27.03.2017
Capital Stage AG DE0006095003
DGAP-News: Capital Stage AG: Preliminary operating results for 2016 exceed internal expectations
DGAP-News: Capital Stage AG / Key word(s): Final Results/Preliminary Results
Capital Stage AG: Preliminary operating results for 2016 exceed internal
expectations
27.03.2017 / 08:53
The issuer is solely responsible for the content of this announcement.
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Capital Stage AG: Preliminary operating results for 2016 exceed internal
expectations
* Revenue growth of more than 25 per cent
* Equity ratio up to more than 25 per cent
* Growth is expected to continue in 2017
The SDAX-listed Hamburg-based solar and wind park operator Capital Stage
reports further significant growth in the 2016 financial year on the basis
of preliminary operating figures. Despite it being a comparatively poor year
for wind, the company even exceeded its own forecast for the operating
result in 2016. This positive performance was based primarily on further
expansion of the portfolio of solar and wind parks and the takeover of
CHORUS Clean Energy AG in October 2016. At the same time, Capital Stage's
equity ratio has increased significantly as of the reporting date.
Revenue in the 2016 financial year increased significantly by more than 25
per cent to some EUR 141.8 million (Capital Stage forecast for 2016: EUR 140
million). Operating earnings before interest, tax, depreciation and
amortisation (operating EBITDA) came to some EUR 106.1 million (Capital
Stage forecast for 2016: EUR 104 million). Operating earnings before
interest and tax (operating EBIT) rose again in the reporting period to EUR
61.6 million (Capital Stage forecast for 2016: EUR 60 million). Cash flow
from operating activities was also up significantly in 2016 to over EUR
103.8 million (Capital Stage forecast for 2016: EUR 98 million). The
preliminary figures for operating results exceeded the own expectations of
the company for the 2016 financial year. According to the preliminary
figures, the equity ratio has increased to 25.9 per cent and the balance
sheet total to approximately EUR 2.4 billion compared to the reporting date
of the previous year.
For the first time, the operating figures for the 2016 financial year
include the earnings contributions of CHORUS Clean Energy for the fourth
quarter of 2016. Capital Stage's results are therefore only partially
comparable with those for the previous year. In November 2016, Capital Stage
AG published an adjusted earnings forecast for 2016 (Capital Stage forecast)
which included earnings contributions from CHORUS in the fourth quarter
2016.
Continued growth in 2017
Capital Stage is also confident it will continue its rapid growth in the
current 2017 financial year. For 2017, the Company is expecting revenue to
go up to over EUR 200 million. Operating EBITDA should increase to more than
EUR 150 million as a result. The Management Board is expecting operating
EBIT for 2017 to be in excess of EUR 90 million. Cash flow from operating
activities should again improve significantly to over EUR 140 million.
"The preliminary operating results exceed our own expectations. In addition
to the systematic expansion of our portfolio, it was above all the takeover
of CHORUS Clean Energy AG that made the decisive contribution to this
success," Dr Christoph Husmann, CFO of Capital Stage AG, comments on the
preliminary result. "In the current 2017 financial year, we definitely
intend to keep growing. We will continue to build our portfolio of
profitable solar and wind parks and also review carefully any further
opportunities for inorganic growth. Our guidance for 2017 is nonetheless
based solely on the existing portfolio and does not include any additional
acquisitions over the remainder of the year," continues Dr Husmann.
Notes on the preliminary figures for 2016
The figures provided are based solely on the Company's operating
profitability and do not take any IFRS-related valuation effects into
account. In addition, the operating earnings figures (operating EBITDA,
EBIT) and the operating cashflow have been adjusted for one-time expenses of
about EUR 4.6 million and some EUR 8.5 million respectively.
The earnings forecast for the 2017 financial year is also based solely on
the portfolio of solar and wind parks as of the reporting date 31 December
2016. Any further acquisitions or new asset management mandates acquired
over the course of the remaining financial year are not included in the
published forecast.
These preliminary operating figures for Capital Stage are still subject to
audit and must be confirmed by the Supervisory Board. Definitive financial
and earnings figures for the year 2016 will be published on 31 March 2017.
About Capital Stage AG:
Since 2009, Capital Stage has been investing in and operating solar and wind
parks, now with installations in Germany, France, Finland, the United
Kingdom, Italy, Austria and Sweden. Including solar and wind parks acquired
and operated as part of the asset management business for third parties, the
company's generation capacity totals more than 1.2 gigawatts. This makes
Capital Stage one of Europe's leading independent solar and wind park
operators. With its solar and wind parks, the company generates attractive
yields as well as continuous and predictable income.
The Capital Stage AG share is listed on the regulated market (Prime
Standard) of the Frankfurt Stock Exchange and on the regulated market of the
Hamburg stock exchange (ISIN: DE0006095003 / WKN: 609500). Since 2014, the
Capital Stage AG share has been included in the SDAX index of Deutsche
Börse.
You can find further information on the company at www.capitalstage.com.
Contact:
Head of Investor & Public Relations
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Capital Stage AG
Große Elbstraße 59
22767 Hamburg
Fon: + 49 40 37 85 62-242
Fax: + 49 40 37 85 62-129
e-mail: [email protected]
http://www.capitalstage.com
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27.03.2017 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Capital Stage AG
Große Elbstraße 59
22767 Hamburg
Germany
Phone: +49 4037 85 62 -0
Fax: +49 4037 85 62 -129
E-mail: [email protected]
Internet: www.capitalstage.com
ISIN: DE0006095003
WKN: 609500
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Hamburg;
Regulated Unofficial Market in Berlin, Dusseldorf, Munich,
Stuttgart, Tradegate Exchange
End of News DGAP News Service
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558299 27.03.2017
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