2G Energy AG
- WKN: A0HL8N
- ISIN: DE000A0HL8N9
- Land: Deutschland
Nachricht vom 02.04.2020 | 08:30
2G Energy AG improves EBIT margin to 6.5 % in the 2019 financial year (previous year: 5.5 %) and, barring unforeseen developments, is looking ahead to the current 2020 financial year with cautious optimism despite Covid-19
DGAP-News: 2G Energy AG
/ Key word(s): Preliminary Results/Forecast
2G Energy AG (ISIN DE000A0HL8N9), one of the leading international manufacturers of gas-fired combined heat and power (CHP) plants, grew consolidated sales by around 13 % to EUR 236.4 million in the 2019 financial year (previous year: EUR 209.8 million). This also enabled a further significant improvement in profitability, with EBIT increasing to EUR 15.5 million (previous year: EUR 11.5 million, + 35 %), corresponding to an EBIT margin of 6.5 % (previous year: 5.5 %).
Marked rise in sales from international and service business
Cost of materials ratio down, personnel cost ratio up
Personnel costs, by contrast, increased by EUR 3.7 million to EUR 39.0 million (previous year: EUR 35.3 million). This change is due to an - albeit relatively small - increase in headcount (primarily in commercial operations) as well as higher average costs per employee. "Implementing industrial processes means efficiency savings and faster throughput, but also a higher level of qualifications for our team," explained CFO Friedrich Pehle. "We are also faced with the challenge of being based in a region where unemployment is under 3 %, meaning fierce competition for skilled staff and managers."
Brisk new order intake in Q1 2020 - Management Board looking ahead to the current financial year with cautious optimism despite Covid-19, barring unforeseen developments
In light of the very full order books and the current general business trend in Germany and abroad, the Management Board is cautiously optimistic that, taking account of the exceptional circumstances, net sales will be able to hit EUR 235-250 million despite the ongoing Covid-19 crisis. "We are seeing delays in the acquisition and project planning phase especially in Italy and the UK," said CFO Friedrich Pehle. "However, in our industry, postponing projects doesn't mean canceling them completely. Since the start of the year, in fact, our actual order intake trend has stayed positive. So far, the coronavirus has only had a minimal negative impact on 2G's day-to-day business. We've also got a large stock of engines on hand for the most common CHP modules. Something else in our favor is the fact that we significantly expanded our warehouse capacity at our Heek site last year and built up our inventories. In addition, 2G has a very healthy balance sheet and ample liquidity."
"We agreed preventive measures at a very early stage and provided our staff with recommendations for dealing with Covid-19 in their day-to-day lives at work and at home," added CEO Christian Grotholt. "We've also invested in additional IT equipment and further precautions. As well as protecting all our employees, the Management Board is also focusing on maintaining business operations and continuing to ensure the supply of energy to our customers through fully functional CHP. We've hardly had any significant disruptions to our normal business processes so far."
However, the extensive protective measures implemented, the additional cost incurred in purchasing hard-to-get parts and delays on construction sites that could not be completely avoided are resulting in a loss of efficiency. Adopting an approach in line with due commercial prudence, 2G is currently expecting to be able to achieve an EBIT margin for the 2020 financial year that is within the same range as the past financial year, i.e. between 5.5 % and 7.0 %.
Looking ahead to the long term, the Management Board is sticking with its target of generating EUR 300 million in sales by 2024 and improving Group profitability with a target EBIT margin of 10 % on a lasting basis through efficiency savings from its flagship projects, margin contributions from the service business and leveraging economies of scale.
2G benefits from global long-term trends that make efficient and effective energy solutions ever more important. These include rising energy demand accompanied at the same time by the need to conserve natural resources. Moreover, in the energy revolution's future electricity market design, the digitalization that 2G consistently implements forms an indispensable system-relevant element in combination with solar, wind, biogas and natural gas producers and creates a high barrier to market entry for competitors.
The cogeneration of mechanical energy and heating/cooling make CHP technology more efficient and more environmentally compatible than conventional energy production methods. Compared with conventional electricity generation, CHP technology saves up to 40 percent of primary energy, and emits up to 60 percent less carbon dioxide and nitrogen oxides. 2G customers thereby benefit consistently from innovations that are highly beneficial economically and ecologically, that rapidly pay for themselves and that create extensive added value.
2G employs around 600 staff at its headquarters in Heek, Germany, in St. Augustine, USA, as well as at five other European locations. The company is active in a total of 50 countries and generated sales of some EUR 236.0 million in the 2019 financial year. 2G was founded in 1995 and has been listed on the stock market since 2007. The shares of 2G Energy (ISIN DE000A0HL8N9) are listed in the "Scale" segment of the Frankfurt Stock Exchange. The share capital amounts to EUR 4,430,000 and is divided into 4,430,000 shares. As of December 31, 2019, company founders Christian Grotholt and Ludger Gausling held a 52.3 % interest in the company, with the free float amounting to 47.7 %.
2020 calendar dates
|Company:||2G Energy AG|
|Listed:||Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Stuttgart, Tradegate Exchange|
|EQS News ID:||1013219|
|End of News||DGAP News Service|
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Original-Research: 2G Energy AG (von First Berlin Equity Research GmbH): Hinzufügen
29. Mai 2020