Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Xetra  >  Encavis AG    CAP   DE0006095003

ENCAVIS AG

(CAP)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations

ENCAVIS : starts 2019 with excellent results

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/28/2019 | 12:55am EDT

DGAP-News: ENCAVIS AG / Key word(s): Quarterly / Interim Statement/Quarter Results
ENCAVIS AG starts 2019 with excellent results

28.05.2019 / 06:51
The issuer is solely responsible for the content of this announcement.


Corporate News

Encavis AG starts 2019 with excellent results

Revenue rise to 59.5 million euros (+ 30 % compared to Q1/2018)

Operating result EBITDA reaches 44.7 million euros (+ 42 % compared to Q1/2018)

Operating result EBIT increases significantly to 23.4 million euros (+ 74 % compared to Q1/2018)

Management Board confirms positive outlook for 2019 as a whole

Hamburg, 28 May 2019 - Encavis AG (ISIN: DE0006095003, Prime Standard), the Hamburg-based solar and wind park operator listed on the SDAX, has closed the first quarter of the 2019 financial year with very good results. The positive development is attributable both to the consistent expansion of the portfolio and to the favourable meteorological conditions. As a result, the Encavis Group was able to generate additional revenues and increase its revenue by almost a third year-on-year to 59.5 million euros. On the basis of the pleasing business performance in the first quarter, excluding the positive weather effects of the first quarter, the Management Board expects to be able to further increase the financial and earnings figures for the 2019 financial year as a whole and confirms the forecast for operating earnings per share (EPS) of more than EUR 0.35.

Encavis AG generated revenue of 59.5 million euros during the first quarter of 2019, compared to 45.9 million euros in the same period of the previous year. Both solar and wind parks contributed to the increase of around 30 percent. In particular, higher solar radiation in Italy and France as well as the increased number of wind turbines in Denmark and Germany generated additional income for the Group. Revenue comprises the feeding of electricity into the grid, the operation of solar and wind parks for third parties and other asset management services.

Operating earnings before interest, taxes, depreciation and amortization (EBITDA) totaled 44.7 million euros in the first three months of fiscal year 2019 - an increase of 42.0 percent compared to the same period last year. The EBITDA margin increased by 6.5 percentage points to a good 75 percent. The operating result from operating activities (EBIT) even rose by 73.6 percent year-on-year to 23.4 million euros.

In contrast, the operating cash flow of 15.9 million euros was 41.5 percent below the previous year's figure. This decline is marked by reporting date effects: In contrast to the same period last year, capital gains tax of around 9 million euros had to be paid for dividend payments from the parks, which will be refunded by the tax office in the course of this year. In addition, a larger incoming payment from Italy of more than 7 million euros was not received until the beginning of April 2019 instead of the first quarter. Adjusted for these effects, operating cash flow exceeded the previous year's level.

"We are extremely satisfied with the results achieved in the first quarter of 2019. Once again, we succeeded in increasing all operating earnings figures very significantly. The basis of this success and our sustained growth is the steady expansion of our portfolio across now ten European countries. This allows us to benefit from changing meteorological conditions in different regions of Europe," said Dr. Dierk Paskert, CEO of Encavis AG, explaining the profitable growth of the Encavis Group.

Encavis AG has significantly expanded its portfolio since the end of the first quarter of 2018. At the end of the reporting period, it comprised a total of 175 solar parks and 69 wind parks in ten European countries with a total generation capacity of just under 2 gigawatts (GW). A share of around 300 megawatts (MW) of the portfolio growth is attributable to the acquisition of the "Talayuela" solar park in Spain, which will be built on an area of around 790 hectares and is expected to be completed in the third quarter of 2020. The open space plant is not only one of the largest in Europe, but also the most important acquisition in the company's history. This milestone marks the successful entry into the growth market for private-sector Power Purchase Agreements (PPAs). Under these Power Purchase Agreements, the electricity produced will be sold over a period of around ten years to a company with a strong credit rating.

"From the first full year of operation, our Talayuela solar park will make an annual contribution to sales of around 25 million euros. The market for such PPAs is characterized by excellent growth prospects. This is not least due to the attractive returns that can be generated with these contractual arrangements. For our Talayuela solar park, for example, we are calculating with an after-tax IRR of more than eight percent," said Dr. Paskert, emphasizing the positive outlook.

Following the positive start to the year in the first quarter of this year, the Management Board expects the growth course adopted to continue and confirm the expected earnings for the 2019 financial year. However, in light of the first-time application of IFRS 16, the guidance for the 2019 financial year, which was published in March 2019, has been adjusted for the resulting purely technical effects. IFRS 16 stipulates a change in the accounting for lease agreements, which results in a positive effect on the earnings indicators operating EBITDA, operating EBIT and operating cash flow. Due to the increase in total assets, the equity ratio decreased by around one percentage point from the time of first-time application of the standard. Having this in mind, the long-term target for the equity ratio has been reduced from 25 to 24 per cent. Including the effects from IFRS 16, the Management Board expects despite the unchanged revenue of more than EUR 255 million an operating EBITDA to exceed EUR 199 million (previously: EUR 190 million). At the Group level, growth in operating EBIT to some EUR 114 million (previously: EUR 112 million) will be anticipated. Cash flow from operating activities of more than EUR 188 million (previously: EUR 180 million) should be reached. Furthermore, the Management Board still expect to generate operating earnings per share of more than EUR 0.35, as IFRS 16 doesn't impact the operating net profit (EPS).

 

About Encavis:
Encavis AG (Prime Standard; ISIN: DE0006095003 / WKN: 609500) is a producer of electricity from renewable sources listed in the SDAX of Deutsche Börse. As one of the leading Independent Power Producers (IPPs), Encavis acquires and operates solar power plants and (onshore) wind parks throughout Europe. The plants for sustainable energy generation generate stable returns through guaranteed feed-in tariffs or long-term purchase agreements (PPAs). Within the Encavis Group, Encavis Asset Management AG specialises in the area of institutional investors. Encavis Technical Services GmbH is the Group's own service unit for the technical management of solar parks.

Further information on the company can be found at www.encavis.com
 

Contact:

Encavis AG

Jörg Peters
Head of Investor Relations & Public Relations

Tel.: + 49 (0)40 37 85 62-242
Fax: + 49 (0)40 37 85 62-129

E-Mail: joerg.peters@encavis.com



28.05.2019 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


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: info@encavis.com
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
EQS News ID: 816371

 
End of News DGAP News Service

816371  28.05.2019 

fncls.ssp?fn=show_t_gif&application_id=816371&application_name=news&site_id=zonebourse

© EQS 2019
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on ENCAVIS AG
06/27CORRECTION OF A RELEASE FROM 25/06/2 : 01 CET/CEST - ENCAVIS AG: Release accordi..
EQ
06/25ENCAVIS AG : Release according to Article 41 of the WpHG [the German Securities ..
EQ
06/17ENCAVIS AG : Majority of shareholders (54.4%) prefer new Encavis shares to cash ..
EQ
05/28ENCAVIS : releases cash reserves through sale of minority interests in wind park..
EQ
05/28ENCAVIS AG : Encavis Group releases cash reserves through sale of minority inter..
EQ
05/28ENCAVIS : starts 2019 with excellent results
EQ
05/27ENCAVIS AG : Preliminary announcement of the publication of quarterly reports an..
EQ
05/23ENCAVIS AG : Notification and public disclosure of transactions by persons
EQ
05/15AGM OF ENCAVIS AG APPROVES CASH DIVI : 1 and elects Dr. Marcus Schenck to the Su..
EQ
03/22ENCAVIS : again raises dividend proposal and confirms preliminary operating resu..
EQ
More news
Financials (EUR)
Sales 2019 254 M
EBIT 2019 126 M
Net income 2019 42,8 M
Debt 2019 1 397 M
Yield 2019 3,59%
P/E ratio 2019 33,4x
P/E ratio 2020 37,9x
EV / Sales2019 9,28x
EV / Sales2020 8,51x
Capitalization 959 M
Chart ENCAVIS AG
Duration : Period :
Encavis AG Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends ENCAVIS AG
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 8
Average target price 8,07  €
Last Close Price 7,29  €
Spread / Highest target 20,7%
Spread / Average Target 10,7%
Spread / Lowest Target -9,47%
EPS Revisions
Managers
NameTitle
Dierk Paskert Chief Executive Officer
Manfred Krüper Chairman-Supervisory Board
Holger Götze Chief Operating Officer
Christoph Husmann Chief Financial Officer
Alexander Stuhlmann Deputy Chairman-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
ENCAVIS AG32.73%1 076
BROOKFIELD RENEWABLE PARTNERS LP33.18%11 226
EDP RENOVÁVEIS SA18.20%8 995
NORTHLAND POWER INC.18.34%3 528
NEXTERA ENERGY PARTNERS LP17.61%2 843
ZHEJIANG WEIMING ENVIRNMNT PRTCTN CO LTD21.82%2 809