Hamburg, 28 August 2018 - According to preliminary figures, SDAX-listed Hamburg-based solar and wind park operator Encavis AG fully achieved its operating results for the first six months of 2018, as reflected in revenues of approx. EUR 122.8 million (6M 2017: EUR 113.8 million). Encavis therefore is well on track after the first half of the year 2018 to achieve its guidance for the financial year 2018. Thanks to the exceptionally hot summer weather prevailing foremost in Germany in the second quarter of 2018, Encavis was able to more than offset the meteorologically weaker first quarter 2018. In the light of the good business trend after the first half of the year 2018, the Management Board of Encavis AG reaffirmed its guidance for the current financial year 2018.
Encavis AG was able to increase its revenues from EUR 113.8 million in the first half of the previous year to EUR 122.8 million in the first six months of 2018 (+8% yoy). The increased solar radiation foremost in Germany in May and June 2018 was one of the main reasons why the company was able to offset the meteorologically weak first quarter of 2018. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR 94.0 million after the first half of 2018, up from EUR 88.0 million in the previous year (+7%). At approx. EUR 57.8 million, total earnings before interest and taxes (EBIT) exceeded the previous year"s EUR 55.9 million (+3% yoy). Operating cash flow even increased by a strong 12% to EUR 78.3 million in the first half of 2018 (6M 2017: EUR 69.9 million).
Encavis" growth in the first six months of 2018 compares with a meteorologically very strong first half of 2017. Adjusted for these meteorological effects, revenues in the first half of 2018 increased even more strongly by EUR 11.3 million or 10% compared to the same period of the previous year. The meteorologically adjusted revenues thus essentially reflect the organic growth of Encavis AG. As such, weather adjusted operating EBITDA came in at EUR 93.3 million (6M 2017: EUR 85.0 million; +10% yoy) and weather adjusted operating EBIT increased from EUR 52.9 million to EUR 57.1 million (+8% yoy).
"Our result in the first half of 2018 shows that we successfully continued our qualitative growth path. We are in line and well on track with our guidance for the financial year 2018 in total," Dr. Christoph Husmann, CFO of Encavis AG, commented on the preliminary result for the first six months of the year 2018. "The extraordinary meteorological conditions in Germany in the second quarter of 2018 should not distract us from the fact, that these conditions have not prevailed in Europe as a whole, especially in Italy and the South of France, sun radiation was below average in April and May 2018. Furthermore, the results for the first six months of 2018, that are in line with our expectations, stand against a meteorological induced very strong growth in the same period of the previous year." Christoph Husmann continues.
Management Board affirms earnings forecast for FY 2018
The revenue and earnings figures for the first half of 2018 show that Encavis AG is performing fully to plan and is well on track. The Management Board thus reaffirmed its earnings forecast for the current financial year 2018, which is based solely on the portfolio of solar and wind parks as of mid-March 2018 and on the assumption of average meteorological conditions, without the effect of exceptionally hot und sunny weather, and includes no further acquisitions. Full-year revenues are expected to increase to over EUR 240 million. EBITDA are projected to come in at over EUR 175 million, while EBIT should rise to over EUR 105 million. Operating cash flow is expected to reach over EUR 163 million, which would be equivalent to earnings per share of over EUR 0.30.
Information on the preliminary operational figures for H1 2018
The figures presented pertain only to the company"s operational earnings power; they do not take into account any IFRS-related valuation effects.
Moreover, Encavis AG adjusted the composition of the financial result as of the end of the financial year 2017. This adjustment was not reflected in the financial statements for the first half of 2017. In the context of the report on the first half of 2018, the figures for the previous year were adjusted as well. This means that the figures in this press release have already been adjusted; each of the adjustments amounted to less than EUR 1 million. For more information, please refer to the report on the first half of 2018 of Encavis AG, which will be published on 30 August 2018. The report will be available for download on the company"s website at www.encavis.com.