7C Solarparken AG

7C Solarparken AG posts record EBITDA of EUR 35.1 Mio in 2018

Business news for the stock market

Bayreuth (pta016/23.04.2019/11:55) - Bayreuth, April, 23rd 2019 - the Management Board of 7C Solarparken AG (WKN: A11QW6, ISIN: DE 000A11QW68) will propose a dividend increase from EUR 0.10/share to EUR 0.11/share (exempt from German withholding tax) at the upcoming Annual Meeting on the 7th of June 2019. The increase in dividend reflects a very positive year for the group. 7C Solarparken succeeded in significantly improving all key metrics driven by (1) unprecedented weather conditions during 2018, (2) a consequent build-up strategy in installed PV capacity (from 118 MWp to 154 MWp throughout 2018) and (3) regular access to equity & alternative financing. In 2018 the group achieved a record EBITDA of EUR 35.1 Mio. and a Cash Flow Per Share of EUR 0.60. Latest guidance, issued during our Plan 2018-20 Presentation in November 2018, assumed EBITDA of at least EUR 33 Mio. and Cash Flow Per Share of at least EUR 0.52. It is noteworthy that the Cash Flow Per Share has been positively impacted by deferred payments in interests and taxes, and evidently also includes positive weather effects of EUR 3.2 Mio. (equivalent to EUR 0.07/share). The balance sheet of the group has been further strengthened with an equity ratio in excess of 30% at the end of 2018.

Outlook 2019-20
The group has announced its intention to grow into a tier-two player with a capacity of at least 220 MWp (IPP) by 2020 and 500 MWp (IPP + Asset Management) by 2025. Within the first four months of 2019, 7C Solarparken acquired the Asset Management platform (77 MWp) of Ernst Russ and increased its IPP portfolio further by 13 MWp from 154 MWp to 167 MWp.

The guidance for the financial year 2019 has been determined based on a fully operating portfolio of 154 MWp (end of 2018) and a progressive ramp-up of the 13 MWp new installations until the end of Q1'19. Furthermore, management assumes a return to a moderate irradiation year and does not incorporate any further acquisitions. On this conservative basis, EBITDA guidance is seen at "at least EUR 35 Mio", while Cash Flow Per Share should reach at least EUR 0.50/share for 2019 rising to EUR 0.57/share upon full execution of the 2018-20 Plan".

Steven De Proost, CEO of 7C Solarparken AG: "Last year, we promised our shareholder to raise capacity to 150 MWp and to create further room for dividend increases on the back of strength in CFPS. High levels of irradiation have not solely boosted our returns, but it also demonstrated that PV is a cornerstone in the electricity system particularly in times of heat and low rainfall which structurally may have come as a result of climate change. Our key challenge now is to grow quickly to 200+ MWp & 200 Mio EUR market capitalisation, and to expand the shareholder base in order to develop into a 500 MWp player."

Annual Report 2018
The Annual Report is available at the website of the company under "Investor Relations". A conference call for analysts is planned on 23. April 2019 at 13.30h.

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emitter: 7C Solarparken AG
address: An der Feuerwache 15, 95445 Bayreuth
country: Germany
contact person: Koen Boriau
phone: [phone]
e-mail: [e-mail]
website: www.solarparken.com

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

[ source: http://www.pressetext.com/news/20190423016 ]