Encavis reports 20% jump in 9-month operating EBITDA
Wind Park Gauaschach. Image by Encavis (www.encavis.com).
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
EBITDA margin (%)
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.