Corporate | 29 May 2013 12:00
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EnviTec Biogas AG / Key word(s): Quarter Results/Change in Forecast
EnviTec Biogas: Market environment remains challenging in 2013
– First quarter: Sales revenues EUR 33.5 million, EBIT EUR -1.1 million,
– Strong Own Plant Operation segment: Sales +63%, EBIT +57% – 2013 sales forecast: EUR 140 to 160 million (previously EUR 170 to 180 million) – 2013 earnings forecast: Remains EBIT positive
Against this background, the operating performance of EnviTec Biogas (ISIN: DE000A0MVLS8) in the first quarter of 2013 was in line with expectations. Due to the uncertainty in Germany, the year of transition in Italy and the above-average long winter, Group sales revenues declined from EUR 39.5 million to EUR 33.5 million. This is attributable to demand in the Plant Construction segment. By contrast, sales revenues in the Own Plant Operation and Service segments picked up sharply. Most importantly, the investments in the construction of own biogas plants – in the past two years alone, EnviTec invested more than EUR 80 million and meanwhile operates plants with a capacity of 52 MW – are increasingly bearing fruit. Segment revenues increased by 62.9% from EUR 8.9 million to EUR 14.5 million. Earnings before interest and taxes (EBIT) in the Own Plant Operation segment rose by a disproportionate 57.3% to EUR 2.5 million. The EBIT margin thus reached 17.4%. In addition, EnviTec received a profit of EUR 0.5 million from minority interests (accounted for using the equity method). EnviTec Biogas’ total earnings before interest and taxes (EBIT) improved from EUR -1.7 million to EUR -1.1 million in the first quarter of 2013. Adjusted for one-time expenses, EBIT stood at EUR -0.6 million. Net income for the first three months of 2013 amounted to EUR -0.7 million (previous year: EUR -1.3 million), while earnings per share stood at EUR -0.05. As of the balance sheet date 31 March 2013, EnviTec had liquid funds of EUR 18.0 million and an equity ratio of 57.4%, which reflect a very solid financial situation. EnviTec also has strong cash flows. The net cash flow rose from EUR 3.9 million to EUR 11.9 million. The year 2013 will be marked by ongoing political uncertainty. Attractive markets such as France and the UK can currently not offset the slowdown in Germany and Italy. EnviTec Biogas therefore expects that 2013 will be a difficult year for the Plant Construction segment. The sales and earnings trend in the Own Plant Operation segment should be very positive in 2013 and also in 2014. This year alone, the company wants to generate revenues of approx. EUR 55 million from the production of biogas. Total Group sales revenues should range between EUR 140 million and EUR 160 million in 2013, which is below the original projections of EUR 170 million to EUR 180 million. As far as earnings are concerned, the Executive Board expects a positive operating result for the full year 2013 in spite of the restructuring charges and the sharp drop in plant construction revenues. More concrete projections will be published in the second half of the year.
Contact:
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| Language: | English | |
| Company: | EnviTec Biogas AG | |
| Industriering 10a | ||
| 49393 Lohne | ||
| Germany | ||
| 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, Düsseldorf, Hamburg, Hannover, München, Stuttgart | |
| End of News | DGAP News-Service |
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| 213681 29.05.2013 |