Germany's Envitec Biogas turns to profit in H1 2014

Sep 30, 2014 - German waste-to-energy plants maker Envitec Biogas AG (ETR:ETG) said today it had turned to a first-half profit of EUR 3.8 million (USD 4.8m) from a loss of EUR 1.4 million a year earlier.

Envitec booked earnings before interest and tax (EBIT) of EUR 5.3 million in the first six months of 2014 versus a deficit of EUR 1.7 million in the corresponding period of 2013. Total revenue rose by 9.5% year-on-year to EUR 75.3 million.

The company’s head of finance Jorg Fischer said that the clearly positive results were recorded despite the tough market environment. The main factor for performing well during the period was Envitec’s own plant operation segment. The division, which runs 57 MW of biogas plants, experienced a 5.6% year-on-year increase in EBIT to EUR 4.9 million and achieved revenues of EUR 31.5 million, up from EUR 30.6 million. A notable contribution was also made by the plant construction segment as it turned to a net profit of EUR 600,000 from a loss of EUR 5.2 million a year back. That division saw a 1.7% rise in revenues to EUR 21.5 million.

As at the end of June, the company’s total order backlog amounted to EUR 55.7 million, including EUR 34.1 million worth of orders from international clients.

Envitec reiterated its previous forecast for full-year revenues of between EUR 145 million and EUR 165 million. It expects 2014 EBIT to remain positive and projects even better overall performance for 2015.

(EUR 1.0 = USD 1.263)

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