Wind, solar power co Encavis boosts Q1 earnings

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

German wind and solar park operator Encavis AG (ETR:CAP) today reported “excellent results” for the first quarter of 2019, including an after-tax profit of EUR 7.9 million (USD 8.8m), versus a tiny loss a year ago.

At the end of March, the company had almost 2 GW of wind and solar parks in 10 countries in Europe. It said the improved results were due to capacity additions and favourable meteorological conditions. More specifically, it enjoyed higher solar radiation in Italy and France and additional power from new wind capacities in Denmark and Germany.

The table below contains operating KPIs based solely on Encavis’s operating profitability. They do not include any IFRS-related valuation effects.

Results in EUR million	Q1 2019	Q1 2018
Revenue	59.5	45.9
Operating EBITDA	44.7	31.5
Operating EBIT	23.4	13.5
Profit (loss) after tax	7.9	(0.1)
Operating cash flow	15.9	27.3

Encavis updated its 2019 forecast to reflect the first-time application of IFRS 16. It still expects its revenue to surpass EUR 255 million, while the operating earnings before interest, tax, depreciation and amortisation (EBITDA) are now seen at more than EUR 199 million. The operating earnings before interest and tax (EBIT) are forecast to reach EUR 114 million and the cash flow from operating activities is expected to exceed EUR 188 million.

The previous guidance for operating earnings per share of more than EUR 0.35 remains unchanged.

(EUR 1 = USD 1.12)

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