Edisun Power Europe AG

Edisun Power shows record results with sales transactions - Seite 2

offset by improved outcomes in Portugal, attributed to the commencement of production at the new large-scale power plant, Betty, and the proceeds from selling Guarantees of Origins, resulting in a positive impact of CHF 2.6 million and representing a 63% increase.

Overall, the solar electricity production of 165,094 MWh was 33.8% higher than in 2022. Despite this positive volume effect, the revenues from sale of electricity were reduced by 7.2% (in local currency -3.8%) to CHF 17.45 million (2021: CHF 18.81 million). Several significant factors contributed to these results. Firstly, there was a decline in the average euro exchange rate by 3.8%. Secondly, we experienced a substantial decrease in the electricity price mix compared to the previous year, down by 28.1%. Latter was triggered by the impact of the sales price from the new large-scale solar plant Betty in Portugal as we can no longer benefit from high feed-in-tariffs. Thirdly, the normalization to lower electricity prices on the market, as well as the emergency legal measures to contain energy prices in Spain and the repatriation of excess profits in Italy and Germany limited better results.

The solar electricity production was particularly lower in Germany (-24.1%), Switzerland (-15.8%) and Italy (-7.6%) when comparing to 2022. Those reductions were triggered by worse weather conditions, technical impacts in some rather old plants and the temporarily discontinuance of a plant in Germany (Hörselgau, 1 MW rooftop plant). Production in France and Spain was practically flat compared to the prior year and the production in Portugal surged from 77’268 MWh to 120’903 MWh due to the new large-scale solar plant Betty (23.4 MWp). Portugal’s solar electricity output alone equals almost the solar electricity production of the total Edisun Group in 2022 and constitutes 73.3% of the group’s total output in 2023.

 

Strong increase of profitability with sales transaction

With the recognition of the capital gain of 18.7 MCHF from the sales of solar plant projects as well as the better economies of scale from the new large-scale plants the earnings before interest, taxes, depreciation and amortization (EBITDA) more than doubled by 118.4% to CHF 30.91 million (2022: CHF 14.15 million). The EBITDA margin experienced a notable increase, rising from 74.6% to 82.1%.