Hamburg, May 28, 2019 - Encavis Asset Management AG, a 100% subsidiary of the SDAX-listed Hamburg-based solar and wind park operator Encavis AG (ISIN: DE0006095003, Prime Standard), has sold 49 percent of the shares in each of the four German wind parks "Briest", "Breitendeich", "Debtstedt" and "Lunestedt" on behalf of Encavis AG to a special fund managed in Luxembourg for an institutional customer. Subject to the upcoming antitrust investigation, Encavis AG will receive 24 million euros in cash.
The strategic decision of the Encavis Group to sell minority interests of up to 49 percent in selected wind and solar parks to institutional investors in the future releases existing cash reserves for investments in further projects, confirms the balance sheet valuations of the assets of the existing portfolio (according to IFRS) and results in book profits in the individual financial statements (according to HGB).
"The sale of minority interests in four wind parks to a special fund of an institutional customer of Encavis Asset Management will be the guideline for the even stronger exploitation of the potential of our internal financing power in the future. These funds allow us to acquire further wind parks in order to further diversify our portfolio of wind farms," said Dr. Dierk Paskert, CEO of Encavis AG, explaining the Group"s strategic direction.
The respective sales price achieved for the individual wind parks confirms the balance sheet valuations according to IFRS in the consolidated balance sheet. With respect to German accounting standards according to HGB, a book profit of more than 30 percent is realized on the wind parks acquired 2 to 3 years ago. "We are pleased to be able to provide evidence of the value of our existing portfolio with this transaction, which was concluded in competition with two international insurance companies. As this example shows, our selective acquisition and the technical and commercial optimization of our parks enable us to create considerable value. On the basis of this successful proof of value and against the background of the Group"s very positive operating performance, we are raising our guidance for 2019 as a whole without taking into account the positive weather effects of the first quarter," said Dr. Christoph Husmann, CFO of Encavis AG, stressing the positive financial effects of this transaction.
The Management Board now expects sales to rise to more than 260 million euros (previously more than 255 million euros) and operating EBITDA to increase to more than 210 million euros instead of the previously forecast 199 million euros. At Group level, the company anticipates an increase in operating EBIT to a good 125 million euros instead of 114 million euros. The Management Board expects the operating cash flow to reach a level of over 190 million euros (previously 188 million euros). This results in an increased forecast of operating earnings per share (EPS) for the full year 2019 of EUR 0.40 (previously EUR 0.35).