7C Solarparken AG

7C SOLARPARKEN announces 9-months figures 2016 - Seite 3

OTHER MAJOR EVENTS IN THE THIRD QUARTER 2016

During its Investor Day held on September 20th 2016, the management has communicated its new Business Plan 2016-18 targeting (1) capacity growth from 94 MWp to 115 MWp by year-end 2017, (2) a further optimization program aiming an increased annual EBITDA of EUR 0.4 Mio and (3) the closing of a strategic deal in 2018.

OPERATIONAL RESULTS

The revenues of EUR 26.5 Mio. over the first nine months of 2016 increased by 20% compared to the same period in 2015 (EUR 22.0 Mio.). The strong revenue growth was mainly due to the expansion of the asset portfolio during 2016 as well as the full period effect of the investments during 2015. It was achieved in spite of lower irradiation conditions in the current year, as specific yield for the portfolio was down by 6%.

EUR Mio.	2016 9M	2015 9M
EBITDA	24,9	17,7
Transaction & Restructuring costs	0,1	0,5
PPA / Badwill	-1,7	-0,3
Balance of provisions	0,0	0,3
Other operating income	0,0	-0,1
Sum of one-off effects	-1,6	0,4
Clean EBITDA	23,3	18,1

The Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) reached EUR 24.9 Mio. for the reporting period, which is a 41% increase compared to the first nine months of 2015. Therefore, the EBITDA guidance for 2016 (EUR 24.0 Mio.) has already been exceeded in the first nine months of 2016.

The EBITDA of the reporting period was supported by gains from bargain purchases (+EUR 1.7 Mio.) and slightly negatively impacted by transaction costs (-EUR 0.1 Mio) As a result, clean EBITDA was at EUR 23.3 Mio. or up by 29% compared to the same period in the previous year.

FINANCIAL POSITION

The liquidity position at the end of September increased with 13% to EUR 31 Mio. compared to the end of 2015, whereas the financial debt of the company only slightly increased to EUR 182 Mio. (+0.4%). As a result, the net debt of the company was improved by EUR 2.8 Mio to EUR 151 Mio.

NET DEBT (in Tsd. EUR)	30.09.16	31.12.15
Financial debt	182,207	181,504
Cash & Cash Equivalents	30,839	27,336
Net Debt	151,368	154,168

OTHER MAJOR EVENTS AFTER THE THIRD QUARTER 2016