Edisun Power has announced that it saw revenue from sales of electricity up 33.5% year on year and an increase in EBITDA from 21% to 30% for 2009. The company has also began to reach out to a more international market, with CHF20.5m of the year’s CHF21.7m total capital expenditures invested in PV plants in France, Spain and Germany.
Edison’s EBITDA margin was calculated on the basis of a total sales increase of 30%, up from 21% during 2008. Operating profit (EBIT) rebounded from TCHF-21 in 2008 to TCHF332 in 2009. On a net profit level adjusted for extraordinary costs the group broke even, and operating cash flow rose by CHF3.0m.
In 2008 almost 60% of the revenue from sale of electricity originated from Switzerland and just 40% from abroad, for 2009 the results were the opposite. Marc Ledergerber, Edisun Power Group’s CFO said, “The trend will continue in 2010. Out of total capital expenditures in 2009 of CHF21.7m, CHF20.5m was invested in mid-size photovoltaic plants in France, Spain and Germany. From an investor’s point of view this is certainly a pleasing development, since it means we have achieved diversification of our power sources, and a reduction of our dependence on the various national feed-in tariffs.”
Mirjana Blume, Edisun Power Group CEO said, “In particular, we will have to wait until the new business year to see the almost 50% increase of total installed capacity (in kWp) year on year reflected in our sales figures. What is more, our equity ratio as of the end of the business year is a solid 41.2%, which gives us a certain amount of freedom when it comes to raising capital and implementing projects.”
