March 18 (Renewables Now) - German wind and solar park operator Encavis AG (ETR:CAP) today reported a 13% year-on-year increase in earnings before interest and tax (EBIT) for 2018 to EUR 113.7 million (USD 129m).
Based on preliminary results, the company has exceeded its own forecast for 2018 thanks to capacity additions and positive meteorological conditions. Especially in Germany, the hot summer weather has resulted in higher solar power revenues, Encavis said.
Roughly EUR 6.7 million of 2018 revenues have been attributable to weather-related additional income. The table below contains details on the firm’s performance last year.
|Results in EUR million, unless specified||2018 prelim||2018 forecast||2017|
|Cash flow from operations||174.3||>163||153.0|
|Earnings per share (in euro)||0.31||0.30||0.29|
Encavis’ management board expects the profitable growth to continue in 2019 too, but it anticipates average meteorological conditions. The table below contains its new forecast and 2018 figures adjusted for meteorological effects.
|All in EUR million, unless specified||2019 forecast||2018 adj|
|Operating cash flow||>180||N/A|
|Earnings per share (in euro)||0.35||0.31|
The forecast is conservative and based only on Encavis’ existing portfolio in March. The availability of solar and wind power plants is assumed to surpass 95% in 2019.
(EUR 1 = USD 1.13)