Capital Stage is investing in solarparks and windfarms and is Germany’s largest solarpark operator.
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Capital Stage AG confirms preliminary operating results for 2016 and increases dividend


  • Operating results exceed own forecasts for 2016
  • Dividend increased to EUR 0.20
  • Dividend policy provides an increase by 50 per cent within the next five years
  • Further growth continues in 2017

Hamburg, 3 April 2017 – The SDAX-listed Hamburg-based solar and wind park operator Capital Stage confirms its already published preliminary results for the 2016 financial year. In spite of the relatively low wind levels, Capital Stage managed to exceed its own forecast for the operating results for the fiscal year 2016. For the recent financial year a scrip dividend amounting to EUR 0.20 (2015: EUR 0.18) per entitled share shall be paid out. Continuous increases of the dividends are planned for the coming years, so that the dividend paid per no par value share with dividend rights would be increased by 50 per cent within the next five years (EUR 0.30).

Compared to the previous year, revenue for Capital Stage AG increased by more than 25 per cent to approximately EUR 141.8 million. Operating earnings before interest, tax, depreciation and amortisation (operating EBITDA) came to some EUR 106.1 million – a rise of 22 per cent. Operating earnings before interest and tax (operating EBIT) also grew by 11 per cent during the reporting period, now totalling some EUR 61.6 million. Cash flow from operating activities even rose by 39 per cent to more than EUR 103.8 million. The operating earnings figures thus exceeded the forecast figures for the 2016 financial year. According to preliminary calculations, the equity ratio increased to 25.9 per cent compared to the reporting date of the previous year, and total assets amounted to approximately EUR 2.4 billion. These figures must also be viewed in consideration of the fact that, for the first time, the operating figures for the 2016 financial year include the earnings contributions of CHORUS Clean Energy for the fourth quarter of 2016.

Dividend increased to EUR 0.20 - further increase of dividends announced

Subject to the approval of the Annual General Meeting, Capital Stage AG intends to pay a scrip dividend for the 2016 financial year of EUR 0.20 per no par value share with dividend rights (2015: EUR 0.18).

Furthermore the dividend shall be increased continously for the next five years. “Also in the current financial year 2017 we will proceed on our path of growth. We also want to share our success with our shareholders. Over the coming years, we plan to continuously increase our dividend resulting in a dividend increased by 50 per cent to be paid per no par value share with dividend rights in five years amounting to 30 Cent. This is only on the basis of the current portfolio,” says Dr Christoph Husmann, CFO of Capital Stage AG.

The dividend strategy thus reflects the increase in cash flows from the solar and wind parks. Their interest expense is reduced continuously over the years according to a fixed redemption plan and leads to a corresponding steady increase in earnings. "In addition to that, further acquisitions of solar and wind parks can and will positively contribute to the dividend potential", adds Dr Husmann.

Positive outlook for the 2017 financial year confirmed

Based on the portfolio of solar and wind parks as of the reporting date of 31 December 2016, the Management Board expects the positive development to continue in the current financial year. For 2017, the Company expects revenue to go up to over EUR 200 million. Operating EBITDA should increase to more than EUR 150 million as a result. The Management Board expects operating EBIT for 2017 to be in excess of EUR 90 million. Cash flow from operating activities should also go up significantly once again to more than EUR 140 million.

Note on the operating figures for 2016

The figures provided are based solely on the Company’s operating profitability and do not take any IFRS-related valuation effects into account. In addition, the operating earnings figures (operating EBITDA and EBIT) have been adjusted for non-recurring expenses of EUR 4.6 million in connection with the takeover of CHORUS. In cash flow from operating activities, the adjustment came to some EUR 8.5 million.

 

 


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