PTA-News: 7C Solarparken AG: EBITDA rises to EUR 25.5 Mio in H1'21, full year EBITDA guidance raised despite cloudy weather
7C Solarparken (WKN: A11QW6 / ISIN: DE000A11QW68) has announced its first-half results.

Tuesday, 28. September 2021 08:00

Business news for the stock market

Bayreuth (pta005/28.09.2021/08:00) - Total production output grew by 23% to 145 GWh driven mainly by expansion of the weighted running capacity to 275 MWp (+41%). Germany's overall irradiation and specific yield were ca. 10% down compared to last year's excellent first six months and even 3% lower than the long-term average. The IPP Portfolio of 7C Solarparken also saw a drop in their specific PV yield by 10% to 510 kWh/kWp.

Group revenues rose to EUR 28.8 Mio. versus EUR 26.7 Mio in H1'20, reflecting a combination of increased output and a declining average tariff (from EUR 218/MWh to EUR 195/MWh) 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 23.5 Mio to EUR 25.5 Mio mainly thanks to increased sale of electricity and special items such as compensation for damage and outages.

Cash Flow per Share halted its upward trend and sunk from EUR 0.34 per share in the first half of 2020 to EUR 0.30 per share during H1'21. Last year's figure contained a tax reimbursement of EUR 0.6 Mio whereas this year's figure for cash taxes paid returned to a normal level of minus EUR 0.7 Mio. Although the higher number of shares had a countereffect on CFPS, it has boosted the group equity ratio to 36.7% which underlines the strength of the balance sheet. The equity ratio will further increase in H2'21 reflecting the recent issue of new shares.

The group indicates that the second-half of the year has evolved poorly with irradiation even far below the standard deviation during the months of July and August. The impact is estimated at minus EUR 1.6 Mio. Nonetheless, the evolution of the group's portfolio to 316 MWp is widely above the capacity included in the group's guidance. Management sees the capacity growing further to 335 MWp by year-end 2021. As a result, EBITDA guidance for the full year is raised from EUR 42.5 Mio to EUR 44.4 Mio. The guidance for CFPS remains unchanged as the new investments, financed by the recent capital increase and leading to a higher number of average shares, do not contribute proportionally during 2021 yet.

Steven De Proost, CEO of 7C Solarparken, comments: "After a few years of above-average irradiation, we were confronted with an opposite direction during 2021. Obviously, it brings pressure on results and it demonstrates clearly that our specific business model - cash flows from feed-in tariffs with a higher-than-normal equity financing - is the right thing. We succeed in raising our EBITDA, and can keep our CFPS unchanged. Investors now have a clear signal about the potential of our CFPS going forward under normal weather conditions, particularly once we have reached our 400 MWp IPP target."


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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