04/04/2025
Annual Results 2024 & Outlook 2025
INVESTOR CALL
08:30H
QUICK REVIEW 2024: A Disappointing Year With An Unscheduled Write-Off
POWER PRICE
▪ PV Power Price dropped to EUR 46/MWH versus EUR 72/MWH in 2023. Guidance assumed EUR 52/MWH.
▪ Negative hours double as high as expected
▪ Adverse effect via impairments, negligible impact on EBITDA due to Swaps
PRODUCTION
▪ Poor irradiation year
▪ Record of Curtailments through Re-Dispatch and Negative Prices
▪ No growth in capacity
▪ Delays in grid connection
7C SOLARPARKEN IN BRIEF | 4 |
3Y SHARE PRICE Relative Outperformer Until 01.07.2024: The Day of Profit Warning
7C SOLARPARKEN IN BRIEF | 5 |
FINANCIAL PROFILE Balance Sheet Hardly Impacted By The Decline In EBITDA 2024
TRACK-RECORD OF PROFITABILITY (EBITDA / TOTAL ASSETS)
BALANCE SHEET QUALITY (EQUITY RATIO)
80,0 70,0 60,0 50,0 40,0 30,0 20,0 10,0 0,0
2015
16,0%
50,0%
2016
2017
2018
2019
2020
EBITDA (EUR Mio.)
2021
2022
2023
2024
14,0%45,0%
12,0%
35,0% 10,0% 30,0%
8,0% 25,0%
6,0% 20,0%
4,0% 15,0%
2,0% 10,0%
0,0%
40,0%
5,0%
0,0%
2024
2015
0,70
0,60
0,50
0,40
0,30
0,20
0,10
-
2016
2017
2018
2019
2020
Yield Equity Ratio
2021
2022
2023
CFPS
7C SOLARPARKEN IN BRIEF | 6 |
BOOK VALUE @ EUR 2.69/Share (EUR 0.14/Share Less Versus 2023)
10Y TREND (EUR PER SHARE)
PRICE-BOOK VALUE EUROPEAN RENEWABLE IPP'S (15.03.2025)
5,00
1,66
4,50
4,00
3,50
3,00
2,50
2,00
1,50
1,00
0,50
0,00
2015
2016
2017
2018
Book Value
2019
Year-End Stock Price
2020
2021
2022
2023
2024
7C SOLARPARKEN IN BRIEF | 7 |
IPP PORTFOLIO AT 31.03.2025 472 MWP Yielding Annual Power Sales of EUR 64 Mio.
Germany | ||
_Fixed FIT < 2016 | ||
_Direkt Vermarktung | 245 | 23 |
Belgium | 63 | 5 |
_Green Certificates | ||
_PPA's & Injection | ||
IPP Portfolio |
FULL CAPACITY | NOT GRID-CONNECTED |
MWP | MWP |
410 | 23 |
165 |
PRODUCTION | LOAD HOURS | POWER SALES | CAPTURE PRICE | ||
GWH | KWH/KWP | EUR Mio. | EUR/MWH | ||
394 | 963 | 59 | 149 | ||
158 | 961 | 43 | 273 | ||
236 | 964 | 16 | 67 | ||
52 | 835 | 5 | 94 | ||
5 | 832 | 2 | 377 | ||
57 | 5 | 47 | 836 | 3 | 64 |
472 | 28 | 447 | 946 | 64 | 143 |
6
Note: The installation "Reuden Süd is under construction. but not retained yet in the IPP Portfolio due to its uncertain future.
▪ Projects in construction (28 MWP) are included at their full capacity: Rötz V, Pirk, Premenreuth, Kohlberg and Nedcargo_II (extension)
▪ Average year of commissioning: 2012-13 (weighted revenues) => 8 years at full equivalent feed-in revenues
▪ Average capture price: EUR 143/MWh
▪ Germany: Feed-in Tariffs are state-guaranteed and fixed for 20 years + year of commissioning
▪ Belgium: Long-term on-site PPA's in combination with merchant power and green certificates for the parks < 2013
▪ Balanced Upside/Downside to Power Sales: (+) months with market price > Feed-in Tariff and (-) exposure of parks to negative prices
▪ Rooftop and land lease contracts usually running 20 years + option for at least 5 years extension
▪ PV Estate 199 ha includes land ownership on 85 MWP PV assets
UPDATE IPP PORTFOLIO | 9 |
BREAKDOWN BY YEAR OF COMMISSIONING
60.000
450
50.000
40.000
20.000
10.000
30.000
-
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
EXPOSED TO NEGATIVE PRICES
400
350
300
250
200
150
100
50 - KWP Germany KWP Belgium
EUR/MWH (Right Scale)
UPDATE IPP PORTFOLIO | 10 |
| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |