12.01.2016 2G Energy AG  DE000A0HL8N9

DGAP-News: 2G Energy AG supports coming into force of 2016 amendment to German Combined Heat and Power Generation Act (KWKG)


 
DGAP-News: 2G Energy AG / Key word(s): Statement 2G Energy AG supports coming into force of 2016 amendment to German Combined Heat and Power Generation Act (KWKG) 12.01.2016 / 08:00 The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- - Management Board identifies impulses for further CHP expansion in Germany - Contracting models becoming more attractive - 2G expands CHP information offering with CHP Journal, image film and new brochures Heek, 12 January 2016 - 2G Energy AG (ISIN DE000A0HL8N9), one of the internationally leading manufacturers of gas driven combined heat and power (CHP) systems, supports the approval of the 2016 amendment to the German Combined Heat and Power Generation Act (KWKG). This legislation restores the requisite legal and investment security to Germany's CHP sector, and creates the possibilities to further boost CHP systems' share of total electricity and heating supplies - given the deployment of appropriate concepts and products. The KWKG essentially creates opportunities for 2G. With its technologically leading and highly efficient CHP systems and products relating to service, utilization optimization in electricity purchasing, as well as rent and lease options, the new conditions enable 2G to offer economically attractive solutions to energy utilities and contractors, as well as to industrial and commercial operations that wish to supply themselves. Growing support for CHP electricity fed into grid As planned, the KWKG 2016 came into force on January 1, 2016, and reflects the German government's paradigm shift towards the "Electricity Market 2.0", which aims to ensure in an environment with high proportions of renewable energies, a secure price-efficient and environmentally-compatible electricity supply, encompassing amongst others further development of load-balancing markets, free price formation and transparency. The KWKG bolsters the feed-in of electricity into the public grid through higher compensation rates (dependent of the respective performance category - see table below), introducing mandatory direct marketing for systems from 100 kW from 2016. Both of these instruments will help to better integrate CHP systems into the demand-led electricity market via energy supply companies and municipal utilities. Contracting models becoming more economically attractive The amendment to the KWKG offers economic opportunities again for energy contractors that supply CHP generated electricity locally within client systems or closed distribution grids as part of the supply of industrial areas, tenant electricity and city districts solutions, for example, rather than within public supply grids. Such systems receive their own CHP subsidy for supplies to properties, as well as corresponding CHP subsidies when being fed into public grids, if the full German Renewable Energies Act (EEG) levy is paid on the CHP electricity they generate. Moreover, smaller CHP systems up to 50 kW benefit from the setting of the subsidy duration to 60,000 full utilization hours without time limitation. The potentials of such contracting models (which are desirable from an energy policy perspective) can be tapped by energy utilities and contractors especially in the residential sector, and within industrial and commercial structures. Decentralized site supplies remain an attractive alternative despite capping of proprietary electricity payment The only fly in the ointment in relation to the amended KWKG is the reduction in compensation for self-utilized electricity generated from proprietary CHP systems: about one quarter in the case of lower performance classes up to 100 kW, and the CHP subsidy falls away entirely for new systems above 100 kW electric output. As announced, a proportional EEG levy (2016: 35 %, 2017: 40 %) still has to be paid until the end of 2017 for CHP systems for proprietary supply ordered after August 1, 2014. Overall, the highly efficient cogeneration of electricity and heating remains an attractive alternative for decentralized site supplies for industrial and commercial operations, as well as the residential sector, following the amendment to the KWKG, because the EEG levy and grid payments will rise further prospectively, so that costs for proprietary electricity can lie significantly below grid electricity purchasing costs. In combination with heating utilization concepts for the respective site, investments in gas operated CHP power plants remain economical, with relatively short payback periods. The KWKG 2016 now sets designated volume targets for expansion in absolute terawatt hours (TWh): CHP net electricity generation is to be increased to 110 TWh (corresponding to 19 %) by 2020, and to 120 TWh (corresponding to 20 %) by 2025. Given approximately 6,000 operating hours per year and an average of 500 kW(el), these 120 TWh would correspond to around 40,000 CHP systems. Although this falls short of the previous expansion target of 25 % of total electricity generation by 2020, maximum generation volumes double to EUR 1.5 billion annually. As to date, support is to be financed through a KWKG levy via grid payments. Moderate transition regulations and options The legislator has structured various transition regulations in a moderate manner. When ordering a plant by December 31, 2015, future plant operators have been able to choose whether the plant is to receive the CHP subsidy and support periods according to the previous KWKG 2012 or according to the new KWKG 2016, if the plant is commissioned by December 31, 2016. In addition, mandatory direct marketing from 2016 relates initially only to CHP systems above 250 kW. Plants below 250 kW retain their entitlement to marketing of CHP electricity by grid operators if they go into permanent operation by June 30, 2016. For plants below 100 kW, this even applies until December 31, 2016. 2G Management Board: KWKG delivers important drivers for sector Overall, the Management Board of 2G Energy AG appraises the conditions that have been newly set by the KWKG 2016 as an important impulse to exploit the economic - as well as climate and resource conservation - benefits of CHP technology for a further expansion of the Electricity Market 2.0 in Germany. Also, market models that do not feed electricity into public grids have been upgraded. This takes into account the great significance of energy service providers and the new business models of energy companies and municipal utilities. By contrast, it is currently very difficult to assess how the transition from coal to natural gas driven CHP power plants that is required by the KWKG 2016 will work. Due to the EU Commission's review of the act in light of EU state aid guidelines (notification process), significant regulations contained in the KWKG 2016 are conditionally for the time being. It is nevertheless expected that the act will be approved soon during the first quarter of 2016. CHP Journal offers broad information base about market trends, technology and 2G reference projects The CHP Journal that 2G is publishing three times a year provides reports on reference projects for renowned companies, technological innovations and market trends. In the latest edition, 2G presents the installation of three biomethane operated CHP modules of the avus 1000c type for Enercon GmbH, Aurich, with electric and thermal output of 1,200 kW each. It also examines the topic of the flexibilization premium for biogas operated CHP systems: many biogas plants in Germany have reached high operating durations, and for operators the question arises as to how plant modernization should be structured. This creates more optimistic prospects for the biogas market for 2G, because modernization creates incentives for operators to produce electricity from biogas in line with demand, and thereby boost economic value. Closely related with this is the digitalization of CHP power plants, not only in relation to service, maintenance planning and the analysis of all plant parameters, but also in terms of grid integration and control functionality. 2G's experts discuss this topic in the CHP Journal. Take a look at 2G as a company, its reference projects, and services for 2G CHP power plants, by visiting the company's website at www.2-g.de, where you can find the latest corporate video, a selection of international reference projects, and new brochures in download format. Comparison of CHP supplements pursuant to KWKG 2012 and KWKG 2016

Size of   KWK-G 2012           KWK-G 2016     KWK-G 2016     KWK-G 2016
CHP plant CHP surcharge for    CHP surcharge  CHP surcharge  CHP surcharge
          electricity fed      for self-      for            for
          into the grid &      consumend      electricity    electricity
          self-consumend       electricity    used off-grid1 fed into the
                                                             grid
< 50 kW   5.41 ct/kWh          4.00 ct/kWh    4.00 ct/kWh    8.00 ct/kWh
51 - 100  4.00 ct/kWh          3.00 ct/kWh    3.00 ct/kWh    6.00 ct/kWh
kW
101 -     4,00 ct/kWh          0.00 ct/kWh    2.00 ct/kWh    5.00 ct/kWh
250 kW
251 -     2.40 ct/kWh          0.00 ct/kWh    1.50 ct/kWh    4.40 ct/kWh
2,000 kW
> 2,000   1.80 ct/kWh          0.00 ct/kWh    1.00 ct/kWh    3.10 ct/kWh
kW


1 Only if CHP electricity is supplied to end-consumers within a customer plant or within a closed distribution grid, and the full EEG levy is paid for this. An overview of the DENEFF in collaboration with mpw provides further detailed information at the following link: http://www.mpw-net.de/?tx_news_pi1[news]=95 2G Energy company portrait 2G Energy AG ranks among the world's leading manufacturers of cogeneration (CHP) systems for decentralised energy production and supply by means of combined heat and power. The company's product portfolio includes systems with an electric capacity between 20 kW and 4,000 kW for operation with natural gas, biogas, biomethane and other lean gases. 2G has successfully installed several thousand CHP systems in 35 countries to date. Especially in the 50 kW to 550 kW performance range, 2G possesses proprietary technological combustion engine concepts characterised by low specific fuel consumptions, high operational availability and optimised service intervals. Besides the main production site at the Group headquarters in Heek, Germany, the company has invested in an additional production and sales & service site in St. Augustine, Florida, USA. 2G's customers range from agricultural and industrial operations, local authorities, and the residential sector through to municipal utilities and large-scale utilities. The high level of customer satisfaction is founded on a dense service network as well as 2G power stations' high technical quality and performance. These power stations achieve an overall degree of efficiency from 85 percent and to well above 90 percent thanks to combined heat and power performance. Along with the construction of combined heat and power stations, the company, located in Westphalia in the north-west of Germany, offers integrated solutions spanning the planning stage and installation through to service and maintenance work. In the context of the energy policy revolution, and as part of modern energy supply concepts, CHP systems are gaining considerably in importance in intelligent energy grid systems - so-called virtual power plants - due to their decentralised and scalable operation, and predictable availability. 2G is consistently expanding its technology leadership through continuous research and development work, both in gas engine technology for natural gas, biogas and synthetic gas applications (e.g. hydrogen), as well as in specific software development. The "virtual power plant" operating type has been created with a software solution, for example. Overall, the 2G system is thereby operated on a basis that is "heating-managed and electricity-oriented" in order to significantly simplify integration within a grid group. In the energy policy revolution's future electricity market design, such digitalisation-enabled flexibility 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 shares of 2G Energy (ISIN DE000A0HL8N9) have been listed in the Entry Standard of Deutsche Börse AG since July 31, 2007. The share capital amounts to EUR 4,430,000, and is divided into 4,430,000 shares. The company's founders held 55.3 % of the shares as of December 31 2015, with the free float amounting to 44.7 %. 2016 dates April 28, 2016 Preliminary figures as of December 31, 2015 for the 2G Group, FY 2016 results guidance May 25, 2016 Annual consolidated financial statements as of December 31, 2015, Q1 key figures and business trends July 5, 2016 Ordinary AGM, Ahaus Sept. 27, 2016 Semiannual consolidated financial statements as of June 30, 2016 Nov. 21-23, 2016 German Equity Capital Forum 2016 Nov. 30, 2016 Q3 key figures and business trends Further information: www.2-g.de Contact 2G Energy AG Benzstraße 3 48619 Heek Telephone: +49 2568 9347-2795 Telefax: +49 2568 9347-15 E-Mail: [email protected] Internet: www.2-g.de --------------------------------------------------------------------------- 12.01.2016 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. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: 2G Energy AG Benzstr. 3 48619 Heek Germany Phone: +49 (0)2568-9347-0 Fax: +49 (0)2568-9347-15 E-mail: [email protected] Internet: www.2-g.de ISIN: DE000A0HL8N9 WKN: A0HL8N Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Stuttgart; Open Market (Entry Standard) in Frankfurt End of News DGAP News Service --------------------------------------------------------------------------- 428155 12.01.2016


Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 189,40 209,78 236,40 246,73 266,35 312,63 340,00
EBITDA1,2 11,12 15,37 19,17 20,11 21,87 26,63 32,20
EBITDA-Marge3 5,87 7,33 8,11 8,15 8,21 8,52
EBIT1,4 7,33 11,45 15,45 16,45 17,93 21,96 27,40
EBIT-Marge5 3,87 5,46 6,54 6,67 6,73 7,02 8,06
Jahresüberschuss1 4,92 7,61 10,30 11,96 12,64 16,37 18,70
Netto-Marge6 2,60 3,63 4,36 4,85 4,75 5,24 5,50
Cashflow1,7 12,85 4,88 1,92 9,79 8,86 4,98 0,00
Ergebnis je Aktie8 0,28 0,43 0,58 0,68 0,71 0,91 1,02
Dividende8 0,11 0,11 0,11 0,11 0,12 0,14 0,10
Quelle: boersengefluester.de und Firmenangaben

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1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: PricewaterhouseCoopers

INVESTOR-INFORMATIONEN
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2G Energy
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A0HL8N 21,700 Kaufen 389,30
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
15,50 23,04 0,67 39,10
KBV KCV KUV EV/EBITDA
3,67 78,14 1,07 14,59
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
0,14 0,16 0,74 04.06.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
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