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Energiekontor's H1 fin performance aligns with prior year results


Energiekontor's H1 fin performance aligns with prior year results

August 31 (Solar) – German wind project developer Energiekontor AG (ETR:EKT) today reported first-half (H1) financial results that are in line with the company’s performance from a year earlier.

The Bremen-based company booked a consolidated profit of EUR 3.4 million (USD 4m), slightly up from the EUR 3.2 million recorded in January-June 2017. It attributed the positive result mainly to the contribution from the operations of its own wind farms and solar parks. Energiekontor currently owns and operates 34 wind farms and one solar park with a combined capacity of 269.2 MW, located in Germany, Portugal and the UK.

The table below gives more details about the company’s financial performance in January-June 2018.

Figures in EUR H1 2018 H1 2017
Revenue 32.9 million 41.4 million
Total output 58.7 million 82.4 million
EBITDA 21.4 million 21.3 million
EBIT 12.4 million 13.2 million
Consolidated profit 3.4 million 3.2 million
Earnings per share 0.23 0.22

“As business has so far developed according to plan, the outlook for the year as a whole has not changed at this point in time. Due to the political situation, characterized by the auctioning system in Germany and declining subsidy measures in all target markets, we continue to expect 2018 will be a transition year compared to previous years," CEO Peter Szabo commented. Nevertheless, he expects the growth process initiated in recent years to continue from 2019 financial year onwards.

(EUR 1.0 = USD 1.168)

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