CHORUS Clean Energy AG achieves further growth in fiscal year 2016
PRESS RELEASECHORUS Clean Energy AG achieves further growth in fiscal year 2016
- Group revenue increases by 7.2 percent to EUR 62.8 million
- Operating result EBITDA improves by EUR 2.2 million to EUR 47.9 million
- Managed wind and solar park portfolio expanded by additional 230 megawatts
- Electricity production increased by 94.9 percent to 760 million kilowatt hours
Neubiberg/Munich, April 3, 2017 - CHORUS Clean Energy AG ("CHORUS"), based in Neubiberg near Munich, a company specializing in the operation of solar and wind parks, managed to increase its revenues by more than seven percent to EUR 62.8 million in fiscal year 2016 (2015: EUR 58.6 million). This revenue growth is primarily due to the expansion of the portfolio, the corresponding increase in electricity generation as well as further development of the Asset Management segment. Due to the positive overall business development, negative influences on earnings, such as comparatively lower wind levels in 2016, could be more than offset.
During the reporting period, the portfolio managed by CHORUS expanded from 72 to 95 wind and solar parks. The total capacity of the parks grew by 230 megawatts (MW) to 530 MW. Between the beginning of January and the end of December 2016, they generated about 760 million kilowatt hours (kWh) of clean energy. Compared to the previous year, this represents a near doubling (2015: 390 million kWh).
The Asset Management segment, where CHORUS provides a wide range of services for institutional investors, was also significantly expanded during the reporting period. "We already operate seven solar parks and 20 wind parks on behalf of our institutional customers. Only in the second half of 2016, we invested about EUR 124 million on their behalf and finalized additional contracts for asset management services," says CHORUS Management Board Member Karsten Mieth. He expects further growth in this segment: "In the current year, we are planning to continue our successful series of Luxembourg specialized funds with the addition of a SICAV-RAIF fund that will allow institutional investors to invest in renewable energy plants." During the 2016 reporting period, CHORUS generated earnings before interest, taxes, depreciation and amortizations (EBITDA) of EUR 47.9 million (2015: EUR 45.7 million). The EBITDA margin remained stable compared to the previous year at 78 percent while earnings before interest and taxes (EBIT) decreased slightly by EUR 2.5 million to EUR 21.2 million. This is mainly attributable to the high amortization expenses of the plants.
"We are very pleased with the results achieved in the 2016 fiscal year. Some of them notably exceeded our expectations. We are looking forward to contributing our expertise to Capital Stage AG and the successful advancement of the Group. The opportunities in the market for renewable energy are enormous and we want to exploit these together," says Helmut Horst, member of the Management Board at CHORUS.
The 2016 complete annual report is available for download on the company's website at http://www.chorus.de/en/investor-relations/publications/.
About CHORUS CHORUS Group was founded in 1998 and operates 95 solar and wind parks with a capacity of more than 530 megawatts in seven European countries. With a broadly diversified portfolio, the company generates stable, dependable and sustainable returns. For professional investors, CHORUS offers investment opportunities in power plants that generate renewable energy. CHORUS Clean Energy AG covers the entire investment cycle - from asset sourcing via financial and legal due diligence to operational management and divestment.
In 2016 Capital Stage AG, Hamburg, made a voluntary public takeover bid for all shares of CHORUS Clean Energy AG and acquired over 94 percent of the company's shares. The Capital Stage Group jointly operates solar power stations and wind parks in Germany, France, Finland, Great Britain, Italy, Austria and Sweden with a generation capacity of more than 1.2 Gigawatts.
Contact: Investor Relations CHORUS Clean Energy AG Tel.: +49 (0) 89 / 442 30 60 - 0 Fax: +49 (0) 89 / 442 30 60 - 11 E-mail: IR@chorus.de
03.04.2017 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.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English
Company: CHORUS Clean Energy AG Prof.-Messerschmitt-Straße 3 85579 Neubiberg / Munich
Germany Phone: +49 (0)89 442 30 60 - 0 Fax: +49 (0)89 442 30 60 - 11 E-mail: email@example.com Internet: www.chorus-gruppe.de ISIN: DE000A12UL56 WKN: A12UL5 Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange End of News DGAP News Service