DGAP-News: ENCAVIS AG
/ Key word(s): Annual Results/Forecast
ENCAVIS AG shows significant growth in fiscal 2021 and forecasts an ongoing strong growth for 2022e
29.03.2022 / 19:27
The issuer is solely responsible for the content of this announcement.
ENCAVIS shows significant growth in fiscal 2021 and forecasts an ongoing strong growth for 2022e
Revenue increase by 14% to EUR 332.7 million (2020: EUR 292.3 million)
Operating cash flow increases by 18% to EUR 251.9 million (2020: EUR 212.9 million)
Operating earnings per share (EPS) on new record high of EUR 0.48 (2020: EUR 0.43)
Management Board and Supervisory Board propose an increase of the dividend for 2021 to EUR 0.30 per share (2020: EUR 0.28)
Guidance for 2022e forecast again revenue growth of 14% to more than EUR 380 million
Operating earnings per share (EPS) should increase to EUR 0.51 despite significant higher number of shares outstanding of 160.5 million on average of the year (2020: 144.4 million shares on average of the year)
Hamburg, March 29, 2020 – SDAX listed Encavis AG (ISIN: DE0006095003, Prime Standard, ticker symbol: ECV) convinced 2021 again with significant operating growth and exceeded the guidance in all Key Performance Indicators (KPI) of the Group. Despite hindering meteorological conditions Envavis benefitted according to plan, particularly from capacity growth of 435 MW by newly connected wind- and solar parks as well as the strong increase of electricity prices in Q4/2021. The total capacity in the Company’s own stock of around 2.0 gigawatts (GW) and the outstanding performance of the Asset Management Business are the foundation of continuously strong growth in revenue and earnings for the current fiscal year 2022.
Encavis AG once again surpassed the revenue and operating earnings forecasts in 2021. Main driver of the revenue growth of EUR 40.1 million were again the solar parks with EUR 36.2 million and the Asset Management with EUR 3.4 million. The increased margin of operating earnings before interest, taxes, depreciation and amortisation (EBITDA) by 82% in the solar and 81% in the wind segment are an expression of cost-efficiency and economies of scale of the Group. Earnings growth in EBITDA of EUR 31.6 million to a total of EUR 256.4 million resulted in a growth rate of 14% analogous to the revenue growth at Group level.
“The sustainable high availability of our parks as well as the consequent expansion of our portfolio have once again contributed to the accomplishment of our forecasted objectives despite rather subpar meteorological conditions in most parts of Europe in the past year. Due to our portfolio, spread over eleven different countries, we can counterbalance meteorological strengths and weaknesses of various electricity-price-areas and benefit from different market conditions,” Dr Christoph Husmann, CFO of Envcavis AG, underlined the reliability and stability of the several times confirmed guidance of the Group throughout the past year.
The earnings from operating activities (EBIT) also grew by 13% to a total of EUR 149.1 million (previous year: EUR 132.2 million). The EBIT margin of around 45% is fully in line with plan and similar to the year before. Resulting in operating earnings per share (EPS) of 48 euro cents (previous year: 43 euro cents) despite an increase in the number of shares by 6.6 million amounting to an average number of shares throughout the year of roughly 144.4 million. Especially pleasant is the tremendous increase of EUR 39.0 million respectively 18% compared to last year to a total of EUR 251.9 million in operating cashflow which is considerably above plan and above guidance.
The skyrocketed equity ratio of currently 33.2% compared to 26.6% the year before benefits from the new emission of the hybrid convertible bond with a nominal value of EUR 250 million at the end of November 2021 that has to be balanced as equity.
The Management Board and Supervisory Board will propose again 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. The 2017 promise to raise the dividend from 20 euro cents in 2016 by 50% in the following five years to 30 euro cents in 2021 is fully kept by Encavis AG. An appropriate and competitive dividend in the coming years will be decided upon on a yearly basis according to the development and economic success.
Encavis consequently follows its growth strategy >> Fast Forward 2025 despite the restrictions in daily life due to COVID-19. Even in these difficult times, the Group feel well positioned to achieve its long-term goals. For the fiscal year 2022 Encavis pursues a growth of about 500 MW of wind- and solar parks that are either already connected to the grid or under construction.
The Management Board expects again an increase in revenue of 14% to more than EUR 380 million for the current 2022 financial year. The Company plans to achieve operating earnings (EBITDA) of more than EUR 285 million and operating EBIT of more than EUR 166 million. This would result in operating earnings per share (EPS) of 0.51 Euros despite another increase in shares outstanding of 160.5 million shares on average throughout the year. 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) is scheduled for May 19, 2022. In order to protect the health of the shareholders and employees and to slow down the chain of infection the AGM will take place as a virtual event without the physical participation of any shareholders.
Operating KPIs of Encavis Group
The Consolidated Financial Statements can be downloaded from the website at:
Reports and Presentations · encavis.com
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 around 3.2 gigawatts (GW), corresponding to an amount of avoided 1.4 million tonnes of CO2 per annum. 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
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29.03.2022 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
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