ENCAVIS AG

Latest Results (20.08.2024):

Revenue Performance

ENCAVIS AG reported net revenue of EUR 356.0 million for the first nine months of 2023, slightly above the previous year's figure of EUR 354.8 million. This performance was in line with projections, despite a sharp reduction in electricity prices and largely normalised weather conditions compared to the same period in 2022.

EBITDA and Margins

The Group's EBITDA for the first nine months of 2023 stood at EUR 246.1 million, down from EUR 271.3 million in the previous year. This resulted in an EBITDA margin of 69%, influenced by the inclusion of Stern Energy’s service business, which has lower margins compared to electricity generation from renewable sources.

Operating Earnings

Operating earnings before interest and taxes (EBIT) for ENCAVIS AG fell to EUR 158.9 million in the first nine months of 2023, compared to EUR 166.9 million in the previous year. Despite this decline, operating earnings per share increased slightly to EUR 0.53, up from EUR 0.51 per share, due to lower net interest expenses and significantly lower taxes on income.

Cash Flow

Operating cash flow for ENCAVIS AG was EUR 183.7 million at the end of the nine-month period in 2023, down from EUR 271.5 million in the previous year. The decline was primarily due to reduced revenue from wind and solar parks and higher tax payments. Despite this, cash available for the Group’s further growth stood at EUR 345.0 million.

Equity Ratio

ENCAVIS AG's equity ratio increased to 33.8% as of 30 September 2023, up from 32.9% at the end of the second quarter. This improvement was partly due to the reversal of negative valuation effects recorded in the hedge reserves at the end of 2022 and the fully retained net profit for 2022.