Bremen-based project developer’s performance as planned in the first half of 2018
Bremen, 31 August 2018. Bremen-based Energiekontor AG has closed the first half of 2018 with revenue of EUR 32.9 million at group level (prev. year EUR 41.4 million) and total output of EUR 58.7 million (prev. year EUR 82.4 million). At EUR 12.4 million, group EBIT was just below the previous year’s level (EUR 13.2 million), with income from ordinary activities (EBT) even slightly exceeding the previous year at EUR 4.7 million compared to EUR 4.4 million in 2017. Earnings per share in the first half of 2018 amounted to EUR 0.23 (prev. year EUR 0.22).
The positive result is primarily attributable to the contribution from “Power Generation in Group-owned Wind Farms and Solar Parks”. To date, the wind year has been good across all countries with group-owned facilities and the additional contribution made by the three wind farms and one solar park that was added to the group-owned portfolio brought increased revenues in this segment vis-à-vis the previous year. The Operation Development, Innovation and Others segment also showed a slight increase in revenues.
Peter Szabo, CEO of Energiekontor AG, remarks: “The result in the first half of the year is in line with our expectations. As business has so far developed according to plan, the outlook for the year as a whole has not changed at this point in time. Due to the political situation, characterized by the auctioning system in Germany and declining subsidy measures in all target markets, we continue to expect 2018 will be a transition year compared to previous years".
"However," he adds, "our success in the UK, for example, with the construction of the first subsidy-free wind farm, Withernwick II, and the permission to build the first major onshore-wind project in Scotland, as well as the fact that we were awarded a further solar project in Bavaria, show that the measures that we adopted at an early stage to increase efficiency and to diversify our portfolio are gradually bearing fruit. Our many years of experience in concluding power purchase agreements is particularly valuable in this respect. These long-term PPAs with large industry customers will also play an increasingly important role in Germany in the future. In the US, Energiekontor is also working with its own local team to conclude PPAs for the sites that have been secured for the construction of large-scale solar parks. In addition to the office in Austin/Texas, an office was opened in Rapid City/South Dakota, which will be used to drive forward the development of wind farms. Negotiations on securing sites for the development of wind farms and solar parks are also proceeding in France. Further measures for the gradual implementation of our project pipeline of around three gigawatts are either in preparation or about to be completed. We therefore expect the growth process initiated in recent years to continue from 2019 financial year onwards."
As a pioneer in the industry, Energiekontor AG’s vision of covering 100 percent of energy needs with renewable energies is the most important aspect of its mission statement. The company intends to make an important contribution to this by realizing wind farms and solar parks at a levelized cost of electricity that is below the costs of conventionally operated power plants.
The complete half-year report for 2018 is available online at https://www.energiekontor.de/en/investor-relations/financial-reports.html.
About Energiekontor AG:
For the last 25 years, Energiekontor has stood for a sound approach to business and a wealth of experience in wind power. Formed in Bremerhaven in 1990, the company was one of the pioneers in the industry and is now one of the leading German project developers. Its core business covers planning, construction and operational management of wind farms in Germany and abroad, and was expanded to include solar power in 2010. Energiekontor also currently owns and operates 34 wind farms and one solar park with total rated power of around 270 megawatts. Energiekontor AG now also intends to be a pioneer when it comes to economic viability in realising the first wind farms and solar parks at market prices without state subsidies in all target markets as quickly as possible.
In addition to its headquarters in Bremen, Energiekontor also maintains offices in Bremerhaven, Hagen im Bremischen, Aachen, Dortmund, Bernau (near Berlin) and Potsdam. The company also has branch offices in England (Leeds), Scotland (Glasgow), Portugal (Lisbon), the Netherlands (Nijmegen), the US (Austin/Texas and Rapid City/South Dakota) and France (Toulouse). The formation of an additional office in France is currently in the making.
Our track record speaks for itself: We have realised 118 wind farms with total rated power of around 940 megawatts and three solar parks with total rated power of about 30 megawatts. This corresponds to an investment volume of more than EUR 1.6 billion.
Energiekontor went public on 25 May 2000. The shares of Energiekontor AG (WKN 531350/ISIN DE0005313506) are listed in the General Standard segment of the Frankfurt Stock Exchange and can be traded on all German stock exchanges.
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