net increase/(decrease) in cash and cash equivalents $   (76,730 )   $   8,625     $   130     $   (9 )
Cash and cash equivalents at beginning of the period   755,902         589,392       669,387       594,811  
Translation differences in cash or cash equivalent   (21,960 )     16,295       (12,305 )     19,510  
Cash and cash equivalents at end of the period $   657,212     $   614,312     $   657,212     $   614,312  

Reconciliation of Further Adjusted EBITDA including unconsolidated affiliates to Profit/(loss) for the period attributable to the company

(in thousands of U.S. dollars) For the three-month period ended June 30,   For the six-month period ended June 30,
    2018       2017       2018       2017  
Profit/(loss) for the period attributable to the Company $ 72,114     $   24,382     $   67,350     $   12,613  
Profit attributable to non-controlling interest   2,571       4,202       5,825       1,564  
Income tax   26,369       17,348       31,019       12,848  
Share of loss/(profit) of associates carried under the equity method   (1,502 )     (1,374 )     (2,909 )     (2,076 )
Financial expense, net   76,163       102,384       177,774       198,684  
Operating profit $   175,715     $   146,942     $   279,059     $   223,633  
Depreciation, amortization, and impairment charges   85,673       78,835       160,297       155,711  
Dividend from exchangeable preferred equity investment in ACBH   -       -       -       10,383  
Further Adjusted EBITDA $   261,388     $   225,777     $   439,356     $   389,727  
Atlantica Yield’s pro-rata share of EBITDA from Unconsolidated Affiliates   2,071       2,064       3,903       3,164  
Further Adjusted EBITDA including unconsolidated affiliates $   263,459     $   227,841     $   443,259     $   392,891  

Reconciliation of Further Adjusted EBITDA including unconsolidated affiliates to net cash provided by operating activities

(in thousands of U.S. dollars) For the three-month period ended June 30,   For the six-month period ended June 30,
    2018     2017     2018     2017
Net cash provided by operating activities $   32,671   $   17,908   $   163,206   $   104,280
Net interest and income tax paid   133,844     143,081     160,604     169,691
Variations in working capital   35,573     51,266     47,227     79,967
Other non-cash adjustments and other   59,299     13,522     68,319     35,789
Further Adjusted EBITDA $   261,388   $   225,777   $   439,356   $   389,727
Atlantica Yield’s pro-rata share of EBITDA from unconsolidated affiliates   2,071     2,064     3,903     3,164
Further Adjusted EBITDA including unconsolidated affiliates $   263,459   $   227,841   $   443,259   $   392,891

Reconciliation of Cash Available For Distribution to Profit/(loss) for the period attributable to the Company

(in thousands of U.S. dollars) For the three-month period ended June 30,   For the six-month period ended June 30,
    2018       2017       2018       2017  
Profit/(loss) for the period attributable to the Company $ 72,114     $   24,382     $   67,350     $   12,613  
Profit attributable to non-controlling interest   2,571       4,202       5,825       1,564  
Income tax   26,369       17,348       31,019       12,848  
Share of loss/(profit) of associates carried under the equity method   (1,502 )     (1,374 )     (2,909 )     (2,076 )
Financial expense, net   76,163       102,384       177,774       198,684  
Operating profit $   175,715     $   146,942     $   279,059     $   223,633  
Depreciation, amortization, and impairment charges   85,673       78,835       160,297       155,711  
Dividends from exchangeable preferred equity investment in ACBH   -       -       -       10,383  
Atlantica Yield’s pro-rata share of EBITDA from unconsolidated affiliates   2,071       2,064       3,903       3,164  
Further Adjusted EBITDA including unconsolidated affiliates $   263,459     $ 227,841     $   443,259     $ 392,891  
Atlantica Yield’s pro-rata share of EBITDA from unconsolidated affiliates   (2,071 )     (2,064 )     (3,903 )     (3,164 )
Non-monetary items   (60,629 )     (10,758 )     (69,468 )     (22,783 )
Interest and income tax paid   (133,844 )     (143,081 )     (160,604 )     (169,691 )
Principal amortization of indebtedness   (71,028 )     (54,528 )     (88,675 )     (76,050 )
Deposits into/ withdrawals from restricted accounts   9,122       (8,157 )     (12,598 )     (600 )
Change in non-restricted cash at project level   94,448       66,886       26,417       39,593  
Dividends paid to non-controlling interests   (6,787 )     (1,801 )     (6,787 )     (1,801 )
Changes in other assets and liabilities   (45,963 )     (39,756 )     (37,904 )     (62,941 )
Cash Available For Distribution10 $ 46,707     $   34,582     $ 89,737     $   95,454  

About Atlantica Yield

Atlantica Yield plc is a total return company that owns a diversified portfolio of contracted renewable energy, power generation, electric transmission and water assets in North & South America, and certain markets in EMEA (www.atlanticayield.com). 

Chief Financial Officer

Francisco Martinez-Davis

E  This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations & Communication

Leire Perez

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T  +44 20 3499 0465 


1 Further Adjusted EBITDA includes our share in EBITDA of unconsolidated affiliates and the dividend from our preferred equity investment in Brazil or its compensation (see reconciliation on page 15).

2 Further Adjusted EBITDA includes our share in EBITDA of unconsolidated affiliates and the dividend from our preferred equity investment in Brazil or its compensation in the six-month period ended June 30, 2017 (see reconciliation on page 15).

3 CAFD for the six-month period ended June 30, 2017 includes $10.4 million of ACBH dividend compensation (see reconciliation on page 16).

4 Represents total installed capacity in assets owned at the end of the period, regardless of our percentage of ownership in each of the assets.

5 Includes curtailment production in wind assets for which we receive compensation.

6 Electric availability refers to operational MW over contracted MW with PEMEX.

7 Availability refers to actual availability divided by contracted availability.

8 Net corporate leverage calculated as corporate net debt divided by midpoint guidance for Cash Available For Distribution for the year 2018 before corporate debt service.

9 Includes proceeds of $60.8 million received at Solana from Abengoa in relation to the consent with the DOE.

10 CAFD for the six-month period ended June 30, 2017 includes $10.4 million of ACBH dividend compensation.

Read more: Atlantica Yield Reports Second Quarter 2018...

| Source: RGS Energy

DENVER, Aug. 14, 2018 (GLOBE NEWSWIRE) -- RGS Energy (NASDAQ: RGSE), the exclusive worldwide licensee of POWERHOUSE™, an innovative and visually stunning solar shingle system using technology developed by The Dow Chemical Company, reported results for its second quarter ended June 30, 2018 and filed its quarterly report on Form 10-Q. RGS Energy encourages investors to read the filing for a complete report of its results for the second quarter.

Reinvented Company Focused on POWERHOUSE™

RGS believes it will be the first mover and an industry leader of built-in photovoltaic shingles, as the manufacturer of POWERHOUSE™ 3.0. Recent legislation such as the California Solar Mandate places the company in a position to significantly grow revenue. The manufacturing supply chain is in place and the product is progressing towards receiving UL certification. Due to UL closing their facility where POWERHOUSE™ is currently being tested, RGS currently expects to complete UL certification at another facility in October. The company has received over $96 million to-date in written reservations from roofing companies.

“We believe we already have written reservations for future annual revenue for us to operate at a profit,” said Dennis Lacey, CEO of RGS Energy. “Now more than ever, we believe POWERHOUSE™ represents a major game-changer for RGS. Looking ahead, we see strong growth and expect profits in 2019.”

The company needed financial capital to commercially launch POWERHOUSE™ 3.0, which it obtained from an April convertible notes and common stock warrants offering.

New Cash Resulting from the Convertible Note Financing

  Cash  Note Principal and
Additional
Amount
Series Q Common
Stock Warrants
Shares
At closing of the offering on April 9, 2018 $ 5,000,000      $ 11,500,000     9,857,143  
Conversions of notes to Class A common stock     (6,438,000  
Exercises of warrants   112,000       -     (200,000 )
Placement agent fees   (454,197 )     -     -  
As of June 30, 2018   4,657,803       5,062,000     9,657,143  
       
Activity during the period July 1 to August 10, 2018      
Additional amounts arising from shareholder approval reset   -       25,577,431     -  
Exercises of warrants   8,166,667         (7,191,667 )
Conversions of notes to Class A common stock   1,672,956       (16,039,109 )  
Placement agent fees   (117,107 )     -     -  
As of August 10, 2018   14,380,319       14,600,322     2,465,476  
       
Expected future activity:      
Series Q common stock warrants   -       -     (1,735,317 )
Placement agent common stock warrants   -       -     (730,159 )
Funding of remaining balance on Investor Notes   3,327,044       (3,327,044 )   -  
Conversions of notes to Class A common stock   -       (13,057,278 )   -  
Placement agent fees   (232,893 )     -     -  
Expected net cash from the 2018 Convertible Note Offering $ 17,474,470     $ 0     0  
 
 

Accounting for the Convertible Notes and Series Q Warrants

The 2018 convertible notes and Series Q common stock warrants include terms that are derivatives under generally accepted accounting principles.  The company engaged an independent third party appraiser to value the convertible notes and related common stock warrants. 

The company expects to ultimately receive cash from the convertible note financing as follows:

Gross proceeds received through August 10, 2018 $  14,951,623  
Expected proceeds from Convertible Note   3,327,044  
Gross cash proceeds from Convertible Note and Series Q common stock warrants     18,278,667  
Fees and expenses related to the 2018 Convertible Note Offering   (804,197 )
Expected net cash from the 2018 Convertible Note Offering $  17,474,470  

               
Ultimately, the company expects it will record an increase in shareholders’ equity equal to the net cash of $17.5 million. However, due to the recording of non-cash derivative items, the financing will be reflected separately in the statement of operations and the statement of shareholders’ equity and in different accounting periods as follows:

($000’s omitted) Through
June 30, 2018
July 1, 2018 -
Aug 10, 2018
Future
Periods
Total
         
Statement of Operations:        
Derivative loss, assuming average stock price in future periods of $1.00 through April 9, 2019  $ 4,564      $ 9,800      $ 7,300     $  21,664  
Reflected in statement of operations $ (4,564   $ (9,800   $ (7,300    $ (21,664
         
Statement of Shareholders’ Equity:        
Issuance of Class A shares for convertible notes and warrants $ 4,204     $ 19,590     $ 15,344     $ 39,138  
Reflected in statement of operations   (4,564 )     (9,800 )     (7,300 )     (21,664 )
Change in shareholders’ equity from 2018 Note Offering $ (360 )   $ 9,790      $ 8,044      $ 17,474  

2nd Quarter Financial Summary

The company expects revenue from POWERHOUSE™ to begin during the fourth quarter of 2018 and, accordingly, the results for the second quarter do not reflect what the company believes the reinvented company will operate at in future periods.

($000’s omitted) Q2 2018 Q2 2017
Operational Data:    
Net sales $ 4,997   $ 4,991  
Total Revenue   3,630     2,997  
Backlog (at quarter end)   15,683     9,685  
     
Financial Data:    
Cash $ 1,541   $ 9,745  
Convertible Debt   290     1  
Shareholders’ (deficit) equity*   (123 )   13,904  
Operating cash outflow   (3,379 )   (4,212 )
Net loss   (7,762 )   (4,034 )
Working capital   2,300     12,743  

*The Company’s Stockholders’ Equity at June 30, 2018 reflects the recording of a non-cash derivative loss of $4.6 million.  From July 1, 2018 through August, 10, 2018, the company has recorded an increase in shareholders’ equity of $9.8 million arising from issuances of class A common shares, net of non-cash derivative losses.

Updated Company Financial Model

Presented below are hypothetical examples of earnings per share at varying degrees of future market share in succeeding years, ranging from a low of one-quarter of one percent of the addressable market to a full one percent of the addressable market.

  Reservations
through
Aug 13, 2018
One Quarter of
One Percent
One Half of
One Percent
One Percent
POWERHOUSE™ annual revenue $ 96,000,000   $ 250,000,000   $ 500,000,000   $ 1,000,000,000
Anticipated gross profit percentage   28%     31%     34%     37%
POWERHOUSE™ gross profit   26,676,366     77,500,000     170,000,000     370,000,000
Anticipated POWERHOUSE™ Division expenses   (3,447,199)     (6,750,000)     (12,000,000)     (22,000,000)
POWERHOUSE™ license fee   (2,341,686)     (5,829,000)     (11,405,000)     (22,644,000)
Contribution from Solar Division   0     0     0     0
Corporate segment expenses   (7,200,000)     (7,200,000)     (7,200,000)     (7,200,000)
Pre-tax income   13,687,480     57,721,000     139,395,000     318,156,000
Taxes @ 25%   (3,421,870)     (14,430,250)     (34,848,750)     (79,539,000)
Hypothetical net income $ 10,265,610   $ 43,290,750   $ 104,546,250   $ 238,617,000
         
Hypothetical Fully Diluted Shares Outstanding:        
Shares outstanding as of August 13, 2018   45,100,000     45,100,000     45,100,000     45,100,000
Convertible Note   47,200,000     47,200,000     47,200,000     47,200,000
Common stock warrants   8,000,000     8,000,000     8,000,000     8,000,000
Employee stock options   1,300,000     1,300,000     1,300,000     1,300,000
Fully diluted shares outstanding   101,600,000     101,600,000     101,600,000     101,600,000
         
Hypothetical EPS $ 0.10   $ 0.43   $ 1.03   $ 2.35
         
Hypothetical Cash from exercise of common stock warrants   $ 19,000,000
 

The financial model above is not a forecast or a projection but a mathematical demonstration of financial information with hypothetical future revenue from written reservations received to-date and different future hypothetical levels of market penetration of the annual reroof market. Additionally:

  • Gross margins include the cost of the Section 201 and 301 tariffs on imported materials.
     
  • The hypothetical maximum cash from exercise of common stock warrants is the mathematical result of the number of warrant shares times the respective exercise price per share. The hypothetical results are premised upon an increase in the future trading value of the company’s common stock resulting in the exercise of common stock warrants. It further assumes all investors, except the Series Q warrant holder elect cash exercises (not cashless exercises) and warrant exercise prices are not reduced or reset to a lower amount. The majority of common stock warrants have exercise prices at or below $3.10 per share.

Conference Call

RGS Energy will hold a conference call tomorrow to discuss its current financial results and position.

Date: Wednesday, August 15, 2018
Time: 4:30 p.m. Eastern time (2:30 p.m. Mountain time)
Toll-free dial-in number: 1-800-289-0438
International dial-in number: 1-323-794-2423
Conference ID: 3269302
Webcast: http://public.viavid.com/index.php?id=130978

The conference call will be webcast live and available for replay via the investor relations section of the company's website at RGSEnergy.com.

Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact CMA at 1-949-432-7566.

A replay of the call will be available after 7:30 p.m. Eastern time on the same day through August 22, 2018.

Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 3269302

About RGS Energy

RGS Energy (Nasdaq: RGSE) is America’s Original Solar Company providing solar, storage and energy services whose mission is clean energy savings. The company is the exclusive manufacturer of POWERHOUSE™, an innovative in-roof solar shingle using technology developed by The Dow Chemical Company. RGS Energy also sells, designs and installs solar systems for residential homeowners, commercial businesses, non-profit organizations and government entities. 

For more information, visit RGSEnergy.com and RGSPOWERHOUSE.com, on Facebook at www.facebook.com/RGSEnergy and on Twitter at twitter.com/rgsenergy. Information on such websites and the websites referred to above in this press release is not incorporated by reference into this press release.

RGS Energy is the company’s registered trade name. RGS Energy files periodic and other reports with the SEC under its official name “Real Goods Solar, Inc.”

POWERHOUSE™ is a trademark of The Dow Chemical Company, used under license.

Forward-Looking Statements and Cautionary Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including statements regarding RGS Energy’s results of operations and financial positions, and RGS Energy’s business and financial strategies.  Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they provide our current beliefs, expectations, assumptions, forecasts, and hypothetical constructs about future events, and include statements regarding our future results of operations and financial position, business strategy, budgets, projected costs, plans and objectives of management for future operations. The words “believe,” “plan,” “expect,” “future,” “may,” “will” and similar expressions as they relate to us are intended to identify such forward-looking statements.

Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all.  Forward looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements.  Therefore, RGS Energy cautions you against relying on any of these forward-looking statements.

Key risks and uncertainties that may cause a change in any forward-looking statement or that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include: RGS Energy’s ability to successfully implement its revenue growth strategy, achieve its target level of sales, generate cash flow from operations, and achieve break-even and better results; RGS Energy’s current capital resources being sufficient to implement its revenue growth strategy; RGS Energy’s ability to successfully and timely commercialize POWERHOUSE™ 3.0; the ability to obtain requisite UL certification of POWERHOUSE™ 3.0; the adequacy of, and access to, capital necessary to commercialize POWERHOUSE™ 3.0; RGS Energy’s ability to satisfy the conditions and obligations under the POWERHOUSE™ 3.0 license agreement; RGS Energy’s ability to manage supply chain in order to have production levels and pricing of the POWERHOUSE™ 3.0 shingles to be competitive; the ability of RGS Energy to successfully expand its operations and employees and realize profitable revenue growth from the sale and installation of POWERHOUSE™ 3.0, and to the extent, anticipated; competition in the built-in photovoltaic solar system business;  RGS Energy’s ability to realize revenue from sales of POWERHOUSE™ arising from the California Energy Commissions’ mandate for solar systems with new home building commencing in 2020; RGS Energy’s ability to realize revenue from written reservations for initial POWERHOUSE™ deliveries; and RGS Energy’s ability to obtain future written reservations for POWERHOUSE™ deliveries; the continuation and level of government and utility subsidies and incentives for solar energy; changes in general economic, business and political conditions, including tariffs on imported solar cells and changes in the financial markets; RGS Energy’s stock price and shareholders’ equity; the performance of the Solar Division; RGS Energy’s ability to satisfy the conditions to receive additional funds underlying the investor promissory notes received in the 2018 convertible note offering; the number of shares of Class A common stock actually issued under the 2018 convertible notes; whether RGS Energy will receive any proceeds from the exercise of warrants; and other risks and uncertainties included in the Company’s filings with the Securities and Exchange Commission.

You should read the section entitled “Risk Factors” in our 2017 Annual Report on Form 10-K and in our Quarterly Reports on Form 10-Q for the quarter ended March 30, 2018 and June 30, 2018, each of which has been filed with the Securities and Exchange Commission, which identify certain of these and additional risks and uncertainties.  Any forward-looking statements made by us in this press release speak only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Investor Relations Contact
Ron Both
Managing Partner, CMA
Tel 1-949-432-7566
This email address is being protected from spambots. You need JavaScript enabled to view it.

Read more: RGS Energy Reports On Current Financial Results...

Abstract

Misreporting is a well-known challenge for researchers in social sciences. This issue is especially prevalent if incentives for misreporting exist, for example, to claim certain benefits or hide illegal behavior. Internally displaced persons are a population... See More + Misreporting is a well-known challenge for researchers in social sciences. This issue is especially prevalent if incentives for misreporting exist, for example, to claim certain benefits or hide illegal behavior. Internally displaced persons are a population that is highly dependent on aid receipts and, thus, have strong incentives to underreport consumption levels. To improve reporting for such vulnerable populations, this paper proposes to integrate "honesty primes" into the consumption module of the questionnaire. Honesty primes are unconscious stimuli that induce a certain cognition or behavior. The study assesses the effectiveness of a bundle of randomly assigned primes within a sample of internally displaced persons in South Sudan. In line with the main hypothesis, positive and significant effects arise for low consumption quantiles, especially consumption quantities that are more susceptible to manipulation. Hence, honesty primes can act as a cost-effective tool to induce more accurate reporting. Further research is needed to identify more effective primes for the respective population of interest.  See Less -

Read more: Eliciting accurate responses to...

Abstract

The document gives account for background information that has been considered to design the Benefit Sharing System (SDB) for the National Strategy on Climate Change and Vegetation Resources (ENCCRV) of Chile, promoted by the Ministry of Agriculture (... See More + The document gives account for background information that has been considered to design the Benefit Sharing System (SDB) for the National Strategy on Climate Change and Vegetation Resources (ENCCRV) of Chile, promoted by the Ministry of Agriculture (MINAGRI) through the National Forestry Corporation (CONAF). This Strategy addresses the REDD approach promoted by the United Nations Framework Convention on Climate Change (UNFCCC) through its decisions, and that it seeks to reduce the forest carbon emissions produced by forest deforestation and degradation, and promote activities that allow to increase the forest carbon sequestration in the country. The SDB is a framework that defines the approach and procedures to allocate the financial resources that are generated in the third phase of the ENCCRV associated to the results-based payments of REDD , which are determined by contrasting the forest emission reductions during the implementation phase of REDD with the reference levels that have been elaborated by some regions of the country, in line with the UNFCCC considerations for developing countries implementing strategies in this area.  See Less -

Document also available in : English

Read more: Benefit-sharing system proposal...

| Source: RGS Energy

DENVER, Aug. 13, 2018 (GLOBE NEWSWIRE) -- RGS Energy (NASDAQ: RGSE), the exclusive worldwide manufacturer of the POWERHOUSE™ solar shingle system, will hold a conference call on Wednesday, August 15, 2018 at 4:30 p.m. Eastern time to discuss results for the second quarter ended June 30, 2018. The financial results will be issued in a press release prior to the call.

RGS Energy management will host the presentation.

Date: Wednesday, August 15, 2018
Time: 4:30 p.m. Eastern time (2:30 p.m. Mountain time)
Toll-free dial-in number: 1-800-289-0438
International dial-in number: 1-323-794-2423
Conference ID: 3269302
Webcast: http://public.viavid.com/index.php?id=130978

The conference call will be webcast live and available for replay via the investor relations section of the company's website at RGSEnergy.com.

Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact CMA at 1-949-432-7566.

A replay of the call will be available after 7:30 p.m. Eastern time on the same day through August 22, 2018.

Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 3269302

About RGS Energy 

RGS Energy (NASDAQ: RGSE) is America’s Original Solar Company providing solar, storage and energy services whose mission is clean energy savings. The company is the exclusive manufacturer of POWERHOUSE™, an innovative in-roof solar shingle using technology developed by The Dow Chemical Company. RGS Energy also sells, designs and installs traditional retrofit solar systems for residential homeowners, commercial businesses, non-profit organizations and government entities. 

For more information, visit RGSEnergy.com and RGSPOWERHOUSE.com, on Facebook at www.facebook.com/RGSEnergy and on Twitter at twitter.com/rgsenergy. Information on such websites and the websites referred to above in this press release is not incorporated by reference into this press release.

RGS Energy is the company’s registered trade name. RGS Energy files periodic and other reports with the SEC under its official name “Real Goods Solar, Inc.”

POWERHOUSE™ is a trademark of The Dow Chemical Company, used under license.

Investor Relations Contact

Ron Both
Managing Partner, CMA
Tel 1-949-432-7566
This email address is being protected from spambots. You need JavaScript enabled to view it.

Read more: RGS Energy Sets Second Quarter 2018 Conference...

Abstract

The document gives account for background information that has been considered to design the Benefit Sharing System (SDB) for the National Strategy on Climate Change and Vegetation Resources (ENCCRV) of Chile, promoted by the Ministry of Agriculture (... See More + The document gives account for background information that has been considered to design the Benefit Sharing System (SDB) for the National Strategy on Climate Change and Vegetation Resources (ENCCRV) of Chile, promoted by the Ministry of Agriculture (MINAGRI) through the National Forestry Corporation (CONAF). This Strategy addresses the REDD approach promoted by the United Nations Framework Convention on Climate Change (UNFCCC) through its decisions, and that it seeks to reduce the forest carbon emissions produced by forest deforestation and degradation, and promote activities that allow to increase the forest carbon sequestration in the country. The SDB is a framework that defines the approach and procedures to allocate the financial resources that are generated in the third phase of the ENCCRV associated to the results-based payments of REDD , which are determined by contrasting the forest emission reductions during the implementation phase of REDD with the reference levels that have been elaborated by some regions of the country, in line with the UNFCCC considerations for developing countries implementing strategies in this area.  See Less -

Read more: Benefit-sharing system proposal...

Abstract

The Afghanistan Development Update is a twice-annual publication providing analysis of recent developments and presenting the World Bank team’s most-recent macroeconomic projections. The August 2018 edition focuses on the state of the economy in the context... See More + The Afghanistan Development Update is a twice-annual publication providing analysis of recent developments and presenting the World Bank team’s most-recent macroeconomic projections. The August 2018 edition focuses on the state of the economy in the context of upcoming elections, and the potential for a loss of recent momentum as confidence declines. Special topics address: i) the potential for trade to underpin development in Afghanistan; ii) recent trends in poverty and welfare; and iii) priorities for improving education quality and coverage. Afghanistan has experienced slow growth since 2014, with the draw-down of international security forces, accompanying reductions in international grants, and a worsening security situation (growth has averaged 2.3 percent between 2014-2017). Following a period of political instability after the 2014 elections, the economy has slowly regained momentum as reforms have been implemented and confidence restored. From a low of 1.5 percent in 2015, real GDP growth accelerated to 2.3 percent in 2016, and is estimated at 2.7 percent for 2017. Building momentum now appears to be at some risk, with increasing election-related violence, declining business confidence, worsening drought conditions, and some apparent slowing of economic activity. Growth is projected at 2.4 percent in 2018, with substantial downside risks arising from the prospects of political instability around upcoming parliamentary and presidential elections. Risks can be partly mitigated and recent momentum maintained through: i) continued reform progress, demonstrating to investors that the deterioration in governance seen in 2014 will not be repeated; and ii) continued donor commitment to sustained grant support.  See Less -

Read more: Afghanistan development update

Abstract

The Afghanistan Development Update is a twice-annual publication providing analysis of recent developments and presenting the World Bank team’s most-recent macroeconomic projections. The August 2018 edition focuses on the state of the economy in the context... See More + The Afghanistan Development Update is a twice-annual publication providing analysis of recent developments and presenting the World Bank team’s most-recent macroeconomic projections. The August 2018 edition focuses on the state of the economy in the context of upcoming elections, and the potential for a loss of recent momentum as confidence declines. Special topics address: i) the potential for trade to underpin development in Afghanistan; ii) recent trends in poverty and welfare; and iii) priorities for improving education quality and coverage. Afghanistan has experienced slow growth since 2014, with the draw-down of international security forces, accompanying reductions in international grants, and a worsening security situation (growth has averaged 2.3 percent between 2014-2017). Following a period of political instability after the 2014 elections, the economy has slowly regained momentum as reforms have been implemented and confidence restored. From a low of 1.5 percent in 2015, real GDP growth accelerated to 2.3 percent in 2016, and is estimated at 2.7 percent for 2017. Building momentum now appears to be at some risk, with increasing election-related violence, declining business confidence, worsening drought conditions, and some apparent slowing of economic activity. Growth is projected at 2.4 percent in 2018, with substantial downside risks arising from the prospects of political instability around upcoming parliamentary and presidential elections. Risks can be partly mitigated and recent momentum maintained through: i) continued reform progress, demonstrating to investors that the deterioration in governance seen in 2014 will not be repeated; and ii) continued donor commitment to sustained grant support.  See Less -

Read more: Afghanistan development update

Abstract

Disputes over land access and control often escalate into violence and conflict leading to dispossession and forced displacement within and across borders. Estimates indicate that 56 percent of conflicts are related to land and that most conflicts take... See More + Disputes over land access and control often escalate into violence and conflict leading to dispossession and forced displacement within and across borders. Estimates indicate that 56 percent of conflicts are related to land and that most conflicts take place in developing countries. At the end of 2015, 95 percent of the 65 million refugees and internally displaced people were living in developing countries. The central role of land to livelihood, identity and power, most notably in rural-based economies explains why disputes over access and control of land frequently escalates into armed conflict and mass displacement. This Note is part of a series of World Bank Thematic Guidance Notes on land and conflict that present key issues, challenges and guiding principles to address land tenure issues in conflict and post-conflict environments. The audience for these Notes is both laymen and practitioners who are preparing a project or program in a conflict or post-conflict setting, including multi-lateral and bi-lateral institutions, governments, NGOs and others. These Guidance Notes seek to provide guidance on where to start and what questions to ask, not to be an exhaustive ‘how to’ for land and conflict issues. While these Notes are meant to stand alone, they are inter-related and may cross-reference relevant material from other Notes.  See Less -

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