Bremen, 11 August 2023 - SDAX-listed Energiekontor AG (ISIN DE0005313506), one of Germany's leading project developers and operators of wind and solar parks, continued its growth course in the first half of 2023. The Company was able to strongly increase its key financial figures in the first six months of the 2023 financial year despite an overall challenging market environment. Consolidated sales increased to €65.2 million in the first six months of the 2023 financial year (6M 2022: €52.5 million). Earnings from ordinary activities (EBT) more than doubled to €27.8 million (6M 2022: €12.2 million) compared to the same period last year. Consolidated net earnings reached almost €21.0 million in the first half of 2023 (6M 2022: €8.5 million). As a result, earnings per share increased to €1.50 (6M 2022: €0.61). Energiekontor's balance sheet extended to around €643.7 million (6M 2022: €633.6 million). The equity ratio increased to almost 20 percent (6M 2022: 19.5%).
Peter Szabo, CEO of Energiekontor AG, on the 2023 half-year financial result: "The very pleasing result for the first half of 2023 is once again an impressive proof of the strength and sustainability of our business model, which is based on organic growth. We grow out of our own resources and focus on established growth markets and on onshore wind and solar utility scale technologies. As a result, we were able to successfully continue our growth course in the first six months of the current financial year despite numerous challenges. Against this backdrop, we remain optimistic that we will also achieve the goals we have set for the full year 2023. The basis for this is not least the renewed expansion of our valuable project pipeline to more than 10.8 GW as well as projects with a total generation capacity of around 130 MW, for which commissioning is still planned until the end of 2023 as of today."
All segments with positive earnings contribution
In the reporting period, the purchase agreements for three wind park and one solar park projects with a total generation capacity of some 116 MW were successfully concluded and signed. The wind park projects are a wind park project in Germany (11.2 MW) and two wind park projects (86 MW) from the Scottish project pipeline. The solar park project is the "Karstädt 2" solar park (19 MWp), which was successfully commissioned after the reporting date of 30 June 2023. The contribution to earnings from ordinary activities (EBT) for the "Project development and sales" segment amounted to some €9.3 million in the first half of 2023 (6M 2022: - €3.5 million).
As of the reporting date, the company holds building permits for 26 further wind and solar park projects with a total generation capacity of around 820 MW. In addition, 11 wind and solar park projects with a total generation capacity of around 214 MW were under construction as at 30 June 2023.
The "Power generation in Group-owned wind farms and solar parks" segment also made a significant contribution to earnings with a segment EBT of €16.5 million (6M 2022: €13.5 million). Negative meteorological effects from a slightly weaker overall wind yield in the first half of 2023 were more than offset by the further capacity expansion of the own portfolio by around 55 MW compared to 30 June 2022 as well as the early securization of attractive remunerations. With a segment EBT of €2.0 million (6M 2022: €2.2 million), earnings in the "Operation development, innovation & others" segment in the first half of 2023 was roughly at the same level as in the same period of the previous year.
Project pipeline expanded to over 10.8 GW
In the reporting period, the valuable project pipeline was again expanded by almost 600 MW to 10.8 (incl. US project rights) or to over 10.0 GW (without US project rights) compared to the status at the end of December 2022. In the process, both regional and technical diversification were further advanced. Around one third of the project pipeline is now in the solar sector.
Starting signal for the largest solar park in the Company's history and further building permits in the wind sector
Shortly after the deadline of 30 June 2023, Energiekontor successfully concluded the financing for the "Letschin" solar park (60Mwp), thus giving the go-ahead for the realisation of the largest solar park project in the Company's history to date. The solar park is scheduled to go into operation in the first quarter of 2025 and is to be taken over into the Company's own portfolio.
Energiekontor also received a further building permit for a wind farm project in North Rhine-Westphalia after the end of the reporting period with a total nominal output of around 17 MW at the beginning of July 2023.
Outlook 2023 - Energiekontor on track to achieve annual target
The general market uncertainties and challenges remain high for the industry as a whole. These include higher investment costs, higher interest rates and longer project implementation periods due to increased delivery times. As a result, Energiekontor may also experience delays in projects and their planned realisation by the end of the year 2023 may become more difficult.
The Management Board holds on to the target set at the beginning of the year of increasing the Group EBT of the previous year by 10 to 20 percent in the 2023 financial year. From today's perspective, this target is still achievable if business develops according to plan. The achievement of the target itself, as well as the level of target achievement, will depend largely on the course of business in the second half of 2023, in which several projects relevant to the annual result will enter the decisive realisation phase.
The half-year financial report 2023 is available for download on Energiekontor's website.
About Energiekontor AG:
A solid business policy and a lot of experience in renewable energies: This is what Energiekontor has been committed to for more than 30 years. Founded in Bremerhaven in 1990, the Company is one of the pioneers in the industry and is now one of Germany's leading project developers. Its core business ranges from the planning and construction to the operational management of wind and solar parks in Germany and abroad. In addition, Energiekontor operates wind and solar parks with a nominal output of over 380 megawatts in its own portfolio. Energiekontor AG also aims to play a pioneering role in economic terms and to realise the first wind and solar parks in all target markets at market prices as quickly as possible, independently of state subsidies.
In addition to its headquarters in Bremen, Energiekontor has offices in Bremerhaven, Hagen im Bremischen, Aachen, Augsburg, Bernau bei Berlin, Potsdam, Berlin-Spandau and Hildesheim. The Company also has offices in England (Leeds), Scotland (Edinburgh, Glasgow), Portugal (Lisbon), USA (Houston/Texas and Rapid City/South Dakota) and France (Toulouse, Rouen).
The proud record of accomplishment since the Company was founded: Over 150 realised wind and solar park projects with a total nominal output of more than 1.3 gigawatts. This corresponds to an investment volume of over 1.8 billion euros.
Energiekontor AG (WKN 531350/ISIN DE0005313506/General Standard) is listed on the SDAX of the German Stock Exchange in Frankfurt and can be traded on all German stock exchanges.
Contact:
Energiekontor AG
Till Gießmann
Head of Investor & Public Relations
Phone: +49 (0)421 3304-126
E-mail: till.giessmann@energiekontor.com
www.energiekontor.de