March 26, 2020 / 4:42 PM / in 10 days

BRIEF-Edisun Power Europe FY EBITDA Up At CHF 10.3 Million

March 26 (Reuters) - EDISUN POWER EUROPE AG:

* FY SALES GROWTH FROM 3% TO CHF 14.26 MILLION

* FY EBITDA INCREASED BY 1% TO CHF 10.34 MILLION - NET PROFIT INCREASED BY 18% TO CHF 3.60 MILLION

* DIVIDEND INCREASE FROM CAPITAL CONTRIBUTION RESERVES BY 10% TO CHF 1.10

* DUE MEASURES TO COMBAT THE CORONA VIRUS, SHAREHOLDERS MUST MANDATE INDEPENDENT PROXY TO REPRESENT THEIR RIGHTS IN ORDER TO EXERCISE SHAREHOLDER RIGHTS

* DECIDED TO HOLD THE ORDINARY GENERAL MEETING OF SHAREHOLDERS ON THE PLANNED DATE, APRIL 24, 2020

* OUTLOOK FOR 2020: FROM A FINANCIAL PERSPECTIVE, THE CURRENT YEAR WILL BE A TRANSITION YEAR

* ALTHOUGH THE PLANTS PRODUCE NORMALLY, LOWER ELECTRICITY PRICES CAN BE EXPECTED IN SPAIN AND ITALY DUE TO THE CORONAVIRUS PANDEMIC IN 2020

* DELAYS IN THE COMPLETION OF NEW PROJECTS IN PORTUGAL CANNOT BE RULED OUT

* GRID CONNECTION OF THE FIRST PORTUGUESE PROJECT IS EXPECTED TOWARDS THE END OF THE YEAR

* OTHER FOUR PROJECTS ARE EXPECTED TO BE COMPLETED IN 2021

* EXPECTS THE CURRENT EURO EXCHANGE RATE TO RESULT IN A NET RESULT OF CHF 2.8 MILLION FOR THE CURRENT FINANCIAL YEAR 2020

* THE GROUP'S TAX BURDEN WILL CONTINUE TO INCREASE IN 2020 Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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