DGAP-News

Capital Stage confirms forecast for FY 2016 after strong first half-year

DGAP-News: Capital Stage AG / Key word(s): Half Year Results
Capital Stage confirms forecast for FY 2016 after strong first half-year

24.08.2016 / 15:46
The issuer is solely responsible for the content of this announcement.

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Hamburg, 24 August 2016 - SDAX-listed solar and wind park operator Capital
Stage has continued the strong performance of the beginning of the year
also in the second quarter. Thus, after a successful first half-year, the
Hamburg-based company stays on track to reach its operational targets for
the financial year 2016.

Thanks to the substantial expansion of the solar and wind park portfolio,
Capital Stage AG increased its revenues by approximately 24 % to EUR 64.9
million compared to the prior year period. Given that average sunshine
hours were below the long-term average and wind also remained below
average, revenues in the first half of 2016 were about EUR 3 million lower
than expected. If the meteorological conditions had been in line with the
long-term average, growth would have been clearly higher. Nevertheless,
operating earnings before interest, taxes, depreciation and amortisation
(EBITDA) increased by approximately 21 % to EUR 50.8 million. Operating
earnings before interest and taxes (EBIT) climbed 14.7 % to EUR 31.9
million. At EUR 14.6 million, operating earnings before taxes (EBT) were
approximately on a par with the previous year. The acquisition-related
increase in earnings, which would have amounted to roughly 20%, was offset
by the poorer meteorological conditions than in the previous years.

Operating cash flow showed a particularly positive trend and more than
doubled (+120%) from EUR 22.8 million to EUR 50.2 million. However, one-
time tax effects were reflected in operating cash flow in the first half of
the year and the prior year period, which further intensified the positive
acquisition-related trend of the key data. The specified key data are
solely based on the company's profitability and do not reflect any IFRS-
related measurement effects.

Expansion of the solar and wind park portfolio

In the first six months of the year, the company acquired four solar parks
in Italy, two solar parks in the UK and one coastal wind park near
Bremerhaven, Germany. As a result, the portfolio's total generation
capacity rose from approximately 550 to over 600 MW. The acquisition of two
of the Italian solar parks has not been completed at this stage and is
therefore subject to the usual conditions precedent.

Also at the beginning of the second half-year, Capital Stage AG announced