- Sales revenues rise sharply to EUR 174.9 million (+22.4%)
- Accounting change from IFRS to HGB
- Solid EBIT of EUR 3.4 million (previous year: EUR 4.7 million)
- Moderate performance in Plant Construction segment; utilisation in 2016 clearly above prior year
- Group forecast for 2016: moderately higher sales revenues and improved operating result (EBIT)
Lohne, 13 May 2016 – EnviTec Biogas AG (ISIN: DE000A0MVLS8) delivered a satisfactory performance in the financial year 2015 in spite of volatile conditions in the international biogas markets. All four segments of the Group – Plant Construction, Own Plant Operation, Service and Energy – recorded growing revenues. As a result, Group revenues increased by 22.4% to EUR 174.9 million. The strongest growth was achieved by the Plant Construction segment, whose revenues climbed from EUR 29.9 million to EUR 51.3 million in 2015. Revenues in the Own Plant Operation segment climbed 8.2% to EUR 70.1 million, while the Service segment’s revenues rose by 23.7% to EUR 26.0 million. At EUR 27.5 million, sales revenues in the Energy segment were slightly higher than in the previous year (EUR 27.1 million).
The EnviTec Group again reported a positive result for the financial year. Operating earnings before depreciation and amortisation (EBITDA) climbed from EUR 19.8 million to EUR 21.0 million, primarily thanks to the good earnings trend in the Own Plant Operation segment. Earnings before interest and taxes (EBIT) again reached a solid level of EUR 3.4 million in 2015 (previous year: EUR 4.7 million). The decline against the previous year is attributable not only to increased depreciation of own plants but above all to the unsatisfactory performance and shifts in orders in the Plant Construction segment. Consolidated net income after taxes amounted to EUR 1.4 million in 2015, which is equivalent to earnings per share of EUR 0.08 for 2015 (previous year: EUR 0.19). EnviTec Biogas AG posted net income of EUR 5.7 million. The Executive and Supervisory Boards of EnviTec Biogas AG propose to distribute a dividend of EUR 0.80 per share for the financial year 2015.
The Group’s equity ratio climbed to 57.4% as of the balance sheet date (previous year: 54.9%). This improvement is mainly attributable to a sharp reduction in liabilities (EUR -17 million). At EUR 19.3 million, cash and cash equivalents were more or less on a par with the previous year (EUR 20.1 million). Gross cash flow declined to EUR 18.4 million in 2015 (previous year: EUR 23.3 million), while net cash flow increased to EUR 38.5 million (previous year: EUR 38.4 million).
“The past financial year shows that, based on clear corporate structures and an efficient concentration on international growth markets, we are able to cope with the continued volatile conditions in the biogas sector, even though we are not satisfied with the plant construction results at the bottom line. At the same time, we see that our technology and our know-how are in very high demand from our international customers. The current high backlog and, in particular, the high capacity utilisation in the plant construction segment, make us confident that we will grow strongly in this segment in 2016, which will also increase our profitability at Group level,” said Jörg Fischer, Chief Financial Officer of EnviTec Biogas AG.
At the end of the financial year 2015, EnviTec Biogas had a backlog of plant construction orders totalling EUR 77.9 million (previous year: EUR 37.3 million). Of this total, an amount of EUR 36.8 million is already reflected in changes in inventories. The increase is primarily due to the positive trend in the UK and France. Based on this high utilisation, EnviTec projects a moderate increase in sales revenues and an improvement in the operating result (EBIT) at Group level for 2016. The Group’s performance in 2016 will essentially depend on international market developments, especially in the UK. China, Denmark and the USA are other promising markets. EnviTec will continue to strengthen its presence also in the South East Asian markets in 2016.
The full Annual Report for 2015 is available at www.envitec-biogas.de/ir/veroeffentlichungen/finanzberichte.html
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 has a presence in 16 countries. In 2015, EnviTec generated revenues of EUR 174.9 million and an EBIT of EUR 3.4 million. The EnviTec Group currently has about 360 employees. EnviTec Biogas has been listed on the Frankfurt stock exchange since July 2007.