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2G Energy AG: Dynamic start to FY 2016 with high order book position home and abroad - Seite 2
marked increase of EUR 9.9 million as of the reporting date, reflecting
good production utilization. Total operating revenue amounts to EUR 35.6
million as a consequence (EUR 27.4 million). Earnings before interest and
tax (EBIT) amounted to EUR 0.1 million (EUR -0.4 million). The good
profitability for the January to March 2016 months is somewhat untypical
seasonally, and arises mainly from the higher level of production
utilisation, which resulted in an increase in gross profit given the fact
that the cost of materials ratio registered a disproportionally minor
increase.
Satisfactory business progress is also evident at the end of April 2016.
The constantly replenishing order book position for the supply of CHP
systems is at a good level of around EUR 88 million (EUR 54 million). This
order book position confirms the past years' trends toward a growing
international share and a strengthening business with natural gas operated
CHP systems. A total of 45 % of the orders derive from abroad (27 %,
excluding the USA). In Germany, greater demand for biogas driven 2G power
plants is observable due to the flexibilization and repowering of biogas
systems. Following the reorganization of 2G Energy Inc. in the USA, signals
from the American market are encouraging with an EUR 11.3 million order
book position. Almost two thirds of this order volume consist of natural
gas operated CHP systems. The UK subsidiary also continued its positive
trend with a EUR 17.7 million order book position consisting mainly of
biogas driven 2G power plants. From today's perspective, the subsidy
backdrop for biogas systems in the UK remains attractive until 2020.
Based on this good starting position in the CHP systems business area
alone, the Management Board assumes consolidated revenue of between EUR 150
million and EUR 170 million for the full 2016 year, and an EBIT margin
between 3 % and 5 %. This forecast takes into account the uncertainties due
to the EU Commission withholding its approval of the 2016 German
Cogeneration Act (state aid law review), which it has not issued to date.
The Group's revenue and earnings growth is also to be realized through the
growing service business, further expansion of 2G Rental's rental and lease
business, the offering of new CHP solution concepts, especially for
utilities and contractors, and through expanding partner concepts in
Germany and abroad in sales and service, as already existing with a Veolia
subsidiary in the UK and Fuji Electrics in Asia, among other examples. Such
strategic alliances can also offer 2G better market and customer access on
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