DGAP-News: Capital Stage AG: Revenues secured even with Brexit
DGAP-News: Capital Stage AG / Key word(s): Miscellaneous/Miscellaneous
Capital Stage AG: Revenues secured even with Brexit
24.06.2016 / 08:58
The issuer is solely responsible for the content of this announcement.
In the run-up to the referendum on Great Britain's exit from the European
Union ("Brexit"), SDAX-listed Hamburg-based solar and wind park operator
Capital Stage has signed a long-term hedge contract against potential
exchange rate fluctuations arising in this context. Capital Stage operates
12 solar parks with a total generation capacity of over 80 MW in Great
Britain.
All revenues and expenses of the British solar parks are made in the same
currency, namely in pound sterling. Translation into euros occurs only upon
the cash transfers of the surpluses of the British solar parks to the
Capital Stage Group. In the run-up to the Brexit, Capital Stage has signed
a currency swap at an average exchange rate of GBP 0.7943 per EUR (or EUR
1.2589 per GBP) to hedge these revenues until the end of 2017/beginning
2018. "It is absolutely consistent with our conservative investment
strategy, which is geared to security and stability, to hedge our GBP
revenues against potential exchange rate fluctuations," Dr. Christoph
Husmann, Chief Financial Officer of Capital Stage AG, commented on the
hedge. "This means that fluctuations in the GBP/EUR exchange rate will have
no effect on our cash-relevant payment flows until the end of
2017/beginning 2018."
The British solar parks account for close to 14 percent of the total
generation capacity of Capital Stage's solar and wind parks. They
contributed close to 7 percent to the total revenues of Capital Stage AG in
the 2015 financial year (EUR 112. 8 million).
About Capital Stage AG:
Since 2009, Capital Stage has acquired solar power plants and wind parks in
Germany, France, Italy and the UK with a total generation capacity of
almost 600 MW. As such, Capital Stage today is Germany's largest
independent operator of solar parks and already has a generating capacity
that is equivalent to more than half the output of a nuclear power plant.
Capital Stage today also is Germany's largest independent operator of solar
parks. The high quality of the existing portfolio in combination with an
excellent O&M management generate attractive returns and stable revenues
for Capital Stage, while offering only a moderate level of investment risk.
Capital Stage AG is listed in the regulated market (Prime Standard) of the
Frankfurt Stock Exchange and in the regulated market of the Hanseatic Stock
Exchange Hamburg (ISIN: DE0006095003 / WKN: 609500). The shares of Capital
Stage AG have been listed in the Deutsche Börse Frankfurt a. M. selective
index SDAX since March 2014.
For more information, visit www.capitalstage.com
Contact:
Capital Stage AG
Till Gießmann
Head of Investor & Public Relations
Fon.: + 49 (0)40 37 85 62-242
Fax: + 49 (0)40 37 85 62-129
24.06.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
Language:
English
Company:
Capital Stage AG
Große Elbstraße 59
22767 Hamburg
Germany
Phone:
+49 4037 85 62 -0
Fax:
+49 4037 85 62 -129
E-mail:
info@capitalstage.com
Internet:
www.capitalstage.com
ISIN:
DE0006095003
WKN:
609500
Indices:
SDAX
Listed:
Regulated Market in Frankfurt (Prime Standard), Hamburg; Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart
End of News
DGAP News Service
474079 24.06.2016