7C Solarparken AG: 7C Solarparken achieves a record EBITDA of EUR 48.6 Mio in 2021, up 13% versus last year

Bayreuth (pta011/07.04.2022/07:30 UTC+2)

In the financial year 2021 7C Solarparken group (WKN: A11QW6, ISIN: DE 000A11QW68) has exceeded its EBITDA and CFPS guidance. Firstly, the group achieved a record EBITDA of EUR 48.6 Mio. versus EUR 42.9 Mio. the year before. The group's performance has developed very positively mainly reflecting (i) the build-up of its IPP portfolio from 256 MWp to 339 MWp, and (ii) and a power price increase above EUR 70/MWh as from June 2021. On the negative side, the annual irradiation and specific output fell by 7-8% versus 2020. The group's equity ratio rose from 35% to 39% underpinning the solidity of the balance sheet. Cash Flow per share declined only slightly to EUR 0.56 versus EUR 0.57 in 2020, but much better than latest guidance of EUR 0.51 per share. The management board proposes a flat dividend at EUR 0.11 per share.

Outlook 2022

The guidance for the financial year 2022 is based on an operating portfolio of 339 MWp without contribution from further growth and assuming a return to a moderate irradiation year as from April 2022. 7C Solarparken sets a two-scenarios guidance for 2022. In the first scenario, the company assumes an electricity price of EUR 126/MWh for the rest of the year, resulting into an EBITDA and CFPS of resp. EUR 55.4 Mio and EUR 0.61 per share. A power price of EUR 126/MWh is indeed below the unsustainable current market price, and reflects a return to the pre-Ukraine situation based on improved gas storage levels in Europe since mid February '22. The second scenario assumes a cap on power prices (management estimate: EUR 70/MWh) – in line with the recent guidelines by the European Commission on authorised energy market intervention and already introduced by some EU member states. Such an eventual windfall profit levy would directly impact guidance and lead to EBITDA of EUR 49.1 Mio and CFPS at EUR 0.53 per share. High(er) power prices or the absence of such a windfall levy would evidently support earnings momentum during the year.

Steven De Proost, CEO of 7C Solarparken AG: "We delivered once again better-than-expected figures, but were impacted by harsh weather conditions. We recorded a record capacity growth up to 339 MWp and generated a record consolidated net profit of EUR 10.6 Mio. We plan to grow our capacity base further to 400 MWp this year but above all in the absence of state intervention, we should be able to yield substantial cash flow improvement due to higher power price than last year."

Annual Report 2021

The Annual Report is available at the website of the company under "Investor Relations". A conference call for analysts is planned on 7 April 2022 at. 8:15 am

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Emitter:	7C Solarparken AG An der Feuerwache 15 95445 Bayreuth Germany
Contact Person:	Koen Boriau
Phone:	+49 921 230557-77
E-Mail:	info@solarparken.com
Website:	www.solarparken.com
ISIN(s):	DE000A11QW68 (Share)
Stock Exchange(s):	Regulated Market in Frankfurt; Free Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate
Other Stock Exchanges:	London