ENCAVIS AG

  • WKN: 609500
  • ISIN: DE0006095003
  • Land: Deutschland

Nachricht vom 27.05.2020 | 07:00

ENCAVIS AG exceeds all expectations in the first quarter of 2020 and benefits from the expansion of capacities

DGAP-News: ENCAVIS AG / Key word(s): Quarter Results/Quarterly / Interim Statement
27.05.2020 / 07:00
The issuer is solely responsible for the content of this announcement.

Corporate News

ENCAVIS exceeds all expectations in the first quarter of 2020
and benefits from the expansion of capacities

Revenue increase of around 10% to EUR 65.2 million (Q1/2019 EUR 59.5 million)

Operating EBITDA increase of 13% to EUR 50.6 million (Q1/2019 EUR 44.7 million)

Operating EBIT increase of 20% to EUR 28.1 million (Q1/2019 EUR 23.4 million)

Operating earnings per share (EPS) increase of 60% to EUR 0.08 (Q1/2019 EUR 0.05)

Operating cash flow benefitted from positive one-time-effect in the amount of
EUR 18 million and achieved EUR 50.8 million (Q1/2019 EUR 15.9 million)

Management Board confirmed positive outlook on full-year 2020



Hamburg, 27 May 2020 - Encavis AG (ISIN: DE0006095003, Prime Standard), the Hamburg-based solar and wind park operator listed on the SDAX, has closed the first quarter of the 2020 financial year with very good results. Overall, all the targets which have been set in terms of operating performance and the expectations of the capital market were exceeded. The operating results for the first three months show that the impact of COVID-19 on the business development of the Encavis Group was comparatively small. The 84 wind parks and 190 solar parks in the portfolio, both owned by the company and in asset management for third parties, produced green electricity unaffected by the virus. The positive development is attributable to the consistent expansion of the portfolio. There were also favorable meteorological conditions in the first quarter of 2020, but overall, they were below the level of the extremely favorable first quarter of 2019. On the basis of the positive business performance in the first quarter, excluding the positive weather effects of the first quarter, the Management Board expects to further increase the financial and earnings figures for the full year 2020 and confirms the forecast published in March 2020.

The increase in revenue in the first quarter of 2020 by around 9.7% to 65.2 million euros is primarily due to the acquisition of eight wind parks in operation in Denmark with a total capacity of around 81 megawatts (MW) in December 2019 and the full-year effect of parks connected to the grid during the course of 2019. The higher wind volumes in Germany and France boosted the positive revenue development. In contrast, solar radiation in France and Italy was lower and resulted in the overall revenue of the solar park portfolio being lower than in the comparable prior-year period. Revenue are composed of fed in electricity into the power grid, the operational management of solar and wind parks for third parties and other asset management services.

Earnings before interest, taxes, depreciation and amortization (EBITDA) of 50.6 million euros represent an increase of 13.2% over the first quarter of 2019, and the EBITDA margin improved by two percentage points to 78%. The operating result from operating activities (EBIT) of 28.1 million euros represents an increase of 20.0% year-on-year and resulted in an EBIT margin of 43% compared to 39% in the previous year. In total, Encavis achieved a consolidated operating profit of 13.5 million euros, compared to 7.9 million euros in the previous year.

The significant increase in operating cash flow from 15.9 million euros to 50.8 million euros benefited, among other things, from negative one-off and reporting date effects in the prior-year quarter: In the same period of the previous year, capital gains tax of around 9 million euros had to be paid for dividend payments from the parks. This tax was to be refunded by the tax authorities in the course of 2019 but was not received until March 2020. In addition, a larger payment from Italy of more than 7 million euros had not been received until the beginning of April 2019 instead of in the first quarter of 2019, analogously to 1 million euros this year. These two effects alone result in an increase in operating cash flow of around 24 million euros. Adjusted for these effects, operating cash flow increased by more than a third from 31.9 million euros to 42.8 million euros.

"Once again, we have proven that we are growing profitably and not only keeping our margins stable, but that we have been able to increase them despite the already high level and despite the corona pandemic. We are extremely satisfied with the results achieved in the first quarter of 2020. We will continue with consistency on the path of ambition and the same time, guarantee solid growth for Encavis; ambitious in the market and solid in execution", underlined Dr Dierk Paskert, CEO of Encavis AG, the Groups' profitable growth in these turbulent times.

Following the positive start to the year in the first quarter, the Management Board expects the growth course taken to continue and confirms the revenue and earnings forecast for the current fiscal year 2020. Based on the existing portfolio as of March 31, 2020 and in anticipation of standard weather conditions, the Management Board expects revenue to increase to more than 280 million euros in fiscal year 2020 (2019: 273.8 million euros, weather-adjusted 263.3 million euros). Operating EBITDA is expected to increase to over 220 million euros (2019: 217.6 million euros, weather-adjusted 210.6 million euros). The Group expects operating EBIT to increase to over 130 million euros (2019: 132.2 million euros, weather-adjusted 125.2 million euros). For the operating cash flow, the Group expects a result of more than 200 million euros (2019: 189.3 million euros). In addition, operating earnings per share of 0.41 euro are expected (2019: 0.43 euro weather-adjusted 0.40 euro). Earnings per share will initially grow disproportionately less, as the number of shares will increase, but the investments made with the funds will only fully develop their earnings contribution in the following years.




About ENCAVIS:
Encavis AG (Prime Standard; ISIN: DE0006095003 / WKN: 609500) is a producer of electricity from renewable sources listed on the SDAX of Deutsche Börse AG. As one of the leading independent power generators (IPPs). Encavis acquires and operates solar parks and (onshore) wind farms in ten European countries. The plants for sustainable energy generation generate stable yields through guaranteed feed-in tariffs (FIT) or long-term power purchase agreements (PPA). Within the Encavis Group, Encavis Asset Management AG specializes in the area of institutional investors.

Encavis AG's environmental, social and governance performance was evaluated by ISS-oekom, one of the world's leading ESG research and rating agencies and received the ISS-oekom Prime label.

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


Contact:

Encavis AG

Jörg Peters
Head of Investor Relations & Public Relations
------------------------------------------------------------
Große Elbstraße 59
22767 Hamburg

Fon: + 49 40 37 85 62-242
Fax: + 49 40 37 85 62-129
e-mail: joerg.peters@encavis.com
http://www.encavis.com
Twitter: https://twitter.com/encavis


27.05.2020 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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