PTA-News: 7C Solarparken AG: Record 9M EBITDA of EUR 39.7 Mio leads to guidance increase.

Thursday, 26. November 2020 08:00

Business news for the stock market

Bayreuth (pta016/26.11.2020/08:00) - Management report summary on the nine-months results of 2020

* Total power production in the first nine-months of 2020 rose by 33% to 198 GWh on the back of a surge in weighted average capacity (+28% to 205 MWp). Global horizontal irradiation across Germany increased by 2.9% to 1,078 kWh/m ^ 2 in the first nine months, but the record level observed during 2018 (1,096 kWh/m ^ 2) could not be repeated. 7C Solarparken reports a specific yield of 957 kWh/kWp over the first nine months of 2020 versus 923 kWh/kWp last year.

* Nine-months EBITDA rose by 13% to EUR 39.7 Mio. Aside from continuous capacity growth, EBITDA was also boosted by addition to the IPP portfolio of Oberostendorf, Dettenhofen, Igling Buchloe and Neuhaus Stetten (totaling 14.9 MWp) as from 30th June 2020. These Solar parks were previously part of the asset management portfolio. These solar assets, called HCI 1+2 assets, contributed EUR 1.4 Mio. to the group's EBITDA during the third quarter of 2020. Other operating income (mainly one-time items) fell back from EUR 2.3 Mio in 2019 to EUR 1.3 Mio over the first nine-months in 2020, as the previous year was positively impacted by income from bargain purchases ("badwill"). Due to changes to the IFRS 3 standard, such operating income can no longer be realized as from January, 1st 2020 for the purchase of solar assets.

* Net debt climbed to EUR 174.6 Mio. compared to EUR 163.4 Mio at year-end 2019. A total of EUR 7.4 Mio relates to the consolidation of the HCI 1+2 assets. The capital increase of EUR 10.3 Mio., launched on October 1st , 2020, is not yet included in the cash position of September, 30th 2020. Regardless, 7C reports equity of EUR 146.6 Mio, which represents an equity ratio at an all-time high of 33.1%.

Guidance for 2020 increased
The group increases its full-year guidance EBITDA of EUR 41 Mio. versus the previous figure of EUR 39.2 Mio. Management also raises CFPS to EUR 0.52 on the back of strong nine-months results and the early realization of its 220 MWp objective. Indeed the group currently owns a consolidated IPP portfolio of 240 MWp after the transfer of the HCI 1 +2 assets.

Long-term capacity target of 500 MWp now includes Belgium as a second home market
7C Solarparken has identified Belgium as its second home market and targets at least 50 MWp in Belgium by the end of 2023. The Belgian market shows significant potential for large roofs and even ground-based projects. The latter segment is widely underdeveloped, at a time that the country´s industries are facing penalties due to non-realization of CO2 emission reductions. Furthermore, the management expects the group ` s overall capacity target of 500 MWp to be realized at the latest at the end of 2023, but at the same time has increased its capacity target for the group's IPP portfolio from 350 MWp to 400 MWp compared to the previous objective.

Awarded "most outstanding solar power plants operator 2020 in Germany" by Acquisition International


emitter: 7C Solarparken AG
address: An der Feuerwache 15, 95445 Bayreuth
country: Germany
contact person: Koen Boriau
phone: +49 921 230557-77

ISIN(s): DE000A11QW68 (share)
stock exchanges: regulated market in Frankfurt; free market in Stuttgart, free market in Munich, free market in Hamburg, free market in Dusseldorf; open market in Berlin, Tradegate
other stock exchanges: London

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