EQS-News: ENCAVIS AG / Key word(s): Quarterly / Interim Statement/Forecast
The Group increased electricity production from Renewable Energy by +19% to around 2,583 gigawatt hours (GWh/previous year: 2,170 GWh) during the first nine months of fiscal year 2022. Revenue grew by 37% to EUR 354.8 million (previous year: EUR 259.1 million). This strong growth of more than EUR 95 million has to be split to around 60% to the Group’s portfolio to solar parks (a good EUR +57 million) and to 35% (around EUR +34 million) of wind farms and Encavis Asset Management (EAM) contributed additional 5% revenue increase (EUR +5 million) to the Group’s performance. Revenue increase of 29% of the solar parks was mainly driven by the 21% higher electricity production due to capacity increases and the improved weather conditions. Revenue growth of the wind farm portfolio by around 70% is based on the 14% increased production volume of electricity and to the larger extend on the significantly higher electricity prices in the first nine months 2022 compared to the same period 2021.
Operating earnings before interest, taxes, depreciation and amortisation (operating EBITDA) increased by 39% to EUR 271.3 million (previous year: EUR 195.4 million) in the first nine months of the 2022 financial year. Resulting in an increase of operating earnings before interest and taxes (operating EBIT) of 45% to EUR 166.9 million (previous year: EUR 115.1 million) after nine months. Considering the high level of prices for electricity the Group invests into a comprehensive technical optimisation to increase the productivity of its PV asset portfolio.
This ultimately resulted in significantly improved operating earnings per share (EPS) of EUR 0.51 in the first nine months of 2022, an increase by 38% compared to the EUR 0.37 operating earnings per share in the same period in 2021.
The cash flow from operating activities rose by around 45% to EUR 271.5 million (previous year: EUR 187.1 million).
At the start of November, the forecast for the fourth quarter of 2022 takes into account the elevated market prices for electricity, current debate on an energy price cap, prices from the fixed feed-in tariffs (FiT) and the private purchase agreements (PPA) for electricity. The additional investment in boosting the productivity of the systems has also been factored in to the updated planning, as has the higher tax liability due to the improved results. Therefore Encavis AG confirms the outlook for the full-year 2022 provided in August 2022 and still expects to reach the target of 500 MW in acquisitions for the fiscal year 2022.
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 "A" and ISS ESG with their "Prime" label.
Additional information can be found on 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:||1487589|
|End of News||EQS News Service|