Capital Stage's prelim 9mo EBIT rises 7% y/y

Wind farm in Germany. Author: Clément Belleudy. License: Creative Commons, Attribution-ShareAlike 2.0 Generic

Capital Stage AG (ETR:CAP) said today that based on preliminary figures its revenue and earnings for the first nine months of the year have improved despite below-average wind levels.

The German solar and wind parks operator said that operating earnings before interest and tax (EBIT) have increased to EUR 57 million (USD 60.6m) in January-September 2016 from EUR 53.5 million a year back. Consolidated operating earnings before interest, tax, depreciation and amortisation (EBITDA) went up by 12% to EUR 85.6 million. Revenue climbed by about 14% to EUR 107.5 million and the operating cash flow for the period rose by 30% to EUR 69.8 million.

The company also presented an adjusted guidance for the full year that includes the results of Chorus Clean Energy AG (FRA:CU1). Capital Stage acquired a stake of over 94% in its peer through an all-stock tender bid that closed last month.

The table below gives more details about Capital Stage’s forecast.

Figures	Adjusted Guidance for 2016	Previous Guidance for 2016
Revenues	Over EUR 140 million	Over EUR 130 million
Operating EBITDA	Over EUR 104 million	Over EUR 100 million
Operating EBIT	Over EUR 60 million	Over EUR 60 million
Operating Cash Flow	Over EUR 98 million	Over EUR 93 million

The company noted that the EBITDA and EBIT projections were adjusted for roughly EUR 6 million in one-off expenses in connection with the takeover of Chorus. When it comes to operating cash flow, the adjustment is EUR 8 million.

Capital Stage will publish its full consolidated financial statements for January-September 2016 on November 30, 2016.

(EUR 1.0 = USD 1.063)

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