EnviTec Biogas publishes figures for H1 2015
- Change from IFRS to HGB in financial year 2015
- Consolidated sales revenues of EUR 95.5 million (+41.8%)
- Earnings before interest and taxes (EBIT) of EUR 2.6 million (-38.1%)
- Revenue forecast for 2015 (IFRS) confirmed; earnings below prior year
Lohne, 30 September 2015 – In the first half of 2015, EnviTec Biogas AG (ISIN: DE000A0MVLS8) generated sales revenues of EUR 95.5 million (previous year: EUR 67.3 million) and a positive operating result (EBIT – earnings before interest and taxes) of EUR 2.6 million (previous year: EUR 4.2 million), according to HGB accounting standards. The management of EnviTec has decided to change from International Financial Reporting Standards (IFRS) to German Generally Accepted Accounting Principles (HGB) as of the financial year 2015. This change is primarily attributable to financial aspects and reflects the mostly national shareholder base.
The 41.8% increase in sales revenues is mainly due to the fact that several projects started in 2014 were completed and invoiced in the first half of 2015. These are fully reflected in sales revenues according to HGB standards. Total output remained stable at the prior year level of EUR 81.5 million. At EUR 35.9 million, the Plant Construction segment made the biggest contribution to revenues, followed by Own Plant Operation, which generated revenues of EUR 32.7 million. Maintenance work affected the performance of some plants in the first half of the year, leading to slightly-lower-than-planned revenues and earnings in this segment. Energy, the youngest business segment, contributed EUR 15.5 million to total sales revenues, and the Service segment generated EUR 11.4 million in revenues.
While earnings of EnviTec Biogas were below the prior year level, the company posted a clearly positive result as of the half-year stage. Earnings before interest and taxes (EBIT) amounted to EUR 2.6 million (previous year: EUR 4.2 million) and the Group’s result before minority interests reached EUR 2.2 million (previous year: EUR 2.8 million). The net result after minority interests amounted to EUR 1.3 million, compared to EUR 3.2 million in the first half of the previous year.
EnviTec Biogas remains optimistic about the full year 2015 and has confirmed its forecast of sales revenues at the prior year level (IFRS and HGB). On the basis of the IFRS figures communicated so far, EnviTec’s earnings will remain below the prior year level. This is attributable to shifts in plant construction orders as well as to the extraordinary maintenance expenses in the Own Plant Operation segment mentioned above. Based on HGB figures, EnviTec continues to project unchanged or slightly improved EBIT and net results.
Says Jörg Fischer, Chief Financial Officer of EnviTec Biogas AG: “Although the conditions in the biogas market remain challenging, we have established a structure which allows us to forge ahead our business model profitably. An order backlog of EUR 56.2 million as of 30 June 2015 means that we have a solid foundation for the coming months.”
The Own Plant Operation segment, which will be expanded selectively in new markets, remains the main driver of the business. The company currently has a production capacity of 57.9 megawatts. The Plant Construction segment will primarily focus on the British and French markets in 2015, two lucrative markets which account for more than half of the company’s order backlog. In Asia, the expectations for the current year have not been entirely fulfilled yet, but China and Japan remain important target markets for new business.
The full report on the first six months of 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 2014, EnviTec generated revenues of EUR 163.4 million and an EBIT of EUR 6.3 million. The EnviTec Group currently has about 350 employees. EnviTec Biogas has been listed on the Frankfurt stock exchange since July 2007.
EnviTec Biogas AG
Tel: +49 25 74 88 88 - 810