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    ECV   DE0006095003


Delayed Quote. Delayed Xetra - 06/11 11:35:21 am
14.84 EUR   +0.41%
06/10ENCAVIS AGá : Notification and public disclosure of transactions by persons
06/10DGAP-DDá : ENCAVIS AG english
06/09ENCAVISá : Unit Buys 43.2-MW Wind Farm In Germany
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies


05/14/2021 | 01:02am EDT
DGAP-News: ENCAVIS AG / Key word(s): Quarterly / Interim Statement/Forecast 
2021-05-14 / 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 
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 CO[2] 
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 
2021-05-14 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 
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 2021-05-14

Image link: 

(END) Dow Jones Newswires

May 14, 2021 01:01 ET (05:01 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
DEUTSCHE BÖRSE AG 0.97% 134.85 Delayed Quote.-3.16%
DJ INDUSTRIAL 0.04% 34479.6 Delayed Quote.12.55%
ENCAVIS AG 0.41% 14.84 Delayed Quote.-30.49%
MDAX 0.73% 34017.59 Delayed Quote.10.46%
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More news
Sales 2021 325 M 393 M 393 M
Net income 2021 40,6 M 49,2 M 49,2 M
Net Debt 2021 1 489 M 1 803 M 1 803 M
P/E ratio 2021 49,6x
Yield 2021 2,01%
Capitalization 2 054 M 2 485 M 2 487 M
EV / Sales 2021 10,9x
EV / Sales 2022 10,6x
Nbr of Employees 142
Free-Float 68,0%
Duration : Period :
Encavis AG Technical Analysis Chart | MarketScreener
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Technical analysis trends ENCAVIS AG
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 17,84 €
Last Close Price 14,84 €
Spread / Highest target 55,0%
Spread / Average Target 20,2%
Spread / Lowest Target -12,4%
EPS Revisions
Managers and Directors
Dierk Paskert Chief Executive Officer
Christoph Husmann Chief Financial Officer
Manfred KrŘper Chairman-Supervisory Board
Mario Schirru Chief Operating Officer
Quirin Frans-Henrich Busse Investment Director
Sector and Competitors