- Revenues increased by 137% to €21.2 million in the first half of 2022, almost equaling full-year 2021 revenues
- Adjusted operating EBITDA margin of 78% underlines operative strength of portfolio
Gruenwald, August 31, 2022 – Pacifico Renewables Yield AG today announces its preliminary financial results for the first half of 2022. Revenues once again grew significantly. According to preliminary calculations, revenues increased by 137% to €21.2 million (2021H1: €8.9 million). Despite a sub-par electricity production in the first half of 2022, which was mainly due to weaker than expected wind conditions, additional revenues of around €3 million were generated due to high energy prices throughout Europe. Earnings before interest, taxes, depreciation, and amortization (EBITDA) at group level, adjusted for non-recurring items, grew strongly by 138% to €15.4 million (2021H1: €6.5 million). Similarly, operating EBITDA, additionally adjusted for holding costs, amounted to €16.6 million (2021H1: €7.4 million). The adjusted operating EBITDA margin was 78% (2021H1: 83%), reflecting the operational strength of the portfolio. In comparison to the first half of 2021, the adjusted operating EBITDA margin despite the revenue growth mainly declined due to two reasons: (1) A higher solar tax in the Czech Republic as resolved by the Czech Parliament in September 2021 and effective since the beginning of this year and (2) increased expenses for real estate tax following the acquisition of a 51.8 MW onshore wind project in the Poland in November 2021.
As Pacifico Renewables disposed of its Czech portfolio of four solar parks with a total installed capacity of 7.5 MW as of July 2022, revenues of those solar parks were taken into account until then, however, from an accounting perspective the segment is considered a discontinued operation and as such not recognized as revenues but in a separate line item in the profit and loss statement. Under consideration of the discontinued segment Czech Republic, the preliminary numbers for the first half of 2022 are as follows: (i) revenues €17.8 million (2021H1: €6.3 million), (ii) adjusted EBITDA at Group level €12.7 million (2021H1: €4.1 million) and (iii) adjusted operating EBITDA €13.9 million (2021H1: €5.0 million) with a margin of 78% (2021H1: 80%).
About Pacifico Renewables Yield AG
Pacifico Renewables Yield AG is an independent power producer (IPP) evolving into a company investing more broadly into the energy transition space. The company holds a portfolio of operational wind and photovoltaic power plants across Europe and decided to acquire a large stake in the IPP clearvise AG. In the future, Pacifico Renewables Yield AG intends to go beyond renewables and beyond investing only its own balance sheet to open up to the full spectrum of opportunities offered by the rapidly evolving energy transition space and its significantly grown pipeline. The company is listed on the open market of the Dusseldorf Stock Exchange with additional requirements (Primärmarkt) (ISIN: DE000A2YN371).
This announcement may contain certain forward-looking statements, estimates, opinions, and forecasts concerning the future business situation, earnings situation, and results of Pacifico Renewables Yield AG (“forward-looking statements”). Forward-looking statements can be identified by words such as “believe”, “estimate”, “anticipate”, “expect”, “intend”, “will”, or “should” and their negation and similar variations or comparable terminology. Forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current opinions, forecasts and assumptions of the management board of Pacifico Renewables Yield AG and involve significant known and unknown risks and uncertainties, therefore actual results, performance and events may differ materially from those expressed or implied by forward-looking statements. Forward-looking statements contained herein should not be construed as guarantees of future performance or results and are not necessarily reliable indicators of whether or not such results will be achieved. The forward-looking statements contained in this release are only valid on the date of this publication. Pacifico Renewables Yield AG will not update the information, forward-looking statements or conclusions contained in this release in light of subsequent events or circumstances, nor will it reflect subsequent events or circumstances or correct inaccuracies that arise after the date of this release as a result of new information, future developments or otherwise, and the company does not assume any obligation to do so. The company does not assume any responsibility whatsoever that the forward-looking statements or assumptions contained herein will occur.