EnviTec Biogas benefits from strong momentum in the biogas sector and continues expansion in FY 2022
- Total output up 52.7% to EUR 421.1 million
- Sales revenues grow by 45.9% to EUR 382.8 million
- EBITDA up to EUR 75.9 million (previous year: EUR 37.8 million); EBT of EUR 66.6 million (previous year: EUR 23.3 million)
- Dividend of EUR 2.00 per share proposed for FY 2022
- Forecast: Strong growth to continue, taking into account one-time effects
Lohne, 16 May 2023 – EnviTec Biogas AG (ISIN: DE000A0MVLS8) achieved an excellent business performance in the fiscal year 2022. With total output at EUR 421.1 million (previous year: EUR 275.8 million) and earnings before taxes (EBT) at EUR 66.6 million (previous year: EUR 23.3 million), the company significantly exceeded the original targets set at the beginning of the reporting period.
Sales revenues in EnviTec’s largest segment, Own Plant Operation, increased by 78.4% to EUR 268.8 million. This dynamic growth was due, on the one hand, to the considerable quantities of biomethane produced by BioEnergie Park Güstrow, despite its conversion to a Bio-LNG production plant. On the other hand, the company benefited from higher prices for biomethane (RED II certified) and a general increase in electricity and gas prices. Total output also picked up noticeably to EUR 270.7 million (previous year: EUR 153.5 million).
Sales revenues in the Service segment rose by 10.9% to EUR 46.1 million (previous year: EUR 41.6 million). Total output climbed to EUR 46.5 million (previous year: EUR 43.7 million). The Plant Construction segment (including holding company) also showed a dynamic performance in the past fiscal year. With revenues slightly down at EUR 67.9 million (previous year: EUR 70.1 million), total output increased by 32.2% to EUR 103.9 million.
The excellent segment performance sent consolidated revenues rising by 45.9% to EUR 382.8 million (previous year: EUR 262.4 million). The Group’s total output, which additionally includes the value of projects under construction, also picked up sharply and again reached a new record high of EUR 421.1 million. At EUR 75.9 million, earnings before interest, taxes, depreciation and amortisation (EBITDA) also exceeded the prior-year record level (previous year: EUR 37.8 million). Earnings before taxes (EBT) also improved noticeably from EUR 23.3 million to EUR 66.6 million in the reporting period. The EnviTec Group’s consolidated net income for the year amounted to EUR 48.3 million (previous year: EUR 16.9 million). Earnings per share for the year 2022 were thus EUR 3.25 (previous year: EUR 1.14). In view of the good earnings performance, the Executive Board and the Supervisory Board of EnviTec Biogas AG propose to distribute a dividend of EUR 2.00 per share for the fiscal year 2022.
“Based on a fundamental need for a secure and independent energy supply, the fight against climate change is the main growth driver in the biogas market,” said Jörg Fischer, CFO of EnviTec Biogas AG. “In addition, the war against Ukraine has not only led to temporary distortions on the energy market but has also created a new geopolitical situation. A rapid and consistent transition towards renewable energies has therefore become essential. The European RepowerEU Plan alone aims to increase current production tenfold by 2030 and, despite prevailing risks, we are optimistic that we will be able to substantially participate in this growth.”
As of the balance sheet date 31 December 2022, the EnviTec Group’s total assets amounted to EUR 340.6 million, up EUR 87.8 million on the prior year reporting date. The equity ratio stood at 49.1% (31 December 2021: 53.0%). The cash position was EUR 69.4 million, exceeding bank liabilities of EUR 59.2 million. At EUR 217.7 million, the order backlog in the Plant Construction segment was up by 28.3% compared to the end of 2021 (31 December 2021: EUR 169.6 million). Of this amount, EUR 127.3 million is already under construction and partially included in changes in inventories. The activities in the French and US markets are showing a particularly positive trend.
For the fiscal year 2023, EnviTec forecasts total output (or revenues) of between EUR 400 million and EUR 450 million. Taking into account a positive one-time effect in the Energy segment, earnings before taxes (EBT) are expected to come in at between EUR 85 million and EUR 105 million. Otherwise, the focus will be placed on the new Bio-LNG production plant in Güstrow, which is scheduled to start trial operation in the second quarter of 2023. The output of 9,600 tons of Bio-LNG per year may result in potential revenues in the double-digit million range. At the same time, the high prices of raw and building materials will have a dampening effect on the exceptionally good earnings position in the medium term. New regulatory interventions also pose a significant risk, especially in Germany.
“In order to manage our growth, we expanded our team last year by almost 100 new employees to a total of 607,” said Olaf von Lehmden, CEO of EnviTec Biogas AG. “More than 70 new jobs were created in our home market of Germany alone. However, the country still lacks the necessary framework for biogas to make a significant contribution to accelerating the energy transition. Instead of investment and planning certainty, we are seeing a high degree of political fragility, which is slowing down or even preventing investment.”
The full Annual Report for 2022 is available at https://www.envitec-biogas.com/company/investor-relations/ir-reports.
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 operational management. EnviTec operates 89 own plants, making it one of the largest biogas producers in Germany. EnviTec’s business activities also include the direct marketing of processed biomethane as well as the marketing of electricity and balancing energy. With a presence in 15 countries worldwide, EnviTec Biogas AG is represented by its own companies, sales offices, strategic partners and joint ventures. In 2022, the EnviTec Group generated revenue of EUR 382.8 million and EBT of EUR 66.6 million. The Group currently employs 607 people. EnviTec Biogas AG has been listed on the Frankfurt Stock Exchange since July 2007.
EnviTec Biogas AG
Phone: +49 25 74 88 88 - 810