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MarketScreener Homepage  >  Equities  >  Xetra  >  7C Solarparken AG    HRPK   DE000A11QW68

7C SOLARPARKEN AG

(HRPK)
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7C Solarparken : reports EBITDA increase by 13% in Q1'20. Full-year EBITDA guidance raised.

06/01/2020 | 03:46am EST

• Driven by a 21% increase in weighted operational capacity to 191 MWp and positive weather conditions - particularly during the second half of March '20 - total output in Q1'20 rose by 41% to 35 GWh (Q1'19: 25 GWh).


• Revenues increased by 29% to EUR 8.4 Mio (EUR 6.5 Mio. in Q1'19) of which EUR 7.5 Mio. related to the production and sale of electricity. The underlying increase in revenues (+ EUR 1.9 Mio.) can be explained by two main drivers: (1) the two wind parks, acquired during 2019 and fully consolidated for the first time this quarter, contributed EUR 0.6 Mio to sales, while (2) exceptional sales of services in the amount of EUR 0.7 Mio. stem from a panel-exchange program in a closed-end fund managed by the group.


• EBITDA rose by 13% to EUR 6.9 Mio (EUR 6.1 Mio in Q1'19) on the back of continuous capacity growth. As the many new-build projects, added to the group's portfolio over the last twelve months, enjoy lower feed-in tariffs (combined with a lower per MWp investment cost) compared to the existing portfolio, the average feed in tariff has decreased further to EUR 222/MWh (Q1'2019: EUR 256/MWh). The effect of EEG §51 under which projects built since 2016 do not obtain a feed-in tariff in case the day-ahead price for power has been negative for at least six consecutive hours, negatively impacted sales of electricity by ca. EUR 0.1 Mio during Q1'20.


• Net debt at the end of Q1'20 rose to EUR 171 Mio. in comparison to 2019YE (EUR 163 Mio).


• Over the last weeks, 7C Solarparken has slightly reshuffled its IPP portfolio. First, 7C Solarparken extended its rooftop installation in Ludwigsfelde (Brandenburg) by a further 748 kWp. The project was constructed by Goldbeck Solar using Renesola panels and Sungrow inverters. Furthermore, 7C Solarparken has divested its 2.5 MWp small rooftop portfolio "Surya 1". As a result, the IPP portfolio stands at 209 MWp as of today.


• The guidance for the full-year 2020 (EBITDA of EUR 36 Mio.) did not take into account the excellent weather in the second half of March. Secondly, the group has increased its operating portfolio beyond 200 MWp, i.e. the capacity on which the EBITDA guidance was based. Therefore the Management decided to increase its outlook for EBITDA 2020 to "at least EUR 37.0 Mio.". The Management is still comfortable to raise its portfolio to 220 MWp before year-end driven by (1) various projects under development for which already a tender tariff (FFAV) has been awarded, (2) a few parks that are in acquisition and (3) the government's recent decision to eliminate the 52 GWp cap in Germany.


• Due to the continued health and safety concerns associated with the CoVid 19 pandemic, the group will hold its Annual General Meeting (AGM) on July 17, 2020 by means of a virtual meeting, i.e. without a physical presence of the shareholders. The AGM's invitation will be published on the website in the coming weeks.


• Steven De Proost, CEO of 7C Solarparken AG, comments: "Our business activity year-to-date has been boosted by a 10% expansion of the IPP portfolio from 190 MWp to 209 MWp. From a strategic viewpoint, we are also on track with the realisation of our goals for 2020, i.e. a further increase of the portfolio to 220 MWp, the integration & optimisation of recently acquired PV parks, and the plan to increase our participation in selected funds, managed by the group with the objective to achieve the full consolidation of one fund as from 2021.


• The Q1'20 report is available in the Investor Relation section on our website.

Disclaimer

7C Solarparken AG published this content on 29 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 June 2020 07:45:05 UTC


© Publicnow 2020
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Financials
Sales 2020 49,5 M 59,7 M 59,7 M
Net income 2020 11,3 M 13,7 M 13,7 M
Net Debt 2020 219 M 265 M 265 M
P/E ratio 2020 25,8x
Yield 2020 2,48%
Capitalization 292 M 353 M 353 M
EV / Sales 2020 10,3x
EV / Sales 2021 9,20x
Nbr of Employees 21
Free-Float 63,1%
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Mean consensus BUY
Number of Analysts 2
Average target price 5,55 €
Last Close Price 4,64 €
Spread / Highest target 29,3%
Spread / Average Target 19,6%
Spread / Lowest Target 9,91%
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Managers and Directors
NameTitle
Steven de Proost Chief Executive Officer
Joris de Meester Chairman-Supervisory Board
Koen Boriau Chief Financial Officer
Paul Alfons Decraemer Member-Supervisory Board
Bridget Woods Vice Chairman-Supervisory Board
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