DGAP-News: CHORUS Clean Energy AG / Key word(s): IPO
CHORUS Clean Energy AG prepares for IPO
08.06.2015 / 08:00
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THE INFORMATION CONTAINED IN THIS PRESS RELEASE IS NOT FOR DISTRIBUTION OR
DISSEMINATION TO OR WITHIN THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA
OR JAPAN.
PRESS RELEASE
CHORUS Clean Energy AG prepares for IPO
- Seeking an initial listing on the regulated market (Prime Standard) of
the Frankfurt Stock Exchange
- Issue proceeds of around EUR 100 million to be used to finance growth
- Experienced operator of solar and wind parks, with a portfolio of more
than 250 megawatts in five European countries
Neubiberg/Munich, 8 June 2015 - CHORUS Clean Energy AG ("CHORUS" or
"Company"), based in Neubiberg near Munich, a company specializing in the
operation of solar and wind power plants, seeks to list its shares on the
regulated market (Prime Standard) of the Frankfurt Stock Exchange.
Depending on the further development of the market environment, first day
of trading is planned for the beginning of the third quarter of 2015.
In connection with the Initial Public Offering (IPO), the Company plans to
issue new shares from a cash capital increase of approximately EUR 100
million, as well as to sell existing shares from individual shareholders
amounting to approximately 4.2 percent of the current share capital.
Furthermore, an over-allotment of up to 15 percent of the base offering is
planned, which will be covered by a "greenshoe" option from a further
capital increase. The Company is currently owned by the Founders and the
Management with a stake of approximately 23 percent and the remainder of
approximately 77 percent is Free Float.
The proceeds from the issuance of new shares will be used to finance
further growth of CHORUS. In particular, CHORUS plans the acquisition of
additional solar and wind parks as well as the expansion of its asset
management business line.
"By going public, we intend to strengthen our capital base and improve our
financial flexibility for further growth. For the acquisition of new solar
and wind parks, we can draw on a project pipeline in several European core
countries with a nominal capacity of more than 600 megawatts. In addition,
we intend to strengthen our market position as a full service provider for
institutional investors in the renewable energy sector," states Holger
Götze, CEO of CHORUS Clean Energy AG.
The shares will be offered publicly in Germany and Austria, as well as in
private placements in certain jurisdictions outside of Germany and Austria
and outside of the United States of America.
The founders and management intend to commit themselves to a lock-up period
of 18 months for their shares following the offering. In addition, the
Company will neither issue nor sell any shares for a period of six months
after the IPO.
Berenberg supports the planned transaction as Sole Global Coordinator and
will act together with BHF-BANK as Joint Bookrunner.
The business model combines reliable revenues from renewable energy plants
with a wide range of services for institutional investors
CHORUS is an independent operator of solar and wind parks, as well as a
full service provider for investments in renewable energy. In recent years,
the Company has realized investments in 67 solar and wind parks in Germany,
Italy, France, Austria and Finland with a total investment volume of
approximately EUR 673 million. CHORUS currently operates a diversified
portfolio of photovoltaic and wind power plants, with a total capacity of
over 250 megawatts. This portfolio generates stable and predictable
revenues that are independent of economic cycles, thus leading to
sustainable cash flows for CHORUS and its asset management clients.
Based on many years of experience, the Company has detailed market
knowledge and has built up a dense network of internationally operating
project developers, wind power and solar companies, banks, lawyers and tax
consultants, as well as engineering firms. This offers CHORUS ongoing
access to interesting investment opportunities. Institutional investors,
who rely on the extensive range of services offered by CHORUS, also benefit
from this.
If clients are already invested in own plants, they can transfer the
operations management of these to CHORUS. With the CHORUS Infrastructure
Fund S.A. SICAV-SIF, a regulated special fund under Luxembourg law,
professional investors can also participate in a diversified portfolio of
renewable energy plants. Alternatively, CHORUS is assembling, based on
individual requirements, customized target portfolios of renewable energy
plants under its 'Tailored Investment Solutions' service for its clients
and optimizes the required investment structure. The Company then takes
over the operations management of the plants.
This positioning based on the two pillars of "energy generation" and "asset
management" differentiates CHORUS from many of its competitors. The Company
covers the entire investment cycle: From asset sourcing through economic,
technical and legal due diligence, commercial management and the control
and supervision of technical operations management to the sale of single
plants.
High growth potential for the European renewable energy market
In its investments, CHORUS focuses on high quality installations at
profitable locations in selected European markets, in which both secure and
attractive conditions are guaranteed. In these markets, the Company sees a
great potential for growth, not the least because of the ambitious
expansion goals of the European Commission in the renewable energy sector.
This will require Member States of the European Union, among other things,
to cover around 20 percent of their electricity needs with renewable energy
sources by 2020. Many European countries still have a long way to go before
they will be able to comply with the Commission's requirements. Germany, as
the most important market for CHORUS, already meets this quota, but
according to the German federal government's plans, 80 percent of the power
supply shall be sourced from renewable sources by 2050. Without the
construction of more renewable energy installations to a significant
extent, these goals cannot be achieved.
Successful business development with high revenues from energy generation
CHORUS Clean Energy AG increased its sales by 10.7 percent to EUR 55.0
million in the financial year 2014*. This was based primarily on revenues
from production of electricity, generated by the portfolio of 62 own solar
and wind parks. It also included revenues from asset management.
The profit before interest, taxes, depreciation and amortization (EBITDA)
amounted to EUR 43.4 million in the 2014* financial year. This resulted in
an EBITDA margin of around 79 percent. Profit before taxes reached EUR 7.9
million.
As of December 31, 2014, the total assets owned by CHORUS Clean Energy AG
amounted to EUR 509.3 million. With EUR 457.3 million, or around 90
percent, the largest share is in non-current assets.
CHORUS achieved consolidated revenues of EUR 12.4 million in the first
quarter of 2015. Despite the lower electricity yield from the photovoltaic
plants during the winter months, revenues from energy generation amounted
to EUR 10.2 million. In the asset management business line, the Company
generated EUR 2.2 million in revenues. EBITDA reached over EUR 7.8 million.
* Information on the revenue and earnings situation constitutes financial
information taken from the Company's pro-forma financial information that
was prepared for the fiscal year ending on December 31, 2014 in order to
reflect the material impact on the revenues and earnings position as if the
CHORUS Group had already existed in its present structure since January 1,
2014; this pro-forma financial information is therefore of a hypothetical
nature. To the extent that comparisons to the previous fiscal year are
made, the financial information for the previous year refers to the audited
combined financial statements of the Company for the fiscal year 2013,
which were prepared under International Financial Reporting Standards
("IFRS"). The preparation of pro-forma financial information for the fiscal
year 2013 was not permissible. The operating activities are reflected in
the combined financial statements, which were concentrated at CHORUS Clean
Energy AG as new holding company of the Group at the end of 2014. The
balance sheet information is taken from the Company's audited IFRS
consolidated financial statements for the fiscal year ended on December 31,
2014.
About the CHORUS Group
CHORUS Group was founded in 1998 and operates solar and wind parks in five
European countries. To date, approximately 70 solar and wind parks with an
output of more than 250 megawatts have been realized. For institutional
investors, CHORUS also offers investment opportunities in renewable energy
plants. CHORUS Clean Energy AG covers the entire investment cycle - from
sourcing of assets through financial and legal due diligence to monitoring
and divestiture.
Contact:
Stephan Castenholz
CHORUS Clean Energy AG
Tel.: +49 (0) 89 / 442 30 60 - 0
Fax: +49 (0) 89 / 442 30 60 - 11
E-mail: s.castenholz@chorus.de
Andreas Friedemann
Kirchhoff Consult AG
Tel.: + 49 (0) 40 / 60 91 86 - 50
Fax: + 49 (0) 40 / 60 91 86 - 60
E-mail: andreas.friedemann@kirchhoff.de
Disclaimer
This press release is for informational purposes only and does not
constitute an offer of securities for sale or a solicitation of an offer to
purchase securities. Any offer will be made solely by means of, and on the
basis of, a securities prospectus which is to be published. Upon approval
by the German Financial Supervisory Authority (Bundesanstalt für
Finanzdienstleistungsaufsicht), the securities prospectus will be available
free of charge from CHORUS Clean Energy AG, Prof.-Messerschmitt-Str. 3,
85579 Neubiberg, Germany (the "Company"), or on its website under
www.chorus-gruppe.de. An investment decision regarding the publicly offered
securities of the Company should only be made on the basis of a published
securities prospectus.
This press release is not meant for publication in the United States of
Amerika and does not constitute an offer in the United States, Australia,
Canada, Japan or any other jurisdiction which prohibits an offer of
securities. The securities of the Company may not be offered or sold in the
United States absent registration or an exemption from registration under
the U.S. Securities Act of 1933, as amended (the "Securities Act"). The
securities of CHORUS Clean Energy AG have not been, and will not be,
registered under the Securities Act or the laws of any US federal state and
will not be sold or offered for sale in in the United States.
This press release is only directed at persons who (i) are outside the
United Kingdom, or (ii) have professional experience with investments and
fall within the definition of "investment professionals" under Article
19(5) of the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2005 (as amended) (the "Order") or (iii) are persons falling within
Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) or another exemption under the Order
(all such persons together being referred to as "Relevant Persons"). All
securities referred to herein are only available for investments by
Relevant Persons, and any offer for sale, or any solicitation of an offer
to purchase and any agreement to sell, purchase or otherwise acquire such
securities is only made towards Relevant Persons. Persons not being
Relevant Persons must not act on or rely on this press release or any part
thereof.
This press release includes statements that are, or may be deemed to be,
"forward-looking statements". These forward-looking statements reflect the
current views, expectations and assumptions of the Company's management and
are based on information currently available to management. Forward-looking
statements do not encompass a guarantee for the occurrence of future events
and developments and are subject to known and unknown risks and
uncertainties. As a result of various factors, the actual future results of
CHORUS Clean Energy AG and the actual developments relating to CHORUS Clean
Energy AG may therefore materially differ from the expectations and
assumptions mentioned herein. These factors include changes in the general
economic conditions and the competitive situation. Furthermore,
developments on the financial markets and currency fluctuations as well as
changes in national and international laws, in particular in relation to
the promotion of renewable energies, and other factors have an influence on
the future results of operations and developments of the Company. CHORUS
Clean Energy AG disclaims any obligation or undertaking to update or revise
any forward looking statement contained in this announcement.
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365963 08.06.2015
DGAP-News: CHORUS Clean Energy AG prepares for IPO
| Source: EQS Group AG