Earnings Release • May 30, 2012
Earnings Release
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Corporate | 30 May 2012 12:00
EnviTec Biogas had a good start to 2012, which will be a year of transition
EnviTec Biogas AG / Key word(s): Quarter Results
30.05.2012 / 12:00
EnviTec Biogas had a good start to 2012, which will be a year of transition
– Sales revenues +7.9% to EUR 39.5 million
– EBIT at EUR -1.7 million due to one-time effects; EUR -0.5 million adjusted
– Strong performance of Own Plant Operation
– Outlook on 2012: Forecast confirmed
Lohne, 30 May 2012 – As expected, the German biogas sector is in a phase of transformation following the exceptional year 2011. This is due to the amendments to the German Renewable Energy Sources Act (EEG), which became effective at the beginning of 2012. The legal framework remains attractive and EnviTec Biogas [ISIN: DE000A0MVLS8] sees opportunities for the German biogas market; however, the new regulations are much more complex than the 2011 EEG. The German biogas market will therefore change in 2012. In particular, the generation of electricity from biogas in line with actual requirements and the direct marketing of the electricity generated will gain importance. The respective business models still need to be accepted by the market.
First-quarter sales revenues of EnviTec Biogas were in line with expectations in the first quarter of 2012. The company generated revenues of EUR 39.5 million in the first three months of the year. This represents an increase of 7.9 percent compared to the same period of the previous year. Due to a one-time effect, EnviTec Biogas reported an operating loss for the first three months of the year, as the company and one of its customers reached an agreement to settle a major legal dispute. The earnings situation should improve markedly as the year progresses. EnviTec Biogas generated earnings before interest and taxes of EUR -1.7 million in the first quarter. Adjusted for one-time effects, EBIT stood at EUR -0.5 million and hence EUR 1.0 million below the prior year quarter's EUR 0.5 million. The net worth and financial position of EnviTec Biogas remains sound and will enable the company to implement its operational and strategic objectives, i.e. the expansion of the Own Plant Operation segment, research into new technologies and the start-up of new business segments. As of the balance sheet date on 31 March 2012, the equity capital of EnviTec Biogas amounted to EUR 183.1 million (2011: EUR 183.9 million). At 60.2 percent, the equity ratio stayed at a very high level.
The Own Plant Operation segment showed a very positive performance in the first quarter, with sales revenues climbing 65.6 percent from EUR 5.9 million to EUR 9.8 million. The segment's EBIT doubled from EUR 0.8 million to EUR 1.6 million. Says Chief Financial Officer Jörg Fischer: 'We are increasingly reaping the fruits of the investments made in the past years.' As of the end of March, EnviTec operated plants with an electrical output of 42.1 MW, which means that the company almost doubled the capacity compared to the prior year quarter. Plants with an electrical output of 15 MW were at the planning stage or had already obtained approval in Germany and Italy as of the end of the quarter. The company thus confirms its year-end target of approx. 52 MW.
Outlook on 2012: Forecast confirmed
Following the exceptional year 2011, 2012 will be a year of transition as had been expected. In view of the performance in the first quarter, EnviTec has confirmed its forecast for the full year: a clearly positive result on lower Group revenues. The decline in domestic sales revenues will partly be offset by growth abroad. Sales revenues should also pick up markedly in the Own Plant Operation and Service segments. For the forecast to materialise, it is important that the German market adapts to the new framework and that the legal framework in foreign markets remains stable. As the situation in Germany is still uncertain, EnviTec will put its sales and earnings forecast into more concrete terms only as the year progresses.
About EnviTec Biogas AG
EnviTec Biogas AG covers the entire value chain for the production of biogas – including the planning and turnkey construction of biogas plants as well as their commissioning. The company provides the biological and technical service, and also offers full plant and operating management. In addition, EnviTec also operates its own biogas plants. In 2011 EnviTec Biogas expanded business operations into the direct marketing of processed biomethane and green electricity and balancing energy marketing with EnviTec Energy GmbH & Co. KG and its 100% subsidiary EnviTec Stromkontor GmbH & Co. KG. Today, the company is represented in more than 15 countries throughout Europe, as well as in India. EnviTec Biogas generated revenues of EUR 244 million and EBIT of EUR 10.5 million in 2011. The EnviTec Group currently has 470 employees. EnviTec has been listed on the Prime Standard segment of the Frankfurt Stock Exchange since July 2007.
| Press contact: | |
| Thomas Bolte Tel: +49 25 74 88 88 -198 Email: [email protected] |
| Investor Relations: |
| Olaf Brandes EnviTec Biogas AG Tel: +49 44 42 8016 – 8130 E-Mail: [email protected] |
End of Corporate News
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| Language: | English |
| Company: | EnviTec Biogas AG |
| Industriering 10a | |
| 49393 Lohne | |
| Germany | |
| Phone: | +49 (0) 44 42 – 80 65 0 |
| Fax: | +49 (0) 44 42 – 80 65 103 |
| E-mail: | [email protected] |
| Internet: | www.envitec-biogas.de |
| ISIN: | DE000A0MVLS8 |
| WKN: | A0MVLS |
| Listed: | Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart |
| End of News | DGAP News-Service |
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| 171991 30.05.2012 |
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