DGAP-News: ENCAVIS AG / Key word(s): Interim Report/Forecast
ENCAVIS confirms positive outlook 2020
Revenue increase by about 8% to EUR 154.8 million (6M/2019 EUR 143.9 million)
Operating cash flow increases by 51% to EUR 115.2 million in first half-year
Management Board again confirms positive outlook for the full year 2020
"As of today we are again assuming that the parks can be connected to the grid on schedule in the third and fourth quarters of 2020. Together, the two parks will generate additional costs of almost EUR 500,000 for the acceleration measures. This corresponds to a good 0.1% of the total investment sum of around EUR 393 million. These costs are thus considerably lower than our initial calculations," said Dr. Dierk Paskert, CEO of Encavis AG, explaining the positive development.
The increase in revenue in the first half of 2020 by about 8% to EUR 154.8 million is mainly due to the acquisition of several wind farms in Denmark. In addition, a positive meteorological effect of EUR 8.2 million was measured by the end of June 2020, which was, however, EUR 3.1 million below the even stronger H1 2019 (EUR 11.3 million).
The same applies to the operating result from operating activities (operating EBIT). EBIT reached EUR 74.5 million, compared to EUR 78.2 million in the same period of the previous year. Without these effects, operating EBIT would have been 9% higher than in the previous year.
At EUR 115.2 million, the operating cash flow of around EUR 40 million is significantly (+51%) above the comparable period of the previous year.
Following the overall positive development in the first half of the year, the Management Board expects the growth course taken to continue and reaffirms the sales and earnings forecast for the current fiscal year 2020. Based on the existing portfolio as of March 31, 2020, and in anticipation of standard weather conditions, the Management Board expects revenue to increase to over EUR 280 million in fiscal year 2020 (2019: EUR 273.8 million, weather-adjusted EUR 263.3 million). Operating EBITDA is expected to increase to over EUR 220 million (2019: EUR 217.6 million, weather-adjusted EUR 210.6 million). The Group expects operating EBIT to increase to over EUR 130 million (2019: EUR 132.2 million, weather-adjusted EUR 125.2 million). The Group expects operating cash flow to exceed EUR 200 million (2019: EUR 189.3 million). In addition, operating earnings per share of EUR 0.41 are expected (2019: EUR 0.43, weather-adjusted EUR 0.40). Earnings per share will initially grow at a disproportionately low rate, as the number of shares increases, but the investments made with the funds will only fully develop their contribution to earnings in the following years.
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|EQS News ID:||1123211|
|End of News||DGAP News Service|