German solar and wind parks operator Capital Stage AG (ETR:CAP) said on Wednesday its first-half (H1) operating earnings before interest and tax (EBIT) have increased by 14.7% on the year to EUR 31.9 million (USD 36m).
The Hamburg-based company reported operating earnings before tax (EBT) of EUR 14.6 million, on a par with the result from the same period a year back. It noted that the acquisition-related rise in earnings would have been larger if not for the poorer meteorological conditions compared to a year earlier.
Operating earnings before interest, tax, depreciation and amortisation (EBITDA) climbed by about 21% to EUR 50.8 million as revenues went up by 24% to EUR 64.9 million. The company, though, missed its top line forecast by EUR 3 million because both wind and sunshine hours were below the long-term average.
Operating cash flow surged by 120% to EUR 50.2 million.
Capital Stage confirmed its prior guidance for 2016, including for revenues of over EUR 130 million, operating EBITDA of above EUR 100 million, operating EBIT of more than EUR 60 million and operating cash flow of over EUR 93 million.
During the six month period, Capital Stage acquired plants in Italy, the UK and Germany, and thus expanded its portfolio to more than 600 MW. In the meantime, it launched an all-stock takeover bid for local peer Chorus Clean Energy AG (FRA:CU1) that was eventually endorsed by the boards of the target.
“The current acceptance ratio makes us confident that the merger will be successful,” said Klaus-Dieter Maubach, chairman of the company’s management board. The acceptance period will end on September 16, unless extended.
(EUR 1.0 = USD 1.128)
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