Quarterly Report • May 31, 2016
Quarterly Report
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Following a successful 2015 financial year, we have continued that course in the first quarter of 2016.
The strong expansion of our solar park portfolio in the previous financial year is reflected in the first quarter of 2016. The acquisition of new solar parks, and therefore also the increased share in our total portfolio represented by the PV Parks segment, led to – as expected – an increase in the seasonality of our results: while income from our solar parks in the first and fourth quarters of each year is naturally lower than in the high-income-generating summer quarters, the costs for operating our solar parks as well as depreciation and amortisation follow a linear, seasonally independent course. The effect that this has on our results structure was increased by the expansion of the PV Parks segment. However, the expected results from the two summer quarters have increased accordingly.
As a result of this development, we generated an operating EBIT during the reporting period of TEUR 6,134 (Q1 2015: TEUR 6,961). Operating financial earnings totalled TEUR –8,517 (Q1 2015: TEUR –5,616) and comprised – in addition to interest cost for our existing portfolio, including the solar and wind parks newly acquired in the 2015 financial year – the interest cost for the mezzanine capital from the partnership with Gothaer Versicherungen, which we had already largely utilised by the end of 2015. As planned, and due to seasonal and expansion-related factors, operating EBT in the first three months of 2016 amounted to TEUR –2,383 (Q1 2015: TEUR 1,345). At the same time, amounting to TEUR 19,555, the operating cash flow more than tripled compared to the same period from the previous year (Q1 2015: TEUR 5,735) and therefore reflected the strong expansion of the business.
The operating result in the reporting period therefore met our expectations. As a result, we once again affirm our forecast for the operating result for the 2016 financial year from 31 March 2016. We expect revenue growth of more than EUR 130 million (previous year: EUR 112.8 million), operating EBITDA of more than EUR 100 million (previous year: EUR 86.8 million) and operating EBIT of more than EUR 60 million (previous year: EUR 55.4 million). Cash flow from operating activities is expected to be more than EUR 93 million (previous year: EUR 74.5 million). Our earnings forecast is based on the existing portfolio as of 31 March 2016 and has not factored in any additional investments in the 2016 financial year.
With the successful conclusion of a capital increase in April 2016, the placement of a debenture bond and the refinancing of fully equity-funded solar parks in the United Kingdom, we currently have more than EUR 300 million in investment funds available to us at the project level, taking into account the standard leverage. At the same time, our asset pipeline is still very promising and, with the acquisition of a German onshore wind park as well as an additional British solar park in March 2016, we have already announced the first successful acquisitions from this pipeline. We are very confident that we will be able to announce further acquisitions in the coming weeks and months.
We would be pleased if you continue to accompany Capital Stage on its course for growth.
Prof Dr Klaus-Dieter Maubach Dr Christoph Husmann CEO CFO
| 01/01-03/31/2016 | 01/01-03/31/2015 |
|---|---|
| 22.4 | 17.6 |
| 15.6 | 13.6 |
| 6.1 | 7.0 |
| -2.4 | 1.3 |
| -2.2 | 1.0 |
| 19.6 | 5.7 |
| -0.03 | 0.01 |
| 03/31/2016 | 12/31/2015 | |
|---|---|---|
| Equity** | 249 | 262 |
| Liabilities | 1,055 | 1,057 |
| Balance sheet total | 1,304 | 1,319 |
| Equity ratio in % | 19.1 | 19.8 |
* The Group operating KPIs are based solely on the company's operating profitability and do not take any IFRS-related valuation effects into account.
** Including non-controlling interests in equity.
The revenue and results figures for the previous year were adjusted in accordance with IFRS 5.
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 2015 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 2015.
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 Germany's largest independent operator of solar parks.
Its investment strategy focuses on the acquisition of turnkey projects or existing installations in geographic regions characterised by a stable political environment as well as dependable and predictable operating conditions. Capital Stage currently operates 81 solar parks and nine wind parks with a capacity of nearly 600 MW in Germany, Italy, France and the United Kingdom. Solar parks and wind parks generate attractive returns and predictable cash flows.
The risks for the global economy have once again increased at the beginning of 2016. In particular, the weak growth of the Chinese economy during the first quarter of 2016 continues to be cause for concern. Moreover, geopolitical risks have grown around the world. In addition to conflicts in the Middle East, the United Kingdom's referendum looming in June 2016 and further negotiations on the solvency of Greece and the stability of the European Union regarding the refugee crisis are keeping expectations in check. Despite these factors, the German economy was able to generate growth of 0.7 per cent in the first quarter of 2016 compared to the first quarter of the previous year. This growth was due in particular to the increased demand from both public and private spheres.
In light of the bleak conditions, the OECD forecasts overall worldwide economic growth for 2016 at approximately the level of the previous year of 3.0 per cent. In consideration of weak economic development and continued stable consumer prices, the low-interest environment is not expected to change significantly.
The expansion of renewable energies and the rejection of fossil fuels and nuclear power as sources of safe, sustainable and climate-friendly energy continued in the first quarter of 2016 and remain a global megatrend. In emerging economies in particular – but in industrialised countries as well – renewable energies remain a growth market, especially as regards solar and wind energy.
Capital Stage concentrates on the acquisition and operation of turnkey ground-mounted solar parks and wind parks in the core regions of Germany, France, the United Kingdom and Italy. During the reporting period from 1 January 2016 to 31 March 2016, there were no significant changes compared to the conditions for renewable energies in these core markets described in detail in the consolidated management report for the 2015 financial year.
On 16 February 2016, Capital Stage announced the acquisition of four Italian solar parks with a total production capacity of 16.9 MWp. The total investment volume of the acquisition, including assumed debt relating to the project, amounted to some EUR 65.4 million. The four Italian solar parks are located between the cities of Turin and Genoa in the Piedmont region in north-west Italy. They went into operation between April and December 2011. The guaranteed feed-in tariff amounts to an average of some EUR 0.273 per kilowatt-hour and has a remaining term of 15 years. In its first full year of operation, the solar park portfolio is expected to make revenue contributions of around EUR 8.6 million. The acquisition is still subject to standard conditions precedent.
On 14 March 2016, Capital Stage acquired 100 per cent of the shares in a solar park near the town of Horton in the United Kingdom. The solar park has a production capacity of almost 5 MWp and was connected to the grid in December 2015. The seller of the solar park is the project developer F&S solar concept, which is headquartered in Euskirchen, Germany. Capital Stage expects the park to make revenue contributions of approximately TGBP 500 (approx. TEUR 650) from its first year of full operation onwards. The park has a long-term power purchase agreement with the internationally active Danish energytrading company Neas Energy. The total investment volume is around EUR 6 million.
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 between April and 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 2016 came to 82,941 MWh (previous year: 62,299 MWh). Of the power fed in, around 24 per cent (previous year: 34 per cent) is attributable to solar parks in Germany, 38 per cent (previous year: 44 per cent) to solar parks in France, 24 per cent (previous year: 22 per cent) to solar parks in Italy and 14 per cent (previous year: 0 per cent) to solar parks in the United Kingdom. In total, due to a below-average number of hours of sunshine, the solar park portfolio slightly underperformed in the first quarter of 2016.
Actual power fed into the grid by the Wind Parks segment in the first three months of 2016 came to 62,554 MWh. Of this, around 94 per cent stems from the wind parks in Germany and around 6 per cent from the wind park in Italy. Although the wind park portfolio in Germany performed slightly below expectations, the Italian wind park exceeded forecast figures by more than 15 per cent.
In almost all cases, operation of the installations ran smoothly.
As part of the classification of the subsidiaries Helvetic Energy GmbH and Calmatopo Holding AG – both in Flurlingen, Switzerland – as "held for sale" which was carried out in September 2015, the previous year's figures were adjusted on the income statement pursuant to IFRS 5. With this in mind, the previous year's figures contained below that are marked with an asterisk (*) do not match the figures published in the report for the first quarter of 2015.
During the first three months of 2016, the Group generated revenues of TEUR 22,351 (previous year: TEUR 17,594*). This represents an increase of around 27 per cent and is primarily due to the expansion of the solar and wind park portfolio. The increases in revenue remain behind the expansion of the generation capacities in comparison with the first quarter of 2015. This was caused by, among other factors, the below-average number of hours of sunshine in the first quarter of 2016 and the lower average feed-in tariff per kilowatt-hour in the acquired parks, which is accompanied by correspondingly lower purchase prices compared to our own yield requirements for these parks.
The Group generated other operating income of TEUR 817 (previous year: TEUR 409*). This includes income from other periods in the amount of TEUR 530.
Operating personnel expenses came to TEUR 1,154 (previous year: TEUR 794*). Other operating expenses of TEUR 6,166 were incurred (previous year: TEUR 3,462*). This mainly consists of costs of TEUR 5,199 for operating solar and wind parks. Other expenses also include TEUR 876 in costs of current operations. The increase is mainly driven by new investments in solar- and windparks in the year 2015 and among else by off-period expenses (e.g. rent arrears).
Operating earnings before interest, taxes, depreciation and amortisation (EBITDA) were TEUR 15,576 in the first three months of 2016 (previous year: TEUR 13,554*). The EBITDA margin was around 70 per cent. Depreciation and amortisation of TEUR 9,442 (previous year: TEUR 6,593) are primarily depreciation and amortisation on solar and wind parks.
Operating earnings before interest and tax (EBIT) totalled TEUR 6,134 (previous year: TEUR 6,961*). This represents an EBIT margin of around 27 per cent. The development of the EBITDA and EBIT KPIs in the first quarter of 2016 is primarily a result of seasonal fluctuations, while the cost structure follows a more linear course that is independent of seasonal influences.
Operating financial earnings totalled TEUR –8,517 (previous year: TEUR –5,616*). The increase results primarily from the interest cost for the non-recourse loans for the solar and wind parks acquired in the 2015 financial year and the interest on the mezzanine capital issued as part of the partnership with Gothaer Versicherungen, which was higher due to the partial draws carried out during the 2015 financial year.
Operating earnings before taxes (EBT) therefore came to TEUR –2,383 (previous year: TEUR 1,345*). Due to seasonal factors, the PV Parks segment made a negative contribution amounting to TEUR –3,871, while the seasonally independent Wind Parks segment generated a positive earnings contribution in the amount of TEUR 2,604.
The consolidated operating income statement shows operating tax income TEUR 156 (previous year: tax expenses of TEUR 361), mainly for effective tax receivables in connection with solar and wind parks.
Altogether, this resulted in consolidated operating result of TEUR –2,227 (previous year: TEUR 984*).
As outlined in the "Internal management system at Capital Stage" section of the 2015 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 | 01/01-03/31/2016 | 01/01-03/31/2015 adjusted in accordance with IFRS 5 |
|---|---|---|
| Revenue | 22,351 | 17,594 |
| Other income | 1,470 | 4,953 |
| Cost of materials | -272 | -191 |
| Personnel expenses of which TEUR -48 (previous year: TEUR -18) in share-based remuneration |
-1,202 | -813 |
| Other expenses | -6,166 | -3,462 |
| Adjusted for the following effects: | ||
| Other non-cash income (primarily arising from purchase price allocations and reversals of deferred accruals from accounting for interest rate advantages in accordance with IAS 20) |
-653 | -4,545 |
| Share-based remuneration | 48 | 18 |
| Adjusted operating EBITDA | 15,576 | 13,554 |
| Depreciation and amortization | -12,573 | -8,334 |
| Adjusted for the following effects: | ||
| Amortization of intangible assets from purchase price allocations | 2,680 | 1,339 |
| Depreciation of property, plant and equipment from step-ups in the course of purchase price allocations |
451 | 402 |
| Adjusted operating EBIT | 6,134 | 6,961 |
| Financial result | -15,794 | -6,866 |
| Adjusted for the following effects: | ||
| Other non-cash interest and similar expenses and income (primarily arising from effective interest rate calculation, swap valuation, effects from currency translation and interest cost from accounting for interest rate advantages in accordance with IAS 20) |
7,277 | 1,250 |
| Adjusted operating EBT | -2,383 | 1,345 |
| Tax expenses | 3,346 | -1,755 |
| Adjusted for the following effects: | ||
| Deferred taxes (non-cash items) | -3,190 | 1,394 |
| Adjusted operating EAT | -2,227 | 984 |
The previous year's figures marked with an asterisk (*) were adjusted in accordance with IAS 8 and do not match the figures published in the report for the first quarter of 2015.
The change in cash and cash equivalents in the reporting period was TEUR –1,169 (previous year: TEUR -10,581*) and is made up as follows:
Cash flow from operating activities amounts to TEUR 19,555 (previous year: TEUR 5,735). 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.
In the first quarter of 2015, as well as in the first quarter of 2016, two complementary special items further increased the cash flow from operating activities compared to the same period in the previous year. Whereas the cash flow from operating activities had been negatively affected by a tax prepayment of EUR 2.1 million in the first quarter of 2015, this item benefited from a tax rebate in the amount of EUR 2.4 million in the reporting period. Nevertheless – adjusted for these two special items – cash flow from operating activities still more than doubled compared with the same period in the previous year, thus reflecting the strong expansion of business activities.
Cash flow from investing activities of TEUR –12,434 (previous year: TEUR –16,365*) consisted mainly of payments for the acquisition of a solar park in the United Kingdom. This item still includes payments related to investments in property, plant and equipment for the construction of solar and wind parks in the United Kingdom and Germany.
7
8 CAPITAL STAGE AG ● ● ● Interim release Q1 2016
Cash flow from financing activities amounted to TEUR –8,290 (previous year: TEUR 49*) and results from the regular loan repayments and interest paid less the loans for newly acquired solar and wind parks paid out after the dates of initial consolidation. Additionally, this includes the change in cash and cash equivalents with limited availability.
As of 31 March 2016, shareholders' equity came to TEUR 249,255 (31 December 2015: TEUR 261,633). The decrease of TEUR 12,378, or 4.7 per cent, stems mainly from the items recorded directly in equity in the first quarter of 2016 and from earnings for the period. The equity ratio is 19.11 per cent (31 December 2015: 19.84 per cent). Total assets decreased from TEUR 1,318,527 as of 31 December 2015 to TEUR 1,304,104.
As of 31 March 2016, the Group has bank and leasing liabilities amounting to TEUR 922,299 (31 December 2015: TEUR 916,552). 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 2016, liabilities to non-controlling shareholders amounted to TEUR 11,951.
The value of provisions as of 31 March 2016 amounts to TEUR 17,008 (31 December 2015: TEUR 18,457). This is comprised of provisions for restoration obligations (TEUR 10,336), tax provisions (TEUR 2,486) and other current provisions (TEUR 4,186).
Trade liabilities decreased from TEUR 11,179 as of 31 December 2015 to TEUR 7,831 as of 31 March 2016.
On 20 April 2016, the Management Board of Capital Stage AG, on the basis of authorised capital 2014 and with the approval of the Supervisory Board, decided to increase the company's share capital by up to EUR 7,243,940.00 from EUR 75,483,512.00 to EUR 82,727,452.00 by issuing 7,243,940 new bearer shares for subscription in cash with no subscription rights for existing shareholders. The new shares have dividend rights from 1 January 2015 onwards.
The capital increase was carried out in full at a price of EUR 6.75 per share. The new shares were placed with international institutional investors as well as major shareholders represented on the Supervisory Board and the Management Board of the company. Share capital is now EUR 82,727,452.00, divided into 82,727,452 no-par-value bearer shares. The capital increase was entered in the commercial register of the Hamburg district court on 22 April 2016. Through the capital increase, the company generated gross proceeds in the amount of EUR 48,896,595. These funds are intended both for the continuation of the growth course via acquisitions on the project level as well as for the sustainable maintenance of a sound balance sheet structure.
On 19 May 2016, Capital Stage signed a contract for the acquisition of a German onshore wind park near Bremerhaven. The wind park consists of four wind turbines in total and has a production capacity of 18 MW. The wind park was sold by the Bremen-based company Energiekontor AG. The park is currently in its deployment phase and is expected to be fully up and running by the end of December 2016. Additionally, the park benefits from a guaranteed feed-in tariff of EUR 0.0840 per kilowatt-hour for three of the wind turbines and EUR 0.0830 per kilowatt-hour for the remaining turbine. Capital Stage expects the wind park to make revenue contributions of nearly EUR 4 million from its first year of full operation onwards. The total investment volume for the acquisition, including debt, is approximately EUR 40 million. The acquisition is still subject to standard conditions precedent.
Capital Stage has acquired another UK solar park with a generation capacity of 5 MW from F&S solar concept (F&S) end of May 2016. The total investment in the park amounts to roughly EUR 6.3 million (GBP 4.8 million). Seller of the park was the German project developer based in Euskirchen, F&S solar concept, from whom Capital Stage has already acquired three British solar parks. The newly acquired solar park is located in the southeast of England in the county of Bedfordshire. The acquired PV-park is already in operation and has been connected to the UK power grid back in March 2016. For the power generated a long-term power purchase agreement (PPA) has again be signed with Neas Energy, Denmark, an internationally operating energy trading company. Capital Stage expects the park to generate sales revenues of approx. TEUR 600 (TGBP 460) as of the first year of full operation. F&S will provide the technical management for the parks for a period of two years. After that period, technical management will be handed over to Capital Stage Solar Service GmbH, a wholly-owned subsidiary of Capital Stage AG. The solar park will initially be fully financed from the company's own funds; refinancing in the form of a classic project loan is planned for a later date.
The material opportunities and risks to which the Capital Stage Group is exposed were described in detail in the consolidated management report for the 2015 financial year. Other than the following issue outlined in the risk report, there were no significant changes to the opportunities and risks relevant to Capital Stage in the reporting period from 1 January 2016 to 31 March 2016.
Capital Stage operates ground-mounted PV parks in the United Kingdom with a generation capacity of around 78.4 MW, which represents a 13 per cent share of the entire existing portfolio. The income and expenses for these British solar park companies are structured in the local currency. Possible effects on the exchange rate between the euro and the British pound which would result from the United Kingdom's decision regarding a withdrawal from the European Union scheduled for June 2016 cannot be predicted. However, this should not result in any significant effects on the overall earnings of Capital Stage.
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.
In 2017, according to forecasts from the OECD, the global economy is expected to gain only slight momentum. Compared with the forecast increase of 3 per cent for the current 2016 financial year, global economic growth should be around 3.3 per cent for the 2017 financial year. The cautious economic predictions and the continuation of the moderate price of oil should also hold back an increase in the consumer price index. As a result, a quick and clear reversal of the low-interest policies is not expected.
The global expansion in renewable energies is expected to continue in 2016 as well. The research institute GTM Research assumes that, in the current financial year, the demand for photovoltaic installations alone will increase by 21 per cent compared to the previous year. The Global Wind Energy Council expects that, by the year 2020, the expansion of wind energy will increase by more than 80 per cent compared to the currently installed capacity up to more than 790 GW. Across the globe, government subsidy mechanisms for renewable energies are in a state of transformation to systems more oriented towards competition.
This development can also be seen in the core markets where Capital Stage conducts its business. In Germany, there is currently talk about revamping the Renewable Energy Act. This would primarily involve the expansion of the tendering process and an adjustment of the subsidies for onshore wind parks. Overall, the German federal government is planning to continue the expansion of renewable energies. The expansion of renewable energy continues to be accelerated in France as well, with the ministry responsible for environmental and energy-related issues publishing expansion targets through the year 2023. These targets indicate that the installed wind power capacity will be more than doubled and that solar power will be more than tripled.
Capital Stage invests in turnkey or existing solar and wind parks. Forward-looking changes to government subsidies do not result in a direct effect on the earnings position of the company. Changes to the remuneration structure of parks to potentially be acquired are taken into account by the company as part of the price calculation and are reflected in appropriate adjustments to the acquisition prices.
The first quarter of 2016 met the expectations set out by Capital Stage. Moreover, there were no significant changes to the conditions for the company during the reporting period. As a result, the Management Board of Capital Stage AG reaffirms the earnings forecast for the current 2016 financial year from 31 March 2016. The earnings forecast is still based on the 10 CAPITAL STAGE AG ● ● ● Interim release Q1 2016
existing portfolio of the company as of 31 March 2016; additional investments in the remainder of 2016 have not been included in this forecast. The earnings forecast also relates to the operating earnings figures.
| In EUR million | |
|---|---|
| Revenue | >130 |
| Operating EBITDA* | >100 |
| Operating EBIT* | >60 |
| Operating cash flow* | >93 |
* operating; contains no IFRS-related, non-cash valuation effects
The Group had an average of 44 employees in the period from 1 January to 31 March 2016. The average figures were determined using the number of employees at the end of each quarter. On 31 March 2016, apart from the Management Board members, the Group had 28 employees at Capital Stage AG and 16 employees at Capital Stage Solar Service GmbH. The decrease results primarily from the disposal of Helvetic Energy GmbH, Flurlingen, Switzerland, during the 2015 financial year.
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 25 May 2016, to pay out a dividend of EUR 0.18 for each dividend-entitled share. This represents a year-on-year increase of 20% (previous year: EUR 0.15).
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).
Rental contracts at arm's-length terms exist with B&L Holzhafen West GmbH & Co. KG for office space for Capital Stage AG.
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 under http://www.capitalstage.com/investor-relations/stimmrechtsmitteilungen.html.
| in TEUR | 01/01/-03/31/2016 | 01/01/03/31/2015 |
|---|---|---|
| Revenue | 22,351 | 17,594 |
| Other income | 1,470 | 4,953 |
| Cost of materials | -272 | -191 |
| Personnel expenses | -1,202 | -813 |
| thereof share-based remuneration | -48 | -18 |
| Other expenses | -6,166 | -3,462 |
| Earnings before interest, taxes, depreciation and amortization (EBITDA) | 16,181 | 18,081 |
| Depreciation or amortization | -12,573 | -8,334 |
| Earnings before interest and taxes (EBIT) | 3,608 | 9,747 |
| Financial income | 42 | 94 |
| Financial expenses | -15,836 | -6,938 |
| Earnings before taxes on income (EBT) | -12,186 | 2,903 |
| Taxes on income | 3,346 | -1,755 |
| Earnings from continuing operations | -8,840 | 1,148 |
| Earnings from discontinued operations | 0 | -206 |
| Earnings after taxes (EAT) | -8,840 | 942 |
| Items that may be reclassified to profit or loss | ||
| Currency translation differences | 499 | -238 |
| Cash flow hedges – effective portion of changes in fair value | -5,771 | -3,292 |
| Income tax attributable to items that may be reclassified to profit or loss | 1,686 | 1,238 |
| Consolidated comprehensive income | -12,426 | -1,350 |
| Consolidated profit, of which attributable to: | ||
| Shareholders of Capital Stage AG | -8,696 | 922 |
| Non-controlling interests | -144 | 20 |
| Comprehensive income, of which attributable to: | ||
| Shareholders of Capital Stage AG | -12,282 | -1,370 |
| Non-controlling interests | -144 | 20 |
| Earnings per share | ||
| Average shares issued during reporting period | ||
| basic | 75,483,512 | 73,834,144 |
| diluted | 75,098,588 | 74,067,888 |
| Earnings per share from continuing operations, basic, in EUR | -0.12 | 0.01 |
| Earnings per share from discontinued operations, basic, in EUR | 0.00 | 0.00 |
| Earnings per share from continuing operations, diluted, in EUR | -0.12 | 0.01 |
| Earnings per share from discontinued operations, diluted, in EUR | 0.00 | 0.00 |
Previous years partially adjusted in accordance with IFRS 5
| Assets in TEUR | 03/31/2016 | 12/31/2015 |
|---|---|---|
| Intangible assets | 172,132 | 176,250 |
| Goodwill | 7,361 | 7,361 |
| Property, plant and equipment | 953,453 | 958,096 |
| Financial assets | 1 | 1 |
| Other accounts receivable | 7,175 | 6,925 |
| Deferred tax assets | 26,763 | 24,666 |
| Total non-current assets | 1,166,885 | 1,173,299 |
| Inventories | 430 | 1,232 |
| Trade receivables | 20,167 | 19,205 |
| Non-financial assets | 9,249 | 19,494 |
| Other current receivables | 7,248 | 5,667 |
| Liquid funds | 99,863 | 99,368 |
| - cash and cash equivalents | 49,672 | 52,358 |
| - subject to drawing restrictions | 50,191 | 47,010 |
| Non-current assets and disposal groups held for sale | 262 | 262 |
| Total current assets | 137,219 | 145,228 |
| Total assets | 1,304,104 | 1,318,527 |
| Equity and liabilities in TEUR | 03/31/2016 | 12/31/2015 |
|---|---|---|
| Share capital | 75,484 | 75,484 |
| Capital reserve | 108,651 | 108,651 |
| Reserve for equity settled employee remuneration | 473 | 425 |
| Other reserves | -5,780 | -2,194 |
| Distributable profit | 62,777 | 71,474 |
| Non-controlling interests | 7,650 | 7,794 |
| Total equity | 249,255 | 261,634 |
| Non-current financial liabilities | 856,126 | 848,251 |
| Non-current leasing liabilities | 15,757 | 16,000 |
| Provisions for restoration obligations | 10,336 | 10,155 |
| Other non-current liabilities | 13,082 | 12,627 |
| Deferred tax liabilities | 74,917 | 78,128 |
| Total non-current liabilities | 970,218 | 965,161 |
| Liabilities to non-controlling interests | 11,951 | 11,780 |
| Tax provisions | 2,486 | 3,145 |
| Current financial liabilities | 52,704 | 55,554 |
| Current leasing liabilities | 962 | 953 |
| Trade payables | 7,831 | 11,180 |
| Other current debt | 8,697 | 9,120 |
| Total current liabilities | 84,631 | 91,732 |
| Total equity and liabilities | 1,304,104 | 1,318,527 |
| in TEUR | 01/01/-03/31/2016 | 01/01/-03/31/2015 |
|---|---|---|
| Net profit/loss for the period | -8,840 | 942 |
| Cash flow from operating activities | 19,555 | 5,735 |
| Cash flow from investment activities | -12,434 | -16,365 |
| Cash flow from financing activities | -8,290 | 49 |
| Changes in cash and cash equivalents | -1,169 | -10,581 |
| Changes in cash due to exchange rate changes | -1,026 | 67 |
| Cash and cash equivalents | ||
| As of 1 January 2016 (1 January 2015) | 51,629 | 87,558 |
| As of 31 March 2016 (31 March 2015) | 49,434 | 77,044 |
| in TEUR | Subscribed capital | Capital reserve | Currency reserve | Hedge reserve |
|---|---|---|---|---|
| As of 1 January 2015 | 73,834 | 100,802 | -130 | -2,911 |
| Consolidated comprehensive income for the period |
-238 | -2,054 | ||
| Income and expenses recorded directly in equity |
||||
| As of 31 March 2015 | 73,834 | 100,802 | -368 | -4,965 |
| As of 1 January 2016 | 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 March 2016 | 75,484 | 108,651 | 570 | -6,351 |
| in TEUR | Reserve share-based employee remuneration |
Distributable profit | Non-controlling interests |
Total |
|---|---|---|---|---|
| As of 1 January 2015 | 244 | 63,829 | 7,811 | 243,479 |
| Consolidated comprehensive income for the period |
922 | 20 | -1,350 | |
| Income and expenses recorded directly in equity |
18 | 18 | ||
| As of 31 March 2015 | 262 | 64,751 | 7,831 | 242,147 |
| As of 1 January 2016 | 425 | 71,474 | 7,794 | 261,633 |
| Consolidated comprehensive income for the period |
-8,696 | -144 | -12,426 | |
| Income and expenses recorded directly in equity |
48 | 48 | ||
| As of 31 March 2016 | 473 | 62,778 | 7,650 | 249,255 |
| in TEUR | Administration | PV Parks | PV Service |
|---|---|---|---|
| Revenue | 0 | 16,277 | 787 |
| (previous year, adjusted) | (64) | (13,632) | (770) |
| Earnings before interest, taxes, depreciation and amortization (EBITDA) | -1,318 | 12,418 | 246 |
| (previous year, adjusted) | (-633) | (14,846) | (314) |
| Earnings before interest and taxes (EBIT) | -1,338 | 2,023 | 234 |
| (previous year, adjusted) | (-658) | (7,755) | (303) |
| Financial result | -71 | -14,430 | 0 |
| (previous year, adjusted) | (1,191) | (-7,117) | (-2) |
| Earnings before taxes on income (EBT) | -1,410 | -12,406 | 235 |
| (previous year, adjusted) | (533) | (638) | (302) |
| Result from continuing operations | -1,410 | -12,638 | 235 |
| (previous year, adjusted) | (531) | (437) | (302) |
| Result from discontinued operations | 0 | 0 | 0 |
| (previous year, adjusted) | (0) | (0) | (0) |
| Earnings per share from continuing operations, basic, EUR | -0.02 | -0.17 | 0.00 |
| (previous year, adjusted) | (0.01) | (0.01) | (0.00) |
| Earnings per share from discontinued operations, basic, EUR | 0.00 | 0.00 | 0.00 |
| (previous year, adjusted) | (0.00) | (0.00) | (0.00) |
| Assets including financial investments | 61,329 | 1,202,546 | 3,677 |
| (As of 31 December 2015) | (218,730) | (1,103,614) | (3,863) |
| Capital expenditures (net) | -1,319 | -3,920 | -9 |
| (previous year) | -49 | -15,822 | -11 |
| Debt | 27,181 | 1,031,764 | 1,379 |
| (As of 31 December 2015) | (27,343) | (1,032,075) | (1,665) |
| in TEUR | Windfarms | Financial Investments |
Reconciliation | Total |
|---|---|---|---|---|
| Sales | 6,164 | 0 | -877 | 22,351 |
| (previous year, adjusted) | (3,791) | (0) | (-663) | (17,593) |
| Earnings before interest, taxes, depreciation and | ||||
| amortization (EBITDA) | 4,835 | 0 | 0 | 16,181 |
| (previous year, adjusted) | (3,364) | (0) | (192) | (18,082) |
| Earnings before interest and taxes (EBIT) | 2,684 | 0 | 4 | 3,608 |
| (previous year, adjusted) | (2,155) | (0) | (192) | (9,749) |
| Financial result | -1,293 | 0 | 0 | -15,793 |
| (previous year, adjusted) | (-938) | (0) | (0) | (-6,866) |
| Earnings before taxes on income (EBT) | 1,392 | 0 | 4 | -12,186 |
| (previous year, adjusted) | (1,217) | (0) | (192) | (2,882) |
| Result from continuing operations | 1,350 | 0 | 3,623 | -8,840 |
| (previous year, adjusted) | (1,120) | (0) | (-1,262) | (1,127) |
| Result from discontinued operations | 0 | 0 | 0 | 0 |
| (previous year, adjusted) | (0) | (-206) | (0) | (-206) |
| Earnings per share from continuing operations, basic, EUR | 0.02 | 0.00 | 0.05 | -0.12 |
| (previous year, adjusted) | (0.01) | (0.00) | (-0.02) | (0.01) |
| Earnings per share from discontinued operations, basic, EUR | 0.00 | 0.00 | 0.00 | 0.00 |
| (previous year, adjusted) | (0.00) | (0.00) | (0.00) | (0.00) |
| Assets including financial investments | 244,901 | 0 | -208,348 | 1,304,104 |
| (As of 31 December 2015) | (203,636) | (0) | (-211,316) | (1,318,527) |
| Capital expenditures (net) | -7,186 | 0 | 0 | -12,434 |
| (previous year) | -532 | (4) | (45) | (-16,365) |
| Debt | 189,168 | 0 | -194,643 | 1,054,849 |
| (As of 31 December 2015) | (189,798) | (0) | (-193,988) | (1,056,893) |
We declare that, to the best of our knowledge and according to the applicable accounting standards, the report for the first quarter of 2016 as of 31 March 2016, in connection with the annual report for 2015, 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 2016
Management Board
Prof Dr Klaus-Dieter Maubach Dr Christoph Husmann CEO CFO
| Key financial figures | |
|---|---|
| Listed since | 28.07.1998 |
| Subscribed capital | 82,727,452 EUR |
| Number of shares | 82.73 Mio. |
| Stock market segment | Prime Standard |
| Dividend per share 2015 | 0.15 EUR |
| Dividend per share 2016 | 0.18 EUR |
| 52-week high | 9.40 EUR |
| 52-week low | 5.92 EUR |
| Share price (30 May 2016) | 6.30 EUR |
| Market capitalisation (30 May 2016) | 520 Mio. EUR |
| Indices | SDAX, HASPAX, PPVX |
| Trading centres | XETRA, Frankfurt/ Main, Hamburg |
| ISIN | DE 0006095003 |
| Designated sponsor | ODDO Seydler Bank AG |
| Date | Financial event |
|---|---|
| 31 August 2016 | Report on the first half of 2016 |
| 21/23 November 2016 | Deutsches Eigenkapitalforum |
| 30 November 2016 | Interim release Q3 2016 |
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 D-22767 Hamburg
Fon: +49 (0) 40 37 85 62-242 Email: [email protected]
Große Elbstraße 59 D-22767 Hamburg
Fon: +49 (0) 40. 37 85 62-0 Fax: +49 (0) 40. 37 85 62-129
[email protected] www.capitalstage.com
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