17.04.2018 – 18:36

Edisun Power Europe AG

EQS-Adhoc: Edisun Power Group reports outstanding year-end results

EQS Group-Ad-hoc: Edisun Power Europe AG / Key word(s): Final Results
Edisun Power Group reports outstanding year-end results

17-Apr-2018 / 18:30 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.

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Ad-hoc Press Release
Zurich, 17 April 2018

Edisun Power Group reports outstanding year-end results

- Revenue growth of 16% to CHF 9.52 million

- EBITDA up 18% to CHF 6.94 million

- Net profit up 62% to CHF 1.55 million

- Proposes first dividend payment from capital contribution reserves of CHF
0.60/share


Edisun Power Group's growth strategy is paying off. While acquisition and
favorable weather conditions boosted revenue growth, strict cost management was
also an important factor in the record result at the close of the 2017 financial
year.

Growth thanks to acquisition
Income from electricity generation increased by 19% to CHF 9.45 million (2016:
CHF 7.97 million). In local currency, growth was 18%. Aside from the currency
effect, contributions to growth came from the 2.3 MW Condado plant at Huelva
acquired at the end of 2016 (+11%) as well as better weather conditions (+5%).
The plants acquired at the end of 2017 in Leipzig (3.6 MW) and Ravenna (1 MW)
were consolidated as of 31.12.2017 and had no effect on the income statement for
2017. Finally, higher market prices in Spain increased the income from
electricity generation by 2% compared with the previous year. Other than in
Spain and Italy however, income from electricity generation is not subject to
volatile market prices for electrical energy.

Other income fell to TCHF 70 (2016: TCHF 266) as, unlike in the previous year,
there was no relevant extraordinary income. Overall, the Group achieved a 16%
increase in revenue during the financial year, amounting to CHF 9.52 million
(2016: CHF 8.23 million).

Record result thanks to strict cost management and low financing costs
Thanks to strict cost management, the increase in operating costs due to
acquisition was disproportionately low, resulting in an 18% increase in EBITDA
to CHF 6.94 million (2016: CHF 5.87 million). Depreciation increased by 10% to
CHF 3.33 million (2016: CHF 3.01 million) due to the new Condado plant.
Financing costs increased by only 1% to CHF 2.05 million (2016: CHF 2.03
million) despite the additional financing requirements for the new plant, thanks
to the refinancing carried out in recent years. The bottom line shows a 62%
increase in net profit to CHF 1.55 million (2016: CHF 0.96 million).


Temporary balance sheet inflation
Per the reporting date of 31.12.2017, the consolidated balance sheet includes
both the Requena plant, which was still under construction from an accounting
point of view, as well as more than CHF 18 million representing financing of the
plant, which was already paid out at the end of the year. The plant was
completed at the end of 2017. It was connected to the grid on March 5, 2018 and
receives the agreed feed-in tariffs following the date of entry in the relevant
register (March 15, 2018). All the final payments were made on March 28, and
therefore by the end of March the balance sheet shows a reduction of
approximately CHF 18 million. Thanks to the very good results, positive currency
effects and the increase in capital of over CHF 5.1 million carried out in
September, the resulting adjusted consolidated equity ratio at the end of the
year was 19% (2016: 14%).

Proposals to the Annual General Meeting
The good, sustainable result allows payment of a dividend to shareholders for
the first time. At the Annual General Meeting on May 18, 2018, the Board of
Directors will therefore propose a dividend from the capital contribution
reserves of CHF 0.60/share, which is generally tax-exempt for private
individuals residing in Switzerland.

In order to keep all growth options open, the Board of Directors will propose
the provision of further authorized capital of CHF 7.5 million at the Annual
General Meeting.

The Board of Directors will also recommend the election of Reto Klotz as an
additional member of the Board of Directors.

Positive outlook for the current year
With the plants acquired at the end of 2017 in Germany and Italy, as well as
with the Requena plant in Spain, connected to the grid in mid-March 2018, growth
will remain high this year. The Group expects a net result of around CHF 2.0
million at the current euro exchange rate.

Edisun Power's 2017 Annual Report is available on the Group's website at
http://www.edisunpower.com/en/home-en/investors-en/reporting

For more information
Rainer, Isenrich, CEO, +41 44 266 61 21,info@edisunpower.com
Reto Simmen, CFO, +41 44 266 61 29,info@edisunpower.com

Edisun Power Group
A listed European solar energy producer, the Edisun Power Group finances and
operates solar power installations in a number of European countries. Edisun
Power began its involvement in this sector as far back as 1997. The company has
been listed on the Swiss Stock Exchange since September 2008. Edisun Power has
amassed extensive experience in the realization and acquisition of both national
and international projects. Currently, the company owns a total of 37 solar
energy installations in Switzerland, France, Germany, Italy and Spain, with a
total capacity of 34.7 MWp.

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End of ad hoc announcement------------------------------------------------------

Language: English

Company:  Edisun Power Europe AG

          Universitätsstrasse 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:    A0KFH3

Listed:   SIX Swiss Exchange



 

End of Announcement EQS Group News Service

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675543  17-Apr-2018 CET/CEST