DGAP-News: ENCAVIS AG / Key word(s): 9 Month figures/Quarterly / Interim Statement
Revenue increase by about 5% to EUR 234.3 million (9M/2019 EUR 223.4 million)
Operating cash flow increases by 25% to EUR 166.6 million after 9 months
Management Board again confirms positive outlook for the full year 2020
Hamburg, November 16, 2020 - SDAX-listed wind and solar farm operator Encavis AG (ISIN: DE0006095003, Prime Standard) continues to benefit after nine months of the current fiscal year from the continuously growing portfolio of wind and solar power generation capacities as well as from positive meteorological effects. Unimpressed by the corona virus, the wind and solar plants produced green electricity, resulting in significant increases in revenue and especially in cash flow after nine months of 2020 compared to the same period of the previous year. Therefore Encavis reaffirms its revenue and earnings forecast for the FY 2020.
The on-schedule completion of the major "La Cabrera" project in Spain with a generation capacity of around 200 megawatts (MWp) strengthens confidence that the even larger "Talayuela" solar park (300 MWp) will also be connected to the grid in Spain on schedule this year. With a generation capacity of around 500 MWp, Spain will become the leader of Encavis' solar farm portfolio.
"We will profit strongly from the growing market for long-term private power purchase agreements (PPAs) in many other European countries, as in Spain, in the future," explained Dr. Dierk Paskert, CEO of Encavis AG, the decision to locate in Spain, which was made years ago.
The increase in revenue in the first nine months of 2020 by around 5% to EUR 234.3 million mainly benefits from the acquisition of several wind farms in Denmark in 2019. In addition, a positive meteorological effect of EUR 7.1 million was measured by the end of September 2020, which, however, was EUR 5.8 million below the even stronger comparative period of the previous year 2019 (EUR 12.9 million).
The same applies to the operating result from operating activities (operating EBIT) after nine months. The achieved EBIT of EUR 113.2 million after EUR 121.8 million in the same period of the previous year corresponds to an EBIT margin of a good 48% and thus also clearly exceeds the medium-term target of 45%. Without these effects, operating EBIT would have been 3% higher than in the previous year.
At EUR 166.6 million, operating cash flow was EUR 34 million (+25%) above the figure for the same period of the previous year. Key drivers of the higher operating cash flow were newly acquired wind farms (EUR +9.1 million), the operating swing of Encavis Asset Management (EUR +8.7 million) as well as positive effects from capital gains tax payments and refunds in the current year (EUR +18.0 million).
"Only from the two Spanish solar parks, we will generate additional subsidy-free sales of more than EUR 36 million in the coming year, as well as additional EBITDA of more than EUR 27 million," says Dr. Christoph Husmann, CFO of Encavis AG, giving an initial outlook for the coming year 2021.
The environmental, social and governance performance of Encavis AG has been evaluated by ISS ESG and MSCI ESG, two of the world's leading ESG research and rating agencies, and received the ISS ESG Prime Label and the MSCI Rating A.
Further information about the company can be found at www.encavis.com.
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|Phone:||+49 4037 85 62 -0|
|Fax:||+49 4037 85 62 -129|
|Listed:||Regulated Market in Frankfurt (Prime Standard), Hamburg; Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1148268|
|End of News||DGAP News Service|