Corporate | 27 August 2009 08:44
EnviTec Biogas AG / Half Year Results
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- Sales rise 33% to EUR 42.7 million
- High operating cash flow in second quarter
- Strong sales and earnings growth projected for second half-year
- Record order backlog of EUR 226.8 million
Lohne, 27 August 2009 - EnviTec Biogas AG [ISIN: DE000A0MVLS8] boosted its
sales revenues by 33% from EUR 32.1 million in H1 2008 to EUR 42.7 million
in the first six months of 2009. Operating cash flow also improved by an
impressive EUR 9.1 million, up from EUR -24.7 million in the first half of
2008. In Q2 2009 alone, customers settled receivables outstanding in an
amount of EUR 16.3 million. At the end of June 2009, EnviTec thus had
liquid funds of approx. EUR 63 million. 'Against the background of the
market environment and seasonal effects the first half result was
satisfactory,' said Jörg Fischer, CFO of EnviTec Biogas. 'We will
boost both sales and earnings significantly in the coming months.' Sales
are projected to rise to EUR 150 million to EUR 200 million for the full
year with a higher EBIT projection compared to FY 2008. To support this
growth, the company's production capacity was expanded in the reporting
period. As a result, the number of employees rose to 385 in the first six
months of 2009. Earnings before interest and taxes (EBIT) stood at EUR -4.8
million at the six-month stage (previous year: EUR -1.4 million). This is
primarily due to the increase in fixed costs resulting from the capacity
expansion.
EnviTec's optimism is attributable to an order backlog of EUR 226.8 million
at the end of June 2009 - a record in the history of the company. In Q2
2009 alone, the company received orders worth EUR 43.7 million. Interest in
biogas plants remains high both in Germany and abroad. Besides large-scale
gas feed-in projects, EnviTec is increasingly negotiating with agricultural
businesses. Declining prices of agricultural resources and milk are
prompting many farmers to consider diversifying their operations. EnviTec
not only sells biogas plants but also offers farmers cooperation schemes
for operating these plants. 'We take care of financing, building and
maintaining the plants, while the farmer is responsible for biogas
production. This kind of cooperation pays off for both sides,' explains CEO
Olaf von Lehmden. The potential of biogas as an environmentally compatible
local energy source is increasingly being recognised and promoted in other
countries, too. Building on its Europe-wide distribution network, EnviTec
intends to benefit from this trend. Belgium and the Czech Republic are
currently the company's main output markets. Other countries such as Italy,
Slovakia and Latvia are also increasingly opting for biogas and have
created an attractive legal framework in the past months. In August,
EnviTec received orders worth EUR 10 million from customers in Latvia and
Slovakia.
The interim report on the first six months of 2009 is available on the
Internet at www.envitec-biogas.de.
EnviTec Biogas AG covers the entire value chain for the production of
biogas - including the planning and turnkey construction of biogas plants
as well as their commissioning. The company provides the biological and
technical service and also offers the full plant and operating management.
In Güstrow, in the German state of Mecklenburg-Western Pomerania, EnviTec
build the world's largest plant for the production of biogas to natural gas
standards with an thermal output of 55 megawatts. In addition, the company
also operates its own biogas plants. Today, the company is represented in
more than 15 countries throughout Europe and as well in China and South
Korea. In 2008 EnviTec generated revenues of EUR 101 million and EBIT of
EUR 3.2 million. The EnviTec Group currently has about 350 employees. Since
July 2007 EnviTec is listed on the Prime Standard segment of the Frankfurt
Stock Exchange.
Special event: 8th EnviTec Biogas Conference on 4 September 2009 at the
Umweltforum in Berlin. For further information, check
www.envitec-biogas.de
Investor Relations:
Olaf Brandes
EnviTec Biogas AG
Tel: +49 44 42 80 65-118
E-Mail: ir@envitec-biogas.de
Press Contact:
Fabian Lorenz, Grit Pauli
HOSCHKE & CONSORTEN Public Relations GmbH
Tel: +49 40 36 90 50-56 /-31
E-Mail: f.lorenz@hoschke.de; g.pauli@hoschke.de
27.08.2009 Financial News transmitted by DGAP
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Language: English
Issuer: EnviTec Biogas AG
Industriering 10a
49393 Lohne
Deutschland
Phone: +49 (0) 44 42 - 80 65 0
Fax: +49 (0) 44 42 - 80 65 103
E-mail: info@envitec-biogas.de
Internet: www.envitec-biogas.de
ISIN: DE000A0MVLS8
WKN: A0MVLS
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Hannover, Düsseldorf, München, Hamburg, Stuttgart
End of News DGAP News-Service
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