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MarketScreener Homepage  >  Equities  >  Xetra  >  Encavis AG    CAP   DE0006095003

ENCAVIS AG

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Encavis AG: Preliminary operating result for FY 2018 above plan - Profitable growth to continue in FY 2019

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03/18/2019 | 04:15am EDT

DGAP-News: ENCAVIS AG / Key word(s): Annual Results/Preliminary Results
Encavis AG: Preliminary operating result for FY 2018 above plan - Profitable growth to continue in FY 2019

18.03.2019 / 10:11
The issuer is solely responsible for the content of this announcement.


  • Sales revenues rise to EUR 248.8 million (+12% yoy)
  • Earnings per share of EUR 0.31 (+7% yoy)
  • Profitable growth expected to continue in 2019

Hamburg, 18 March 2019 - Based on preliminary operating results, SDAX-listed Hamburg-based solar and wind park operator Encavis AG has outperformed its own expectations for the 2018 financial year at Group level. This positive performance is attributable to both the ongoing expansion of the portfolio of solar and wind parks and positive meteorological conditions in the reporting period. Especially in Germany, the exceptionally hot summer weather led to additional revenues within the solar PV segment. In total revenues increased in 2018 to approx. EUR 248.8 million from previous year's EUR 222.4 million. Around EUR 6.7 million (2017: EUR 4.7 million) of which was attributable to weather related additional income. The Management Board expects the profitable growth to continue in the 2019 financial year and projects a further increase in the company's key financial and earnings figures.

Encavis above plan in FY 2018

According to preliminary operating figures, Encavis AG increased its sales revenues by almost 12 per cent to around EUR 248.8 million in the past financial year (Encavis forecast for 2018: >EUR 240 million; 2017 revenues: EUR 222.4 million). Earnings before interest, taxes, depreciation and amortisation (EBITDA) were up by roughly 12 per cent on the previous year to approx. EUR 186.9 million (Encavis forecast for 2018: >EUR 175 million; 2017 EBITDA: EUR 166.8 million). Earnings before interest and taxes (EBIT) increased by 13 per cent on the previous year to approx. EUR 113.7 million (Encavis forecast for 2018: >EUR 105 million; 2017 EBIT: EUR 100.4 million). Cash flow from operations rose by 14 per cent to over EUR 174.3 million (Encavis forecast for 2018: >EUR 163 million; 2017 operating cash flow: EUR 153.0 million). Accordingly, operating earnings per share amounted to around 31 euro cents (Encavis forecast for 2018: 30 euro cents; 2017: 29 euro cents). According to preliminary calculations, the company's equity ratio stayed at a very comfortable level of roughly 26 per cent on 31 December 2018 (31 December 2017: around 28%), with total assets exceeding EUR 2.6 billion (31 December 2017: EUR 2.5 billion).

"In the first year under our new name Encavis, we successfully continued our profitable growth path and achieved an excellent result," said Dr Dierk Paskert, CEO of Encavis AG. "We have thus further consolidated our position as a leading independent producer of green energy in Europe. In addition, we succsefully entered the market for private-sector power purchase agreements in the 2018 financial year with the acquisition of a 300 MW solar park in Spain. Thus we have laid another important basis for the future growth of Encavis," he added.

Projections for 2019: Profitable growth to continue

The Management Board expects Encavis AG to continue its profitable growth in the current financial year 2019. Earnings expectations once more stand in comparison with a meteorologically very strong 2018. To ensure comparability and traceability of the organic growth of the company, the below preliminary operating earnings figures for the 2018 financial year have been adjusted for these meteorological effects (EUR 6.7 million).

Accordingly, the Management Board expects Encavis AG to continue its profitable growth in the current financial year 2019 and projects sales revenues in excess of EUR 255 million (weather adjusted 2018: EUR 242.1 million). Consequently, EBITDA are expected to rise to over EUR 190 million (weather adjusted 2018: EUR 179.8 million), with EBIT expected to exceed EUR 112 million (weather adjusted 2018: EUR 106.6 million). Operating cash flow should reach more than EUR 180 million. Encavis should thus generate earnings per share of 0.35 Euro in FY 2019 (2018: EUR 0.31) . As in the previous years, the availability of solar and wind parks is assumed to exceed 95 per cent in the 2019 financial year.

"Our earnings expectations for the 2019 financial year are conservative as usual. They are based on the already existing portfolio as of March 2019 and do not take into account any additional investments in the course of the year. Moreover, we anticipate average meteorological conditions," said Dr Christoph Husmann, CFO of Encavis AG. "Particulary pleasing is the development of earnings per share, which clearly is to the benefit of our shareholders," Husmann added.

Information on the preliminary operational figures FY2018

The figures presented pertain only to the company's operational earnings power; they do not take into account any IFRS-related valuation effects. The preliminary business figures for Encavis are subject to the corresponding audit certificate and to approval by the Supervisory Board. The final finance and earnings figures for the 2018 financial year will be published on 22 March 2019 on the coporate website of Encavis AG.

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 nine other European countries. The total generation capacity of the Encavis Group including solar and wind parks being under construction currently sums up to over 1.9 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
Investor & Public Relations
------------------------------------------------------------
Große Elbstraße 59
22767 Hamburg

Fon: + 49 40 37 85 62-242
Fax: + 49 40 37 85 62-129
e-mail: ir@encavis.com
http://www.encavis.com
Twitter: https://twitter.com/encavis


18.03.2019 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

 
End of News DGAP News Service

788383  18.03.2019 

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© EQS 2019
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Sales 2019 254 M
EBIT 2019 126 M
Net income 2019 42,8 M
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Yield 2019 3,61%
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Average target price 8,07  €
Last Close Price 7,25  €
Spread / Highest target 21,4%
Spread / Average Target 11,3%
Spread / Lowest Target -8,97%
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
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