aventron raised 55.2 million Swiss Francs in fresh capital
aventron pursues a focused and balanced growth strategy in the field of renewable energy production using hydro, wind and solar power. In order to achieve its goals, fresh financial resources in the form of equity capital were raised. The annual general meeting on April 16, 2020 had approved the capital increase. This was carried out while preserving the subscription rights of existing shareholders and was completed successfully and according to plan on the 25th of June. 5,258,560 new registered shares with an issue value of CHF 10.50 (at a par value of CHF 1.00) were subscribed and paid in cash. This brought aventron a cash inflow of 55.2 million Swiss francs. The market capitalisation of aventron AG thus reaches approximately 515 million Swiss francs. Confidence in aventron’s positioning, development and strategy ensured the successful closing of the capital raising round.
With the eighth capital increase aventron was able to further expand its circle of investors. Crédit Mutuel Equity invested 30 million Swiss Francs and acquired 5.8 percent of aventron AG. Long-term aventron shareholders from among Swiss institutional investors also participated in the capital increase.
The new shares are expected to be tradable for the first time on the 2nd of July via BEKB’s OTC-X. aventron belongs to the Top 50 Index of the OTC-X. All new registered shares of aventron are fully entitled to dividends for the financial year 2020.Crédit Mutuel Equity (formerly CIC Capital) is the private equity subsidiary of Crédit Mutuel Alliance Fédérale and carries out minority and majority investments, but also provides venture capital. Crédit Mutuel Equity provides equity financing solutions at all stages of a companies’ development. Currently about 3.0 billion Euros of Crédit Mutuel Group’s own equity are invested in more than 350 businesses, building a powerful network of business leaders and entrepreneurs who share similar convictions and can benefit from one another’s experience. In addition to the home market of France, activities under the Crédit Mutuel Equity brand have also been expanded internationally.
for CHF 54 million have already been received one month before the subscription
period ends. Issue price of CHF 10.50 per share. Target 600 MW portfolio
through acquisition and project completion achievable.
The Annual General Meeting on 16 April approved the
implementation of a further capital increase. A total of 6.2 million registered
shares will be offered for subscription. The subscription period runs until 29
May 2020 at the latest. Commitments of CHF 54 million have already been submitted
to the company within the first days of the subscription period, CHF 40 million
of which are firm commitments. These commitments come from both new investors
and existing shareholders.
The equity raised through the capital increase will be
used to repay existing bridge financing, but above all to further expand the
diversified portfolio through targeted investments in renewable energy power
plants. The existing transaction pipeline with wind, solar and water plant
projects is well equipped. Some projects are nearing completion, so that the
goal of a total portfolio of 600 MW by the end of 2020 is achievable. The next
target is 750 MW by 2023.
Only recently, aventron has successfully completed the
acquisition of AGERE AG. The company owns and operates a solar portfolio in the
canton of Ticino (southern part of Switzerland) with a total capacity of around
10 MW. This portfolio consists of existing plants with fixed feed-in tariffs.
Furthermore, aventron is currently in advanced negotiations for two wind farm
transactions with a total capacity of 20 MW in Norway and France.
In the course of the current capital increase the
existing share capital of CHF 43,728,575.00 will be increased by up to
6,200,000 new registered shares with a nominal value of one Swiss franc each.
The new registered shares will be fully entitled to dividends for the 2020
financial year. The capital increase will increase equity by up to CHF 65.1
million. The issue prospectus and subscription forms can be requested from
Sales and EBIT for the first quarter 2020 are above
budget. Thus, aventron generated net proceeds of CHF 28.9 million and an EBIT
of CHF 11.3 million. Especially the wind turbines and small hydro power plants
were able to produce well in the months January to March all over Europe due to
the prevailing weather conditions.
in the financial year of 2019 were up by 12% and earnings per share grew
disproportionally to CHF 0.30 per share. aventron proposes to the general
assembly a capital increase of maximum CHF 62 million at an issue price of CHF 10.50
In the past financial year revenues grew by 12% to CHF
102.5 (previous year 91.8) million. First time full-year contribution of new
wind parks acquired or contributed-in-kind in 2018 in Germany and Spain were
the main contributors to this growth combined with further acquisitions in the
Solar PV segment Switzerland. aventron increased EBIT disproportionately by 15%
to CHF 32.4 (PY 28.2) million. Project development activities, operating
improvements and a well-diversified production led to a net income of CHF 13.0
(PY 10.2) million. The earnings per share (eps) grew to CHF 0.30 per share. These
results once more underline the profitability of aventron’s business model. The
company succeeded in improving earnings per share despite the dilution effects
of past capital raises. By the end of 2019 the portfolio consisted of 545 (PY 486)
MW installed capacity. The wind segment delivered 57% of the revenues. 28%
stemmed from the solar PV segment and 15% from the hydro segment.
Proposed dividend 4.0% higher
aventron would like its shareholders to participate in
these positive results. The Board of Directors thus proposes to the General
Meeting to increase the dividend by 4.0% to CHF 0.26 (PY 0.25) per share. The
Annual General Meeting of aventron AG will take place on 16 April 2020.
In 2019 aventron invested CHF 46.2 million in the
acquisition of existing power plants and in the construction of its own
generating capacity. The balance sheet per year end amounts to CHF 743.8 (PY 748.8) million. By the end of 2019 the aventron group held liquid
assets totaling CHF 69.1 (PY 66.8) million. Through various optimisations debt services evolved
Additional capital increase is planned
At the Annual General Assembly 2020 aventron will seek
approval for an additional capital increase consisting of a volume of up to 6.2
million shares. This corresponds to an increase in equity of up to CHF 65
million. The registered shares will be issued at an issue price of CHF 10.50
per share. The planned capital increase is intended to generate additional
funds for investments in a diversified portfolio in all the countries in which
aventron is active. The intermediate target is to reach a portfolio size of 750
MW by 2023.
exceeded the 100 million mark in net sales for the first time in the 2019
financial year and achieved a 15 percent higher EBIT result of CHF 32 million
aventron has again significantly increased sales and
production in the financial year 2019. According to unaudited calculations,
earnings from its power plants in six European countries led to revenues of
105.2 (previous year: 94.2) million Swiss francs, an increase of 12 percent.
aventron increased its EBIT disproportionately by 15 percent to CHF 32.4 (28.2)
million. This corresponds to an EBIT margin of 30.8 percent.
aventron expanded its portfolio of wind, solar and
small hydro power plants by 69 MW to 545 MW in the financial year 2019. This
was mainly due to the solar power plant Bargas (Spain), which is currently
under construction and will have an output of around 50 MW, making it one of
the first of its kind to allow economic operation without subsidies, as well as
continuous acquisition activity in all growth areas
Regarding the further outlook, CEO Antoine Millioud
says: “In view of the existing, solid project pipeline, aventron expects
to reach its interim goal of a renewable energy production portfolio of 600 MW
by the end of 2020. Our next target is 750 MW by 2023. In doing so, we
increasingly focus on projects that are not or only slightly subsidised by
feed-in tariffs. In this way aventron becomes more independent from local
regulations and achieves lower generation costs.”
aventron will publish the
audited consolidated financial statements on March 25, 2020. As of February 14,
2020 aventron has delisted from the BX Swiss. The share will now be traded on
the OTC-X of BEKB.
.The Board of Directors of aventron AG has decided to discontinue listing on the BX Swiss and to ensure that the company’s shares will in future be traded off-exchange via the platform of the Berner Kantonalbank (www.otc-x.ch). The last trading day on the BX Swiss is 14 February 2020.
The board of directors has decided for a change of
trading platform for the following reasons:
investors in particular have participated in the capital increases of recent
years. In addition to the energy suppliers Primeo Energie, Energie Wasser Bern
and Stadtwerk Winterthur, infrastructure investors such as UBS Clean Energy
Infrastructure and Reichmuth Infrastruktur Schweiz are among the largest
shareholders of aventron AG.
intends to continue growing, from around 540 megawatts today to 750 megawatts
by the end of 2023. In order to secure the capital required for this expansion,
the company will continue to be dependent on the interest of external financial
investors in the future.
institutional investors looking for an investment in infrastructure, the
listing of securities on a stock exchange is not a necessity – on the contrary:
the short-term volatility of the stock market contrasts with typical long-term
infrastructure investment, which are less correlated with general market
trading volume on the BX Swiss was very low due to the fact that the majority
of shareholders invested for the long term. Only a about 5% of shares are held
by small shareholders.
The BX Swiss has approved the request of aventron AG,
subject to certain conditions, to maintain trading on the BX Swiss until 14
February 2020 and to delist the shares on this date.
Shareholders who wish to sell their shares due to the
delisting may do so until that time via the BX Swiss stock exchange. After the
delisting, private investors will be offered a comparably liquid platform in
the form of the OTC trading at BEKB OTC-X. Professional market making by the
Berner Kantonalbank will ensure minimum liquidity in over-the-counter trading.
The Board of Directors will continue to report
regularly on the course of the business.