SOLARIA’s 1H18 earnings show significant improvement vs. 1H17. EBITDA stands at €14.9mn, up 27%, and NET PROFIT rose to €11.47mn, amounting to 163% growth.
REVENUES grew to €19.05mn, constituting a 19% upturn, despite average reductions in sunlight during the period of 7.4% in Spain and 13.14% in Italy, caused by adverse weather.
At the end of the first half, SOLARIA’s working capital stood at €20.46mn.
Two recent developments greatly favour the solar photovoltaic sector: elimination of anti-dumping measures of modules (improvement of CAPEX in new projects) and the abolishment of the 7% generation tax (improvement of EBITDA in historical projects).
The following are the most significant events that affected SOLARIA in the first half:
– Improvement of EBITDA and net profit due to commercial start-up of projects executed in 2017 and to acquisition of onstream assets.
– Successful execution of accelerated book building amounting to €96.8mn
– Commencement of EPC execution of first 400MW package
– Broadening of short-term-project portfolio from 1.3 GW to nearly 1.5 GW, including new projects in Portugal.
Excellent performance showing robust growth. It is the result of an operating model that is focussed on solar-photovoltaic-based energy generation, with growth based on the development of new generation plants and on the acquisition of operative generation plants, and the ongoing streamlining of overheads and project-finance costs.