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Quadia's portfolio company aventron proposes capital raise to finance further expansion

March 27, 2018

aventron increases earnings per share and proposes capital raise to finance further expansion

Revenues in the financial year of 2017 were up by 59% and earnings per share grew by 111% to CHF 0.245 per share. aventron is proposing a capital raise by a maximum of CHF 147 million and an issue price of CHF 9.80 per share.

In the past financial year revenues grew by 59% to CHF 77.1 (previous year 48.5) million. Acquisitions in the Solar PV segments Italy and Switzerland were the main contributors to this growth, combined with developments in the hydro segment in Norway. The wind and solar power plants which were acquired through in kind contributions during the 2016 capital raise delivered their full-year results for the first time. aventron increased EBIT disproportionately by 73% to CHF 23.9 (PY 13.8) million. Economies of scale, operating improvements and positive developments in the Euro-CHF exchange rate led to a net income of CHF 8.3 (PY 3.0) million. The earnings per share (eps) grew by 111% to CHF 0.245 per share. These results once more underline the profitability of aventron’s business model. The company succeeded in improving earnings per share despite the dilution effects of past capital raises. By the end of 2017 the portfolio consisted of 386 (PY 350) MW installed capacity. The wind segment delivered 55.8% of the revenues. 33.4% stemmed from the solar PV segment and 10.1% from the hydro segment.

Proposed dividend 9.5% up

aventron would like its shareholders to participate in these positive results. The Board of Directors thus proposes to the General Meeting to increase the dividend by 9.5% to CHF 0.23 per share. The Annual General Meeting of aventron AG will take place on 17 April 2018.

In 2017 aventron invested CHF 67.7 million net in the acquisition of existing power plants and in the construction of its own generating capacity. Within one year total assets rose to CHF 686.9 million (CHF 577.4 million). By the end of 2017 the aventron group held liquid assets totaling CHF 39.4 million (CHF 33.5 million). 

New target portfolio size of 1 GW

For the financial year of 2018 the management is expecting a revenue increase of 10% to around CHF 85 million, assuming average weather conditions and a stable Euro, with a strong EBIT-margin of about 30%. For the current financial year aventron is planning to acquire around 40 MW of new generating capacity in the solar, wind and hydro power sectors (contributions-in-kind of the planned capital raise not included).

Considering its existing pipeline for the next quarters the company assumes that it will reach its 500 MW target by 2019. In the medium term aventron is aiming at a portfolio size of 1’000 MW (1 GW). The portfolio will continue to grow in a balanced manner between solar, wind and hydro assets in selected countries.

Additional capital increase is planned

At the Annual General Assembly 2018 aventron will seek approval for an additional capital increase consisting of a volume of up to 15 million shares. This corresponds to an increase in equity of up to CHF 147 million. The registered shares will be issued at an issue price of CHF 9.80 per share. A fraction of the new equity is to be paid up by the main shareholders by contributions in kind of various wind and solar power plants that are already in operation. The planned capital increase is intended to generate additional funds for investments in a diversified portfolio in all the countries in which aventron is active. The target technologies remain small hydro, solar PV and wind power.
 

aventron is a well established green power producer based in Switzerland. The company acquires and operates solar PV-, onshore wind- and small hydro power plants in Switzerland and selected European countries. In the medium term aventron plans to establish a fully balanced and diversified portfolio of renewable energy assets with a total installed capacity of 1000 Megawatt to become a leading operator of decentralized power plants throughout Switzerland and Europe. aventron offers an attractive investment opportunity in energy infrastructure for long-term oriented investors. The company is quoted at the Berne stock exchange BX eXchange (ISIN CH0023777235).