German independent power producer Encavis AG (ETR:ECV) on Wednesday increased its guidance for 2022 as both earnings and sales grew substantially in the first half of the year.
Sales are now expected to exceed EUR 420 million (USD 429.4m) in 2022, compared with EUR 332.7 million in the prior year. The previous forecast was for sales of over EUR 380 million.
More details about the company's revised outlook in the table below.
|Amounts in EUR
|Operating Cash Flow
The higher targets for 2022 reflect the company's robust performance in the first six months of the year when both sales and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) surged by 40% to EUR 226.4 million and EUR 170.6 million, respectively.
Adjusted earnings before interest and tax (EBIT) soared by around 60% year-on-year to around EUR 109.8 million, Encavis said, citing preliminary figures.
„The significant increases in revenue and earnings of the first half of this year are essentially based on increased generation capacities, higher wind and solar performance as well as currently high market prices for electricity that are significantly above the comparable figures of the previous half-year,“ said CFO Christoph Husmann.
(EUR 1 = USD 1.022)
Choose your newsletter by Renewables Now. Join for free!