In the first half of 2018, aventron has produced 410 GWh of renewable energy and, in doing so, has generated profits of CHF 6.4 million. Turnover and EBIT have improved by 26 percent compared to the previous year.
In the first half of 2018, aventron generated revenues from the supply of energy amounting to CHF 46.5 million (prev. year CHF 36.8 million) with an EBIT of CHF 15.6 million (prev. year CHF 12.4 million). The newly purchased and commissioned power plants have made a significant contribution to the increase in revenue and output. These include, for example, wind parks in France and Germany and small hydro power plants in Norway. In comparison to the previous year, the first quarter of 2018 featured an abundance of water and wind. The second quarter was characterised by good solar radiation. This meteorological constellation helped aventron to achieve a positive start to the 2018 financial year as a result of its diversified energy production portfolio. This confirms the strategy which aventron continues to actively pursue: of the EBIT as at 30/06/2018, 18 percent comes from hydro, 57 percent from wind and 25 percent from solar power. With its power plants in six countries, aventron has thus produced 410 GWh (prev. year 360 GWh) of energy output. As at the reporting date, aventron operates a portfolio of 422 MW (prev. year 362 MW) in Europe.
In relation to the net earnings, the EBITDA margin is slightly higher at 70.2 (69.2) percent and the EBIT margin remains almost unchanged at 33.5 (33.7) percent. The half-yearly net profits came in at CHF 6.4 million (prev. year 3.2 million), which represents almost double the figure from the previous year. The EBITDA per share increased to 0.96 swiss francs per share (prev. year 0.75). From the shareholders’ perspective, the strong growth in recent years has led to an increase in cash flow per share and thus an increase in the attractiveness and stability of the company.
Following the positive half-year figures, the Executive Board increases its forecast for the full year 2018 with revenues of CHF 90 million and an EBIT margin of 30 percent. Contributions in kind from the capital increase in the form of a 42 MW wind park in Spain and solar energy plants in France (1 MW), which are revenue-relevant with immediate effect, will make a significant contribution. The objective of achieving a renewable energy portfolio with an output of 500 MW is within reach.
With the capital increase completed in July, aventron was able to secure CHF 35.4 million in cash contributions and contributions in kind amounting to CHF 58.9 million. The liquid assets of the company thus increased to the current value of around CHF 80 million. With the contributions in kind and acquisitions from the first half of 2018, the aventron portfolio has now achieved an installed output of around 465 megawatt (MW). After the capital increase, the number of shares issued is 43,728,575, each with a nominal value of CHF 1.00. The market capitalisation is around CHF 430 million.
Revenues in the financial year of 2017 were up by 59% and earnings per share grew by 111% to CHF 0.245 per share. aventron is proposing a capital raise by a maximum of CHF 147 million and an issue price of CHF 9.80 per share.
In the past financial year revenues grew by 59% to CHF 77.1 (previous year 48.5) million. Acquisitions in the Solar PV segments Italy and Switzerland were the main contributors to this growth, combined with developments in the hydro segment in Norway. The wind and solar power plants which were acquired through in kind contributions during the 2016 capital raise delivered their full-year results for the first time. aventron increased EBIT disproportionately by 73% to CHF 23.9 (PY 13.8) million. Economies of scale, operating improvements and positive developments in the Euro-CHF exchange rate led to a net income of CHF 8.3 (PY 3.0) million. The earnings per share (eps) grew by 111% to CHF 0.245 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 2017 the portfolio consisted of 386 (PY 350) MW installed capacity. The wind segment delivered 55.8% of the revenues. 33.4% stemmed from the solar PV segment and 10.1% from the hydro segment.
Proposed dividend 9.5% up
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 9.5% to CHF 0.23 per share. The Annual General Meeting of aventron AG will take place on 17 April 2018.
In 2017 aventron invested CHF 67.7 million net in the acquisition of existing power plants and in the construction of its own generating capacity. Within one year total assets rose to CHF 686.9 million (CHF 577.4 million). By the end of 2017 the aventron group held liquid assets totaling CHF 39.4 million (CHF 33.5 million).
New target portfolio size of 1 GW
For the financial year of 2018 the management is expecting a revenue increase of 10% to around CHF 85 million, assuming average weather conditions and a stable Euro, with a strong EBIT-margin of about 30%. For the current financial year aventron is planning to acquire around 40 MW of new generating capacity in the solar, wind and hydro power sectors (contributions-in-kind of the planned capital raise not included).
Considering its existing pipeline for the next quarters the company assumes that it will reach its 500 MW target by 2019. In the medium term aventron is aiming at a portfolio size of 1’000 MW (1 GW). The portfolio will continue to grow in a balanced manner between solar, wind and hydro assets in selected countries.
Additional capital increase is planned
At the Annual General Assembly 2018 aventron will seek approval for an additional capital increase consisting of a volume of up to 15 million shares. This corresponds to an increase in equity of up to CHF 147 million. The registered shares will be issued at an issue price of CHF 9.80 per share. A fraction of the new equity is to be paid up by the main shareholders by contributions in kind of various wind and solar power plants that are already in operation. 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 target technologies remain small hydro, solar PV and wind power.
In the financial year 2017 aventron increased revenues by 59 percent to 77.1 Mio. CHF. The extension of the production portfolio by 40 MW and the strengthening of the Euro were the main drivers. The company simultaneously benefitted from economies of scale, as well as its geographic and technical diversification to improve return figures.
aventron improved its annual results significantly through advancements in its operating margins, reduction in interest payments and strengthening of the Euro. Revenues from its power plants installed in six European countries led to an unaudited total revenue of 77.1 Mio. CHF (previous year 48.5 Mio. CHF), which amounts to an increase by 59%. The EBIT grew disproportionally by 73% to 23.9 Mio. (13.8 Mio.). The operative cash flow increased from 29.8 Mio. to 50.9 Mio. CHF in the reporting year. Hereby, the aventron business model proves its robust earnings generating capacity, and diversification benefits are clearly paying off.
aventron expanded its portfolio of onshore wind, solar PV and small hydro by 40 MW in 2017 to reach a total capacity of 386 MW. With consideration of its project pipeline the company expects to reach its intermediate goal of 500 MW installed capacity by mid 2019, one year earlier than projected. aventron henceforth targets 1 GW of installed capacity. The funds raised in the 2016 capital increase were fully invested. The board of directors is currently examining its options for the funding of the future growth plans of the company.
Audited financial results will be published 27th of March 2018 together with information on possible capital measures.
aventron and Solvind have announced the investment decision and immediate start of construction of the Storøy 6.4 megawatt wind power plant near Stavanger
With the construction of a 6.4 megawatt wind park, aventron is expanding its portfolio in Norway, which is currently limited to small hydropower stations (as at 31/12/2017: 39.7 megawatts in service or construction). The two Enercon wind turbines are due to be commissioned in Q3 2018. The plant will be supervised by the existing aventron structure in Norway. With this move, the company is pressing ahead with its strategy of diversifying its renewable energies portfolio across different generation technologies and countries. As well as in Norway, aventron owns and operates wind, solar and small hydropower stations in Switzerland, France, Germany, Italy and Spain. As at 31/12/2017, the generation capacity of the portfolio was a total of 386 megawatts, of which 200 is wind, 77 solar and 109 hydro-electric power. This means that aventron’s overall portfolio is not affected by regulatory changes in individual countries and can easily balance out meteorological extremes in individual regions.
The 6.4 megawatt Storøy wind park in the district of Karmoy near Haugesund is around 50 km north of Stavanger in Norway. aventron Norway AS and Solvind Prosjekt AS today announced the investment decision and immediate start of construction. The wind park is located in a very windy location with wind speeds equivalent to an offshore location. The expected wind yield from the park, which consists of two Enercon E-115s, is 24 GWh, with 3750 of full load hours. The proximity of the location to local ports and industry means there will only be a limited amount of work in building new infrastructure such as roads and grid connections. The electricity product will be fed into the local grid of Haugaland Kraft and used in the region by energy intensive industrial consumers.
The production potential of the aventron portfolio after all the plants which are currently under construction have been commissioned will thus grow to 840 GWh per year. In 2017, aventron produced a total of 660 GWh
aventron, UBS Clean Energy Infrastructure Switzerland et Swiss Solar City reprennent conjointement la plus grande installation photovoltaïque de Suisse. Cette centrale solaire, dont la puissance installée atteint 8,3 mégawatts, se situe au bord du lac de Neuchâtel. Elle a fourni cet été la preuve de sa capacité.
Les halles de stockage de Philipp Morris à Onnens, sur la rive du lac de Neuchâtel, sont immenses. Le toit du seul bâtiment principal est long de 450 m. 35 000 panneaux solaires de la dernière génération y sont installés. L’ensemble de l’installation photovoltaïque représente une surface de 49 000 m2, qui correspondent à la taille de sept terrains de football. Sa puissance installée est de 8,3 mégawatts, ce qui en fait actuellement la plus grande centrale solaire de Suisse. Sa production annuelle, d’environ huit millions de kilowattheures d’électricité solaire, suffit à couvrir, en termes purement arithmétiques, l’approvisionnement de quelque 2000 ménages.
Cette centrale solaire a été développée et construite par une entreprise spécialiste du solaire, Soleol SA, sise à Estavayer-le-Lac. En exploitation depuis décembre 2016, l’installation est aujourd’hui reprise par aventron et UBS Clean Energy Infrastructure Switzerland, respectivement par leur filiale commune Birseck Solar, et par Swiss Solar City. Les trois partenaires ont examiné et évalué cette puissante installation photovoltaïque sous la conduite d’aventron, dans le cadre d’un processus de plusieurs mois, avant d’en structurer l’acquisition commune. aventron élargit de ce fait son portefeuille d’installations photovoltaïques suisses, qui atteint désormais 28 mégawatts-peak (MWp), consolidant ainsi sa position parmi les principaux exploitants d’installations solaires en Suisse