Gruenwald, June 30, 2020 – Today, Pacifico Renewables Yield AG (ISIN: DE000A2YN371) published the annual report for its first operating fiscal year 2019. The company was able to achieve strong operating results and set the course for the future.
With the acquisitions of wind and solar power plant portfolios totaling a capacity of approximately 60 MW, two successful capital increases and the listing on the open market (Freiverkehr) of the Dusseldorf Stock Exchange, the company was able to achieve important strategic milestones in 2019.
In the fiscal year 2019, Pacifico Renewables Yield AG generated EUR 5.0 million of revenue and an operating cash flow of EUR 3.8 million. Due to the acquisitions and consolidation of the portfolios around mid-2019, revenues were reflected only as from July 1, 2019. Adjusted for holding costs and one-offs, the operating earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to EUR 3.7 million and the adjusted operating earnings before interest and taxes (EBIT) amounted to EUR 0.9 million. Despite the strong operating results and a high operating cash flow in the second half of 2019, a consolidated net loss of EUR 1.7 million was reported for the fiscal year 2019 due to listing and transaction costs as well as the scheduled depreciation of hidden reserves from acquired plants.
During the full year 2019, the plants owned by the company since the middle of the year and thus consolidated only for the second half of 2019 produced 56.6 GWh of electricity, which avoided approximately 45,000 metric tons of CO2 and generated EUR 11.1 million in revenue. For the full year 2019, the plants’ adjusted operating EBITDA amounted to EUR 8.8 million and the adjusted operating EBIT amounted to EUR 3.6 million.
Dr. Martin Siddiqui, Member of the Management Board, stated: “The Management Board of Pacifico Renewables Yield AG is highly satisfied with the achievements in 2019. The production of sustainable electricity from our plants was in line with our expectations and resulted in strong operating results. Furthermore, we were able to set the course for our ambitious growth targets. Our impressive start in 2020 shows that we are on the right track.”
In the first half of 2020, the company acquired a further portfolio comprising eight photovoltaic power plants in Germany. Including these newly added plants, the management board expects to produce more than 75 GWh of green electricity, save more than 60,000 metric tons of CO2, and generate revenue of approximately EUR 15 million in the fiscal year 2020.
The complete annual report is available as a download on the company’s website.
Against the backdrop of the ongoing restrictions linked to the Covid-19 pandemic, the company currently plans to conduct its annual general meeting as a virtual meeting without the physical presence of shareholders or their authorized representatives on August 26, 2020. The company will announce the relevant details in due course.
About Pacifico Renewables Yield AG
Pacifico Renewables Yield AG is an Independent Power Producer listed on the open market (Freiverkehr) of the Dusseldorf Stock Exchange (ISIN: DE000A2YN371). The company pursues the goal of building a portfolio of plants that generate electricity from renewable energy sources. With onshore wind and photovoltaic plants across Europe the company offers a clear and diversified profile with stable and predictable returns.
This document may contain certain forward-looking statements, estimates, opinions and forecasts concerning the future business situation, profitability, 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”, as well as 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 made by the Management Board of Pacifico Renewables Yield AG and involve substantial known and unknown risks and uncertainties, and therefore actual results, performance, and events may differ substantially 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. We will not update the information, forward-looking statements or conclusions contained in this release to 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 do not assume any obligation to do so. We do not assume any responsibility in any way for the forward-looking statements or assumptions contained herein.