EQS-News

Greencells GmbH doubles consolidated EBIT to EUR 5.6 million in the first half of 2023; full-year forecast expected to be exceeded

EQS-News: Greencells GmbH / Key word(s): Half Year Results Greencells GmbH doubles consolidated EBIT to EUR 5.6 million in the first half of 2023; full-year forecast expected to be exceeded 31.10.2023 / 11:30 CET/CEST The issuer is solely responsible for the content of this announcement. Greencells GmbH doubles consolidated EBIT to EUR 5.6 million in the first half of 2023; full-year forecast expected to be exceeded Saarbrücken, 31 October 2023 – Greencells GmbH, a globally active EPC and O&M service provider for utility-scale solar power plants, successfully performed in the first half of 2023 in a still challenging but overall considerably improved environment, and significantly increased all key earnings figures compared with the previous year. Although consolidated sales decreased from EUR 102.0 million to EUR 78.9 million due to project-related factors, gross profit improved in parallel – also due to project-related factors – from EUR 7.6 million to EUR 10.3 million. Operating profit (EBIT) developed even more impressively in the first half of 2023. At EUR 5.6 million, Greencells doubled the previous year’s figure of EUR 2.8 million. The EBIT margin also increased significantly from 2.7% to 7.1%. Consolidated earnings after tax more than tripled compared to the same period of the previous year, from EUR 0.9 million to EUR 3.4 million. As a result of this strong performance, Group equity increased from EUR 14.1 million as of 31 December 2022 to EUR 17.6 million. However, due to the disproportionate increase in the balance sheet total, Group equity ratio decreased slightly from 12.5% to 11.9%. Cash and cash equivalents rose from EUR 11.2 million as of 31 December 2022 to EUR 12.0 million as of the reporting date. As of 30 June 2023, Greencells managed five ongoing construction projects with a total volume of 272 MWp (31 December 2022: five projects with 262 MWp). The two largest projects, accounting for more than half of the built capacity, are located in Hungary and the others in the United Kingdom and the Netherlands. As of 30 June 2023, firm orders existed for a further ten projects with a volume of 131 MWp (31 December 2022: seven projects with 95 MWp) in the target countries of Ireland, the Netherlands, Romania and the United Kingdom. In addition, further contracts, in particular for projects in Germany, were in the final negotiation stage. These have now been concluded.