Capital Stage's revenues seen to top EUR 200m this year

Wind park installation in Germany. Author: Evert Kuiken.

German solar and wind park operator Capital Stage AG (ETR:CAP) said 2016 revenue and operating profit exceeded its forecast thanks to capacity additions and the buy of Chorus Clean Energy AG (FRA:CU1).

Based on preliminary calculations, revenue reached EUR 141.8 million (USD 153.4m) last year and the company expects it to grow to over EUR 200 million in 2017. Operating earnings before interest and tax (EBIT) amounted to EUR 61.6 million and are also seen to climb this year.

The 2016 results include earnings contributions of Chorus for the fourth quarter of the year. Earlier in March, Capital Stage said it had started a squeeze-out procedure at Chorus, in which CAP already holds a stake of more than 95%.

“In the current 2017 financial year, we definitely intend to keep growing. We will continue to build our portfolio of profitable solar and wind parks and also review carefully any further opportunities for inorganic growth,” said CEO Christoph Husmann.

The company’s preliminary results for 2016, a comparison to its forecast, and its expectations for 2017 are in the table. The guidance for this year is based on the wind and solar portfolio as of end-2016 and does not take into account future acquisitions and capacity additions, Capital Stage noted.

(in EUR million)	2016 prelim	2016 forecast	2017 forecast
Revenue	141.8	140	over 200
Operating EBITDA	106.1	104	over 150
Operating EBIT	61.6	60	over 90
Cash flow from operating activities	103.8	98	over 140

Operating EBITDA and EBIT, and the operating cash flow for 2016 have been adjusted for one-time costs of about EUR 4.6 million and some EUR 8.5 million, respectively, the firm said. Definitive financial and earnings figures will be published on Мarch 31.

(EUR 1 = USD 1.08)

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