Bayreuth (pta003/26.05.2022/09:32) - 7C Solarparken (WKN: A11QW6, ISIN: DE 000A11QW68) reports its Q1'22 figures, which were driven by three main factors:
As a result of these factors, total production rose from 40 GWh to 58.8 GWh (+47%), and revenues even from EUR 8.3 Mio to EUR 14.1 Mio (+70%). Although operating expenses are on the rise due to a trend towards outsourcing part of the technical operations and a higher level of in-house development, EBITDA even climbed by 73% from EUR 6.9 Mio to EUR 11.9 Mio. Net financial debt went slightly down to EUR 175.2 Mio (year-end 2021: EUR 176.5 Mio) and evidenced that further growth has been auto-financed.
Outlook remains strong but unchanged
Over the last weeks, 7C Solarparken has increased its IPP portfolio by 8 MWp (to 352 MWp) through completing a project in Mecklenburg Western Pomerania. Grid connection is not yet realized though. Many other new-build projects in Belgium and Germany are planned with commissioning schedule at year-end 2022, so that the group remains on track to meet the 400 MWp IPP portfolio.
In April 2022, the group has entered into an electricity price swap agreement with a major European electricity supplier covering roughly one quarter of the group's total assets (93 MWp). The assets under contract have a weighted average feed-in tariff of 58 EUR per MWh. Under the swap agreement the group will receive a fixed price of 149.5 EUR / MWh in lieu of the higher of the feed-in tariff or the EEX electricity price for the period 1 June 2022 up to 31 December 2023. The swap covers a substantial part of the group's output volume and confirms the solidity of both guidance scenarios for 2022 and provides comfort for the groups' electricity sales and EBITDA for 2023 at this early stage.
Steven De Proost, CEO of 7C Solarparken AG, comments: "2022 will certainly result into a most remarkable year due to the power price rally and the major ambitions shown by German government to develop further the PV market as a cornerstone of the energy industry. We continue to welcome the upbeat power price curve but are not indifferent to interventions taken by a growing number of countries. On May 18, 2022 European Commission presented its emergency measures with clear stipulation to reallocate wind-fall profits to support consumers until the next heating season (end of year 2022). Once we have improved visibility from the political front, we will be able to finetune our two-scenarios guidance for the full year. Amid this context, we are very proud to have secured part of output at attractive prices locked until the end of 2023 In the meantime, our focus remains on producing strong cash flows and pursuing the growth trajectory."
The Q1'22 report is available in the Investor Relation section on our website.(end)
|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|