7C Solarparken AG: Strong growth in power production and EBITDA during H1'19

Bayreuth (pta038/26.09.2019/18:30 UTC+2) 7C Solarparken (WKN: A11QW6 / ISIN: DE000A11QW68) has announced its first-half results. Total production output grew by 27% to 91 GWh driven mainly by expansion of the running capacity to 159 MWp (+25%). Weather conditions did hardly change in comparison to last year's first six months, but irradiation still exceeded slightly the long-term average.

Consolidated revenues rose to EUR 22.8 Mio. versus EUR 20.4 Mio in H1'18 reflecting a combination of increased output and a declining average tariff due to changes in the capacity mix. Latest acquisitions and new-build installations indeed enjoy lower feed-in tariffs than the older plants in the portfolio. EBITDA increased from EUR 18 Mio to EUR 21.5 Mio thanks to increased power sales and the positive impact of IFRS 16 (+EUR 0.5 Mio) which reclassifies lease & rental expenses out of EBITDA into depreciation and financial expenses.

Cash Flow Per Share continued its upward trend and rose to EUR 0.33 per share in the first half of 2019, versus EUR 0.32 per share during H1'18. Although weather conditions in the third quarter fully normalised in 2019 against the exceptional summer of 2018, management is highly confortable to reach its full-year guidance of at least EUR 35 Mio. EBITDA and at least EUR 0.50 Cash Flow Per Share.

Although IFRS 16 is expanding the balance sheet, the group has further raised its equity ratio to 30.7%.

Steven De Proost, CEO of 7C Solarparken, comments: "Again, we have demonstrated that our growth strategy to become a Tier-2 player in combination with financial disciplin to maintain a strong equity ratio is supporting the underlying numbers. We will maintain our approach that has contributed to our success to date, which consists in relying on predictable cash flows from feed-in tariffs coming from smaller installations. The new Climate Package adopted in Germany with a planned removal of the 52 GWp cap is a clear signal that feed-in tariff projects are the preferred market route."

7C Solarparken AG
7C Solarparken is a pure-play PV owner/operator with an IPP portfolio of 187 MWp, including 6 MW onshore wind. Including, its asset management activities, the group`s managed portfolio stands at 264 MWp. Almost all installations are located in Germany. The company's shares are listed on the regulated market in Frankfurt in the General Standard segment.

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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, Munich, Stuttgart