Edisun Power Europe AG: 2011 annual result posts sharp rise in power revenues

Edisun Power Europe AG  / Key word(s): Final Results

13.04.2012 07:00

Release of an ad hoc announcement pursuant to Art. 53 KR
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- Edisun Power for the first time over the 10 million kilowatt-hour mark
- Revenues from power sales up by 25%
- Net loss down year on year by 14.5% to CHF -0.917m (2010: CHF -1.073m)

In the 2011 fiscal year, Edisun Power Europe Ltd. for the first time
exceeded the 10 million kilowatt-hour mark in power production, with
revenues rising year on year by 25%. Earnings before interest, taxes,
depreciation and amortization (EBITDA), at CHF 3.7m, are up 26% over the
previous year (2010: CHF 2.9m), and the operational result rose to a
striking CHF 1.02m (2010: CHF 0.06m). Adjusted for exchange rates, power
revenues grew by a solid 35%. Financing costs, which are disproportionate
for young facilities in their early years, nevertheless brought about a net
loss of CHF -0.917m, which still means an improvement of some 14.5% over
the previous year (2010: CHF -1.073m).

Markus Kohler, ad interim CEO/CFO of Edisun Power Europe Ltd. until
February 29, 2012, says: «Crossing the 10 million kilowatt-hour mark is a
milestone in the history of the company and an important step towards
achieving the critical mass necessary for a stable, positive result.»

In 2011 the Edisun Power Group earned 62% of its power revenues outside
Switzerland (2010: 65%).

CHF 13m for new facilities
Installed capacity rose by 21.9% to 11.7 megawatts (2010: 9.6 MW). In
France this past fall, 2.1 megawatts (MW) of new capacity went online,
which means a doubling of French facilities over 2010. Earnings, however,
will only come into full swing in the 2012 financial year, since the
facilities did not go online until fall of 2011, the beginning of the
winter half-year, a period of less sunshine and lower yields. The beginning
of construction of the 2.2-MW plant in Spain, Edisun Power's largest
facility, generated considerable investment costs in 2011, so earnings from
the plant will not have an effect on the result until it goes online in
2012. All in all Edisun Power invested CHF 13m in new facilities in 2011
(2010: CHF 9m). This growth, with local refinancing, allowed Edisun Power
to lay the groundwork for long-term positive earnings development.

Double burden for young plant portfolio
The financing costs for facilities are always highest in the first years
following connection to the grid. Together with straight-line write-off
over 25 years, the non-operational double burden of facilities is high
especially in the beginning years, which in the case of Edisun Power's
young plants has had a negative influence on the net result of CHF -0.917m
(2010: CHF -1.073m). This should be taken into account when assessing the
company result because the profitability of the facilities over their
operational life is clearly given by calculable earnings. This is also
borne out by the sharp rise in operational cashflow, which at CHF 1.9
million has doubled compared to the  previous year's (2010: CHF 1.0m).

To read the annual report on the Edisun Power homepage: 
http://www.edisunpower.com/en/home-en/investors-en/reporting


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Information and Explaination of the Issuer to this News:

Edisun Power Group
As a listed European solar power producer, the Edisun Power Group develops,
finances and operates solar power plants in various European countries. The
Edisun Power Group has been active in the Swiss solar power industry since
1997 and is today among the most successful companies in the sector. It has
been listed on the main segment of the SIX Swiss Exchange since September
2008. Edisun Power has achieved continuous growth in recent years and today
enjoys considerable experience in both national and international projects.
As of end December 2011, the company operates 70 solar power plants with
total capacity of 11.7 MWp in Switzerland, Germany, Spain and France, while
additional facilities are currently under construction in Spain.

Contact:
Rainer Isenrich, CEO/CFO, Edisun Power Europe Ltd., Tel. 044 266 61 20,
E-Mail: info@edisunpower.com
Heinrich Bruhin, Chairman of the Board of Directors, Edisun Power Europe
Ltd., Tel. 044 266 61 20, E-Mail: info@edisunpower.com



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Language:               English
Company:                Edisun Power Europe AG
                        Universitätsstrasse 51
                        8006 Zürich
                        Switzerland
Phone:                  +41 44 266 61 20
Fax:                    +41 44 266 61 22
E-mail:                 info@edisunpower.com
Internet:               www.edisunpower.com
ISIN:                   CH0024736404
Swiss Security Number:  A0KFH3
Listed:                 SIX
 
End of Announcement                             EquityStory News-Service
 
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