EnviTec Biogas: Figures for Q2 2012 in line with plan

(PresseBox) ( Lohne, )
- Sales and EBIT improve on first three months 2012
- Order backlog of EUR 182.2 million
- Outlook for 2012: Guidance confirmed

Business of EnviTec Biogas [ISIN: DE000A0MVLS8] in the second quarter went according to plan. The company, which specialises in the construction and operation of biogas plants, increased its sales revenues compared to the first three months of the year and generated an all in all balanced operating result. The year 2012 as a whole is a year of transition, in which the German biogas market, which has been the main output market of EnviTec Biogas so far, must adapt to the new legal framework. In response to this situation, EnviTec Biogas is building up new business activities to market energy in Germany. The company's foreign activities remained positive in the reporting period. Moreover, EnviTec continued to expand its Own Plant Operation segment.

EnviTec's consolidated sales revenues were up 9.6 percent compared to the first three months, rising from EUR 39.5 million to EUR 43.3 million. This growth was driven primarily by strong international sales, which totalled EUR 19.8 million between April and June, up 90 percent on the first three months of 2012. While Italy is the main growth driver, the situation in the Czech Republic is also positive. Revenues also picked up in the Own Plant Operation and Service segments. Sales revenues in the first six months of 2012 totalled EUR 82.8 million (H1 2011: EUR 94.5 million). Earnings before interest and taxes (EBIT) also showed a positive trend and climbed from EUR -1.7 million in the first quarter to an almost balanced EUR -0.1 million. EBIT for the first six months thus totalled EUR -1.8 million (H1 2011: EUR 2.1 million).

Incoming orders reach high level in Q2

EnviTec received incoming orders worth EUR 45.6 million in the second quarter, of which approx. EUR 36.2 million or 79 percent relate to international customers. While demand in Germany remains moderate, it has picked up somewhat compared to the beginning of the year. EnviTec therefore expects to receive further orders from German customers in the coming months. At the end of the quarter, the order backlog totalled EUR 182.2 million. International customers accounted for EUR 106.8 million (58.6 percent) of the total order backlog (2011: EUR 121.7 million or 39.6 percent).

Earnings to pick up further as the year progresses

"Our strong international business and the expansion of our own plant construction activities suggest that the positive trend in sales and earnings will continue as the year progresses", says CFO Jörg Fischer. This will be ensured by the solid order backlog on the one hand and by the expansion of the Own Plant Operation segment on the other hand. At the end of June, EnviTec had plants with an electrical output of 44.9 megawatts (MW) on line, 20.4 MW more than in the previous year. Besides building its own plants, the company acquired several grid-connected plants. EnviTec will consider further acquisitions going forward. Another 7.5 MW were under construction at the 6-month stage, with at least 52 MW expected to be on line by the end of the year.

In view of the performance in the second quarter, EnviTec has confirmed its guidance for the full year. 2012 will be a year of transition for the company and the German biogas sector as a whole. Following on from the exceptionally good year 2011, the ongoing transformation of the German market will lead to a sharp drop in the Plant Construction segment's domestic revenues. This will be partly offset by strong business abroad. The company projects growing revenues in the Own Plant Operation and Service segments. The operating result should therefore remain clearly positive in spite of a decline in sales. Both the sales forecast and the earnings forecast are to be put in more concrete terms as the year progresses.
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