Corporate News

ENCAVIS converts hybrid convertible bonds issued in 2017 and 2019


Hamburg, October 4, 2021 - The SDAX-listed Hamburg based wind and solar park operator Encavis AG (ISIN: DE0006095003, Prime Standard, timber symbol: ECV) converts the perpetual subordinated bonds (ISIN DE000A19NPE8), issued through its wholly owned subsidiary Encavis Finance B.V., via early mandatory conversion today as already announced in August.

Encavis creates the the required 12,606,481 shares from the Conditional Capital 2017 and 2018 and from the Authorised Capital 2021 to convert the still outstanding Bonds in an aggregate principal amount of EUR 89.3 million, initially issued on September 13, 2017 as well as on September 5, 2019.

The current 12.6 million new shares to be issued as a result of the early mandatory conversion of the bonds will not only increase the total number of outstanding shares to 160.469.179 shares (currently 147.9 million shares), they will also increase the free float proportion of Encavis shares tradable on the stock exchange by the same amount. The free float would thus increase from the current 72.8% to 74.9%. Ranking and index membership within the DAX family of Deutsche Börse AG are calculated on the basis of the free float market capitalisation.

The accounting effect of the conversion is a pure liability swap within equity from equity attributable to hybrid capital investors to capital reserves in equity. Equity, equity ratio and balance sheet total remain unchanged.

The medium-term target of increasing EPS to EUR 0.70 in 2025e, in line with the >> Fast Forward 2025 growth strategy, already includes the conversion of the bonds and is calculated on the correspondingly increased number of shares. Likewise, the analysts' valuations and their target prices for the Encavis share are already based on the correspondingly increased number of approximately 160.5 million shares.

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 ten 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 2.8 gigawatts (GW), which corresponds to a total saving of 1.26 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 "AA" and ISS ESG with their "Prime" label.

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Contact:
Encavis AG
Jörg Peters
Head of Corporate Communications & IR
Tel.: + 49 (0)40 37 85 62 242
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