- Nachrichtendetail
-
28.03.2024 07:01:57 - Edisun Power Europe AG: Edisun Power shows record -2-
DJ 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
. Jump in sales to CHF 37.65 million thanks to sales transaction with CHF 18.7 million one-off capital gain
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.
===
(MORE TO FOLLOW) Dow Jones Newswires
March 28, 2024 02:01 ET (06:01 GMT)
===
Universitätstrasse 51
8006 Zürich
Switzerland
End of Announcement EQS News Service
===
1869171 28-March-2024 CET/CEST
Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1869171&application_name=news
END) Dow Jones Newswires
March 28, 2024 02:01 ET (06:01 GMT)
===
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.
===
(MORE TO FOLLOW) Dow Jones Newswires
March 28, 2024 02:01 ET (06:01 GMT)
===
End of Inside Information 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
===
1869171 28-March-2024 CET/CEST
Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1869171&application_name=news
END) Dow Jones Newswires
March 28, 2024 02:01 ET (06:01 GMT)
