Bayreuth (pta051/08.04.2021/17:30) - In the financial year 2020 7C Solarparken group (WKN: A11QW6, ISIN: DE 000A11QW68) has exceeded its EBITDA and CFPS guidance. Firstly, the group achieved a record EBITDA of EUR 42.9 Mio. versus EUR 38.1 Mio. the year before. In view of the CoVid-19 crisis, the group's performance has developed very positively mainly reflecting (i) the build-up of its IPP portfolio from 190 MWp to 256 MWp, and (ii) superior weather conditions even exceeding the sunny year 2019 by 2%. An increase in the number of hours with negative electricity prices had a small countereffect on economics. Strengthened by two capital increases, the group's equity ratio rose to 35.3% and illustrates the solidity of the balance sheet. Cash Flow per Share rose to EUR 0.57 versus EUR 0.55 in 2019, and above latest guidance of EUR 0.52/share. Dividend proposal remains flat at EUR 0.11/share.
The guidance for the financial year 2021 is based on an operating portfolio of 275 MWp without contribution from further growth and assuming a return to a moderate irradiation year as from April 2021. During the first three months, 7C Solarparken already experienced a negative EBITDA effect of EUR 1 Mio. due to the least favourable weather conditions observed throughout the last 7 years. The company anticipates further capacity growth to at least 295 MWp in 2021 (40 MWp year-on-year) of which half will come from Belgium. Different sites in Belgium are almost ready for grid connection (e.g. 6 MWp in DC Rieme nearby Ghent Sea Port) or under construction. Also in Germany, the team has secured rights to build and/or to acquire as to meet group´s objective.
7C Solarparken group sets its guidance for 2021 at EUR 42.5 Mio. EBITDA and EUR 0.50/share CFPS. Upon achieving the strategic goal of 400 MWp IPP (plus 100 MWp Asset Management) by 2023, CFPS should rise to at least EUR 0,60. Management continues to stress the value of equity and capitalisation in order to create further shareholder appreciation, and indicates that further capital increases of EUR 35 Mio. can be expected as to meet the 400 MWp objective.
Steven De Proost, CEO of 7C Solarparken AG: "We delivered once again better-than-expected figures, but were certainly supported by superior weather conditions. We recorded even capacity growth of 66 MWp during the year. Our team has successfully responded to the operational limits during the lockdown period(s) and we can look optimistic into the next years to grow the portfolio progressively to 400 MWp. The achievement of this objective should be accelerated through our recent entry in Belgium as second core market, although the average size per project will be noticeably smaller than in Germany. Through the possibility to sign on-site PPA´s we consider the market as attractive, particularly for large consumers coping with a high energy bill."
Annual Report 2020
The Annual Report is available at the website of the company under "Investor Relations". A conference call for analysts is planned on 9 April 2021 at. 9:00 am.(end)
|emitter:||7C Solarparken AG|
An der Feuerwache 15
|contact person:||Koen Boriau|
|phone:||+49 921 230557-77|
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