29.05.2013
EnviTec Biogas AG DE000A0MVLS8
DGAP-News: EnviTec Biogas: Market environment remains challenging in 2013
DGAP-News: EnviTec Biogas AG / Key word(s): Quarter Results/Change in
Forecast
EnviTec Biogas: Market environment remains challenging in 2013
29.05.2013 / 12:00
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EnviTec Biogas: Market environment remains challenging in 2013
- First quarter: Sales revenues EUR 33.5 million, EBIT EUR -1.1 million,
net cash flow EUR 11.9 million
- Strong Own Plant Operation segment: Sales +63%, EBIT +57%
- 2013 sales forecast: EUR 140 to 160 million (previously EUR 170 to 180
million)
- 2013 earnings forecast: Remains EBIT positive
Lohne, 29 May 2013 - The situation in the German biogas market was not
satisfactory in the first quarter of 2013. The reason was a lack of
confidence in the legal fundamentals. Investors who decide to build a
biogas plant today cannot be certain what the legal framework will look
like when the plant is taken into operation a year later. This situation
has paralysed the sector since mid-2012, although the German Renewable
Energy Sources Act (EEG) is generally valid until 2015. Unfortunately,
however, policy-makers have repeatedly questioned this validity publicly,
and spontaneous ideas such as the 'power price brake' - which has been
discarded again in the meantime - have shattered confidence in the
reliability of the law, sustainably. It is therefore not surprising - and
against the background of the planned energy transition all the more
deplorable - that demand for biogas plants in Germany has dropped sharply.
'We are urgently appealing to policy-makers to return to a reliable energy
policy and to create a safe environment for investments in the move towards
green energy as quickly as possible,' says EnviTec CFO Jörg Fischer.
Against this background, the operating performance of EnviTec Biogas (ISIN:
DE000A0MVLS8) in the first quarter of 2013 was in line with expectations.
Due to the uncertainty in Germany, the year of transition in Italy and the
above-average long winter, Group sales revenues declined from EUR 39.5
million to EUR 33.5 million. This is attributable to demand in the Plant
Construction segment. By contrast, sales revenues in the Own Plant
Operation and Service segments picked up sharply. Most importantly, the
investments in the construction of own biogas plants - in the past two
years alone, EnviTec invested more than EUR 80 million and meanwhile
operates plants with a capacity of 52 MW - are increasingly bearing fruit.
Segment revenues increased by 62.9% from EUR 8.9 million to EUR 14.5
million. Earnings before interest and taxes (EBIT) in the Own Plant
Operation segment rose by a disproportionate 57.3% to EUR 2.5 million. The
EBIT margin thus reached 17.4%. In addition, EnviTec received a profit of
EUR 0.5 million from minority interests (accounted for using the equity
method).
EnviTec Biogas' total earnings before interest and taxes (EBIT) improved
from EUR -1.7 million to EUR -1.1 million in the first quarter of 2013.
Adjusted for one-time expenses, EBIT stood at EUR -0.6 million. Net income
for the first three months of 2013 amounted to EUR -0.7 million (previous
year: EUR -1.3 million), while earnings per share stood at EUR -0.05. As of
the balance sheet date 31 March 2013, EnviTec had liquid funds of EUR 18.0
million and an equity ratio of 57.4%, which reflect a very solid financial
situation. EnviTec also has strong cash flows. The net cash flow rose from
EUR 3.9 million to EUR 11.9 million.
The year 2013 will be marked by ongoing political uncertainty. Attractive
markets such as France and the UK can currently not offset the slowdown in
Germany and Italy. EnviTec Biogas therefore expects that 2013 will be a
difficult year for the Plant Construction segment. The sales and earnings
trend in the Own Plant Operation segment should be very positive in 2013
and also in 2014. This year alone, the company wants to generate revenues
of approx. EUR 55 million from the production of biogas. Total Group sales
revenues should range between EUR 140 million and EUR 160 million in 2013,
which is below the original projections of EUR 170 million to EUR 180
million. As far as earnings are concerned, the Executive Board expects a
positive operating result for the full year 2013 in spite of the
restructuring charges and the sharp drop in plant construction revenues.
More concrete projections will be published in the second half of the year.
About EnviTec Biogas AG
EnviTec Biogas AG covers the entire value chain for the production of
biogas: including the planning and turnkey construction of biogas plants as
well as their commissioning. The company takes charge of biological and
technical services on demand and also offers full plant and operational
management. In addition, EnviTec also operates its own biogas plants. In
2011 EnviTec Biogas established EnviTec Energy GmbH & Co. KG and its 100%
subsidiary EnviTec Stromkontor GmbH & Co. KG, expanding its business
operations into the direct marketing of upgraded biomethane as well as the
marketing of green electricity and balancing energy. Today, EnviTec Biogas
AG is represented in 20 countries throughout Europe, as well as in India
and the USA. In 2012 EnviTec generated revenues of EUR 190.5 million and an
EBIT of EUR 1.3 million. The EnviTec Group currently has 398 employees.
EnviTec has been listed on the Prime Standard segment of the Frankfurt
Stock Exchange since July 2007.
Contact:
Katrin Selzer
EnviTec Biogas AG
Tel: +49 25 74 88 88 - 810
E-Mail: [email protected]
End of Corporate News
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Language: English
Company: EnviTec Biogas AG
Industriering 10a
49393 Lohne
Germany
Phone: +49 (0) 44 42 - 80 65 0
Fax: +49 (0) 44 42 - 80 65 103
E-mail: [email protected]
Internet: www.envitec-biogas.de
ISIN: DE000A0MVLS8
WKN: A0MVLS
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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