Bayreuth (pta/19.09.2023/08:30 UTC+2)
In spite of an exceptional comparable period in 2022 in terms of meteorological conditions and market power price, 7C Solarparken has once more demonstrated the stability of its business model.
Group EBITDA fell by only 15% to EUR 33 Mio. versus the H1'23 outlook of EUR 30 Mio. The outperformance relates to a strong capture price resulting from an electricity price swap with a European utility and improved PPA conditions in Belgium. Specific yield came in exactly in line with the outlook, which assumed the extremely poor month of March and April already.
Cash Flow per share (CFPS) for the first half 2023 reached EUR 0.35 per share versus the outlook of EUR 0.30 per share reflecting a better-than-expected EBITDA and the almost unchanged level of interest expense, in spite of hikes in interest rates in the reporting period. Moreover, the net debt position dropped to EUR 146 Mio. with the group's equity ratio climbing to an outstanding 42.8%.
Although the irradiation during August 2023 was very poor and the power price levels in Q3'23 remain weak, the management still maintains its guidance and continues to target a Group EBITDA of EUR 57 Mio. and a CFPS of 0.60 per share for the full financial year 2023. High EBITDA margins, strict cost control and the virtual absence of variable interest rates for the group's financing arrangements offer sufficient stability to the guidance.
Finally, the group also announced that its IPP portfolio as of today has increased to 449 MWp, construction on projects totalling a further 10 MWp will be starting shortly. This means that the annual target of 460 MWp could be achieved months in advance. The full operational agenda for 2023 is also clearly on-track with a re-location of the 2 MWp former Opel project to an owned site in Dessau, and substantial growth in the pipeline for the next quarters. In addition to significant progress for two main pipeline projects: in Herrnhut (ca. 12 MWp) and Peenemünde (ca. 80 MWp) respectively, 7C Solarparken is making headway on a further 300 MWp of large scale German projects, which are currently under development.
7C Solarparken AG
An der Feuerwache 15
|Contact Person:||Koen Boriau|
|Phone:||+49 921 230557-77|
|Stock Exchange(s):||Regulated Market in Frankfurt; Free Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate|
|Other Stock Exchanges:||London|