- 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
ENCAVIS exceeds all expectations in the first quarter of 2020
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
Management Board confirmed positive outlook on full-year 2020
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.
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
Encavis AGJörg Peters
Head of Investor Relations & Public Relations
Große Elbstraße 59
Fon: + 49 40 37 85 62-242
Fax: + 49 40 37 85 62-129
|Große Elbstraße 59|
|Phone:||+49 4037 85 62 -0|
|Fax:||+49 4037 85 62 -129|
|Listed:||Regulated Market in Frankfurt (Prime Standard), Hamburg; Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1055919|
|End of News||DGAP News Service|
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