August 28 (Solar) – German-based solar and wind park operator Encavis AG (ETR:CAP) said today its revenues rose 8% year-over-year in the first half of 2018 as the hot weather in Germany in May and June more than compensated for the poorer meteorological conditions in the first quarter of the year.
According to the company's preliminary results, revenues increased to EUR 122.8 million (USD 143.5m) from EUR 113.8 million in the first six months of 2017. Earnings before interest, taxes, depreciation and amortisation (EBITDA) were up 7% to EUR 94 million, while EBIT climbed 3% to EUR 57.8 million. Operating cash flow grew 12% to EUR 78.3 million.
The company noted that the results compare to a meteorologically very strong first half of 2017. Weather adjusted, revenues were up by 10%, operating EBITDA by 10% and operating EBIT by 8%, according to the statement.
Encavis said it is well on track with its full-year guidance after the first half. For 2018, the company expects revenues of over EUR 240 million, EBITDA of over EUR 175 million and EBIT of over EUR 105 million. Operating cash flow is seen at more than EUR 163 million.
(EUR 1 = USD 1.168)