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28.03.2024 07:01:15 - dpa-AFX: EQS-Adhoc: Edisun Power Europe AG: Edisun Power shows record results with sales transactions (english)
Edisun Power Europe AG: Edisun Power shows record results with sales
transactions
Edisun Power Europe AG / Key word(s): Annual Results
Edisun Power Europe AG: Edisun Power shows record results with sales
transactions
28-March-2024 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Ad hoc announcement pursuant to Art. 53 LR
Zurich, March 28, 2024
Edisun Power shows record results with sales transactions
* EBITDA up by 118.4% to CHF 30.91 million and 82.1% margin
* Record solar electricity production of 165 094 MWh (+33.8%)
* Proposed higher dividend CHF 1.70/share
* New five-year bond emission first July 2024 with a coupon of 3.5%
2023 was a record year for Edisun Power in various respects: financially,
new record values were achieved with the sales of project portfolio of
smaller plants of 706 MWp to its strategic partner Smartenergy Group and the
realization of a one-off capital gain of 18.7 MCHF. In return, Edisun
decided to strongly focus on large-scale solar plants only and acquired
three large-scale solar plants projects of totally 941 MWp in the region of
Madrid in Spain (Fuencarral). The Board of Directors recommends to the
Annual General Meeting the distribution of a continued increased dividend of
CHF 1.70 per share compared to CHF 1.60 last year.
The main focus for Edisun Power is the further development and construction
of large-scale solar projects and its financing. For this purpose, Edisun
will issue a new five-year bond with a coupon of 3.5% as of first July 2024.
New record sale
Total Group sales increased by 98.5% to CHF 37.65 million (2022: CHF 18.97
million) and by 101.9% in local currencies. The increase in sales was mainly
triggered by the sales of a portfolio of PV project rights end of 2023.
Without the resulting capital gain, the total group sales were reduced by
6.8% (in local currency -3.3%), primarily due to lower electricity prices in
Spain (negative impact of CHF 2.8 million or -32%) as well as due to worse
weather conditions and the operational discontinuance of a PV plant in
Germany (negative impact of CHF 1.9 million or -52%). Specifically, the
energy market rate in Spain experienced a notable decline of 54.3%, dropping
from an average sales price of 151 Euros per MWh in 2022 to an average of 69
Euros per MWh. These lower earnings were partially
offset by improved outcomes in Portugal, attributed to the commencement of
production at the new large-scale power plant, Betty, and the proceeds from
selling Guarantees of Origins, resulting in a positive impact of CHF 2.6
million and representing a 63% increase.
Overall, the solar electricity production of 165,094 MWh was 33.8% higher
than in 2022. Despite this positive volume effect, the revenues from sale of
electricity were reduced by 7.2% (in local currency -3.8%) to CHF 17.45
million (2021: CHF 18.81 million). Several significant factors contributed
to these results. Firstly, there was a decline in the average euro exchange
rate by 3.8%. Secondly, we experienced a substantial decrease in the
electricity price mix compared to the previous year, down by 28.1%. Latter
was triggered by the impact of the sales price from the new large-scale
solar plant Betty in Portugal as we can no longer benefit from high
feed-in-tariffs. Thirdly, the normalization to lower electricity prices on
the market, as well as the emergency legal measures to contain energy prices
in Spain and the repatriation of excess profits in Italy and Germany limited
better results.
The solar electricity production was particularly lower in Germany (-24.1%),
Switzerland (-15.8%) and Italy (-7.6%) when comparing to 2022. Those
reductions were triggered by worse weather conditions, technical impacts in
some rather old plants and the temporarily discontinuance of a plant in
Germany (Hörselgau, 1 MW rooftop plant). Production in France and Spain was
practically flat compared to the prior year and the production in Portugal
surged from 77'268 MWh to 120'903 MWh due to the new large-scale solar plant
Betty (23.4 MWp). Portugal's solar electricity output alone equals almost
the solar electricity production of the total Edisun Group in 2022 and
constitutes 73.3% of the group's total output in 2023.
Strong increase of profitability with sales transaction
With the recognition of the capital gain of 18.7 MCHF from the sales of
solar plant projects as well as the better economies of scale from the new
large-scale plants the earnings before interest, taxes, depreciation and
amortization (EBITDA) more than doubled by 118.4% to CHF 30.91 million
(2022: CHF 14.15 million). The EBITDA margin experienced a notable increase,
rising from 74.6% to 82.1%.
The operational costs increased with the accelerated activities in Italy,
Spain and Portugal related to its project portfolio. The plants in
Switzerland demonstrated the highest EBITDA margins at 85.6% (compared to
89.9% in 2022), largely attributable to the advantageous fixed feed-in
tariffs. Following Switzerland, France maintained strong margins at 84.4%
(compared to 83.4% in 2022), while Portugal also saw an improvement,
reaching 83.0% (compared to 80.9% in 2022).
However, EBITDA margins in Italy experienced a decline to 26.8% (compared to
44% in 2022) due to the impact of a new tax on solar revenues. Similarly, in
Spain, revenues decreased, leading to a decline in EBITDA margin from 81.7%
to 68.3%.
Edisun Power's strategic focus on large-scale solar plants proved effective,
with the EBITDA margins for the "Mogadouro" plant (49 MWp) reaching 91.2%
and the new "Betty" plant (23.4 MWp) achieving 89.0%. Remarkably, these
results were attained without subsidies for construction or subsidized solar
electricity sales prices.
Depreciation of the solar plants increased to CHF 6.63 million (2022: CHF
5.94 million). Due to the higher cost of capital, an impairment of CHF 0.2
million in France and Germany was needed. Compared to the previous year,
operating profit reached with CHF 24.1 million (2021: CHF 8.0 million) an
exceptional new record EBIT margin of 63.9% (2022: 42.2%).
Net financing costs including the effects of exchange rate changes decreased
CHF 3.2 million thanks to currency gains on third party loans. These
currency gains are due to the 6.5% stronger CHF closing rate at the end of
2023 compared to the previous year. Hedging of this position has been waived
until now. Income taxes were reduced to CHF 1.1 million as the capital gain
only triggered limited taxation expenses (2022: CHF 1.5 million).
Overall, net profit more than doubled by 128.4% to CHF 23.35 million (2022:
CHF 10.23 million), which corresponds to earnings per share of CHF 22.55
(2022: CHF 9.87) based on the weighted average number of shares outstanding.
With this annual result, the Edisun Power Group has achieved a new record
with the proactive sales of PV project pipelines and the focus on
large-scale solar projects.
High investments and newer financing
At CHF 7.3 million, cash flow from operating activities is above the
previous year's result (2022: CHF 3.1 million). This is mainly due to the
higher profitability, lower inventories, increase in accounts payable and
lower tax payments. The development of the PV plants, which were acquired
with a total of 783.6 MW in 2021, continued to progress. The cash flow from
investing activities amounted to over CHF 25.0 million (2022: 22.8 million).
Edisun Power was able to issue a new five-year bond with a coupon of 3.25 %
for CHF 25.3 million. These funds have been used for the development and
construction of solar plants as well as for the repayment of debts.
At CHF 346.1 million, total assets were lower than in the previous year
(2022: CHF 394.3 million). With the sales and purchase transactions at
year-end and the positive operating results, the equity ratio increased
sharply to 27.8% (2022: 19.4%). Net debt decreased by 26.6% to CHF 191.0
thanks to the offsetting of outstanding loans with the sale of PV projects
to Smartenergy Group (2022: CHF 260.4 million); despite an uptick in bond
debt to CHF 126.1 million (2022: CHF 101.2 million).
Outlook for the current year, new five-year bond and dividend proposal
Operationally, the first few months of 2024 business year have been
challenging due to adverse weather conditions and a decline in electricity
prices. Moving forward, the focus will be on the development of the new
large-scale project portfolio of over 941 MW (Fuencarral), the
accomplishment of its financing, and on the sale of project rights of
smaller solar projects. A new five-year bond emission of up to CHF 30
million with a coupon of 3.5% will be launched. The Board of Directors
proposes the distribution of a dividend of CHF 1.70 per share, increased by
10 centimes.
The Edisun Power Annual Report 2022 is available on the Group's website:
http://www.edisunpower.com/en/home-en/investors-en/reporting
For further information
Dr. René Cotting, info@edisunpower.com
Edisun Power group
As a listed Eureopean solar power producer, the Edisun Power Group finances
and operates solar power plants in various European countries, Edisun Power
started its operations in this field early as 1997 and has been listed on
the Swiss Stock Exchange since September 2008. Edisun Power has broad
experience in the realization and purchase of both national and
international projects, thanks in part to its strategic partnership with the
Smartenergy Group. Currently, the company owns 36 solar power plants in
Switzerland, Germany, Spain, France, Italy and Portugal. With a secured
portfolio of projects under development of approx. 1.2 GW, the company is
equipped for significant growth.
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End of Inside Information
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End of Announcement EQS News Service
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1869171 28-March-2024 CET/CEST
transactions
Edisun Power Europe AG / Key word(s): Annual Results
Edisun Power Europe AG: Edisun Power shows record results with sales
transactions
28-March-2024 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Ad hoc announcement pursuant to Art. 53 LR
Zurich, March 28, 2024
Edisun Power shows record results with sales transactions
* Jump in sales to CHF 37.65 million thanks to sales transaction with CHF
18.7 million one-off capital gain
* EBITDA up by 118.4% to CHF 30.91 million and 82.1% margin
* Record solar electricity production of 165 094 MWh (+33.8%)
* Proposed higher dividend CHF 1.70/share
* New five-year bond emission first July 2024 with a coupon of 3.5%
2023 was a record year for Edisun Power in various respects: financially,
new record values were achieved with the sales of project portfolio of
smaller plants of 706 MWp to its strategic partner Smartenergy Group and the
realization of a one-off capital gain of 18.7 MCHF. In return, Edisun
decided to strongly focus on large-scale solar plants only and acquired
three large-scale solar plants projects of totally 941 MWp in the region of
Madrid in Spain (Fuencarral). The Board of Directors recommends to the
Annual General Meeting the distribution of a continued increased dividend of
CHF 1.70 per share compared to CHF 1.60 last year.
The main focus for Edisun Power is the further development and construction
of large-scale solar projects and its financing. For this purpose, Edisun
will issue a new five-year bond with a coupon of 3.5% as of first July 2024.
New record sale
Total Group sales increased by 98.5% to CHF 37.65 million (2022: CHF 18.97
million) and by 101.9% in local currencies. The increase in sales was mainly
triggered by the sales of a portfolio of PV project rights end of 2023.
Without the resulting capital gain, the total group sales were reduced by
6.8% (in local currency -3.3%), primarily due to lower electricity prices in
Spain (negative impact of CHF 2.8 million or -32%) as well as due to worse
weather conditions and the operational discontinuance of a PV plant in
Germany (negative impact of CHF 1.9 million or -52%). Specifically, the
energy market rate in Spain experienced a notable decline of 54.3%, dropping
from an average sales price of 151 Euros per MWh in 2022 to an average of 69
Euros per MWh. These lower earnings were partially
offset by improved outcomes in Portugal, attributed to the commencement of
production at the new large-scale power plant, Betty, and the proceeds from
selling Guarantees of Origins, resulting in a positive impact of CHF 2.6
million and representing a 63% increase.
Overall, the solar electricity production of 165,094 MWh was 33.8% higher
than in 2022. Despite this positive volume effect, the revenues from sale of
electricity were reduced by 7.2% (in local currency -3.8%) to CHF 17.45
million (2021: CHF 18.81 million). Several significant factors contributed
to these results. Firstly, there was a decline in the average euro exchange
rate by 3.8%. Secondly, we experienced a substantial decrease in the
electricity price mix compared to the previous year, down by 28.1%. Latter
was triggered by the impact of the sales price from the new large-scale
solar plant Betty in Portugal as we can no longer benefit from high
feed-in-tariffs. Thirdly, the normalization to lower electricity prices on
the market, as well as the emergency legal measures to contain energy prices
in Spain and the repatriation of excess profits in Italy and Germany limited
better results.
The solar electricity production was particularly lower in Germany (-24.1%),
Switzerland (-15.8%) and Italy (-7.6%) when comparing to 2022. Those
reductions were triggered by worse weather conditions, technical impacts in
some rather old plants and the temporarily discontinuance of a plant in
Germany (Hörselgau, 1 MW rooftop plant). Production in France and Spain was
practically flat compared to the prior year and the production in Portugal
surged from 77'268 MWh to 120'903 MWh due to the new large-scale solar plant
Betty (23.4 MWp). Portugal's solar electricity output alone equals almost
the solar electricity production of the total Edisun Group in 2022 and
constitutes 73.3% of the group's total output in 2023.
Strong increase of profitability with sales transaction
With the recognition of the capital gain of 18.7 MCHF from the sales of
solar plant projects as well as the better economies of scale from the new
large-scale plants the earnings before interest, taxes, depreciation and
amortization (EBITDA) more than doubled by 118.4% to CHF 30.91 million
(2022: CHF 14.15 million). The EBITDA margin experienced a notable increase,
rising from 74.6% to 82.1%.
The operational costs increased with the accelerated activities in Italy,
Spain and Portugal related to its project portfolio. The plants in
Switzerland demonstrated the highest EBITDA margins at 85.6% (compared to
89.9% in 2022), largely attributable to the advantageous fixed feed-in
tariffs. Following Switzerland, France maintained strong margins at 84.4%
(compared to 83.4% in 2022), while Portugal also saw an improvement,
reaching 83.0% (compared to 80.9% in 2022).
However, EBITDA margins in Italy experienced a decline to 26.8% (compared to
44% in 2022) due to the impact of a new tax on solar revenues. Similarly, in
Spain, revenues decreased, leading to a decline in EBITDA margin from 81.7%
to 68.3%.
Edisun Power's strategic focus on large-scale solar plants proved effective,
with the EBITDA margins for the "Mogadouro" plant (49 MWp) reaching 91.2%
and the new "Betty" plant (23.4 MWp) achieving 89.0%. Remarkably, these
results were attained without subsidies for construction or subsidized solar
electricity sales prices.
Depreciation of the solar plants increased to CHF 6.63 million (2022: CHF
5.94 million). Due to the higher cost of capital, an impairment of CHF 0.2
million in France and Germany was needed. Compared to the previous year,
operating profit reached with CHF 24.1 million (2021: CHF 8.0 million) an
exceptional new record EBIT margin of 63.9% (2022: 42.2%).
Net financing costs including the effects of exchange rate changes decreased
CHF 3.2 million thanks to currency gains on third party loans. These
currency gains are due to the 6.5% stronger CHF closing rate at the end of
2023 compared to the previous year. Hedging of this position has been waived
until now. Income taxes were reduced to CHF 1.1 million as the capital gain
only triggered limited taxation expenses (2022: CHF 1.5 million).
Overall, net profit more than doubled by 128.4% to CHF 23.35 million (2022:
CHF 10.23 million), which corresponds to earnings per share of CHF 22.55
(2022: CHF 9.87) based on the weighted average number of shares outstanding.
With this annual result, the Edisun Power Group has achieved a new record
with the proactive sales of PV project pipelines and the focus on
large-scale solar projects.
High investments and newer financing
At CHF 7.3 million, cash flow from operating activities is above the
previous year's result (2022: CHF 3.1 million). This is mainly due to the
higher profitability, lower inventories, increase in accounts payable and
lower tax payments. The development of the PV plants, which were acquired
with a total of 783.6 MW in 2021, continued to progress. The cash flow from
investing activities amounted to over CHF 25.0 million (2022: 22.8 million).
Edisun Power was able to issue a new five-year bond with a coupon of 3.25 %
for CHF 25.3 million. These funds have been used for the development and
construction of solar plants as well as for the repayment of debts.
At CHF 346.1 million, total assets were lower than in the previous year
(2022: CHF 394.3 million). With the sales and purchase transactions at
year-end and the positive operating results, the equity ratio increased
sharply to 27.8% (2022: 19.4%). Net debt decreased by 26.6% to CHF 191.0
thanks to the offsetting of outstanding loans with the sale of PV projects
to Smartenergy Group (2022: CHF 260.4 million); despite an uptick in bond
debt to CHF 126.1 million (2022: CHF 101.2 million).
Outlook for the current year, new five-year bond and dividend proposal
Operationally, the first few months of 2024 business year have been
challenging due to adverse weather conditions and a decline in electricity
prices. Moving forward, the focus will be on the development of the new
large-scale project portfolio of over 941 MW (Fuencarral), the
accomplishment of its financing, and on the sale of project rights of
smaller solar projects. A new five-year bond emission of up to CHF 30
million with a coupon of 3.5% will be launched. The Board of Directors
proposes the distribution of a dividend of CHF 1.70 per share, increased by
10 centimes.
The Edisun Power Annual Report 2022 is available on the Group's website:
http://www.edisunpower.com/en/home-en/investors-en/reporting
For further information
Dr. René Cotting, info@edisunpower.com
Edisun Power group
As a listed Eureopean solar power producer, the Edisun Power Group finances
and operates solar power plants in various European countries, Edisun Power
started its operations in this field early as 1997 and has been listed on
the Swiss Stock Exchange since September 2008. Edisun Power has broad
experience in the realization and purchase of both national and
international projects, thanks in part to its strategic partnership with the
Smartenergy Group. Currently, the company owns 36 solar power plants in
Switzerland, Germany, Spain, France, Italy and Portugal. With a secured
portfolio of projects under development of approx. 1.2 GW, the company is
equipped for significant growth.
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End of Inside Information
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Language: English
Company: Edisun Power Europe AG
Universitätstrasse 51
8006 Zürich
Switzerland
Phone: +41 44 266 61 20
Fax: +41 44 266 61 22
E-mail: info@edisunpower.com
Internet: www.edisunpower.com
ISIN: CH0024736404
Valor: 2473640
Listed: SIX Swiss Exchange
EQS News ID: 1869171
End of Announcement EQS News Service
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1869171 28-March-2024 CET/CEST
