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    ECV   DE0006095003


Delayed Quote. Delayed Xetra - 06/11 11:35:21 am
14.84 EUR   +0.41%
06/10ENCAVIS AG  : Notification and public disclosure of transactions by persons
06/10DGAP-DD  : ENCAVIS AG english
06/09ENCAVIS  : Unit Buys 43.2-MW Wind Farm In Germany
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05/14/2021 | 01:02am EDT

DGAP-News: ENCAVIS AG / Key word(s): Quarterly / Interim Statement/Forecast

14.05.2021 / 07:00
The issuer is solely responsible for the content of this announcement.

Corporate News

ENCAVIS reaffirms guidance 2021e after first quarter of 2021

Hamburg, May 14,2021 - The MDAX-listed and Hamburg-based wind and solar park operator Encavis AG (Prime Standard, ISIN: DE0006095003, ticker symbol: ECV) continues to grow as planned and increased its own power generation capacity by more than 40% to 1.8 gigawatts (GW) in Q1/2021 compared to the same period of the previous year (1.3 GW). Most of which was attributable to the Spanish projects La Cabrera (200 MW connected to the grid in September 2020) and Talayuela (300 MW connected to the grid in January 2021). The Management Board again confirms the guidance for the full year 2021e, given in March this year, as well as the growth strategy >> Fast Forward 2025.

The Group generated revenue of EUR 58.9 million (previous year: EUR 65.2 million) during the first three months of 2021. This decline of roughly 10% was mainly due to much lower levels of wind especially in the months of January and February. The revenue of the wind park portfolio was therefore around EUR 6.9 million lower year on year in the first quarter of 2021. By contrast, the revenue of the solar parks was approximately EUR 1.6 million higher than in the same period of the previous year. Although sunshine levels were lower overall than in the previous year, the two Spanish solar parks that were connected to the grid in September 2020 and January 2021, respectively, were able to more than make up for the decline. Because the Talayuela solar park was still in the ramp-up phase in the first quarter, as expected, revenue was accordingly lower than it would have been had the park already been fully productive throughout the period. In the Asset Management segment, revenue was roughly EUR 1.0 million lower year on year.

Operating earnings before interest, taxes, depreciation and amortisation (EBITDA) were EUR 39.3 million in the first three months of the 2021 financial year (previous year: EUR 50.6 million). The decline in earnings was based on the combination of a growth-related increase in costs for the Spanish parks additionally connected to the grid and the absence of a non-recurring effect in the same quarter of the previous year coupled with a drop in revenue due to the aforementioned weather effects. The expansion of the PV segment has further heightened this effect on our earnings structure. This effect was further magnified by a lack of revenue in wind segment due to very unfavourable meteorological conditions. Not only were the wind conditions worse than the long-term 20-year average, they were also significantly lower than the levels seen in the same period in the previous year, which was characterised by particularly good meteorological conditions.

Operating earnings before interest and taxes (operating EBIT) stood at EUR 13.0 million after three months (previous year: EUR 28.1 million). The decline in earnings is attributable to the aforementioned effects in this case as well.

Cash flow from operating activities was virtually on a par with the previous year at EUR 39.9 million (previous year: EUR 50.8 million), taking into consideration the capital gains tax refund from 2018 in the amount of EUR 9.0 million, which had a positive effect on the operating cash flow in the first quarter of 2020.

"The fundamental revenue and earnings growth in the current year is based on the organic growth of our wind and solar park portfolio as planned. Nevertheless, our long-standing experience with seasonal variations in weather effects allow us to unequivocally confirm the guidance for the current year, despite the weak weather conditions in the first quarter", Dr Christoph Husmann, CFO of Encavis AG, clarified the first quarter of Encavis.

The latest acquisition of the wind farm Paltusmäki, already connected to the grid, enlarges Encavis' own generation capacities in the wind segment by 21.5 megawatts (MW). In parallel it adds with Finland also another interesting growth market for bilateral energy contracts to the already broadly diversified portfolio of countries.

The current 2021 financial year will benefit from the continuing expansion of the portfolio especially from the first-time effect of full-year revenue and earnings contribution of the two major projects in Spain. The Management Board expects for the 2021 financial year, currently under way, an even stronger increase in revenue to more than EUR 320 million (+9 %). Operating EBITDA is expected to increase to more than EUR 240 million (+7 %) and operating EBIT to more than EUR 138 million (+4%), bringing operating earnings per share up to EUR 0.46 (+7 %). The operating cash flow is expected to exceed EUR 210 million to achieve again the significantly above plan realised figure of the previous year.

The Annual General Meeting (AGM) will take place - as planned - on May 27, 2021. In order to protect the health of the shareholders and employees and to slow down the chain of infection, Encavis again make use of the extraordinary regulation of the German Government and therefore the AGM will take place as a virtual event without the physical participation of any shareholders. The Management Board and Supervisory Board will propose an increased dividend of EUR 0.28 per share (previous year EUR 0.26) to the Annual General Meeting. This will also be offered again as scrip dividend in shares or for cash distribution.

Encavis AG (Prime Standard; ISIN: DE0006095003; ticker symbol: ECV) is a producer of electricity from renewable energies listed on the MDAX of Deutsche Börse AG. As one of the leading independent power producers (IPP), ENCAVIS acquires and operates solar parks and (onshore) wind farms in ten European countries. The plants for sustainable energy production generate stable yields through guaranteed feed-in tariffs (FIT) or long-term power purchase agreements (PPA). The Encavis Group's total generation capacity is currently around 2.8 gigawatts (GW), corresponding to a CO2 avoidance of 1.26 million tonnes p.a. in total. Within the Encavis Group, Encavis Asset Management AG offers fund services to institutional investors.

ENCAVIS is a signatory of the UN Global Compact as well as of the UN PRI network. Encavis AG's environmental, social and governance performance has been awarded by two of the world's leading ESG rating agencies. MSCI ESG Ratings awarded the corporate ESG performance with "AA" and ISS ESG with their "Prime" label.

Additional information can be found on www.encavis.com

Encavis AG

Jörg Peters
Head of Corporate Communications & IR
Tel.: + 49 40 37 85 62 242
E-Mail: joerg.peters@encavis.com

Twitter: https://twitter.com/encavis

14.05.2021 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
Große Elbstraße 59
22767 Hamburg
Phone: +49 4037 85 62 -0
Fax: +49 4037 85 62 -129
E-mail: info@encavis.com
Internet: https://www.encavis.com
ISIN: DE0006095003
WKN: 609500
Indices: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Hamburg; Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1196454

End of News DGAP News Service

1196454  14.05.2021 


© EQS 2021
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EV / Sales 2021 10,9x
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Technical analysis trends ENCAVIS AG
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Mean consensus OUTPERFORM
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Average target price 17,84 €
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Spread / Highest target 55,0%
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Dierk Paskert Chief Executive Officer
Christoph Husmann Chief Financial Officer
Manfred Krüper Chairman-Supervisory Board
Mario Schirru Chief Operating Officer
Quirin Frans-Henrich Busse Investment Director
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