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EQS-News: EnviTec Biogas AG / Key word(s): Annual Results/Forecast
EnviTec Biogas closes FY 2023 with record results and makes further investments to expand Own Plant Operation
2024-05-15 / 12:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
Corporate News
EnviTec Biogas closes FY 2023 with record results and makes further investments to expand Own Plant Operation
. Total output up 5.9% to EUR 445.8 million
. Revenues climb 8.9% to EUR 416.8 million
. Earnings before taxes (EBT) at EUR 88.2 million (previous year: EUR 66.6 million)
. Dividend of EUR 3.00 per share proposed for FY 2023
. Forecast for 2024: Total output (or revenues) between EUR 360 and 400 million, EBT between EUR 40 and 50
million
Lohne, 15 May 2024 - EnviTec Biogas AG (ISIN: DE000A0MVLS8) delivered a strong performance across all segments in the
fiscal year 2023. The Group's total output increased to EUR 445.8 million (previous year: EUR 421.1 million), with
earnings before taxes (EBT) rising to EUR 88.2 million (previous year: EUR 66.6 million).
Sales revenues in EnviTec's largest segment, Own Plant Operation, declined by 12.2% to EUR 236.1 million. The decline
is, however, primarily due to the outsourcing of electricity trading of at-equity investments directly to the
respective operating companies. Total output amounted to EUR 255.0 million (previous year: EUR 270.7 million). On the
other hand, contracts and fixed supply agreements in electricity and gas trading, signed in 2022 on the basis of the
above-average energy prices at that time, led to extraordinary income in 2023.
Sales revenues in the Service segment rose by 5.3% to EUR 48.6 million (previous year: EUR 46.1 million). Total output
climbed to EUR 50.2 million (previous year: EUR 46.5 million). In the Plant Construction segment (including the holding
company), a large number of construction projects were completed and finally invoiced in accordance with the German
Commercial Code (HGB). As a result, revenues in this EnviTec segment increased particularly dynamically by 94.6% to EUR
132.1 million. Total output also picked up significantly to EUR 140.5 million (previous year: EUR 103.9 million).
Business in the USA developed particularly well. Eleven plants are currently under construction there and further new
projects in the pipeline.
The positive segment performance sent consolidated revenues rising by 8.9% to EUR 416.8 million (previous year: EUR
382.8 million). The Group's total output, which additionally includes the value of projects under construction, rose by
5.9% to a new record high of EUR 445.8 million (previous year: EUR 421.1 million).
Earnings before interest, taxes, depreciation and amortisation (EBITDA) - including the contribution of at-equity and
other investments - amounted to EUR 116.1 million (previous year: EUR 82.8 million). Earnings before taxes (EBT) also
improved significantly in the reporting period from EUR 66.6 million to EUR 88.2 million. The EnviTec Group's
consolidated net income for the year amounted to EUR 64.1 million (previous year: EUR 48.3 million). Earnings per share
for the year 2023 thus rose to EUR 4.31 (previous year: EUR 3.25).
In view of the excellent earnings performance, the Executive Board and the Supervisory Board of EnviTec Biogas AG
propose to distribute a dividend of EUR 3.00 per share for the fiscal year 2023.
"In terms of our key performance indicators, 2023 was the best fiscal year since the foundation of our company," said
Jörg Fischer, Chief Financial Officer of EnviTec Biogas AG. "Yet, it is clear that this result cannot be repeated in
the short term, as there were many extraordinary factors that had a large impact in the fiscal years 2022 and 2023. At
the same time, we see that major efforts are being made worldwide to decarbonise and secure energy supplies, which is
leading to completely new market dynamics. As Germany's largest biogas producer with an international and diversified
business model, we benefit from this constellation."
As of the balance sheet date 31 December 2023, the EnviTec Group's total assets amounted to EUR 417.3 million, up EUR
76.7 million on the prior year reporting date. The equity ratio stood at 48.1% (31 December 2022: 49.1%). Cash and cash
equivalents rose from 69.4 million to EUR 85.3 million and were therefore higher than bank liabilities totalling EUR
76.1 million. Despite the large number of plants finally invoiced as at the balance sheet date, the order backlog in
the Plant Construction segment remained at a very high level of EUR 208.0 million (31 December 2022: EUR 217.7
million). Of this amount, EUR 171.9 million are already under construction and partially included in changes in
inventories. An amount of EUR 105.6 million relates to the international biogas markets, mainly in France, the USA and
Denmark.
Olaf von Lehmden, CEO of EnviTec Biogas AG: "Since 2021, we have used our position of strength to implement the largest
investment programme in the history of our company. In the reporting period, we reached a major milestone when we
completed the conversion of BioEnergiepark Güstrow. We are also in the process of converting four other existing plants
into gas upgrading facilities, including LCO[2] production. Our team has also grown considerably again in the course of
our expansion. It is true that we continue to face major regulatory uncertainties in Germany. At the same time, we have
repeatedly demonstrated in the past that we are always able to respond quickly and flexibly not only to changing market
conditions but also to opportunities that arise in the international biogas markets. We are therefore optimistic that
our company will continue on its successful path in the coming years."
For the fiscal year 2024, EnviTec projects total output (or revenues) in a range of EUR 360 million to EUR 400 million.
The Executive Board expects earnings before taxes (EBT) to be between EUR 40 million and EUR 50 million. The decline
compared to the fiscal year 2023 is mainly due to one-time effects in the own plan operation segment (Energy area),
which will not be repeated in this form in the current financial year. At the same time, the Group's business volume
and profitability are significantly higher than in the previous years, which underlines the dynamic development of
EnviTec.
The full Annual Report for 2023 is available at https://www.envitec-biogas.com/company/investor-relations/ir-reports.

About EnviTec Biogas AG
EnviTec Biogas AG covers the entire value chain for the production of biogas, including the planning and construction
of biogas plants and biogas upgrading plants as well as their commissioning. The company takes charge of biological and
technical services on demand, and also offers operational management services. EnviTec operates 87 own plants, making
it the largest biogas producer in Germany at present. EnviTec's business activities also include the production and
marketing of climate-neutral fuels (bio-LNG) for the transport sector as well as food-grade liquid carbon dioxide (LCO
[2]). With a presence in 16 countries worldwide, EnviTec Biogas AG is represented by its own companies, sales offices,
strategic partners and joint ventures. In 2023, the EnviTec Group generated revenue of EUR 416.8 million and EBT of EUR
88.2 million. The Group currently employs around 690 employees. EnviTec Biogas AG has been listed on the Frankfurt
Stock Exchange since July 2007.
Contact:
Katrin Hackfort
EnviTec Biogas AG
Phone: +49 25 74 88 88 - 810
Email: k.hackfort@envitec-biogas.de
2024-05-15 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
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Language:     English 
Company:      EnviTec Biogas AG 

Industriering 10a
49393 Lohne
Germany

Phone:        +49 (0) 44 42 - 80 65 0 
Fax:          +49 (0) 44 42 - 80 65 103 
E-mail:       info@envitec-biogas.de 
Internet:     www.envitec-biogas.de 
ISIN:         DE000A0MVLS8 
WKN:          A0MVLS 
Listed:       Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Basic Board), Hamburg, Hanover, Munich, 

Stuttgart, Tradegate Exchange
EQS News ID: 1903907

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1903907 2024-05-15 CET/CEST

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May 15, 2024 06:00 ET (10:00 GMT)