Edisun Power Europe AG

Edisun Power shows record results with sales transactions

Edisun Power Europe AG / Key word(s): Annual Results Edisun Power Europe AG: Edisun Power shows record results with sales transactions 28-March-2024 / 07:00 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 LR The issuer is solely responsible for the content of this announcement. Ad hoc announcement pursuant to Art. 53 LR

Zurich, March 28, 2024
 

Edisun Power shows record results with sales transactions

• Jump in sales to CHF 37.65 million thanks to sales transaction with CHF 18.7 million one-off capital gain
•         EBITDA up by 118.4% to CHF 30.91 million and 82.1% margin
•         Record solar electricity production of 165 094 MWh (+33.8%)
•         Proposed higher dividend CHF 1.70/share
•         New five-year bond emission first July 2024 with a coupon of 3.5%

 

2023 was a record year for Edisun Power in various respects: financially, new record values were achieved with the sales of project portfolio of smaller plants of 706 MWp to its strategic partner Smartenergy Group and the realization of a one-off capital gain of 18.7 MCHF. In return, Edisun decided to strongly focus on large-scale solar plants only and acquired three large-scale solar plants projects of totally 941 MWp in the region of Madrid in Spain (Fuencarral). The Board of Directors recommends to the Annual General Meeting the distribution of a continued increased dividend of CHF 1.70 per share compared to CHF 1.60 last year.

The main focus for Edisun Power is the further development and construction of large-scale solar projects and its financing. For this purpose, Edisun will issue a new five-year bond with a coupon of 3.5% as of first July 2024.

 

New record sale

Total Group sales increased by 98.5% to CHF 37.65 million (2022: CHF 18.97 million) and by 101.9% in local currencies. The increase in sales was mainly triggered by the sales of a portfolio of PV project rights end of 2023. Without the resulting capital gain, the total group sales were reduced by 6.8% (in local currency -3.3%), primarily due to lower electricity prices in Spain (negative impact of CHF 2.8 million or -32%) as well as due to worse weather conditions and the operational discontinuance of a PV plant in Germany (negative impact of CHF 1.9 million or -52%). Specifically, the energy market rate in Spain experienced a notable decline of 54.3%, dropping from an average sales price of 151 Euros per MWh in 2022 to an average of 69 Euros per MWh. These lower earnings were partially