Just for all those current and potentional shareholders who did not attend the 17 November 2006 AGM.
US$61m purchase price of El Pase share of Sengkang power and gas project included US$45m held in Singapore trus account.
Revenu projection once 60MW power project expansion is on line: $70-$75m per year.
Profit project from Sengkang once expansion has come on line: $45m per year.
Calculating profits only from this project (disregarding LNG projects form Australian gas fields which will yield solid profits), EWC p/e is 3.9cents.
Utilities sector p/e currently stands at 26.
EWC share price, reflecting utilities sector average p/e would be about 86 cents.
This does not account for Sengkang LNG (2x 250,000 tonnes per year) which is enough to provide fuel to 4 x 150MW power stations. One such power station will be built in the Phillipines (next to the LNG hub to be built and operated by EWC). Another 150MW power station may be built in China and another 150MW power station is earmarked for India (Vypeen), where EWC will also build and operate an LNG hub (LNG sourced form Middle East).
In addition to this, drilling is currently taking place to confirm Sengkang gas reserves of 5-7million tonnes LNG per year for the next 20 years, plus...300million barrels/oil.
Finance for these projects will be a combination of project and equity finance.
These are only the major projects discussed at EWC's 17 November, 2006 AGM and indicate that EWC is well on the way to be a well run, diversified and financially sound company.
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