DGAP-News: Pacifico Renewables Yield AG
/ Key word(s): Half Year Report/Half Year Results
Pacifico Renewables Yield AG generates positive consolidated net income in the first half of 2021
- Interim report for the first half of the year 2021 published
- Revenue and portfolio growth continue
- Portfolio grows by a total of 29% since the beginning of the year
- Positive half-year result of €190,714 at group level
Christoph Strasser, Co-CEO, summarizes the development since the beginning of the year as follows: "We have made noticeable progress towards our goal of building up a portfolio of at least 400 megawatts by 2023. Through the acquisition of a 15.6 megawatt wind park and a 7.6 megawatt solar park, we have further expanded our presence in our home market of Germany and increased our portfolio by 29% year to date. We also made great advances towards becoming a platform to the capital market for a large number of project developers. By concluding two new partnerships in the first half of 2021, we now have priority access to development projects with a total capacity of over 1,600 megawatts."
The Company's solar and wind parks produced 50.7 gigawatt hours of "green" electricity in the first half of 2021 and generated revenues of €9.2 million. With an adjusted operating EBITDA1 of €6.9 million (margin: 75%) and an adjusted operating EBIT of €3.1 million (margin: 34%), the operating result exceeds the result for the first half of 2020, with stable margins. In July, the Company acquired the solar park Voßberg in Germany with economic retroactive effect as of January 1, 2021, which has not yet been consolidated and generated revenues of €463,937 and produced 3.9 gigawatt hours of electricity in the first half of the year. When including the solar park Voßberg, the Company evidenced year-on-year revenue growth of almost 7% in the first half of 2021 and an increase in electricity production of around 17%.
Dr. Martin Siddiqui, Co-CEO, highlights the positive consolidated result of €190,714 in the first half of 2021: "The loss in the financial year 2020 was mainly due to high transaction costs, but these only had an effect limited to the year 2020 and laid the foundation for future revenue growth. Our positive net income in the first half of 2021 shows that our existing portfolio is already profitable at this early stage without extraordinary, one-off expenses."
In the interim report, the Company confirmed its revenue guidance of €18.60 million to €20.00 million, which was raised in July. However, due to below-plan meteorological conditions since the beginning of the year relative to the historical average, the Company believes that an electricity production slightly below the electricity production forecast of 116.0 gigawatt hours to 128.0 gigawatt hours cannot be ruled out, assuming no further acquisitions and no above plan production until the end of the year.
About Pacifico Renewables Yield AG
Pacifico Renewables Yield AG is an independent energy producer listed on the open market of the Dusseldorf Stock Exchange with additional requirements (Primärmarkt) (ISIN: DE000A2YN371) with the aim of building up a gradually growing portfolio of plants for energy generation from renewable sources. With operational wind and photovoltaic power plants spread across Europe, the Company offers a clear and diversified profile with stable and predictable earnings.
This press release may contain certain forward-looking statements, estimates, opinions, and forecasts concerning the future business situation, earnings situation, and results of Pacifico Renewables Yield AG ("forward-looking statements"). Forward-looking statements can be identified by words such as "believe", "estimate", "anticipate", "expect", "intend", "will", or "should" and their negation and similar variations or comparable terminology. Forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current opinions, forecasts and assumptions of the Management Board of Pacifico Renewables Yield AG and involve significant known and unknown risks and uncertainties, therefore actual results, performance and events may differ materially from those expressed or implied by forward-looking statements. Forward-looking statements contained herein should not be construed as guarantees of future performance or results and are not necessarily reliable indicators of whether or not such results will be achieved. The forward-looking statements contained in this release are only valid on the date of this publication. We will not update the information, forward-looking statements or conclusions contained in this release in light of subsequent events or circumstances, nor will we reflect subsequent events or circumstances or correct inaccuracies that arise after the date of this release as a result of new information, future developments or otherwise, and we do not assume any obligation to do so. We do not assume any responsibility whatsoever that the forward- looking statements or assumptions contained herein will occur.
07.09.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||Pacifico Renewables Yield AG|
|Bavariafilmplatz 7, Gebäude 49|
|Listed:||Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1231596|
|End of News||DGAP News Service|