Capital Stage confirmed after strong first half of the forecast for the 2016 financial year
The SDAX-listed Hamburger solar and wind farm operators Capital Stage has continued its positive development at the Start of the second quarter. Thus, the Hamburg company will remain after a successful first half of the year on track to achieve its operational objectives for the financial year 2016th
The substantial expansion of solar and wind portfolio Capital Stage AG could, revenues in the first six months increased by 24 percent to 64.9 million euros compared to the same period last year. Because, in comparison with the long-term average less sunlight and a below average wind resource revenues in the first half of 2016 remained around 3 million euros short of expectations. In meteorological conditions at the level of the long-term average, the reported growth would have been even higher. Nevertheless, the operating profit before interest, taxes, depreciation and amortization (EBITDA) by around 21 percent to 50.8 million euros. The operating result from operations (EBIT) climbed by 14.7 percent to EUR 31.9 million. The operating pre-tax earnings (EBT) were EUR 14.6 million at the previous year level. The deteriorated compared to previous years meteorological conditions offset the acquisition-related earnings. This would have amounted to around 20 percent.
Particularly pleasing operating cash flow developed: This rose from 22.8 to 50.2 million euros – equivalent to an increase of around 120 percent, or more than double. Operating cash flow, however, had a one-off tax effects in the first half and in the same period, the positive acquisition-related development of indicators again increased. The specified Key figures listed is thus based solely on the operating profitability of the company and does not account IFRS valuation effects.
Expansion of solar and wind portfolio
In the first six months the company has four solar farms in Italy, two solar parks in the UK and a coastal windfarm could acquire near Bremerhaven. Thus, the total production capacity of the portfolio rose from around 550 to more than 600 MW. For two of the solar farms in Italy, the acquisition is the present time is not yet complete and is subject to the customary conditions precedent.
Also at the beginning of the second half of the Capital Stage AG could announce acquisitions. Through the acquisition of two additional wind farms Bremer Energiekontor AG in July and August, the total production output increased in wind turbines segment to nearly 140 MW. “Both the existing and future expectations of the economic conditions offer us an ideal environment for further qualitative growth,” says Prof. Dr. Untermaubach. “In the coming weeks and months, we intend to strengthen our portfolio through further acquisitions.”
To finance the growth strategy, the Capital Stage AG led in April by a capital increase of just under 10 percent of the existing authorized capital. This gross proceeds of nearly EUR 50 million was generated.
Takeover bid for CHORUS Clean Energy AG
The end of May 2016, the Capital Stage AG announced a takeover bid for CHORUS Clean Energy AG. The corresponding offer document was published on 28 July 2016th Since then the CHORUS shareholders have the opportunity their CHORUS shares in Capital Stage shares at a ratio of three (3) CHORUS shares for five (5) Capital convert Stage shares. The acceptance period ends on 16 September 2016. The merger would create one of the leading independent operators of solar and wind parks in Europe.
“We expect that consolidation will increase significantly in the medium in our industry. The merger makes us even now a significant on an international scale competitors with tremendous growth prospects and numerous strategic advantages, “said Prof. Dr. Untermaubach. “The acquisition strengthens the market position, increasing efficiency and optimizing the risk profile of our company. It also sets a significant appreciation potential-free and improves the liquidity of the share. This also benefits the shareholders to a great extent. “
The shareholders of Capital Stage AG have spoken out on the extraordinary general meeting on 8 July 2016, a clear majority for the common future of the company. And also on the side of CHORUS Clean Energy AG there is high agreement: to August 18, more than 21 percent of all CHORUS shares were tendered for exchange for shares of Capital Stage – including the CHORUS shares of CHORUS board members and the chairman, , company founder and largest shareholder CHORUS, Peter Heidecker. “The current acceptance rate is very encouraging that the merger will succeed,” says Prof. Dr. Untermaubach.
Despite the impact of meteorological conditions below the long-term average, the Board reconfirmed the operating profit forecast for the fiscal year 2016. Accordingly, he expects sales growth to more than EUR 130 million (2015: € 112.8 million), an operating EBITDA of more than 100 million Euro (2015: 86.8 million euros), an operating EBIT of EUR 60 million (2015: EUR 55.4 million) and an operating cash flow of over 93 million euros (2015: EUR 74.5 million).
The forecast is based on the end of March reproached asset portfolio and is also taking into account the recent acquisitions. This is due to the fact that the acquired projects will go only towards the end of 2016 or early 2017 to the network and therefore make not make sales or profit contribution in the current fiscal year. The company expects, however, that improve the figures for 2017 accordingly.
The semi-annual report 2016 Capital Stage AG will be published on 31 August.