Preliminary operating nine-month figures and adjusted forecast for 2016 after takeover of CHORUS Clean Energy AG
The SDAX-listed Hamburg-based solar and wind park operator Capital Stage continued to grow in the first nine months of 2016 in spite of the below-average wind levels compared to previous years. Thus, after the successful first half-year, the company remains on track to achieve its operating goals for the 2016 financial year. Against the background of the completed takeover of CHORUS Clean Energy AG, Capital Stage furthermore published an adjusted forecast for the operating result of the financial year 2016, which for the first time also comprises the expected result of CHORUS for the fourth quarter of 2016.
In the first nine months of 2016, Capital Stage increased its revenues by approx. 14 percent to EUR 107.5 million compared to the same period of the previous year (9M 2015: EUR 94.4 million). Consolidated operating earnings before interest, taxes, depreciation and amortisation (EBITDA) rose from EUR 76.3 million to EUR 85.6 million (+12%). Operating earnings before interest and taxes (EBIT) came in at EUR 57.0 million (9M 2015: EUR 53.5 million; +7%). Operating cash flow for the period amounted to EUR 69.8 million (9M 2015: EUR 53.7 million; +30%).
Adjusted guidance for 2016 including result of CHORUS
Following the takeover of more than 94 percent of the shares in CHORUS Clean Energy AG in October 2016, the latter will be fully consolidated in the consolidated financial statements of Capital Stage going forward. It will be fully consolidated for the first time in the fourth quarter of 2016, which in the field of renewable energies in general only has a minor contribution to revenues and earnings. Against this background, Capital Stage has adjusted its forecast for the operating result of the financial year 2016.
According to this forecast, the Management Board of Capital Stage AG expects revenues to increase to over EUR 140 million in the financial year 2016. Operating earnings before interest, taxes, depreciation and amortisation (operating EBITDA) are expected to rise to more than EUR 104 million. Forecast operating earnings before interest and taxes (operating EBIT) increase to over EUR 60 million. Operating cash flow is expected to exceed EUR 98 million. The indicated forecast values have been adjusted for one-off expenses in connection with the takeover of CHORUS by Capital Stage AG in the amount of approximately EUR 6 million in the operating performance indicators (EBITDA; EBIT) as well as in the amount of approximately EUR 8 million in the operating cash flow.
The above KPIs only mirror the company’s operating profitability and do not reflect any IFRS-related valuation effects.