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Encavis again boosts 2019 profit, revenue outlook

The Budel solar park. Image by: Solarcentury (www.solarcentury.com).

September 3 (Renewables Now) - Encavis AG (ETR:CAP), the German wind and solar park operator, has once again lifted its expectations for 2019, now guiding for revenues of over EUR 270 million (USD 295.3m).

The company said last week that the revised outlook reflects better weather conditions and the group’s “very positive operating performance” in the first half of 2019, during which earnings per share (EPS) rose to EUR 0.30 from EUR 0.19 a year ago, and revenues grew to EUR 143.9 million from EUR 122.8 million. This was a result of high levels of solar radiation in Germany and Italy, an expansion of the company's portfolio and income from the sale of stakes in four wind farms.

The following table contains more information about the company's updated forecast and first-half results.

Amounts in EUR H1 2019 H1 2018 New forecast Previous forecast
Sales 143.9m 122.8m 270m+ 260m+
Operating EBITDA 120.8m 94m 218m+ 210m+
Operating EBIT 78.2m 57.8m 132m+ 125m+
Operating cash flow 76.4m 78.3m 198m+ 190m+
EPS 0.30 0.19 0.42 0.40

Figures in the earlier prognosis were provided in May when Encavis announced the sale of a 49% shareholding in a portfolio of German wind farms to a special fund managed by an unnamed institutional customer in Luxembourg.

Encavis' portfolio at the end of June consisted of 177 solar and 70 wind assets across Europe with a combined capacity of over 2 GW.

(EUR 1.0 = USD 1.093)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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