7c Solarparken Ag · XETR:HRPK
7c Solarparken — H1 2018 Earnings Presentation
12 slides from 7c Solarparken's earnings presentation, Sep 26, 2018
Slide 1: Analyst Call H1 2018 Results & Outlook
ANALYST CALL H1 2018 RESULTS & OUTLOOK © 7C Solarparken AG 2018 www.solarparken.com 26 September 2018 1
Slide 2: Strong performance continued during H1'18
REVIEW H1 2018 CAPACITY OPERATIONAL FINANCIALS OUTLOOK 2018 STRONG PERFORMANCE CONTINUED DURING H1’18 Capacity increased from 118 MWp to 150 MWp at the end of June 2018. The acquisition of a pure-play PV developer (Amatec Projects) and the investment in numerous operating assets have been supported
Slide 3: Capacity growth in H1'18
REVIEW H1 2018 CAPACITY OPERATIONAL FINANCIALS OUTLOOK 2018 CAPACITY GROWTH IN H1’18 … 160 Brandholz and Tangerhütte: under acquisition 0,7 0,7 150 0,7 0,7 150 2,6 Zschornewitz, Bernsdorf, Flöha, Falkenau, Himmelfurst: under construction 6,2 140 1,8 2,3 8.9 0,7 0,7 0,6 130 0,6 1,9 1,2 0,7 120 118 1,
Slide 4: Mainly financed through a Schuldschein loan at corporate level
REVIEW H1 2018 CAPACITY OPERATIONAL FINANCIALS OUTLOOK 2018 … MAINLY FINANCED THROUGH A SCHULDSCHEIN LOAN AT CORPORATE LEVEL • Issue of EUR 25 Mio Promissory Notes (“Schuldschein”) at 7C Solarparken AG level at the end of Feb ‘18 SUMMARY • Unsecured bullet loan with maturity of five and seven years
Slide 5: Production data
REVIEW H1 2018 CAPACITY OPERATIONAL FINANCIALS OUTLOOK 2018 PRODUCTION DATA H1 2018 H1 2017 % H1 2016 H1 2015 GWh 72 57 27% 42 39 kWh/kWp 552 547 1% 492 549 Weighted MWp 127 103 23% 86 71 ▪ Our IPP portfolio generated 27% higher output versus H1’17 thanks to increased weighted capacity (+23%) and a
Slide 6: Group P&L (IFRS)
REVIEW H1 2018 CAPACITY OPERATIONAL FINANCIALS OUTLOOK 2018 GROUP P&L (IFRS) In Mio EUR H1 2018 H1 2017 COMMENT Revenues 20.4 18.1 Driven by higher production (+27%) / newly acquired assets benefit from a lower feed-in tariff Other income 1.0 1.6 H1’17 included EUR 0.7 Mio one-time income through se
Slide 7: Cash flow per share
REVIEW H1 2018 CAPACITY OPERATIONAL FINANCIALS OUTLOOK 2018 CASH FLOW PER SHARE In Mio EUR H1 2018 H1 2017 H1 2017 Pro-forma EBITDA 18.0 16.8 Clean EBITDA 15.6 Cash interest paid -2.7 -3,2 -3.2 Cash tax paid -0.1 -0.1 -0.1 Net cash flow 15.2 12.3 13.5 Weighted average # shares (in mio) 46.9 44.0 44.
Slide 8: Group balance sheet (IFRS)
REVIEW H1 2018 CAPACITY OPERATIONAL FINANCIALS OUTLOOK 2018 GROUP BALANCE SHEET (IFRS) In Mio EUR 30/06/2018 31/12/2017 30/06/2017 COMMENT ASSETS 334.6 294.4 287.5 Land & Property 9.2 8.2 7.8 New additions: Umpferstedt, Calbe, Weißenfels, Demmin Solarparks 259.7 240.5 231.4 Expansion of IPP portfoli
Slide 9: Capacity changes Q3'2018
REVIEW H1 2018 CAPACITY OPERATIONAL FINANCIALS OUTLOOK 2018 CAPACITY CHANGES Q3’ 2018 Projects MWp Transaction FIT EUR/MWh kWh/kWp Panels Inverters Muhlheim 0.7 Asset sale 111 850 Talesun Huawei Derching 1.1 Operating 303 1,000 AU Optronics AEG Friedrichsholm 0.7 New-build 111 900 Trina Solar Delta
Slide 10: EBITDA guidance 2018 / analyst presentation per April 2018
REVIEW H1 2018 CAPACITY OPERATIONAL FINANCIALS OUTLOOK 2018 EBITDA GUIDANCE 2018 / ANALYST PRESENTATION PER 24 APRIL 2018 EBITDA BRIDGE 2017-18 IN EUR MIO 32,0 0,5 0,5 1,7 0,6 30,0 0,5 29,6 0,7 0,2 28,2 28,0 0,5 26,0 ADJUSTMENT REQUIRED TO 24,0 REFLECT NEW SITUATION 22,0 20,0 EBITDA GUIDANCE FOR 201
Slide 11: EBITDA guidance raised to "at least EUR 31 Mio"
REVIEW H1 2018 CAPACITY OPERATIONAL FINANCIALS OUTLOOK 2018 UPDATE OF GUIDANCE "PREVIOUS" GUIDANCE 2018 "NEW" GUIDANCE 2018 EBITDA EUR Mio 29.6 29.6 DRIVER > 31.0 COMMENT 0.5 1. EFFECT OF ACQUISITIONS IN Q2'18 0.8 150 MWp versus 135 MWp capacity in June '18 0.5 2. ASSET ROTATION / BADWILL 0.8 EUR 0.
Slide 12: 7C Solarparken AG
7C SOLARPARKEN AG OO parken x