Edisun Power Europe AG

Edisun Power shows record results with sales transactions - Seite 3

The operational costs increased with the accelerated activities in Italy, Spain and Portugal related to its project portfolio. The plants in Switzerland demonstrated the highest EBITDA margins at 85.6% (compared to 89.9% in 2022), largely attributable to the advantageous fixed feed-in tariffs. Following Switzerland, France maintained strong margins at 84.4% (compared to 83.4% in 2022), while Portugal also saw an improvement, reaching 83.0% (compared to 80.9% in 2022).

However, EBITDA margins in Italy experienced a decline to 26.8% (compared to 44% in 2022) due to the impact of a new tax on solar revenues. Similarly, in Spain, revenues decreased, leading to a decline in EBITDA margin from 81.7% to 68.3%.

Edisun Power's strategic focus on large-scale solar plants proved effective, with the EBITDA margins for the "Mogadouro" plant (49 MWp) reaching 91.2% and the new "Betty" plant (23.4 MWp) achieving 89.0%. Remarkably, these results were attained without subsidies for construction or subsidized solar electricity sales prices.

Depreciation of the solar plants increased to CHF 6.63 million (2022: CHF 5.94 million). Due to the higher cost of capital, an impairment of CHF 0.2 million in France and Germany was needed. Compared to the previous year, operating profit reached with CHF 24.1 million (2021: CHF 8.0 million) an exceptional new record EBIT margin of 63.9% (2022: 42.2%).

Net financing costs including the effects of exchange rate changes decreased CHF 3.2 million thanks to currency gains on third party loans. These currency gains are due to the 6.5% stronger CHF closing rate at the end of 2023 compared to the previous year. Hedging of this position has been waived until now. Income taxes were reduced to CHF 1.1 million as the capital gain only triggered limited taxation expenses (2022: CHF 1.5 million).

Overall, net profit more than doubled by 128.4% to CHF 23.35 million (2022: CHF 10.23 million), which corresponds to earnings per share of CHF 22.55 (2022: CHF 9.87) based on the weighted average number of shares outstanding.

With this annual result, the Edisun Power Group has achieved a new record with the proactive sales of PV project pipelines and the focus on large-scale solar projects.