Solarparken Announces Earnings Results for the First Half of 2018; Raises Earnings Guidance for the Full Year 2018
September 26, 2018 at 02:00 am EDT
Solarparken announced earnings results for the first half of 2018. For the first half, revenues increased from EUR 18.1 million to EUR 20.4 million. The reported EBITDA increased to EUR 18.0 million versus EUR 16.8 million in first half 2017 which also contained various one-off items. Even so, the group's net profit fell back from an exceptional level of EUR 5.1 million in the first half of 2017 to EUR 3.9 million. Aside from the EUR 1.2 million one-time gains in last year's EBITDA, the drop is mainly due to the year-on-year change in non-recurring financial items. Net financial debt climbed from EUR 146.6 million at year-end 2017 to EUR 163.6 million and mainly reflects the emission of the Schuldschein loan (EUR 25 million) in Feb. 2018.
The company raised earnings guidance for the full year 2018. Management has decided to lift EBITDA guidance for 2018 from EUR 29.6 million to at least EUR 31 million'. Also the cash flow per share target of EUR 0.49/share has been raised to at least EUR 0.50/share'.