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DGAP-News: ENCAVIS AG / Key word(s): Quarter Results/Quarterly / Interim Statement
Q1 2022 results of Encavis AG are significantly above previous year
1. Increase in production of Renewable Electricity based on growth of own generation capacity to 2.0 gigawatts (GW)
2. Significantly better weather conditions in Q1 2022 as of the comparable quarter the year before
3. Ongoing high electricity prices high above the level of the comparable quarter the year before
The Management Board confirms the guidance for the full year 2022e, given in March this year, as well as the growth strategy >> Fast Forward 2025.
The segment Asset Management increased revenue in Q1 2022 by around EUR 1.7 million (+85%) to EUR 3.7 million compared to previous year and achieved therefore a positive operating EBIT in the amount of EUR 0.9 million (previous year: EUR -0.5 million).
Operating earnings before interest, taxes, depreciation and amortisation (operating EBITDA) increased significantly by 64% to EUR 64.4 million (previous year: EUR 39.9 million) in the first three months of the 2021 financial year. Resulting in a jump of operating earnings before interest and taxes (operating EBIT) of 168% to EUR 34.8 million (previous year: EUR 13.0 million) after three months. This disproportionate earnings increase results from the normalisation of the growth of generation capacity versus revenue growth. The newly added generation capacities of the past year fully contributed to the revenue of Q1 2022 for the first time and therefore reversed the burdening effect of depreciations of new assets that yet not contribute to revenue.
This ultimately resulted in significantly improved operating earnings per share (EPS) of EUR 0.08 in the first quarter of 2022, following a loss of EUR 0.05 per share in the same quarter of 2021 – a sharp increase of EUR 0.13 per share.
„The fundamental revenue and earnings growth in the first quarter of this year fulfill the level of our planning regarding production volume and electricity prices. We benefitted as well from currently more favourable weather conditions, compared to the very bad weather conditions in Q1 2021. Main drivers of our growth is and remains the organic growth of our wind and solar park portfolio as planned, independent of seasonal and quarterly variations“, Dr Christoph Husmann, CFO of Encavis AG, explained the successful first quarter 2022.
The Management Board expects for the 2022 financial year, currently under way, an even stronger increase in revenue to more than EUR 380 million (+14 %). Operating EBITDA is expected to increase to more than EUR 285 million (+11 %) and operating EBIT to more than EUR 166 million (+11 %), bringing operating earnings per share up to EUR 0.51 (+6 %), calculated on the significantly higher number of shares outstanding of 160.5 million shares. The operating cash flow is expected to exceed EUR 260 million to surpass again the significantly above plan realised figure of the previous year.
The Annual General Meeting (AGM) will take place – as planned – on May 19, 2022. In order to protect the health of the shareholders and employees and to slow down the chain of infection, Encavis again make use of the extraordinary regulation of the German Government and therefore the AGM will take place as a virtual event without the physical participation of any shareholders. The Management Board and Supervisory Board will propose an increased dividend of EUR 0.30 per share (previous year EUR 0.28) to the Annual General Meeting. This will also be offered again as scrip dividend in shares or for cash distribution.
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
12.05.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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