28.08.2018
ENCAVIS AG DE0006095003
DGAP-News: Encavis AG well on track after the first half of the year 2018
DGAP-News: ENCAVIS AG / Key word(s): Half Year Results/Preliminary Results
Encavis AG well on track after the first half of the year 2018
28.08.2018 / 08:52
The issuer is solely responsible for the content of this announcement.
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Encavis AG well on track after the first half of the year 2018
Hamburg, 28 August 2018 - According to preliminary figures, SDAX-listed
Hamburg-based solar and wind park operator Encavis AG fully achieved its
operating results for the first six months of 2018, as reflected in revenues
of approx. EUR 122.8 million (6M 2017: EUR 113.8 million). Encavis therefore
is well on track after the first half of the year 2018 to achieve its
guidance for the financial year 2018. Thanks to the exceptionally hot summer
weather prevailing foremost in Germany in the second quarter of 2018,
Encavis was able to more than offset the meteorologically weaker first
quarter 2018. In the light of the good business trend after the first half
of the year 2018, the Management Board of Encavis AG reaffirmed its guidance
for the current financial year 2018.
Encavis AG was able to increase its revenues from EUR 113.8 million in the
first half of the previous year to EUR 122.8 million in the first six months
of 2018 (+8% yoy). The increased solar radiation foremost in Germany in May
and June 2018 was one of the main reasons why the company was able to offset
the meteorologically weak first quarter of 2018. Earnings before interest,
taxes, depreciation and amortization (EBITDA) amounted to EUR 94.0 million
after the first half of 2018, up from EUR 88.0 million in the previous year
(+7%). At approx. EUR 57.8 million, total earnings before interest and taxes
(EBIT) exceeded the previous year's EUR 55.9 million (+3% yoy). Operating
cash flow even increased by a strong 12% to EUR 78.3 million in the first
half of 2018 (6M 2017: EUR 69.9 million).
Encavis' growth in the first six months of 2018 compares with a
meteorologically very strong first half of 2017. Adjusted for these
meteorological effects, revenues in the first half of 2018 increased even
more strongly by EUR 11.3 million or 10% compared to the same period of the
previous year. The meteorologically adjusted revenues thus essentially
reflect the organic growth of Encavis AG. As such, weather adjusted
operating EBITDA came in at EUR 93.3 million (6M 2017: EUR 85.0 million;
+10% yoy) and weather adjusted operating EBIT increased from EUR 52.9
million to EUR 57.1 million (+8% yoy).
"Our result in the first half of 2018 shows that we successfully continued
our qualitative growth path. We are in line and well on track with our
guidance for the financial year 2018 in total,"
Dr. Christoph Husmann, CFO of Encavis AG, commented on the preliminary
result for the first six months of the year 2018. "The extraordinary
meteorological conditions in Germany in the second quarter of 2018 should
not distract us from the fact, that these conditions have not prevailed in
Europe as a whole, especially in Italy and the South of France, sun
radiation was below average in April and May 2018. Furthermore, the results
for the first six months of 2018, that are in line with our expectations,
stand against a meteorological induced very strong growth in the same period
of the previous year." Christoph Husmann continues.
Management Board affirms earnings forecast for FY 2018
The revenue and earnings figures for the first half of 2018 show that
Encavis AG is performing fully to plan and is well on track. The Management
Board thus reaffirmed its earnings forecast for the current financial year
2018, which is based solely on the portfolio of solar and wind parks as of
mid-March 2018 and on the assumption of average meteorological conditions,
without the effect of exceptionally hot und sunny weather, and includes no
further acquisitions. Full-year revenues are expected to increase to over
EUR 240 million. EBITDA are projected to come in at over EUR 175 million,
while EBIT should rise to over EUR 105 million. Operating cash flow is
expected to reach over EUR 163 million, which would be equivalent to
earnings per share of over EUR 0.30.
Information on the preliminary operational figures for H1 2018
The figures presented pertain only to the company's operational earnings
power; they do not take into account any IFRS-related valuation effects.
Moreover, Encavis AG adjusted the composition of the financial result as of
the end of the financial year 2017. This adjustment was not reflected in the
financial statements for the first half of 2017. In the context of the
report on the first half of 2018, the figures for the previous year were
adjusted as well. This means that the figures in this press release have
already been adjusted; each of the adjustments amounted to less than EUR 1
million. For more information, please refer to the report on the first half
of 2018 of Encavis AG, which will be published on 30 August 2018. The report
will be available for download on the company's website at www.encavis.com.
About the Encavis Group:
Encavis AG is one of the leading independent power producers (IPPs) in the
field of renewable energy in Europe. The company acquires and operates solar
power plants and (onshore) wind farms in Germany and in eight other European
countries. The total generation capacity of the Encavis Group is currently
over 1.5 gigawatts (GW). With its wind farms and solar parks, the company
generates attractive financial returns, as well as very stable income
irrespective of economic conditions.
Encavis AG also provides institutional investors with the benefit of its
many years of experience and market knowledge in the field of renewable
energies. Within the Encavis Group, Encavis Asset Management AG specializes
in the field of institutional investors. Encavis Technical Services GmbH is
also the Encavis Group's service unit for the technical management of solar
parks.
Encavis AG is listed on the regulated market (Prime Standard) of the
Frankfurt Stock Exchange and on the regulated market of the Hamburg Stock
Exchange (ISIN: DE0006095003 / WKN: 609500) and the SDAX of the German Stock
Exchange.
You can find more information on the company at www.encavis.com
Contact:
Encavis AG
Till Gießmann
Head of Investor & Public Relations
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Große Elbstraße 59
22767 Hamburg
Fon: + 49 40 37 85 62-242
Fax: + 49 40 37 85 62-129
e-mail: [email protected]
http://www.encavis.com
Twitter: https://twitter.com/encavis
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28.08.2018 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.
Archive at www.dgap.de
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Language: English
Company: ENCAVIS AG
Große Elbstraße 59
22767 Hamburg
Germany
Phone: +49 4037 85 62 -0
Fax: +49 4037 85 62 -129
E-mail: [email protected]
Internet: www.encavis.com
ISIN: DE0006095003
WKN: 609500
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Hamburg;
Regulated Unofficial Market in Berlin, Dusseldorf, Munich,
Stuttgart, Tradegate Exchange
End of News DGAP News Service
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717935 28.08.2018
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