EQS-News

Energiekontor AG: Successful project business delivers another record result in the 2023 financial year - Seite 2

Favourable tax conditions for the projects sold abroad were the main factor in the significantly lower Group tax rate of 12.7 percent in the 2023 financial year (2022: 29.2 percent), which resulted in a disproportionately high increase in Group net profit for the year of 87.1 percent to 83.3 million euros (2022: 44.5 million euros). Undiluted earnings per share therefore increased significantly and amounted to 5.97 euros (2022: 3.18 euros).    

The shareholders of Energiekontor AG are also set to benefit from the company’s successful performance in the 2023 financial year. The Management Board and Supervisory Board will propose to the Annual General Meeting on 29 May 2024 in Ritterhude that around 30 percent of Energiekontor AG’s balance sheet profits be distributed as a dividend, as in the previous year. The proposed distribution corresponds to a dividend of 1.20 euros per share (2022: 1.00 euro).

Project development and sales segment with particularly strong growth

The Project development and sales segment played a major part in the outstanding performance of Group EBT in the 2023 financial year. External revenues increased by around half to 157.8 million euros (2022: 104.8 million euros). Segment EBT doubled to 64.1 million euros (2022: 28.4 million euros), exceeding the previous year’s total Group EBT (2022: 62.9 million euros). The sale of the Scottish wind park project Garbet in mid-December 2023 was a particular factor in the extraordinarily high segment result, with a portion of the earnings contributions planned for the 2024 financial year already being received in the 2023 financial year.

In the 2023 financial year, Energiekontor sold a total of five projects with a total generation capacity of around 162 megawatts (2022: 96 megawatts). A total of nine projects with a total generation capacity of around 316 megawatts were under construction or had purchase agreements or concluded financing arrangements in place as at the reporting date (previous year’s reporting date: 165 megawatts).

In addition, six wind parks and one solar park with a total generation capacity of more than 76 megawatts (2022: 94 megawatts) were put into operation. With the exception of one wind park in the company’s own portfolio, all commissioning activities related to projects sold in Germany. In addition, a large number of building permits was granted for a total generation capacity of around 748 megawatts (2022: 750 megawatts). Almost half of this volume relates to the UK project business. The other half relates to German projects, including four solar parks with around 200 megawatt peak in total generation capacity that are intended for the Group’s own portfolio.