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Encavis reports 20% jump in 9-month operating EBITDA

Wind Park Gauaschach. Image by Encavis (www.encavis.com).

November 26 (Renewables Now) - German wind and solar park operator Encavis AG (ETR:CAP) on Monday said operating earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by about 20% on the year to EUR 185.8 million (USD 204.7m) in the first nine months of 2019.

The improvement reflected the positive impact of the weather conditions in the period, the growth of the company's portfolio and proceeds from the disposal of minority interests in four wind farms. In addition, operating expenses fell mainly as a result of the first-time application of IFRS 16.

The following table contains more information about the company's results for the period.

Amounts in EUR, except percentages 9M 2019 9M 2018
Revenues 223.4m 200.9m
Operating EBITDA 185.8m 155.3m
EBITDA margin (%) 83 77
Operating EBIT 121.8m 100.8m
Operating EPS 0.49 0.38

Thanks to the strong performance in the period and continued favourable weather conditions in the final quarter of the year, Encavis confirmed its updated forecast for the full year, including revenues of over EUR 270 million, operating EBITDA exceeding EUR 218 million and operating earnings per share (EPS) of EUR 0.42.

As at end-September 2019, Encavis' portfolio included 177 solar parks and 71 wind farms in ten European countries with a total capacity of about 2 GW.

(EUR 1.0 = USD 1.10)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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