ENCAVIS AG shows significant earnings increase in first-half 2022 and raises outlook for the full-year 2022

DGAP-News: ENCAVIS AG / Key word(s): Interim Report/Half Year Results
ENCAVIS AG shows significant earnings increase in first-half 2022 and raises outlook for the full-year 2022
15.08.2022 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

ENCAVIS shows significant earnings increase in first-half 2022 and raises outlook for the full-year 2022


Hamburg, August 15, 2022 – Hamburg-based wind and solar park operator Encavis AG listed on the MDAX of Deutsche Börse AG (Prime Standard; ISIN: DE0006095003, stock exchange symbol: ECV) achieved significantly higher revenue and earnings figures in the first six months of the 2022 financial year compared to previous year’s first half-year period. Essentially based on increased generation capacities, higher wind and solar performance as well as currently high market prices. Taking into account the increased revenue and earnings figures in the first seven months of 2022, the Management Board of Encavis AG decided already early (compare ad-hoc-news of Aug. 3, 2022) to raise the outlook of the operating Key Performance Indicators for the full-year 2022.

The Group increased electricity production from Renewable Energy by +17% to around 1,694 gigawatt hours (GWh/previous year: 1,443 GWh) during the first six months of fiscal year 2022. Revenue grew by 40% to EUR 226.4 million (previous year: EUR 162.2 million). This strong growth of more than EUR 64 million has to be split to a good two thirds of to the Group’s portfolio to solar parks (a good +43 mln euro) and almost to one third (around +21 mln euro) of wind farms. Revenue increase of the solar parks was mainly driven by the 22% higher electricity production due to capacity increases and the improved weather conditions. Revenue growth of the wind farm portfolio by around 58% is based on the 8% increased production volume of electricity and to the larger extend on the significantly higher electricity prices in H1 2022 compared to H1 2021.

Operating earnings before interest, taxes, depreciation and amortisation (operating EBITDA) also increased by 40% to EUR 170.6 million (previous year: EUR 122.3 million) in the first six months of the 2021 financial year. Resulting in an increase of operating earnings before interest and taxes (operating EBIT) of 60% to EUR 109.8 million (previous year: EUR 68.7 million) after six 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. These investments may causes expenses that result in earnings figures which doesn’t reflect the additional revenue completely.

This ultimately resulted in significantly improved operating earnings per share (EPS) of EUR 0.33 in the first-half of 2022, an increase of 83% compared to the EUR 0.18 operating earnings per share in the same period in 2021.

The cash flow from operating activities increased by around 46% to EUR 160.2 million (previous year: EUR 109.4 million).

Taking into account the very high volatilty of the prices for electricity the guidance is based on the long- and short-term fixed electricity prices as well as – for the smallest part of the revenue – on the planning assumptions of end of 2021. Based on the revenue realised in the first half-year and the newly signed PPAs the Management Board – as already announced – raised the outlook for the full-year 2022 to:

An increase in sales by 26% to > EUR 420 million (previous year EUR 333 million),

an increase in operating EBITDA by 21% to > EUR 310 million (previous year EUR 256 million),

an increase in operating EBIT by 24% to > EUR 185 million (previous year EUR 149 million),

an increase in operating Earnings Per Share (EPS) by 15% to EUR 0.55 (previous year EUR 0.51) and

an increase in operating cash flow by 11% to > EUR 280 million (previous year EUR 252 million).


 

About ENCAVIS:
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 eleven 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 currently adds up to more than 3.2 gigawatts (GW), which corresponds to a total saving of around 1.4 million tonnes of CO2 per year. 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 "A" and ISS ESG with their "Prime" label.

Additional information can be found on www.encavis.com   

 

Contact:
ENCAVIS AG
      
Jörg Peters       
Head of Corporate Communications & IR
Tel.: + 49 40 37 85 62 242     
E-Mail: joerg.peters@encavis.com

www.encavis.com
Twitter: twitter.com/encavis


15.08.2022 CET/CEST 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.

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Language:English
Company:ENCAVIS AG
Große Elbstraße 59
22767 Hamburg
Germany
Phone:+49 4037 85 62 -0
Fax:+49 4037 85 62 -129
E-mail:info@encavis.com
Internet: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:1420049


 
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