In financial year 2016, aventron once again significantly expanded its renewable energy portfolio. Operating cash flow rose by a disproportionately large 114.4%. Furthermore, aventron closed its accounts with a significantly higher equity ratio, at 32.8%. In 2017, aventron expects to continue on its growth path with revenues of between CHF 75 million and CHF 80 million and earnings before interest and taxes (EBIT) of around CHF 22 million.
With the expansion of its wind, solar and hydro power portfolio to a total capacity of 350 MW (2015: 180 MW), the last financial year represented a major step forward for aventron. Thanks to significant acquisitions in all markets in which aventron operates and the addition of valuable and substantial contributions in kind as part of its capital increase, the company improved its net revenues by 100% to CHF 48.5 million. EBIT at aventron rose at almost the same rate, up 97% to CHF 13.8 million. The portfolio comprises renewable energy plants encompassing both a range of technologies and a broad geographical spread – Switzerland, France, Germany, Norway, Italy and Spain.
In relation to net revenue, the EBITDA margin was 66.2% (62.7%) and the EBIT margin was 28.4% (29.3%). The resulting net income was CHF 3.0 million, which was up CHF 1.1 million against the previous year.
Operating cash flow increased from CHF 13.9 million to CHF 29.8 million. Taking into account the dilution effect of the largest capital increase so far in the company’s history, operating cash flow per share improved by 55%, rising from CHF 0.77 to CHF 1.19 per share. This illustrates the business model’s capacity for generating earnings.
The Board of Directors will propose a dividend of CHF 0.21 per share to the Annual General Meeting, in line with the previous year’s dividend. The dividend will be distributed tax-free from capital reserves. The Annual General Meeting of aventron AG takes place on 25 April 2017.
In 2016, aventron invested CHF 53.6 million net in the acquisition of existing power plants and in the construction of its own generating capacity. Total assets rose within a year to CHF 577.4 million (CHF 307.6 million). As at the end of 2016, the aventron Group had liquid assets totaling CHF 33.5 million (CHF 19.3 million). As a result of its successful capital increase in 2016, equity capital was boosted by CHF 131.9 million. In addition to contributions in kind, CHF 57.6 million in fresh cash was invested. This pushed the equity ratio up to 32.8% (24.6%).
For financial year 2017, the management expects growth in revenues of around 50%, assuming average weather conditions. aventron will feel the benefit of the wind, solar and hydro power generation capacity acquired last year, with these units contributing their full annual output for the first time. Through the increasing scale and synergy effects from its portfolio, aventron will also increase EBIT accordingly. For the current financial year, aventron is planning to acquire around 40 MW of new generating capacity in the solar, wind and hydro power sector