Bayreuth (pta012/19.05.2017/08:30) -
* 43 % INCREASE IN ELECTRICITY PRODUCTION COMPARED TO Q1 2016
* Q1- EBITDA ROSE BY 37 % TO EUR 4.7m YEAR-ON-YEAR
In the first quarter of 2017 electricity production rose by 43 % to 16 GWh underpinned by an increase in production per unit of installed capacity (i.e. specific yield) by 20 %, due to better weather conditions and expansion of the weighted average capacity base by 19 %. The capacity additions stem from acquisitions during the last three quarters of 2016 and were therefore fully reflected in the figures during the first quarter of 2017.
|2017 Q1||2016 Q1||Change|
|Weighted average capacity base||MWp||101||85||19 %|
|Specific Yield||kWh/kWp||157||131||20 %|
Although weather conditions in Q1'17 were better than anticipated, the positive trend did not continue for April, during which late snowfall and negative temperatures had a counterbalancing effect on performance.
At the time of the publication of this trading update, the capacity of the solar asset portfolio has reached 105.8 MWp (year-end 2016: 100.5 MWp). The new-build project Großfurra (4.1 MWp) has been operational since the end of February 2017. The Belgian rooftop portfolio "Swan Energy", with a combined capacity of 1.2 MWp, was added to the portfolio as of April 2017 and thus was not reflected in the first quarter results.
The group has not made any divestments during Q1 2017.
The revenues of the first three months of 2017 reached EUR 5.2m, which is a 30 % increase compared to the same period in 2016 (EUR 4.0m). The strong revenue growth was entirely due to the better weather conditions as well as the full period effect of the investments made during 2016. During the first quarter of 2016 revenues still included sales of services by Sonnenbatterie Center Franken GmbH. This company did not contribute any revenues to the reporting period, as it was deconsolidated in 2016.
|in TEUR||2017 Q1||2016 Q1||Change|
The earnings before Interest, taxes, depreciation and amortization (EBITDA) for the reporting period were EUR 4.7m, which is a 37 % increase compared to the first three months of 2016.
The reported EBITDA of EUR 4.7m contains an one-off other operating income in the amount of EUR 0.7m related to a settlement within the context of the Optimization 2.0 program. In the previous year, EBITDA has been positively impacted by a gain of the deconsolidation of Solarpark Sonnenberg GmbH & Co. KG, which held the Blumenthal solar asset (EUR 0.4m).
Compared to December, 31st 2016, the liquidity position went down by 8.5 % to EUR 27.4m at the end of the first quarter 2017. This results from a net working capital movement of minus EUR 6.5m in the reporting period, mostly originating from the payment of EPC invoices related to the solar installation in Großfurra. The financial debt of the group roughly remained the same at EUR 186.1m (- 0.2 %) in comparison to the year-end. Scheduled repayments on existing loans were offset by new project loans related to the various new investments during 2016 and the first quarter of 2017 (e.g. Großfurra) as well as the full consolidation of KOGEP GmbH & Co. 122 KG (Halberstadt - 240 kWp). This project company was previously accounted as an associate using the equity method. As a result, the net debt of the group rose by EUR 2.1m to EUR 158.7m.
|NET DEBT (in TEUR)||31.03.17||31.12.16||Change|
|Financial debt||186,096||186,548||-0.2 %|
|Cash & Cash Equivalents||27,353||29,896||-8.5 %|
|Net Debt||158,743||156,652||1.3 %|
OTHER MAJOR EVENTS IN THE FIRST QUARTER 2017
In January 2017 68,487 new shares were issued due to exercises of options in December 2016 at the exercise price of EUR 1.98 per share, bringing new funds of TEUR 136.
PRIVATE PLACEMENT OF EUR 1.76M
In January 2017, 7C Solarparken AG increased the capital by issuing 765,766 shares at an issue price of EUR 2.30 per share, supplying fresh capital worth EUR 1.76m.
FULL CONSOLIDATION OF KOGEP GMBH & CO. 122 KG
In January 2017, the group has obtained the general partnership share in KOGEP GmbH & Co. 122 KG, in which the group already owned a stake of 51.52 % in the limited partnership. In doing so, the group secured the majority of voting rights in this project company. As a result, control was obtained during the first quarter of 2017 and the accounting treatment changed accordingly from recognition as an associate to full consolidation. Neither gain nor goodwill was recognized in the reported figures for 2017Q1 due to the change in accounting treatment. Although, the operating results were not impacted, net debt rose by TEUR 438 as a result of the transaction.
OTHER MAJOR EVENTS AFTER THE FIRST QUARTER 2017
PRIVATE PLACEMENT OF EUR 3.45 M
In April 2017, the 7C Solarparken AG increased the capital by issuing 1.5m shares at an issue price of EUR 2.30 per share, thereby adding total funds of EUR 3.45m.
The management board continues to see a positive development of the group and therefore confirms its guidance set for 2017.
|Revenues||> EUR 32.0m|
|EBITDA||> EUR 27.0m|
|Cashflow per share||EUR 0.48-0.50|
This trading update presents group financial statements (IFRS), but has not been reviewed by an auditor.
Steven De Proost Koen Boriau
7C Solarparken AG
An der Feuerwache 15
TEL: +49 (0) (921) 230557 77
FAX: +49 (0) (921) 230557 79
|Emitter:||7C Solarparken AG|
An der Feuerwache 15
|Contact Person:||Koen Boriau|
|Phone:||+49 921 230557-77|
|Stock Exchanges:||regulated market in Frankfurt; free market in Dusseldorf, free market in Munich, free market in Stuttgart; open market in Berlin|
|ISIN(s):||DE000A11QW68 (share), DE000A2DAP26 (share)|