Quarterly Report • May 31, 2017
Quarterly Report
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The first quarter of 2017 saw us make an outstanding start to the new fiscal year and continue our sustainable growth trajectory as planned. Thanks to the systematic expansion of our solar and wind park portfolio, particularly the takeover of CHORUS Clean Energy AG ("CHORUS") but other attractive investments as well, revenue generated from January to March climbed to EUR 41.940 million (3M 2016: EUR 22.351 million; +87.6 per cent). As a result, operating earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to EUR 31.006 million (3M 2016: EUR 15.576 million; +99.1 per cent) and operating earnings before interest and taxes (EBIT) increased to EUR 15.019 million (3M 2016: EUR 6.134 million; +145.0 per cent). At the same time, cash flow from operating activities increased to EUR 21.264 million (3M 2016: EUR 14.255 million**).
Our portfolio currently comprises 160 solar parks and 47 wind parks in eight countries. Total generation capacity rose to around 1.25 gigawatts (GW) as of the end of the reporting period. We are therefore still number one among the independent power producers (IPP) in the renewable energies sector in Germany and one of the leading IPPs in Europe. In February, we further increased our participating interest in CHORUS to above 95 per cent and initiated a squeeze-out. With this process, we wish to purchase the remaining shares at a fair price of EUR 11.92 per share and fully merge both companies, thus laying the groundwork for further sustainable and profitable growth in the future.
In addition, we have pressed ahead with our expansion abroad by acquiring five solar parks in southern Italy. In the Asset Management segment, we have already acquired a wind park in Germany and a wind park in France - with a total capacity of around 16 MW - on behalf of institutional customers in the first months of 2017. Alongside a further capital commitment for an existing special fund, the Asset Management segment is set to be expanded in 2017 by the creation of a further Luxembourg-based special fund that will invest in renewable energy facilities in Europe.
Dear shareholders, ladies and gentlemen, it is still our expectation that the positive course of business at Capital Stage will continue as the fiscal year progresses. Midway through the second quarter, we acquired our first wind park in Denmark. As a result, Capital Stage is entering its third Scandinavian country, alongside Sweden and Finland. Furthermore, the Supervisory Board of Capital Stage has appointed Dr Dierk Paskert (56) as a Management Board member and the new chief executive officer of the company as of 1 September 2017.
Dr Paskert possesses outstanding knowledge of the energy sector. Among other roles, he acquired this knowledge as a management board member at E.ON Energie AG, where he was responsible for the "Network" division. He is also extremely well versed in the capital market and has many years of leadership experience in the field of mergers and acquisitions. With this skill set, he represents the perfect addition to our senior management team. Together with Dr Paskert, we look forward to further building on the company's position as one of the largest independent power producers in the European renewable energies sector and continuing the company's successful growth trajectory in the years ahead.
For 2017, we expect revenue to rise further to more than EUR 200 million and operating EBITDA to exceed EUR 150 million. We anticipate that operating EBIT will climb above the EUR 90 million mark. Cash flow from operating activities should also go up again significantly to over EUR 140 million.
We would be delighted if you were to continue to put your trust in us and accompany Capital Stage on its sustainable growth trajectory.
1 / L
Dr Christoph Husmann CFO
Holger Götze COO
| In EUR million | 01.01.-31.03.2017 | 01.01.-31.03.2016 |
|---|---|---|
| Revenue | 41.9 | 22.4 |
| EBITDA | 31.0 | 15.6 |
| EBIT | 15.0 | 6.1 |
| EBT | 2.4 | $-2.4$ |
| EAT | 1.6 | $-2.2$ |
| Operating cash flow** | 21.3 | 14.3 |
| Earnings per share (undiluted, in EUR) | 0.01 | $-0.03$ |
| 31.03.2017 | 31.12.2016 | |
|---|---|---|
| Equity*** | 611 | 609 |
| Liabilities | 1.779 | 1,745 |
| Total assets | 2,389 | 2,354 |
| Equity ratio in % | 25.6 | 25.9 |
* The Group operating KPIs are based solely on the company's operating profitability and do not take any IFRS-related valuation effects into account.
** As part of an adjustment to the accounting method used to calculate operating cash flow in the second half of 2016, the result from the first quarter of 2016 was adjusted for acquisition-related tax rebates relating to a park.
*** Including non-controlling interests in equity.
The publication of the results was prepared pursuant to the amended exchange rules for the Frankfurt Stock Exchange from 12 November 2015. This interim statement does not contain a complete interim financial report in accordance with IAS 34 and should therefore only be read in conjunction with the consolidated financial statements as of 31 December 2016 and subsequent publications.
The quarterly figures on the asset, financial and earnings position have been prepared in conformity with International Financial Reporting Standards (IFRS) as applicable within the European Union.
The accounting policies applied are the same as those used for the last year-end consolidated financial statements. We published a detailed description of the methods applied in the notes to the consolidated financial statements for 2016.
Capital Stage AG is listed in the SDAX segment of Deutsche Börse and makes use of the various opportunities offered by the generation of power from renewable energy sources. As an independent operator of environmentally friendly and emissionfree power plant capacities, Capital Stage has continued to expand its generation portfolio since 2009 and is one of Europe's largest independent producers of electricity in the renewable energy sector. The Group's core business is the acquisition and operation of solar parks and onshore wind parks. When acquiring new installations, the Group generally focuses on turnkey projects or existing installations with guaranteed feed-in tariffs or long-term power purchase agreements and which are built in geographical regions that stand out due to a stable economic environment and reliable investment and operating conditions. Solar parks and wind parks can therefore generate reliable returns and predictable cash flows.
Moreover, since the takeover of CHORUS Clean Energy AG (hereinafter also referred to as "CHORUS") in October 2016, Capital Stage has offered attractive opportunities for institutional investors to invest in facilities for the production of renewable energies. Asset Management includes all services in this business segment - that is, the initiation of funds and/or the individual design and structuring of other investments for professional investors within the renewable energies sector as well as the operation of the facilities owned by these investors.
Capital Stage currently operates a total of 160 solar parks and 47 wind parks with a capacity of approximately 1.25 GW in Germany, Italy, France, the United Kingdom, Austria, Finland, Sweden and now in Denmark. Of those, the Group manages seven solar parks and 22 wind parks as part of their third-party Asset Management segment.
The expansion of renewable energies, particularly in terms of solar and wind parks, continued across the globe in 2016. In the solar sector, global installed generation capacity rose to almost 300 GW (2015: approx. 220 GW), with this figure increasing to more than 450 GW in the wind energy sector (2015; approx, 420 GW). As a result, the average annual growth rate across both types of energy generation stands at more than 25 per cent worldwide. Expansion in the solar sector and wind energy continued in the first three months of the 2017 fiscal year and is expected to remain particularly strong in China, the US, India and Japan.
In Europe, the expansion of renewable energies established itself sooner, which is why growth rates have slowed. Of the total newly installed generation capacity of 24.5 GW in the eurozone, the proportion accounted for by renewable energies rose to almost 90 per cent in 2016. The expansion looks set to continue in 2017; alongside the binding targets set by the European Union to increase the share of renewable energies to almost 30 per cent of energy consumption, global climate targets are also influencing the energy policy goals of individual countries. Following its vote to leave the European Union, it remains to be seen which energy policy strategies the UK will prioritise in the future; the United Kingdom is, however, a signatory to the international agreements on reducing global warming (2015 UN Climate Change Conference in Paris). As regards the uncertainties associated with Brexit, the British government has once again drawn attention to the high level of investment security and the tradition of strong investor protection in the United Kingdom.
The expansion of renewable energies also continued in the core market of Germany, where the share of renewable energies in total gross electricity consumption increased to around 32 per cent in 2016. Furthermore, the German Renewable Energies Act 2017 (EEG) came into force on 1 January 2017. The key amendments contained in the new version are the extension of the tendering model to include wind energy, as well as measures to improve usage efficiency and expand electricity grids. Following on from numerous successful tender processes in the photovoltaic sector, the German federal government initiated the first tender process for onshore wind installations on 8 March 2017. The first deadline for bids was 1 May 2017, with a tender volume of 800 MW and a maximum bid threshold of 7 ct/kWh. The German Federal Ministry of Economic Affairs and Energy has also published further draft proposals that would see an expansion of 400 MW per annum put to tender on a technology-neutral basis from 2018 to 2020.
Capital Stage concentrates on the acquisition and operation of turnkey ground-mounted solar parks and wind parks in the core regions of Germany, Denmark, Finland, France, the United Kingdom, Italy, Austria and Sweden. As part of its Asset Management activities, Capital Stage also offers its services to institutional investors.
Capital Stage invests significantly in renewable energy facilities that are already connected to the grid or that are under construction. Changes to feed-in tariffs, or a general change in the interest rate for financing in the renewable energies sector, have no direct impact on the Capital Stage business model, as these parameters are already factored in during internal purchase price calculations and as a fixed interest rate commitment applies for the entire term of investment in respect of the majority of the existing portfolio.
At the time this report was prepared (May 2017), the existing portfolio of the Capital Stage Group comprised 160 solar parks and 47 wind parks in eight countries, with a total generation capacity of around 1.25 GW.
During the reporting period from 1 January 2017 to 31 March 2017, there were no significant changes compared to the conditions for renewable energies in the relevant core markets of Capital Stage AG described in detail in the consolidated management report for the 2016 financial year.
In February 2016, Capital Stage signed a contract for the acquisition of a portfolio of Italian solar parks in the Piedmont region. The seller of the solar park portfolio is a project developer and operational management company based in Spain. The solar park portfolio consists of four solar parks and has a capacity of 16.9 MW p. The transaction for two of the four solar parks was completed on 13 July 2016. The transaction for the remaining two solar parks was completed in February 2017.
In February 2017, Capital Stage AG acquired an additional 54,999 shares in CHORUS Clean Energy AG - which amounts to some 0.2 per cent of the share capital in CHORUS - from an institutional investor in CHORUS Clean Energy AG.
The acquisition of the additional shares in CHORUS is structured as a share exchange where five (5) shares in Capital Stage are granted for every three (3) shares in CHORUS. This rate of exchange therefore corresponds to the rate which was used for the voluntary public takeover offer made by Capital Stage AG in October 2016.
In order to create the new Capital Stage shares, the company carried out a capital increase of EUR 91,665.00 in return for stock which involved the partial utilisation of its authorised capital and excluded the subscription rights of its shareholders. The capital increase was entered into the commercial register on 21 March 2017. As a result, Capital Stage's equity capital has increased from EUR 126,431,995,00 to EUR 126,523,660,00.
Capital Stage's participating interest in CHORUS now comes to approximately 95.0037 per cent following Capital Stage's acquisition via the market of an additional 105,735 shares in CHORUS.
On 8 March 2017, Capital Stage acquired five solar parks in the Italian region of Apulia with a total generation capacity of nearly 5.0 MWp. The total investment volume, including loans taken on in relation to projects, is approximately EUR 19.5 million. The five solar parks are located in the sunny Apulia region in south-eastern Italy. The five parks were connected to the grid in 2010 and 2011 and have been in continuous operation since that time. The sellers in the transaction were Energiequelle GmbH, De Energy S.r.l. (Dextella Group) and Stern Energy S.p.A. Each of the parks has a capacity of between 0.93 MW and 0.99 MW. The parks benefit from guaranteed feed-in tariffs averaging EUR 0.3054 per kilowatt-hour. Capital Stage expects the solar parks to make revenue contributions of some EUR 2.6 million from their first full year of operation.
On 8 March 2017, Capital Stage AG submitted a so-called squeeze-out request to the Management Board of CHORUS Clean Energy AG, which would involve a resolution at the annual shareholders' meeting of CHORUS Clean Energy AG for the transfer of the shares of minority shareholders to Capital Stage AG in exchange for an appropriate cash settlement. With this measure, Capital Stage officially initiated the squeeze-out process at CHORUS Clean Energy AG.
The business activities of the Group are subject to seasonal influences, leading to fluctuations in revenue and results throughout the course of the year. In terms of the PV Parks segment, the months from April to September generate more revenue than the autumn and winter months.
Actual power fed into the grid by the PV Parks segment in the first three months of 2017 came to 126,999 MWh (previous year: 82,941 MWh). Of the power fed in, around 32 per cent (previous year: 24 per cent) is attributable to solar parks in Germany, 26 per cent (previous year: 38 per cent) to solar parks in France, 33 per cent (previous year: 24 per cent) to solar parks in Italy and 9 per cent (previous year: 14 per cent) to solar parks in the United Kingdom. In total, due to an aboveaverage number of hours of sunshine, the solar park portfolio outperformed expectations in the first quarter of 2017.
Actual power fed into the grid by the Wind Parks segment in the first three months of 2017 came to 142,287 MWh (previous year: 62,554 MWh). Around 75 per cent (previous year: 94 per cent) of this figure is attributable to wind parks in Germany, 16 per cent (previous year: 0 per cent) to wind parks in France, 6 per cent (previous year: 0 per cent) to wind parks in Austria and around 3 per cent (previous year: 6 per cent) to the wind park in Italy. Wind speeds were below the long-term average, so on a cumulative basis the wind park portfolio was below plan as of 31 March 2017.
During the first three months of 2017, the Group generated revenues of TEUR 41,940 (previous year: TEUR 22,351). This equates to an increase of some 88 %, which is due to the expansion of both the solar park portfolio as well as the wind park portfolio. The solar and wind parks acquired as part of the takeover of CHORUS Clean Energy AG generated revenue of TEUR 8,523 and TEUR 5,606 respectively, thereby contributing particularly strongly to the increase in revenue.
Sales revenues are made up of revenue from feeding electricity into the grid, from the operation of parks owned by third parties and from revenue from Asset Management.
The Group generated other operating income of TEUR 1,113 (previous year: TEUR 817). This includes income from other periods in the amount of TEUR 582 (previous year: TEUR 530).
Operating personnel expenses came to TEUR 1,701 (previous year: TEUR 1,154). Other operating expenses of TEUR 10,061 were incurred (previous year: TEUR 6,166). This mainly consists of costs of TEUR 7,946 for operating solar and wind parks. Other expenses also include TEUR 2,086 in costs of current operations. The increase is primarily due to the solar parks and wind parks newly acquired in 2016.
Operating earnings before interest, taxes, depreciation and amortisation (EBITDA) were TEUR 31,006 in the first three months of 2017 (previous year: TEUR 15,576). The EBITDA margin was around 74 per cent (previous year: 70 per cent) and is therefore up by about four percentage points year-on-year. Depreciation and amortisation of TEUR 15.987 (previous year: TEUR 9.442) are primarily depreciation and amortisation on solar and wind parks.
Operating earnings before interest and tax (EBIT) totalled TEUR 15.019 (previous vear: TEUR 6.134). The EBIT margin improved from around 27 per cent to 36 per cent year-on-year.
Operating financial earnings totalled TEUR -12.590 (previous year: TEUR -8.517). The increase results primarily from interest on the non-recourse loans for the solar and wind parks acquired in 2016.
Operating earnings before taxes (EBT) therefore came to TEUR 2.429 (previous year: TEUR -2.383). Due to seasonal factors, the PV Parks segment made a negative contribution amounting to TEUR-1,880, while the seasonally more independent Wind Parks segment generated a positive earnings contribution in the amount of TEUR 5,402.
The consolidated operating income statement shows operating tax expenses of TEUR 804 (previous year: tax gains of TEUR 156), mainly for effective tax receivables in connection with solar and wind parks.
Altogether, this resulted in consolidated operating earnings of TEUR 1,625 (previous year: TEUR -2,227).
As outlined in the "Internal management system at Capital Stage" section of the 2016 annual report, Group IFRS accounting is influenced by non-cash measurement effects and the resulting write-downs. In addition, non-cash interest effects and deferred taxes impair a transparent view of the operating earnings situation as per IFRS.
| in TEUR | 01.01.-31.03.2017 | 01.01.-31.03.2016 |
|---|---|---|
| Revenue | 41,940 | 22,351 |
| Other income | 12,789 | 1,470 |
| Cost of materials | $-284$ | $-272$ |
| Personnel expenses of which TEUR -33 (previous year: EUR -48) in share-based remuneration |
$-1,734$ | $-1,202$ |
| Other expenses | $-10,066$ | $-6.166$ |
| Adjusted for the following effects: | ||
| Income from the disposal of financial investments and other non-operating income | $-6$ | $\mathbf{0}$ |
| Other non-cash income (primarily profit from business combinations [badwill] and the reversal of interest rate advantages from subsidised loans [government grants] as well as non-cash non-period income) |
$-11,670$ | $-653$ |
| Other non-operating expenses | 5 | $\mathbf{0}$ |
| Share-based remuneration | 33 | 48 |
| Adjusted operating EBITDA | 31,006 | 15,576 |
| Depreciation or amortization | $-24,667$ | $-12,573$ |
| Adjusted for the following effects: | ||
| Amortisation of intangible assets (electricity feed-in contracts) acquired as part of business combinations |
10,356 | 2,680 |
| Depreciation of step-ups on property, plant and equipment acquired as part of business combinations |
$-1,676$ | 451 |
| Adjusted operating EBIT | 15,019 | 6,134 |
| Financial result | $-11,100$ | $-15,794$ |
| Adjusted for the following effects: | ||
| Other non-cash interest and similar expenses and income (primarily arising from effects of currency translation, effective interest rate calculation, swap valuation and interest cost from subsidised loans [government grants]) |
$-1,490$ | 7,277 |
| Adjusted operating EBT | 2,429 | $-2,383$ |
| Tax income | $-2,383$ | 3,346 |
| Adjusted for the following effects: | ||
| Deferred taxes (non-cash items) | 1,579 | $-3,190$ |
| Adjusted operating EAT | 1,625 | $-2,227$ |
The change in cash and cash equivalents in the reporting period was TEUR -13,021 (previous year: TEUR -1,169) and is made up as follows:
Cash flow from operating activities amounts to TEUR 21,264 (previous year: TEUR 19,555). This consists largely of cash inflows from the operating business of the solar and wind parks. Also included here are changes in assets and liabilities not attributable to investing or financing activities.
Cash flow from investing activities of TEUR-15,564 (previous year: TEUR-12,434) consisted mainly of payments for the acquisition of solar parks in Italy. This item still includes payments related to investments in property, plant and equipment for the construction of solar and wind parks in France and Germany. This was offset by the collection of the outstanding purchase price of TEUR 7,714 in relation to the sale of a French wind park.
Cash flow from financing activities of TEUR -18,721 (previous year: TEUR -8,290) results chiefly from regular loan repayments and interest paid less newly paid out loans. Additionally, this includes the change in cash and cash equivalents with limited availability.
As of 31 March 2017, equity amounted to TEUR 611,132 (31 December 2016: TEUR 608,556). The increase of TEUR 2,576, or 0.4 per cent, stems mainly from the items recorded directly in equity in the first quarter of 2017 and from earnings for the period. Furthermore, a capital increase of TEUR 681 in return for stock had an increasing effect on equity. The equity ratio is 25.58 per cent (31 December 2016: 25.85 per cent). Total assets increased from TEUR 2,353,797 as of 31 December 2016 to TEUR 2,389,010.
As of 31 March 2017, the Group has bank and leasing liabilities amounting to TEUR 1,448,672 (31 December 2016: TEUR 1,429,362). These loans and leases relate to funding for solar parks and wind parks and the mezzanine capital provided by Gothaer Versicherungen in November 2014. This also includes liabilities from listed notes for the Grid Essence portfolio as well as liabilities from debenture bonds.
As of 31 March 2017, liabilities to non-controlling shareholders amounted to TEUR 19,031 (31 December 2016: TEUR 18,750).
The value of provisions as of 31 March 2017 amounts to TEUR 30.214 (31 December 2016; TEUR 31.124). This comprises provisions for restoration obligations (TEUR 22,680), tax provisions (TEUR 3,965) and other current provisions (TEUR 3,569).
Trade liabilities decreased from TEUR 23,693 as of 31 December 2016 to TEUR 20,709 as of 31 March 2017.
In April 2017, CHORUS Clean Energy AG, the Capital Stage Group's specialist for managing institutional investors, acquired the "Clementine" wind park in the French region of Picardy on behalf of a renowned German pension fund. The wind park comprises five Enercon E-82 turbines, each of which has a hub height of 78.3 metres and a nominal capacity of 2.3 MW. The turbines have been connected to the power grid since February 2015. Therefore, the wind park receives a guaranteed initial feed-in tariff of 8.52 cents per fed-in kilowatt hour (kWh). In every full year of operation, it is planned that the turbines will produce more than 24,000 MWh of green electricity and therefore eliminate almost 15,000 tonnes of harmful CO2.
On 20 April 2017, CHORUS Clean Energy AG announced that it is able to invest a further EUR 50 million, including borrowing, via one of its Luxembourg-based SICAV special funds. A German-based financial institution, which already has an investment in the partial fund CHORUS Infrastructure Fund S.A. SICAV-SIF Renewables Europe I ("CHORUS Renewables Europe I"), has stepped up its commitment considerably. With the increased funds, the portfolio, which comprises renewable energy facilities in various European countries, is set to be expanded even further.
In May 2017, the Asset Management division of CHORUS Clean Energy AG acquired a further German wind park-in Jerichow, Saxony-Anhalt - on behalf of the institutional investors in the special fund CHORUS Renewables Germany I. The seller of the park - which features two turbines with a total capacity of 4.6 MW - is renowned, Papenburg-based project development company JOHANN BUNTE Bauunternehmung, from whom CHORUS had previously acquired a wind park in the rural district of Jerichower Land in the state of Saxony-Anhalt. The two Enercon E-82 E2 turbines each feature a hub height of more than 108 metres and a nominal capacity of 2.3 MW. The park commenced operations in February 2017 and thus benefits from a guaranteed average feed-in tariff of EUR 83.80 per fed-in megawatt hour (MWh). In every full year of operation, it is planned that the turbines will produce more than 8,300 MWh of green electricity and therefore eliminate over 5,000 tonnes of harmful $CO2$ .
On 16 May 2017, Capital Stage announced that the Supervisory Board had appointed Dr Dierk Paskert (56) as a Management Board member and the new Chief Executive Officer of the company as of 1 September 2017. As of 1 September 2017, the Management Board of Capital Stage will therefore comprise Dr Dierk Paskert (CEO), Holger Götze (COO) and Dr Christoph Husmann (CFO). Dr Paskert can look back on many years of leadership experience in a variety of sectors, including the energy industry and the field of mergers and acquisitions. Having previously served on the management board of E.ON Energie AG and acted as an advisor to various firms in the area of decentralised energy storage, Dr Paskert possesses the skills and operational experience to further build on Capital Stage's position as one of the largest independent power producers in the European renewable energies sector and to continue the company's successful growth trajectory in the years ahead.
On 18 May, Capital Stage announced the acquisition of a wind park in Denmark. The park features a total generation capacity of 15 MW and a guaranteed government feed-in tariff per megawatt for a set quantity of full-load hours. The takeover of the first two - of a total of five - wind energy installations was contractually agreed on 18 May 2017. The takeover of the remaining three wind installations is planned for the near future. The wind installations are already in operation and have been connected to the power grid since the start of 2016. The total investment volume, including loans in relation to projects, will be approximately EUR 19 million. The wind park is located in a windy region close to the North Sea, roughly five kilometres north-west of Ringkøbing. It comprises a total of five V90 turbines made by Danish manufacturer Vestas, each of which generates around 3 MW. The wind park benefits from a government feed-in tariff of approximately EUR 33.5 per megawatt hour, which, in Denmark, is granted per megawatt for the first 22,000 full-load hours. Capital Stage expects the wind park to make revenue contributions of more than EUR 2 million in its first year of full operation. The acquisition is still subject to standard conditions precedent.
Following the end of his ordinary term of office, Dr Jörn Kreke stepped down from the Supervisory Board on 18 May 2017. At the Annual General Meeting held on 18 May 2017, Dr Henning Kreke was appointed to the Supervisory Board to replace Dr Jörn Kreke. Furthermore, Professor Klaus-Dieter Maubach, a former Chief Executive Officer of Capital Stage AG, was also elected to serve on the Supervisory Board with a clear majority of the voting rights represented.
At the Annual General Meeting held on 18 May 2017, a resolution was passed with a clear majority to change the name of the company to ENCAVIS AG. This aim had already been stated by the company and CHORUS Clean Energy AG in the business combination agreement concluded last year. The goal of the renaming measure is to support communication of the joint company's new direction by means of a new name. The change is expected to become legally effective at the end of September 2017 once the various organisational and marketing-related measures have been concluded.
The material opportunities and risks to which the Capital Stage Group is exposed were described in detail in the consolidated management report for the 2016 financial year. There were no significant changes in this regard during the reporting period.
The following statements include forecasts and assumptions that are not certain to materialise. If one or more of these forecasts or assumptions do not materialise, actual results and developments may differ substantially from those outlined.
The expansion of renewable energies continues to go from strength to strength around the world - the aim being to achieve a secure, sustainable and climate-friendly energy supply.
Various international treaties as well as national expansion targets provide a framework for the further development of renewable energies. In the EU, for example, almost 30 per cent of total energy consumed should stem from renewable sources by 2030. Sustainable and climate-friendly energy policies are also gaining ground in emerging nations and NICs.
Solar Power Europe (SPE), the successor of the European Photovoltaic Industry Association (EPIA), expects that overall global photovoltaic generation capacity will increase sharply over the next few years. In its "optimistic scenario", SPE anticipates that global generation capacity will climb to more than 700 GW by 2020. In its "pessimistic scenario", it predicts that this figure will rise to just under 500 GW.
The wind power sector will also witness significant expansion over the next few years. According to the forecast of the Global Wind Energy Council (Global Wind Energy Outlook 2016), generation capacity in the wind energy sector may already exceed 2,000 GW by 2030, meaning it would be responsible for some 20 per cent of global electricity generation. In 2017, global capacity may already rise to 550 GW.
For the most part, the first three months of the 2017 financial year meet the expectations of Capital Stage, although the revenue trend was slightly negatively affected by below-average wind compared to the long-term average. Moreover, there were no significant changes to the conditions for the company during the reporting period.
The Management Board of Capital Stage therefore confirms its guidance for the 2017 financial year, which it published in December 2016 and which had already been supplemented to include the expected 2017 operating results of CHORUS Clean Energy AG. The guidance for 2017 is also based on the existing portfolio as of 7 December 2016 and does not include acquisitions made during the course of the 2017 financial year thus far. Additionally, the earnings forecast relates to the operating earnings figures and does not contain any IFRS-related valuation effects.
| in EUR million | 2017 |
|---|---|
| Revenue | >200 |
| Operating EBITDA* | >150 |
| Operating EBIT* | >90 |
| Operating cash flow* | >140 |
* operating; contains no IFRS-related, non-cash valuation effects
The Group had an average of 91 employees in the period from 1 January to 31 March 2017 (previous year: 44). The average figures were determined using the number of employees at the end of each quarter. On 31 March 2017, apart from the Management Board members, the Group had 48 employees (previous year: 28) at Capital Stage AG, 11 employees (previous year: 16) at Capital Stage Solar Service GmbH and 32 employees at CHORUS Clean Energy AG. The increase in employee numbers results from the takeover of CHORUS Clean Energy AG as well as the growth-induced expansion of the team at Capital Stage AG.
The Management and Supervisory Boards of Capital Stage AG want the shareholders to share in the success of the company to an appropriate extent. With this in mind, the Supervisory and Management Boards of Capital Stage AG proposed, at the Annual General Meeting of 18 May 2017, to pay out a dividend of EUR 0.20 for each dividend-entitled share. This represents a year-on-year increase of around 11 per cent (2016: EUR 0.18). The proposal by the Management and Supervisory Boards was approved by a clear majority.
The Management and Supervisory Boards wish to give Capital Stage shareholders the greatest possible freedom of choice in connection with the dividend. As a result, the dividend issued by Capital Stage AG was once again structured as an optional dividend. The shareholders were therefore able to choose whether they wanted to receive the dividend in cash or in the form of shares. Furthermore, the dividend is partially tax-free in accordance with section 27, paragraph 1, of the German Corporation Tax Act (KStG).
The Management and Supervisory Boards of Capital Stage AG have also agreed upon a dividend strategy for the next five years. The aim of this strategy is for the dividend of Capital Stage AG to rise continuously so that a 50 per cent higher dividend (EUR 0.30) will be paid out for every dividend-entitled share in five years' time. The dividend strategy reflects increasing cash flows from solar and wind parks. The associated interest cost is coming down from year to year on the basis of a set repayment plan and is resulting in corresponding steady earnings increases.
Rental contracts at arm's-length terms exist with B&L Holzhafen West GmbH & Co. KG for office space for Capital Stage AG.
For CHORUS Clean Energy AG, there is an arm's-length rental agreement for the CHORUS Group headquarters in Neubiberg with PELABA Vermögensverwaltungs GmbH & Co. KG, a company that is allocated to Supervisory Board member Peter Heidecker.
Notifications in accordance with section 21, paragraph 1 or paragraph 1a of the Securities Trading Act (WpHG) are shown on the website of Capital Stage AG at http://www.capitalstage.com/investor-relations/stimmrechtsmitteilungen.html.
| in TEUR | 01.01.-31.03.2017 | 01.01.-31.03.2016 |
|---|---|---|
| Revenue | 41,940 | 22,351 |
| Other income | 12,789 | 1,470 |
| Cost of Materials | $-284$ | $-272$ |
| Personell expenses | $-1,734$ | $-1,202$ |
| of which in share-based remuneration | $-33$ | $-48$ |
| Other expenses | $-10,066$ | $-6, 166$ |
| Earnings before interest, taxes, depreciation and amortization (EBITDA) | 42,644 | 16,181 |
| Depreciation and amortization | $-24,667$ | $-12,573$ |
| Earnings before interest and taxes (EBIT) | 17,977 | 3,608 |
| Financial income | 2,566 | 42 |
| Financial expenses | $-13,667$ | $-15,836$ |
| Earnings before taxes on income (EBT) | 6,877 | $-12,186$ |
| Taxes on income | $-2,383$ | 3,346 |
| Earnings after taxes (EAT) | 4,493 | $-8,840$ |
| Items which can be reclassified to profit or loss | ||
| Currency translation differences | $-36$ | 499 |
| Hedging of cash flows – effective part of the change in fair value | 902 | $-5,771$ |
| Change in the market value of available-for-sale financial assets | 19 | $\mathbf{0}$ |
| Income taxes on items which can be reclassified to profit or loss | $-289$ | 1,686 |
| Consolidated comprehensive income | 5,089 | $-12,426$ |
| Additions to earnings for the period | ||
| Shareholders of Capital Stage AG | 4,770 | $-8,696$ |
| Non-controlling interests | $-276$ | $-144$ |
| Additions to Group comprehensive income for the period | ||
| Shareholders of Capital Stage AG | 5,365 | $-12,282$ |
| Non-controlling interests | $-276$ | $-144$ |
| Earnings per share | ||
| Average shares issued during reporting period | ||
| Undiluted | 126,463,569 | 75,483,512 |
| Diluted | 126,483,933 | 75,098,588 |
| Earnings per share, undiluted (in EUR) | 0.04 | $-0.12$ |
| Earnings per share, diluted (in EUR) | 0.04 | $-0.12$ |
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| in TEUR | 01.01.-31.03.2017 | $01.01.-31.03.2016$ |
|---|---|---|
| Net profit/loss for the period | 4,493 | $-8,840$ |
| Cash flow from operating activities | 21,264 | 19,555 |
| Cash flow from investing activities | $-15,564$ | $-12,434$ |
| Cash flow from financing activities | $-18,721$ | $-8,290$ |
| Change in cash and cash equivalents | $-13,021$ | $-1,169$ |
| Change in cash due to exchange rate changes | 18 | $-1,026$ |
| Cash and cash equivalents | ||
| As of 01.01.2017 (01.01.2016) | 125,698 | 51,629 |
| As of 31.03.2017 (31.03.2016) | 112,695 | 49,434 |
| in TEUR | Subscribed Capital | Capital reserve | Currency translation reserve |
Hedge reserve | Reserves from changes in fair values |
|---|---|---|---|---|---|
| As of 01.01.2016 1 | 75,484 | 108,651 | 71 | $-2,265$ | |
| Consolidated comprehensive income for the period |
499 | $-4,086$ | |||
| Income and expenses recorded directly in equity |
|||||
| As of 31,03,2016 | 75,484 | 108,651 | 570 | $-6,351$ | |
| As of 01.01.2017 | 126,432 | 399,559 | 1,062 | $-4,887$ | $-142$ |
| Consolidated comprehensive income for the period |
$-36$ | 804 | 14 | ||
| Amendments to accounting methods |
|||||
| Income and expenses recorded directly in equity |
92 | 589 | |||
| Transactions with shareholders recognised directly in equity |
$-248$ | ||||
| Issuance costs | $-49$ | ||||
| Acquisition of shares from non- controlling interests |
|||||
| As of 31,03,2017 | 126,524 | 399,851 | 1,026 | $-4,083$ | $-128$ |
| in TEUR | Reserve for equity- based employee remuneration |
Distributable profit/loss |
Non-controlling interests |
Total |
|---|---|---|---|---|
| As of 01.01.2016 1 | 425 | 66,834 | 7,794 | 256,994 |
| Consolidated comprehensive income for the period |
$-8.696$ | $-144$ | $-12,426$ | |
| Income and expenses recorded directly in equity |
48 | 48 | ||
| As of 31,03,2016 | 473 | 58,138 | 7,650 | 244,616 |
| As of 01.01.2017 | 344 | 63,342 | 22,846 | 608,556 |
| Consolidated comprehensive income for the period |
2,621 | $-276$ | 3,126 | |
| Amendments to accounting methods |
33 | 33 | ||
| Income and expenses recorded directly in equity |
681 | |||
| Transactions with shareholders recognised directly in equity |
$-248$ | |||
| Issuance costs | $-49$ | |||
| Acquisition of shares from non- controlling interests |
$-966$ | $-966$ | ||
| As of 31,03,2017 | 377 | 65,962 | 21,603 | 611,132 |
1 Some of the disclosures are not comparable with the disclosures made in the quarterly report to 31 March 2016, as the previous year's figures were amended in accordance with IAS 8 during the 2016 financial year. The reason for the amendment lay in the adjustment of purchase price allocations previously made in respect of French parks and the accounting of an Italian park. Detailed information was published in the Annual Report 2016.
| in TEUR | Administration | PV Parks | PV Services Asset Management | |
|---|---|---|---|---|
| Revenue | 420 | 28,289 | 777 | 736 |
| (previous year) | (0) | (16, 277) | (787) | (0) |
| Earnings before interest, taxes, depreciation and amortization (EBITDA) |
$-2,271$ | 33,499 | 355 | 562 |
| (previous year) | $(-1, 318)$ | (12, 418) | (246) | (0) |
| Earnings before interest and taxes (EBIT) | $-2,451$ | 14,773 | 341 | 468 |
| (previous year) | $(-1, 338)$ | (2,023) | (234) | (0) |
| Financial result | $-484$ | $-10,353$ | 0 | $\mathbf{0}$ |
| (previous year) | $(-71)$ | $(-14, 430)$ | $\mathbf{0}$ | (0) |
| Earnings before taxes on income (EBT) | $-2,936$ | 4,420 | 341 | 468 |
| (previous year) | $(-1, 410)$ | $(-12, 406)$ | (235) | (0) |
| Earnings from continued operations | $-2,447$ | 2,630 | 277 | 312 |
| (previous year) | $(-1, 410)$ | $(-12, 638)$ | (235) | (0) |
| Earnings per share from continued operations, undiluted | $-0.02$ | 0.02 | 0.00 | 0.00 |
| (previous year) | $(-0.02)$ | $(-0.17)$ | (0.00) | (0.00) |
| Assets induding investments | 471,499 | 1,967,796 | 4,834 | 19,431 |
| (As of 31.12.2016) | (513, 597) | (1,908,457) | (4, 933) | (20, 929) |
| Capital expenditures (net) | $-2,630$ | $-22,628$ | 8 | $\mathbf{0}$ |
| (previous year) | $(-1, 319)$ | $(-3,920)$ | $(-9)$ | (0) |
| Debt | 49,697 | 1,587,696 | 2,035 | 3,231 |
| (As of 31.12.2016) | (51,800) | (1,554,500) | (1, 855) | (4, 917) |
| in TEUR | Wind Parks | Reconciliation | Total |
|---|---|---|---|
| Revenue | 12,863 | $-1,146$ | 41,940 |
| (previous year) | (6, 164) | $(-877)$ | (22, 351) |
| Earnings before interest, taxes, depreciation and amortization (EBITDA) |
10,652 | $-154$ | 42,644 |
| (previous year) | (4, 835) | (0) | (16, 181) |
| Earnings before interest and taxes (EBIT) | 4,996 | $-150$ | 17,977 |
| (previous year) | (2,684) | (4) | (3,608) |
| Financial expenses | $-1,329$ | 1,065 | $-11,100$ |
| (previous year) | $(-1, 293)$ | (0) | $(-15, 793)$ |
| Earnings before taxes on income (EBT) | 3,667 | 915 | 6,877 |
| (previous year) | (1, 392) | (4) | $(-12, 186)$ |
| Earnings from continued operations | 2,807 | 915 | 4,493 |
| (previous year) | (1, 350) | (3, 623) | $(-8, 840)$ |
| Earnings per share from continued operations, undiluted | 0.02 | 0.01 | 0.04 |
| (previous year) | (0.02) | (0.05) | $(-0.12)$ |
| Assets induding investments | 722,428 | $-796,977$ | 2,389,010 |
| (As of 31.12.2016) | (716, 327) | $(-810, 446)$ | (2, 353, 797) |
| Capital expenditures (net) | 9,657 | 30 | $-15,564$ |
| (previous year) | $(-7, 186)$ | (0) | $(-12, 434)$ |
| Debt | 523,639 | $-388,422$ | 1,777,877 |
| (As of 31.12.2016) | (535, 302) | $(-403, 131)$ | (1, 745, 241) |
We declare that, to the best of our knowledge and according to the applicable accounting standards, the report for the first quarter of 2017 as of 31 March 2017, in connection with the annual report for 2016, gives a true and fair view of the net assets and financial and earnings positions of the Group, and that the situation of the Group is presented in a true and fair way as to suitably describe the principal opportunities and risks associated with the expected development of the Group.
Hamburg, May 2017
Capital Stage AG
Management Board
(. Pa
Dr Christoph Husmann CFO
Holger Götze $COO$
| Key Information | |
|---|---|
| Listed since | 28.07.1998 |
| Share capital | 126,523,660 EUR |
| Number of shares | 126.52 Mio. |
| Stock exchange segment | Prime Standard |
| 2016 dividend per share | 0.18 EUR |
| 2017 dividend per share | 0.20 EUR |
| 52-week high | 7.10 EUR |
| 52-week low | 5.40 EUR |
| Share price (May 29, 2017) | 6.20 EUR |
| Market capitalization (May 29, 2017) | 784.45 Mio. EUR |
| Indices | SDAX, HASPAX, PPVX |
| Trading centres | XETRA, Frankfurt/Main, Hamburg |
| ISIN | DE 0006095003 |
| Designated Sponsor | Oddo Seydler Bank AG |
| Capital Stage AG financial calendar 2017 | |
|---|---|
| Date | Financial Event |
| 1 June 2017 | Quirin Champions 2017, Conference, Frankfurt |
| 31 August 2017 | Financial Report on the first six months of 2017 |
| 27 - 29 November 2017 | Deutsches Eigenkapitalforum, Frankfurt |
| 30 November 2017 | Interim report 3/2017 |
This report includes forward-looking statements based on current expectations, assumptions and forecasts by the Management Board and the information available to it. Known or unknown risks, uncertainties and influences may mean that the actual results, the financial position or the company's performance differ from the estimates provided here. We assume no obligation to update the forward-looking statements made in this report.
Differences may arise in percentages and figures quoted in this report due to rounding.
Capital Stage AG Investor Relations Grosse Elbstrasse 59 22767 Hamburg, Germany
Tel.: +49 (0)40 378 562 242 Email: [email protected]
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