ENCAVIS AG

Earnings Release • Mar 31, 2016

News Details

Corporate | 31 March 2016 17:55

Capital Stage AG: Audited annual financial statements for FY2015 / Dividend increase to EUR 0.18 (+20% yoy) / Further growth in earnings expected for FY2016

DGAP-News: Capital Stage AG / Key word(s): Final Results/Final Results

2016-03-31 / 17:55
The issuer is solely responsible for the content of this announcement.

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Hamburg, 31 March 2016 - Capital Stage AG, the SDAX-listed solar and wind
park operator based in Hamburg, today will publish its audited annual
financial statements and consolidated financial statements. The accounts
will confirm the preliminary operating performance indicators for the
FY2015 announced on 23 March 2016. Revenues, operating earnings before
interest, taxes, depreciation and amortization (EBITDA) as well as
operating earnings before interest and taxes (EBIT) were all up by more
than 55% on the previous year.

Against the background of the positive development of the company's
operating earnings and liquidity, the Management Board and the Supervisory
Board have proposed to raise the dividend for the FY2015 to EUR 0.18 per
voting share (+20%; yoy). The dividend is again to be offered as an
optional dividend to shareholders. The dividend increase is subject to
approval by the Annual General Meeting to be held in Hamburg on 25 May
2016.

The Management Board of Capital Stage AG expects operating earnings to
continue to grow in FY2016. The company projects an increase in revenues to
over EUR 130 million (2015: EUR 112.8m). Operating earnings before
interest, taxes, depreciation and amortization (EBITDA) are expected to
reach more than EUR 100 million (2015: EUR 86.8m). Earnings before interest
and taxes (EBIT) are forecast to exceed EUR 60 million in the current
financial year (2015: EUR 55.4m), with operating cash flow expected to
increase to over EUR 93 million (2015: EUR 74.5m). The forecast of Capital
Stage AG is based on the portfolio existing on 31 March 2016 without
reflecting any additional investments made in the further course of 2016.

Capital Stage AG has an attractive, well-filled project pipeline. In a
bidding round for new ground-mounted photovoltaic systems in France, the
company has already secured an attractive project pipeline of more than 60
MW in cooperation with a local partner. The financing of the French project
pipeline has already been secured by the successful and full placement of a
loan note with a volume of more then EUR 23.0 million, an average interest
rate of 2.32% and with periods of seven and ten years. In total, Capital
Stage was able to secure further growth financing of some EUR 35 million in
the first quarter of 2016. Additional measures for growth financing are
currently being planned.

The Group's consolidated profit according to IFRS amounted to EUR 20.1
million in the FY2015 (2014: EUR 25.1m). The consolidated result was mainly
influenced by non-cash valuation effects resulting from the application of
IFRS. These included lower income from badwills (PPA; purchase price
allocations) in connection with the acquisition of new solar and wind
parks, which in total amount to EUR 10.7 million (2014: EUR 29.3m).

On March 10, 2016, the German Financial Reporting Enforcement Panel
(Deutsche Prüfstelle für Rechnungslegung DPR) has closed an auditing
process for the financial statements of Capital Stage for the financial
year 2012. The auditing process had been ongoing since the year 2013. As a
result, the amortization period of intangible assets from purchase price
allocations (electricity feed-in contracts) had to be adjusted
retroactively from thirty years to the respective remaining term of the
legal subsidy period. The resulting valuation effects within the Group's
earnings after taxes (EAT) totaled about EUR 2.0 million for the financial
years 2010 to 2014 and to about EUR 3.0 million for the financial year
2015. With the DPR objections fully taken into account within the
consolidated financial statements for FY2015, the DPR audit is formally
completed.

The supervisory board and the management of Capital Stage decided to
terminate the long-term business relations with the existing auditing
company and to suggest to the upcoming AGM in May 2016 to mandate PwC for
the financial audit of the current financial year.

Capital Stage AG will publish its audited annual financial statements and
consolidated financial statements for the financial year 2015 within due
time. It can be found on the company's website at www.capitalstage.com.

About Capital Stage AG:
Since 2009, Capital Stage has acquired solar power plants and wind parks in
Germany, France, Italy and the UK with a total generation capacity of more
than 570 MW. As such, Capital Stage today is Germany's largest independent
operator of solar parks and already has a generating capacity that is
equivalent to more than half the output of a nuclear power plant. Capital
Stage today also is Germany's largest independent operator of solar parks.
The high quality of the existing portfolio in combination with an excellent
O&M management generate attractive returns and stable revenues for Capital
Stage, while offering only a moderate level of investment risk.

Capital Stage AG is listed in the regulated market (Prime Standard) of the
Frankfurt Stock Exchange and in the regulated market of the Hanseatic Stock
Exchange Hamburg (ISIN: DE0006095003 / WKN: 609500). The shares of Capital
Stage AG have been listed in the Deutsche Börse Frankfurt a. M. selective
index SDAX since March 2014.

For more information, visit www.capitalstage.com

Contact:

Capital Stage AG
Till Gießmann
Head of Investor & Public Relations
Fon.: + 49 (0)40 37 85 62-242
Fax: + 49 (0)40 37 85 62-129
e-mail: till.giessmann@capitalstage.com

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2016-03-31 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.

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Language: English
Company: Capital Stage AG
Große Elbstraße 59
22767 Hamburg
Germany
Phone: +49 4037 85 62 -0
Fax: +49 4037 85 62 -129
E-mail: info@capitalstage.com
Internet: www.capitalstage.com
ISIN: DE0006095003
WKN: 609500
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Hamburg;
Regulated Unofficial Market in Berlin, Dusseldorf, Munich,
Stuttgart

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