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ENCAVIS AG:

EQS-News: ENCAVIS AG / Key word(s): Quarterly / Interim Statement/Forecast ENCAVIS AG: 03.05.2024 / 10:12 CET/CEST The issuer is solely responsible for the content of this announcement. Corporate News

Preliminary key performance indicators for Q1/2024 are significantly lower than in the same quarter of the previous year, but approximately on target – Management Board confirms guidance for the FY 2024

 

Hamburg, 3^rd May 2024 – The Management Board of the MDAX-listed wind and solar park operator Encavis AG (ISIN: DE0006095003, ticker symbol: ECV) is already today publishing the preliminary key performance indicators (KPIs) for the first quarter of 2024, which are significantly lower than in the same quarter of the previous year, but are close to the planned level. Revenue and operating profit figures for the same quarter of the previous year (Q1/2023) benefited from a positive one-off effect of around EUR 8.1 million from the retrofitting of the Dutch feed-in tariff for the previous financial year 2022, very good weather conditions and an increased electricity price level:

Net revenue decrease of more than 12% compared to previous year to around EUR 86.6 million (previous year: EUR 98.8 million)

Decrease of adjusted EBITDA*) of more than 24% compared to previous year to around EUR 48.5 million (previous year: EUR 64.3 million)

Decrease of adjusted EBIT*) of more than 48% compared to previous year to around EUR 18.2 million (previous year: EUR 35.3 million)

Adjusted Earnings Per Share*) (EPS) turns into the negative of around EUR –0.04 (previous year: EUR 0.09)

Decrease of operating cash flow of around 30% compared to previous year to around EUR 36.3 million (previous year: EUR 51.8 million)

“By nature, the first quarter of each year is subject to strong meteorological fluctuations. In addition, the revenue figures for the first quarter of 2024 were mainly price driven and, due to a positive one-off effect in 2023, are significantly lower than the previous year’s quarter, but approximately at the level planned. Average electricity prices fell by around 11% across the entire generation portfolio. There were large differences between regions. In Spain, prices fell by more than a third compared with the same period of the previous year. Nevertheless, revenues are approximately at the planned level, as we had taken into account a decrease in electricity prices and the almost complete hedging of our planned revenues by means of subsidy tariffs or Power Purchase Agreements is taking effect,” explained Dr Christoph Husmann, Spokesman of the Management Board and CFO of Encavis AG, one of the main earnings effects. “Such a fluctuation in key figures in the first quarter of the fiscal year is not unusual for a company like Encavis, which is dominated by solar capacity, given that we have very low solar radiation in the first quarter and therefore low production and sales, but the expense is fixed. This can only be offset by an exceptionally good wind performance or – as in previous years – by the turbulence in the electricity price markets due to a series of superimposed geopolitical events,” Dr Husmann added the further factors influencing the first quarter of 2024.