DGAP-News: ENCAVIS AG again surpasses targets in the first half of 2019 and increases outlook for all operating performance indicators of 2019

2019. augusztus 28., szerda, 07:08

DGAP-News: ENCAVIS AG / Key word(s): Change in Forecast/Half Year Results

ENCAVIS AG again surpasses targets in the first half of 2019 and increases outlook for all operating performance indicators of 2019

28.08.2019 / 07:08

The issuer is solely responsible for the content of this announcement.

Corporate News

Encavis AG again surpasses targets in the first half of 2019 and
increases outlook for all operating performance indicators of 2019

Revenue increase by 17% to EUR 143.9 million (H1/2018 EUR 122.8 million)

Operating EBITDA increases by 29% to EUR 120.8 million (H1/2018 EUR 94.0 million)

Operating EBIT rises significantly by 35% to EUR 78.2 million (H1/2018 EUR 57.8 million)

Operating earnings per share rise sharply by 58% to EUR 0.30 (H1/2018 EUR 0.19)

Further raising of the earnings outlook for 2019, among other things

due to persistently positive meteorological conditions

Hamburg, 28 August 2019 - Encavis AG (ISIN: DE0006095003, Prime Standard), the Hamburg-based SDAX-listed energy producer from renewable solar and wind energy Encavis AG (ISIN: DE0006095003), again increased all operating earnings figures in the second quarter. The consistent expansion of the generation portfolio in Denmark and The Netherlands as well as the continuing favourable meteorological conditions resulted in a 17% increase in revenue of EUR 21.2 million in the first half of 2019. Due to the continuing positive weather effects, this figure includes additional income of EUR 11.3 million. Irrespective of the unpredictable weather conditions in the second half of 2019, the Executive Board is again raising all operating revenue and earnings figures from sales to earnings per share, including cash flow, for the full year 2019.

In the first half of 2019, Encavis AG exceeded the targets set for its operating figures and increased revenue by around 17% to a total of EUR 143.9 million. The increase is attributable both to favourable meteorological conditions - above all the high level of solar radiation in Germany and Italy - and to the expansion of the portfolio during the reporting period. The solar parks contributed around EUR 14.5 million and the wind parks around EUR 5.3 million to this growth. As of 30 June 2019, the portfolio comprised 175 solar parks and 69 wind farms in ten European countries with a generation capacity of around two gigawatts (GW). Encavis AG is already the largest independent listed electricity producer in the renewable energy sector in Europe.

Operating earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by around 29% year-on-year to EUR 120.8 million. The EBITDA margin was around 84% (previous year: 77%). The increase in EBITDA benefited from the positive meteorological conditions, the expansion of the portfolio and the proceeds from the sale of minority interests in four wind farms, while at the same time other operating expenses declined, mainly due to the first-time application of IFRS 16. Due to the first-time application of IFRS 16, depreciation also includes depreciation on capitalized rights of use from leasing agreements. The operating result from operating activities (EBIT) reached EUR 78.2 million - an increase of 35% compared to the previous year. This corresponds to an EBIT margin of around 54% (previous year: 47%). Operating earnings per share (EPS) increased by around 58% to EUR 0.30 (previous year: EUR 0.19).

Operating cash flow fell slightly by around 2% to around EUR 76.4 million. Delayed payments of feed-in tariffs for Italian solar parks received shortly after the end of the first half of the year and a capital gains tax payment had a negative impact. In the previous year, this tax payment was not made in the first quarter, but in the fourth quarter of 2017. Adjusted for these effects, operating cash flow exceeded the previous year"s level. In order to strengthen Encavis AG"s financial strength from its own resources, the Group sold 49% of each of its shares in four wind farms in Germany on 28 May 2019, thereby realising significant book profits. As a result of the transaction, the Group received liquid funds amounting to around EUR 24 million, which can be used to finance new projects. In addition, the Group"s financial strength for future investments was strengthened by taking out very low-interest loans with a term of up to 15 years and a volume of EUR 105 million.

The 30-percent strategic investment in the Italian service provider Stern Energy S.p.A., a long-standing partner in the field of technical management of solar systems, strengthens the Technical Services business segment in order to establish a significant presence throughout Europe in the field of technical solar services. The competitive advantage of mapping all segments of the value chain will strengthen the existing Operation & Management/O&M business platform. Stern"s combined O&M and O&M auxiliary services business has grown at an average annual rate of more than 35% over the past five years (2012-2017). A further increase in this growth is expected for 2019 with an estimated turnover of around EUR 12.5 million.

Due to the continued positive meteorological conditions in the first half of 2019, the Management Board is again raising the guidance, which was only lifted upwards at the end of May. For the current financial year, revenue are expected to rise to more than EUR 270 million (previously EUR 260 million) and operating EBITDA to increase to more than EUR 218 million, instead of the previously forecast figure of more than EUR 210 million. At Group level, operating EBIT is expected to increase to more than EUR 132 million instead of the EUR 125 million previously communicated. The operating cash flow is now expected to reach a value of more than EUR 198 million (previously over EUR 190 million). As a result, the forecast for operating earnings per share (EPS) for 2019 as a whole has risen from EUR 0.40 to EUR 0.42 .


About Encavis AG:

Encavis AG (Prime Standard; ISIN: DE0006095003 / WKN: 609500) is a producer of electricity from renewable sources listed in the SDAX of Deutsche Börse AG. As one of the leading Independent Power Producers (IPPs), Encavis acquires and operates solar power plants and (onshore) wind parks in ten European countries. The plants for sustainable energy generation generate stable returns through guaranteed feed-in tariffs (FIT) or long-term power purchase agreements (PPAs). Within the Encavis Group, Encavis Asset Management AG specialises in the area of institutional investors. Encavis Technical Services GmbH is the Group"s own service unit for the technical management of solar parks.

Further information on the company can be found at www.encavis.com


Encavis AG

Jörg Peters

Head of Investor Relations & Public Relations

Phone: + 49 (0)40 37 85 62-242

Fax: + 49 (0)40 37 85 62-129

E-mail: joerg.peters@encavis.com


Twitter: https://twitter.com/encavis

28.08.2019 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.

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Language: English

Große Elbstraße 59

22767 Hamburg

Phone: +49 4037 85 62 -0
Fax: +49 4037 85 62 -129
E-mail: info@encavis.com
Internet: www.encavis.com
ISIN: DE0006095003
WKN: 609500
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Hamburg; Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 864245

End of News DGAP News Service

864245  28.08.2019 

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