Solar power station in Germany. Featured Image: anyaivanova/Shutterstock.com
German solar and wind parks operator Chorus Clean Energy AG (FRA:CU1) on Wednesday posted a net profit of EUR 4.1 million (USD 4.6m) for the first half of 2016, down by 26.8% year-on-year, and reaffirmed its full-year guidance.
The decrease can be explained with a EUR-3.8-million decline in the financial result to a negative EUR 6.4 million. In turn, this fall is attributable to non-cash, IFRS-related measurements of financial instruments.
The company said that January-June revenue decreased by 4.9% to EUR 29.4 million because of a fall in sunlight and wind compared with the same period of 2015, and the transfer of two Italian solar farms to institutional clients from the asset management division.
Revenue from electricity generation was EUR 28.8 million, compared with EUR 28.6 million a year back. Chorus Clean noted that if the meteorological conditions had been at the multi-year average, it would have recorded growth in earnings from power production.
Earnings before interest, tax and depreciation (EBITDA) increased by 5.7% to EUR 23.6 million. EBITDA margin went up by eight percentage points to about 80%.
“Taking into account the meteorological conditions, we are satisfied with the results for the first half of the year. We are particularly pleased with the increase in profitability and the significant expansion of our solar and wind park portfolio,” said CEO Holger Goetze.
Chorus Clean confirmed its previous forecast for 2016 EBITDA of over EUR 46 million and revenue of more than EUR 62 million.
In late July, German peer Capital Stage AG (ETR:CAP) launched an all-stock takeover bid for local peer Chorus Clean that was eventually endorsed by the boards of the target. The acceptance period will end on September 16, unless extended.