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Mo, 27.05.2024 18:18
pta20240527043
Business news for the stock market
7C Solarparken AG: Q1'24 EBITDA down to EUR 7.0 Mio due to bad weather and sluggish power pricesBayreuth (pta043/27.05.2024/18:18) - Bayreuth, May 27th, 2024 7C Solarparken (WKN: A11QW6, ISIN: DE 000A11QW68) publishes its Q1'24 figures today, which were driven by three main factors:
*
Strong capacity growth
: the weighted operating capacity has increased by 6% from 397 MWp in Q1'23 to 421 MWp in Q1'24.
Group EBITDA fell from EUR 8.9 million in Q1'23 to EUR 7.0 million in Q1'24, which is higher than the implicit Q1 outlook of EUR 6.4 million included in the full year guidance as elaborated in the annual results' presentation. The EBITDA reported over Q1'23, however, included EUR 1.7 million of other operating income resulting amongst other one-off effects from the recovery of curtailments in 2022 (Re-Dispatch 2.0). Net debt came in at EUR 138.1 million, down from EUR 153.0 million at the end of the first quarter of 2023. The Group's Balance sheet remains very healthy boasting an Equity Ratio of 44.5%. Outlook remains unchanged (so far) Amid continued adverse weather conditions and record prevalence of negative prices throughout the months of April and May 2024, Management keeps the outlook unchanged. It should be noted that this means, Management is implicitly assuming an improvement in irradiation and power prices for the remainder of the year in order to maintain the "at least EUR 57 million" EBITDA guidance for the 2024 financial year. Forward power prices for 2025 have increased by EUR 20/MWh in recent days, whereas power demand shows early signs of recovery. The operational and strategic agenda remains unchanged and is progressing in line with expectations. Two projects have been refurbished already, construction is about to start on a series of new-build projects in Bayern, and re-powering in Demmin and Neuhaus-Stetten is being prepared. Furthermore, 7C Solarparken is currently strengthening its business model as to secure additional and more attractive routes to sell its power production. Steven De Proost, CEO of 7C Solarparken AG, comments: "The current market conditions are mainly the result of lower electricity consumption reflecting EU recommendation to reduce energy use considering the Ukraine war. We can still observe a 10% lower demand for power compared to pre-Ukraine situation. At the same time, PV capacity is continuously being added to the market causing power prices to fall. It is however our conviction that this is but a temporary effect since electrification (from heat/transport into electricity), hydrogen via electrolysers and e-Mobility remain cornerstones of the energy transition. The recent increase in forward power prices confirms our view and makes us confident still that we can meet our EBITDA guidance, and also develop new projects at increased rates of return." The Q1'24 report is available in the Investor Relation section on our website. An Analyst Call is scheduled on May 28th, 2024 at 08:30 am. Institutional and semi-professional investors can also opt to participate at the virtual presentation organized by MGB Research at 11:30 am.
(Ende)
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