ENCAVIS AG Green Energy
Production
FY 2023
3,354 GWh
(3,133 GWh)
EPS
FY 2023
0.60 EUR
(0.60 EUR)
Revenue
FY 2023
449.1 m EUR
(462.5 m EUR)
Equity Ratio 31 Dec 2023
33.2%
(28.1% as of
31 Dec 2022)
ENCAVIS is right on track!
- FY results 2023 beat Guidance again
- Uplifted Growth Ambitions up to FY 2027
Conference Call Consolidated Financial Statements FY 2023
incl. Guidance FY 2024e and Uplifted Accelerated Growth Strategy 2027, 27th March 2024
Improving efficiency and cost reduction through Economies of Scale and Scope
ENERGY
Energy forms the basis of our collective activity and work
CAPITAL
We invest capital to acquire wind farms and solar parks to generate attractive returns
VISION
Encavis Asset Management
Encavis
PV Services /
Stern Energy
Encavis AG
We are working towards a future with decentralised power generation from wind power and solar energy
26/03/2024 2
Acquisitions in 2023 with 1 TWh = 1,000 GWh are in total 33 percent above the targeted electricity production of 750 GWh
Operational | 1,000 GWh = 1 TWh | 1,000 GWh = 1 TWh |
RTB / Ready-to-build | (548 MW) | 548 MW in total |
Wind | ||
105 MW |
PV
431 MW
Battery 12 MW | ||
Acquired in 2023 and | FY 2023 split according to | |
already announced | technologies |
26/03/2024 3
7% Total growth in energy production of Encavis AG in 2023 - dominated by additional wind capacities connected to the grid
Energy Production | 2021 | 2022 | 2023 | Change | Change |
in gigawatt hours (GWh) | 2023/2022 | 2023/2022 (%) | |||
Wind | 940 | 997 | 1.248 | + 251 | + 25 % |
Solar (PV) | 1,815 | 2,136 | 2,106 | - 30 | - 1 % |
Encavis AG in total | 2,755 | 3,133 | 3,354 | + 221 | + 7 % |
- Energy production from solar portfolio (PV) benefitted only slightly from selected months above plan (Feb/April/Sep) and suffered especially in June and October with a full-year energy production below plan.
- Energy production from wind portfolio benefitted only slightly in the months of March & Oct and mainly in July above plan and suffered
in nearly all other months of the year, especially in the months of Feb/July/Oct - resulting again in a full-year energy production below plan.
26/03/2024 4
Operating EPS achieves last year's level despite lower electricity prices in 2023
Operating figures | FY 2021 | FY 2022 | FY 2023 | Absolute change | Change to | |
(in EUR million) | to FY 2022 | FY 2022 in percent | ||||
Energy production in GWh | 2,755 | 3,133 | 3,354 | + 221 | + 7 % | |
thereof existing portfolio | 2,755 | 3,129 | 3,069 | - 60 | - 2 % | |
Operating / Net Revenue | 332.7 | 487.3 / 462.5*) | 460.6 / 449.1*) | - 26.7 / - 12.6 | - 5 % / -3 % | |
Operating EBITDA | 256.4 | 350.0 | 319.2 | - 30.8 | - 9 % | |
Operating EBIT | 149.1 | 198.3 | 194.3 | - 4.0 | - 2 % | |
Operating Cash Flow | 251.9 | 327.2 | 234.9 | - 92.4 | - 28 % | |
Operating CFPS in EUR | 1.74 | 2.04 | 1.46 | - 0.58 | - 28 % | |
Operating EPS in EUR | 0.48 | 0.60 | 0.60 | +/- 0.00 | n.a. | |
2023/12/31 Equity ratio 33.2 %
*) FY 2022 Net revenue of EUR 462.5 million post subtracted European price caps in the amount of EUR 24.9 million FY 2023 Net revenue of EUR 449.1 million post subtracted European price caps in the amount of EUR 11.5 million
26/03/2024 5
Revenue of existing portfolio (EUR ~-72 million) burdened FY 2023 due to lower prices and reduced production
Revenue
(in EUR million)
487.3 | 462.5 | 460.6 | ||
- 24.9 | 449.1 | |||
- 11.5 | ||||
- 72.2 | 14.2 | ||||||
28.1 | |||||||
3.2 | |||||||
- Revenue decline based on lower electricity prices and lower energy production in existing portfolio in total of EUR -72.2 million
couldn't be compensated through new acquisitions, increase of PV Services (Stern Energy) and the increase of Encavis Asset Management (EAM)
in total of EUR +45.5 million.
FY 2022 | Revenue | FY 2022 | Existing | EAM Asset | Third-party | New | FY 2023 | Price Caps | FY 2023 |
(gross) | skimming 2022 | (net) | Portfolio | Management | revenue Stern | Acquisitions | (net) | 2023 | (gross) |
6
All KPIs besides operating Cash Flow surpassed guidance for FY 2023
Operating figures | FY 2021 | FY 2022 | Guidance | FY 2023 | Change FY 2023 / | Change FY 2023 / |
(in EUR million) | FY 2023e | Guidance | Guidance in % | |||
Operating / Net Revenue | 332.7 | 487.3 / 462.5 | > 460 / > 440 | 460.6 / 449.1 | … / 9.1 | + 2 % |
Operating EBITDA | 256.4 | 350.0 | > 310 | 319.2 | 9.2 | + 3 % |
Operating EBIT | 149.1 | 198.3 | > 185 | 194.3 | 9.3 | + 6 % |
Operating Cash Flow | 251.9 | 327.2 | > 280 | 234.9 | - 45.1 | - 16 % |
Operating CFPS in EUR | 1.74 | 2.04 | > 1.70 | 1.46 | - 0.24 | - 14 % |
Operating EPS in EUR | 0.48 | 0.60 | > 0.60 | 0.60 | +/- 0.00 | - |
Energy production in GWh | 2,754 | 3,133 | > 3,400 | 3,354 | - 46.0 | - 1 % |
26/03/2024 7
All KPIs besides operating Cash Flow surpassed guidance for preliminary FY 2023 despite EUR 11.5 million revenue skimming acc. to the electricity price caps
» | Operating Net Revenue: EUR 449.1 million | Operating Net Revenue (EUR million) | ||
> +2% vs. Guidance | (EUR 462.5 million in 2022) | >440 | 449 | |
» | Operating EBITDA: | EUR 319.2 million | ||
(EUR 350.0 million in 2022) |
- +3% vs. Guidance
» | Operating EBIT: | EUR 194.3 million | 2023 Guidance | 2023 Actual |
> +5% vs. Guidance1 | (EUR 198.3 million in 2022) | Operating EBITDA (EUR million) | ||
>310 | 319 | |||
» | Operating Cash Flow: | EUR 234.9 million | ||
(EUR 327.2 million in 2022) |
Operating Cash Flow deviation against 2023 guidance is impacted by | |||
2023 Guidance | 2023 Actual | ||
delayed tax repayments and compensation payments from guarantors/ | |||
insurance companies; some payments delayed to Q1/2024, others to FY 2024. |
1 > EUR 185 million operating EBIT communicated guidance
8
Decline in operating CF (EUR -45.1 million) mainly due to payments shifted to 2024, shown at CF from investing activities and tax back payments for fiscal year 2022
Operating Cash Flow | • | EUR 20.0 million shifted to 2024 |
(in EUR million) | ||
• | EUR 12.4 million shown at Cash Flow from investing activities | |
• EUR 12.7 million tax back payments for fiscal year 2022 | ||||||||
-12.7 | ||||||||
-12.4 | ||||||||
-3.1 | -1.4 | |||||||
-4.7 | ||||||||
280.0 | -20,0 | |||||||
-5.0 | ||||||||
-5.8 | ||||||||
234.9 | ||||||||
Guidance Operating | Taxes 2022 | CF from | Advance tax | Capital | Sales tax | Receivables & | Receivables | Operating |
Cash Flow 2023 | investing | payments 2023 | gains tax | receivables | Compensations | Cash Flow 2023 | ||
activities | 9 |
Significant decline in revenue from parks based on lower prices in combination with lower output
Operating P&L | Solar parks | Wind farms | PV Services | Asset Management | HQ/Consolidation | |||||
(in EUR million) | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 |
Operating Net Revenue | 311.9 | 288.6 | 120.6 | 98.9 | 12.7 | 55.0 | 24.0 | 28.9 | - | - |
Operating EBITDA | 250.2 | 221.7 | 99.9 | 86.0 | 2.7 | 6.1 | 10.6 | 14.8 | - 13.4 | - 9.7 |
Operating EBITDA margin* | 80 % | 77 % | 83 % | 87 % | 21 % | 11 % | 44 % | 51 % | - | - |
Operating EBIT | 125.9 | 133.6 | 74.3 | 55.8 | 2.5 | 5.1 | 9.9 | 10.0 | - 14.4 | - 10.5 |
Operating EBIT margin* | 40 % | 46 % | 62 % | 56 % | 19 % | 9 % | 41 % | 35 % | - | - |
(Operating expenses distributed among Business Segments)
* Relative to net revenue | 26/03/2024 | 10 |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Encavis AG published this content on 26 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 April 2024 08:59:11 UTC.
