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EnviTec Biogas remains profitable in difficult industry environment

-       Sales revenues of EUR 148.8 million; EBIT of EUR 2.4 million; equity ratio of 57.4%
-       Internationalisation and own plant operation activities to be pushed ahead
-       Forecast for 2014: Sales revenues of EUR 145 to 165 million and positive EBIT

Lohne, 30 April 2014 – As had been expected, 2013 was a very challenging year for the German biogas industry. While demand in Germany, which used to be the most important market for the sector, had slumped by 80% in 2012, the new plant construction volume again declined by about one quarter in 2013. This is attributable to the fact that the ongoing discussion about the future legal framework and potential retroactive amendments to the compensation paid for electricity from renewable sources is causing great uncertainty among all players along the value chain. “EnviTec pushed ahead its international expansion at an early state and invested in the operation of its own biogas plants,” says Jörg Fischer, Chief Financial Officer of EnviTec Biogas AG. “We are now benefiting from these investments in what is a difficult phase for our sector.” Due to strong growth in the Own Plant Operation segment, EnviTec Biogas (ISIN: DE000A0MVLS8) was able to nearly double its earnings before interest and taxes (EBIT) to EUR 2.4 million in the financial year 2013. Consolidated net income amounted to EUR 0.3 million in 2013, compared to EUR 1.8 million in the previous year. This is equivalent to earnings per share of EUR 0.02 for 2013 (previous year: EUR 0.08). EnviTec’s total sales revenues in 2013 amounted to EUR 148.8 million, compared to EUR 190.5 million in the previous year. For the first time ever, the Own Plant Operation segment made the biggest contribution to Group revenues. Revenues from the operation of own biogas plants increased by 53.1% from EUR 40.8 million to EUR 62.5 million. Sales revenues in the Plant Construction segment declined from EUR 124.6 million to EUR 47.3 million, to which the company’s international operations contributed EUR 25.6 million.

Says Jörg Fischer: “Unfortunately, the current draft of the German Renewable Energy Sources Act fails to take into account the advantages of biogas and biomethane, which are highly versatile decentralised energy sources that can meet both baseload and peak load requirements without further grid expansion and thus act as important stabilisers in the system. Not even the grandfathering is finally secured. Instead, the federal government relies on imported natural gas and coal, the primary energy sources with the worst carbon footprint. We will therefore focus even more strongly on our foreign business and the operation of own biogas plants.” EnviTec’s equity capital amounted to EUR 169.4 million at the end of 2013, which gives the company a sound financial foundation. It is equivalent to an equity ratio of 57.4% (previous year: 52.3%). The net cash flow came in at EUR 37.8 million (previous year: EUR 32.5 million).

At the end of 2013, EnviTec Biogas had an order backlog worth EUR 67.6 million, which is a good basis for a stable year 2014. EnviTec projects Group revenues of between EUR 145 million and EUR 165 million for the current financial year. Earnings before interest and taxes are expected to stay in positive territory.

The Own Plant Operation segment will again make the biggest contribution to Group sales and earnings. The company will continue to optimise the production capacity of 52 megawatts and build new plants on a selective basis. If warranted by the general environment, the production capacity will be increased by 4 MW each in 2014 and 2015. The focus will be on Germany and the UK. 

Markets outside Germany will become increasingly important for the company’s plant construction activities. There are many attractive markets for biogas and biomethane. This is something the company prepared for in 2013 by increasing the efficiency of its structures and adjusting its product range. France and the UK are the most important foreign markets at present. EnviTec has also won and partly executed the first contracts in the USA and China.

 

About EnviTec Biogas AG
EnviTec Biogas AG covers the entire value chain for the production of biogas, including the planning and turnkey construction of biogas plants and biogas upgrading plants as well as their commissioning. The company takes charge of biological and technical services on demand and also offers full plant and operational management. In addition, EnviTec also operates its own biogas plants. In 2011, EnviTec Biogas along with EnviTec Energy GmbH & Co. KG and its 100% subsidiary EnviTec Stromkontor GmbH & Co. KG expanded its business operations into the direct marketing of upgraded biomethane as well as the marketing of green electricity and balancing energy. EnviTec Biogas AG currently operates in more than 20 countries. In 2013, EnviTec generated revenues of €148.8 million and an EBIT of €2.4 million. The EnviTec Group currently has 350 employees. EnviTec Biogas has been listed on the Frankfurt stock exchange since July 2007.

Press contact:
Katrin Selzer
EnviTec Biogas AG
Tel: +49 25 74 88 88 - 810
Email: k.selzer@envitec-biogas.de

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