DGAP-News: EnviTec Biogas remains profitable in challenging year 2012
(firmenpresse) - DGAP-News: EnviTec Biogas AG / Key word(s): Final Results/Dividend
EnviTec Biogas remains profitable in challenging year 2012
30.04.2013 / 08:00
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EnviTec Biogas remains profitable in challenging year 2012
- Sales of EUR 190.5 million, EBIT of EUR 1.3 million, consolidated net
income of EUR 1.2 million
- Market environment will remain challenging in 2013
- Forecast for 2013: EUR 170 to 180 million in sales and a positive
operating result
- Proposed special dividend of EUR 1.00 per share
Lohne, 30 April 2013 - As had been expected, the German biogas sector was
unable to repeat the record year 2011 in 2012. This is due to the new
Renewable Energy Sources Act (EEG), which came into force in Germany at the
beginning of the year. As the biogas sector took some time to adapt to the
new and complex conditions, demand in the German biogas market dropped by
roughly 80% in 2012 compared to the previous year. Although EnviTec Biogas
(ISIN: DE000A0MVLS8) pushed ahead its internationalisation at an early
stage and aggressively expanded the operation of own biogas plants, the
company was able to offset the negative trend in domestic demand only
partly. Accordingly, Group sales revenues amounted to EUR 190.5 million in
2012, compared to EUR 243.9 million in the previous year. International
sales increased by 40.6% to EUR 88.7 million, while sales revenues in the
Own Plant Operation segment rose by as much as 42.7% to EUR 40.8 million. A
production capacity of 52 megawatts (MW) - of which ten MW were taken into
operation in 2012 - makes EnviTec one of the leading biogas producers in
Germany.
The decline in Group sales revenues had an adverse impact on the bottom
line. Earnings before interest and taxes dropped from EUR 10.8 million to
EUR 1.3 million and consolidated net income for the year decreased from EUR
7.5 million to EUR 1.2 million. On the balance sheet date of 31 December
2012, EnviTec had a very solid financial position, as reflected in liquid
funds of EUR 20.7 million and an equity ratio of 52.3%. EnviTec also has
strong cash flows. Gross cash flow in 2012 amounted to EUR 16.5 million
(previous year: EUR 19.1 million), while net cash flow even reached EUR
32.5 million (previous year: EUR -3.3 million).
The framework conditions in Germany are constantly being questioned by
policy-makers and are in clear contradiction with the commitment to the
announced move towards green energy. As a result, the biogas sector - just
like the other renewable energy sources - is lacking the legal and economic
planning certainty that is needed to make investments. Says Jörg Fischer,
CFO of EnviTec Biogas AG: 'Companies which today invest in tomorrow's
energy production must be able to rely on the basis of their investment
decisions still being in place tomorrow. Unfortunately, this is not the
case at present.'
To cope with the market environment and to remain profitable, EnviTec was
forced to implement structural and personnel adjustments in the Plant
Construction segment in January 2013. Says Jörg Fischer: 'We remain
convinced of the medium to long-term growth opportunities in Europe and new
markets such as the UK, France and the United States. We must nevertheless
become leaner and more flexible. Together with our strong technological and
financial foundation this is the precondition for us to defend EnviTec's
leading position in the market.'
The Lohne-based company projects consolidated sales revenues of between EUR
170 million and EUR 180 million for the year 2013. The operating result
should be positive in spite of the restructuring charges and the sharp
decline in plant construction revenues. Having increased the production
capacity to 52 MW in 2012, the company projects sales revenues of approx.
EUR 55 million and a clearly positive result for the Own Plant Operation
segment in 2013. The year will see EnviTec focus on the optimisation of the
existing plants. In addition, the company plans to install at least 5 MW of
new capacity - which is less than originally planned. This should send the
production capacity rising to a good 57 MW by the end of 2013 and lay the
foundation for further sales and earnings growth in this segment in 2014.
In view of reduced capital expenditures, the good liquidity position and
the very solid equity ratio of 52% (as of 31 December 2012), the
Supervisory Board and the Executive Board will propose a special dividend
of EUR 1 per share to the shareholders at the ordinary Annual General
Meeting on 27 June 2013.
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 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 established EnviTec Energy GmbH&Co. KG and its 100%
subsidiary EnviTec Stromkontor GmbH&Co. KG, expanding its business
operations into the direct marketing of upgraded biomethane as well as the
marketing of green electricity and balancing energy. Today, EnviTec Biogas
AG is represented in 20 countries throughout Europe, as well as in India
and the USA. In 2012 EnviTec generated revenues of EUR 190.5 million and an
EBIT of EUR 1.3 million. The EnviTec Group currently has 398 employees.
EnviTec has been listed on the Prime Standard segment of the Frankfurt
Stock Exchange since July 2007.
Contact:
Katrin Selzer
EnviTec Biogas AG
Tel: +49 25 74 88 88 - 810
E-Mail: k.selzer(at)envitec-biogas.de
End of Corporate News
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Language: English
Company: EnviTec Biogas AG
Industriering 10a
49393 Lohne
Germany
Phone: +49 (0) 44 42 - 80 65 0
Fax: +49 (0) 44 42 - 80 65 103
E-mail: info(at)envitec-biogas.de
Internet: www.envitec-biogas.de
ISIN: DE000A0MVLS8
WKN: A0MVLS
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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