Corporate News


ENCAVIS achieves results for the first half of 2024 below the same period last year, as expected, but currently confirms the guidance for the financial year 2024

Hamburg, 14^th August 2024 – The MDAX-listed wind and solar park operator Encavis AG (Prime Standard, ISIN: DE0006095003, ticker symbol: ECV) reports, as expected, significantly lower revenue and earnings in the first half of 2024 compared to the same period last year (excluding costs of project Elbe/KKR).

As expected, the price level in the first six months of this year (H1/2024) was again below the price level of the first half of 2023 (H1/2023). In H1/2024, electricity prices in the Group’s entire Europe-wide generation portfolio were more than one third (>33%) below the prices in the same period of the previous year (H1/2023). This price-related decline in net revenue of around 12 million euros is deepened by the negative volume effect in the amount of another around 10 million euros. Operating net revenue and operating earnings figures*⁾ in the same period of the previous year (H1/2023) benefited from a positive one-off effect of around 8.7 million euros from the additional payment of the Dutch feed-in tariff for the previous fiscal year 2022.

Net operating revenue for the first half of 2024, amounting to approximately EUR 205.0 million, was approximately EUR 21.3 million (-9%) below the comparable prior-year figure of EUR 226.3 million (after deduction of electricity price caps). Operating adjusted earnings before interest, taxes, depreciation and amortisation (operating EBITDA) for the first six months of 2024, at EUR 126.1 million¹⁾, represent a significant decrease of approximately EUR 25.6 million¹⁾ (-17 %¹⁾) compared to the prior-year figure of EUR 151.6 million. This results in operating adjusted earnings before interest and taxes (operating EBIT) for the first half of 2024, which, at EUR 65.3 million¹⁾, shows a significant decrease of approximately EUR 28.2 million¹⁾ (-30%¹⁾) compared to the prior-year figure of EUR 93.5 million.

“In the first half of the year, we saw an unusual combination of lower power generation due to weather, a simultaneously lower price level and at times negative prices that led to uncompensated shutdowns. We cannot predict weather as well as shutdowns and will therefore see later in the year whether the risk of an adjustment of the guidance for the full year 2024 increases or decreases,” elaborates Dr Christoph Husmann, Spokesman of the Management Board and CFO of Encavis AG, on the half-year results with respect to the guidance for the full year 2024.

In line with the earnings trend in the first six months of fiscal year 2024, cash flow from operating activities decreased by approximately EUR 21.0 million¹⁾ (-19 %¹⁾) to approximately EUR 92.5 million¹⁾) compared to the previous year's figure of EUR 113.5 million. This results in an operating cash flow per share of EUR 0.57¹⁾ in the first half of 2024 (previous year: EUR 0.70). The equity ratio as of 30^th June 2024 decreased slightly to 32.2% from 33.2% at the end of fiscal year 2023.

Against the background of the Encavis Group’s business strategy focused on qualitative growth, the expected reduction in electricity price levels and the decline in revenue at Encavis Asset Management, the net revenue decline can only be partially offset, despite Stern Energy’s 7.8 million euro increase in operating revenue (up 30%) and expanded energy generation capacity in the current financial year. The coming months will show whether the risk of an adjustment to the guidance for the full year 2024 increases or decreases. Depending on weather conditions and regulatory interventions, the Management Board will analyse the extent to which these developments can affect the guidance for the full year 2024.

Therefore, the Management Board currently expects only a slight decrease in key operating metrics (excluding costs of the Elbe/KKR project) in fiscal year 2024 and confirms the operational guidance for 2024.

¹⁾ excluding costs of project Elbe/KKR
*⁾ Explanations and calculation of the adjusted operating earnings figures can be found in the Annual Report / Consolidated Financial Statements 2023 of Encavis AG beginning on page 17 and at page 37.

The Annual Report / Consolidated Financial Statements 2023 of Encavis AG are available at:

About ENCAVIS:
The 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 (onshore) wind farms and solar parks in twelve 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 3.6 gigawatts (GW), of which around 2.2 GW belong to the Encavis AG, which corresponds to a total saving of around 0.8 million tonnes of CO₂ per year stand-alone for the Encavis AG. In addition, the Group currently has more than 1.2 GW of capacity under construction, of which around 900 MW are own assets.

Within the Encavis Group, Encavis Asset Management AG offers fund services to institutional investors. Another Group member company is Stern Energy S.p.A., based in Parma, Italy, a specialised provider of technical services for the installation, operation, maintenance, revamping and repowering of photovoltaic systems across Europe.

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 their “AA” level and ISS ESG with their “Prime” label (A-), the Carbon Disclosure Project (CDP) with its Climate Score “B” and Sustainalytics with its “low risk” ESG risk rating. 

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Contact:
ENCAVIS AG
Jörg Peters
Head of Corporate Communications & Investor Relations
Tel.: 242
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