Bayreuth (pta011/23.09.2020/08:00) - 7C Solarparken (WKN: A11QW6 / ISIN: DE000A11QW68) has announced its first-half results.
Total production output grew by 29% to 118 GWh driven mainly by expansion of the weighted running capacity to 195 MWp (+23%). Weather conditions surpassed even last year's excellent first six months, and continue to exceed the long-term average.
Group revenues rose to EUR 26.7 Mio. versus EUR 22.8 Mio in H1'19 reflecting a combination of increased output and a declining average tariff due to changes in the capacity mix. The latter effect is driven by acquisitions and new-build installations typically enjoying lower feed-in tariffs compared to the existing portfolio, consisting of older plants on average. EBITDA increased from EUR 21.5 Mio to EUR 23.5 Mio mainly thanks to increased sale of electricity. Cash Flow per Share continued its upward trend and rose to EUR 0.34 per share in the first half of 2020 versus EUR 0.33 per share during H1'19. While (i) weather conditions in the third quarter have continued their favourable trend, and (ii) the group will benefit from full-consolidation of two PV funds much earlier than envisaged, management raises its guidance for the full year. The outlook for EBITDA for 2020 is increased to EUR 39.2 Mio versus latest guidance of "at least EUR 37 Mio." and CFPS is raised to EUR 0.51 Cash Flow Per Share.
During H1'20, group has further strengthened its equity ratio to 32.8%.
Steven De Proost, CEO of 7C Solarparken, comments: "During the first half of this year, we had to withstand some negative repercussions due to CoVid-19, but our growth strategy in combination with financial discipline has further supported the equity ratio and operational figures. We will maintain our approach which has contributed to our success to date; it consists in relying on predictable cash flows from feed-in tariffs coming from small-scale installations (up to 10 MWp). The removal of the 52 GWp cap is a clear signal that feed-in and auction projects of this size remain our preferred market route."
7C Solarparken AG
7C Solarparken is a pure-play PV owner/operator with an IPP portfolio of 215 MWp, including 6 MW onshore wind. Including, its asset management activities, the group`s managed portfolio stands at 292 MWp. Almost all installations are located in Germany. The company's shares are listed on the regulated market in Frankfurt in the General Standard segment
|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 Hamburg, free market in Munich, free market in Stuttgart; open market in Berlin, Tradegate|
|other stock exchanges:||London|