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Alternus Energy : grows annual recurring revenues and asset base in second quarterNotably the period to June 30 this year saw the group's annual recurring revenue grow 308% compared to the same quarter of 2020

08/18/2021 | 10:04am EDT

Pro-Active Investors, August 17th 2021 -Notably the period to June 30 this year saw the group's annual recurring revenue grow 308% compared to the same quarter of 2020

Alternus Energy PLC (EURONEXT:ALT), the independent power producer, has hailed its second-quarter performance, which saw the company boost revenue and its asset base.

For the period ended June 30, 2021, the group's annual recurring revenue grew 308%, compared to the same quarter of 2020, due to the addition of a 20 MWp operational solar park.

Also, and as reported in June, the firm acquired a majority 60% interest in Netherlands-based Engineering Procurement and Construction (EPC) and Operations and Maintenance (O&M) company Unisun Energy Holding, adding over 250 MW of solar projects at various stages of development to the Alternus portfolio.

'We have increased the company's annual recurring revenues to 16.3 million euros, up from 3.8 million euros from the same quarter last year and are maintaining an average of 75% project gross margins,' highlighted Alternus CFO Joseph Duey in a statement.

'Our strengthened balance sheet and proven financing capability is enabling us to accelerate our growth as seen in the increased contract backlog. This continued strong financial performance demonstrates our successful growth and underpins our business plan to secure more than 3.5 GW of operational projects by 2025.'

Group revenue in the second quarter increased to 5.2 million euros, up from 1.5 million euros in the second quarter of 2020, while the company's owned assets increased by 14 times to 423 MW.

Alternus CEO Vincent Browne said: 'Most importantly this quarter started to show the positive income impacts to the business from the recent acquisitions. Further to the 110 million euro bond issuance and 27 million euro equity raise in the first quarter, the company raised an additional 6.9 million euro in equity this quarter through our listing on the Euronext Growth Market - Oslo at the end of June.'

'All funding is concentrated on continuing to grow our asset base from the 1.4 gigawatts (GW) of contracted assets we have in hand. I am also very pleased to confirm that we finally look set to acquire the exciting 65MW polish park that is part of the initial bond portfolio in September. On completion, this will make us operational in a new country and add approximately 3.5 million euros to our annual revenues bringing the total to just under 20 million euros annually without further acquisitions.'

Contact the author at giles@proactiveinvestors.com


Alternus Energy Group plc published this content on 18 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 August 2021 14:03:03 UTC.

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Sales 2021 15,0 M 17,4 M 17,4 M
Net income 2021 12,0 M 13,9 M 13,9 M
Net Debt 2021 81,0 M 94,0 M 94,0 M
P/E ratio 2021 -
Yield 2021 -
Capitalization 84,6 M 98,2 M 98,1 M
EV / Sales 2021 11,0x
EV / Sales 2022 16,9x
Nbr of Employees -
Free-Float 90,7%
Duration : Period :
Alternus Energy Group plc Technical Analysis Chart | MarketScreener
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Income Statement Evolution
Mean consensus BUY
Number of Analysts 1
Last Close Price 31,50 NOK
Average target price 35,00 NOK
Spread / Average Target 11,1%
Managers and Directors
Vincent Browne Chairman & Chief Executive Officer
Joseph E. Duey Chief Financial Officer
Larry Farrell Vice President-Operations
Tone Bj°rnov Non-Executive Director
Taliesin Durant General Counsel