ENCAVIS AG Green Energy
Production
Q1 2024
741 GWh
(753 GWh)
CFPS
Q1 2024
0.23 EUR
(0.32 EUR)
Revenue
Q1 2024
86.6 m EUR
(98.8 m EUR)
Equity Ratio 31 Mar 2024
33.5%
(33.2% as of
31 Dec 2023)
Q1 2024 figures below previous year's level but
Guidance for FY 2024 confirmed despite lower prices all over Europe and negative meteorological effects
Conference Call Sustainability Reports 2023 Journey & KPIs as well as Q1 2024 Interim Statement including confirmed Guidance FY 2024e, 15th May 2024
Encavis at a glance & latest news of Q1 2024
01 Encavis at a glance & latest news of Q1 2024
Highlights in Q1 2024: KKR launched its voluntary public takeover offer
» Encavis signed an Investment Agreement with KKR & Viessmann to accelerate ENCAVIS' growth on 14th March 2024. | Corporate News |
- KKR launched a voluntary public takeover offer on 24th April 2024, offering all shareholders a cash consideration of EUR 17.50 per share. First offer period ends at 29th May 2024.
- The Management Board and the Supervisory Board of Encavis AG recommend acceptance of the Offer to Encavis AG's shareholders in their joined reasoned statement on 2nd May 2024.
» Encavis remains on its growth trajectory in Germany, significantly enhancing its energy production capacity | Wind farms & Solar parks |
with the construction of its 114-megawatt solar park in Borrentin (Mecklenburg-Western Pomerania) and an | |
annual power generation of 119 GWh. BELECTRIC is one of the leading EPC service providers in the design, | |
construction and operation of solar power plants in Europe and will also take over the Operation and | |
Maintenance (O&M) together with Stern Energy. |
08/05/2024 3
01 Encavis at a glance & latest news of Q1 2024
Successful financing secures accelerated growth
» Encavis has signed two non-recourse project refinancing agreements in a total amount of EUR 203 million
for its operating solar plants Talayuela and La Cabrera, Spain. Both refinancing transactions have been structured, arranged, and managed by Encavis' inhouse Project Finance team.
In total, the refinancing includes EUR 181.5 million Term Loan Facilities (hedged by interest rate swaps), as well as
EUR 13 million Letter of Credit Facilities and EUR 8.5 million Debt Service Reserve Facilities.
Contracts signed of Encavis Asset Management
» EAM and LyondellBasell (NYSE: LYB) signed on 2nd April 2024 a Power Purchase Agreement (PPA) to secure 208 megawatts (MW) of renewable electricity generation capacity out of a total expected generation capacity
of 260 MW from the solar park in Bartow, Germany. This solar park will rank among the largest of its kind in Germany. Under this 12-year PPA, EAM will deliver approximately 210 gigawatt-hours (GWh) of solar power to LyondellBasell annually. This is comparable to the annual electricity consumption of approximately 56,500 European homes, starting in 2025.
With this latest PPA, LyondellBasell will reach more than 90% of its total renewable electricity goal.
08/05/2024 4
01 Encavis at a glance & latest news of Q1 2024
Earnings figures as planned below previous year's extraordinary high level
Operating figures | Absolute change | Change in percent | |||
Q1 2022 | Q1 2023 | Q1 2024 | |||
(in EUR million) | to Q1 2023 | to Q1 2023 | |||
Energy production in GWh | 710 | 753 | 741 | - 12 | - 2 % |
thereof existing portfolio | 710 | 753 | 694* | - 59 | - 8 % |
Revenue | 99.6 / 90.4 | 105.1 / 98.8 | 86.6 / 86.6 | - 18.5 / - 12.2 | - 18 % / -12 % |
Operating EBITDA | 64.4 | 64.3 | 48.5 | - 15.8 | - 25 % |
Operating EBIT | 34.8 | 35.3 | 18.2 | - 17.1 | - 48 % |
Operating Cash Flow | 64.7 | 51.8 | 36.3 | - 15.5 | - 30 % |
Operating CFPS in EUR | 0.40 | 0.32 | 0.23 | - 0.09 | - 28 % |
Operating EPS in EUR | 0.08 | 0.09 | - 0.04 | - 0.13 | n.a. |
2024/03/31 Equity ratio 33.5 %
- *) Approximately 20 GWh of the decrease in production results from the sale of the Greußen and Sohland wind farms
08/05/2024 5
01 Encavis at a glance & latest news of Q1 2023
Q1 2024 burdened by highly volatile price and weather impacts
Operating P&L | Solar parks | Wind farms | PV Services | Asset Management | HQ/Consolidation | ||||||
(in EUR million) | Q1 2023 | Q1 2024 | Q1 2023 | Q1 2024 | Q1 2023 | Q1 2024 | Q1 2023 | Q1 2024 | Q1 2023 | Q1 2024 | |
Revenue* | 55.4 | 45.3 | 31.1 | 28.6 | 10.3 | 12.9 | 4.1 | 3.3 | - 2.1 | - 3.5 | |
Operating EBITDA | 40.8 | 30.5 | 24.8 | 20.5 | 0.6 | 1.3 | 0.9 | - 0.3 | - 2.7 | - 3.4 | |
Operating EBITDA margin | 74 % | 67 % | 80 % | 72 % | 6 % | 10 % | 21 % | - 10 % | - | - | |
Operating EBIT | 19.9 | 9.3 | 17.4 | 12.0 | 0.4 | 1.0 | 0.7 | - 0.4 | - 2.9 | - 3.6 | |
Operating EBIT margin | 36 % | 20.5 % | 56 % | 42 % | 4 % | 8 % | 17 % | - 12 % | - | - | |
- Revenue decline of existing portfolio couldn't be fully compensated by newly to grid connected parks and Stern Energy S.p.A. in quarterly figures
*) Operating expenses distributed among Business Segments.
08/05/2024 6
01 Encavis at a glance & latest news of Q1 2023
Lower GWh production in existing portfolio in combination with lower electricity prices in Q1 2024 result in lower earnings figures
Operating P&L | ||
(in EUR million) | Solar parks | |
Q1 2023 | Q1 2024 | |
Revenue | 55.4 | 45.3 |
Operating EBITDA | 40.8 | 30.5 |
Operating EBITDA margin | 74 % | 67 % |
Operating EBIT | 19.9 | 9.3 |
Operating EBIT margin | 36 % | 20.5 % |
Existing portfolio with - 9% in power production.
Positive one-off effect in Q1 2023 of EUR 8.1 million (PIF NL) as well as EUR 1.7 million due to lower prices in Q1 2024 dominated the revenue and earnings development in Q1 2024.
08/05/2024 7
01 Encavis at a glance & latest news of Q1 2023
Revenue decline due to lower electricity prices despite higher power production in total
Operating P&L | ||
(in EUR million) | Wind farms | |
Q1 2023 | Q1 2024 | |
Revenue | 31.1 | 28.6 |
Operating EBITDA | 24.8 | 20.5 |
Operating EBITDA margin | 80 % | 72 % |
Operating EBIT | 17.4 | 12.0 |
Operating EBIT margin | 56 % | 42 % |
Increase in power production in total of 6%.
Newly connected to the grid capacities overcompensated the decline of power production in existing portfolio significantly. 90% of reduced power production in existing portfolio is based on the sale of the two wind farms Sohland and Greußen in 2023.
Power prices in all jurisdictions fairly below previous year's Q1, but on planned level.
08/05/2024 8
01 Encavis at a glance & latest news of Q1 2023
More than 50% of revenue growth of Stern Energy is based on external customers
Operating P&L | |||
(in EUR million) | PV Services | ||
Q1 2023 | Q1 2024 | ||
Revenue / Net Revenue | 10.3 / 8.2 | 12.9 / 9.4 | External revenue growth mainly in Italy. |
Operating EBITDA | 0.6 | 1.3 | |
Operating EBITDA margin | 6 % | 10 % | |
Operating EBIT | 0.4 | 1.0 | |
Operating EBIT margin | 4 % | 8 % | |
08/05/2024 9
01 Encavis at a glance & latest news of Q1 2023
Lower volume of newly acquired business burdened the earnings situation of Asset Management business in Q1 2024
Operating P&L | |||
(in EUR million) | Asset Management | ||
Q1 2023 | Q1 2024 | ||
Revenue | 4.1 | 3.3 | Project growth planned for Q3 2024 |
Operating EBITDA | 0.9 | - 0.3 | |
Operating EBITDA margin | 21 % | - 10 % | |
Operating EBIT | 0.7 | - 0.4 | |
Operating EBIT margin | 17 % | - 12 % | |
08/05/2024 10
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Encavis AG published this content on 15 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2024 11:19:46 UTC.
