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EnviTec Biogas reports bullish first half of 2022

EnviTec Biogas reports bullish first half of 2022
An EnviTec Biogas plant (photo courtesy EnviTec).

Germany-headed EnviTec Biogas AG has revealed that it has "recorded an excellent business performance" across all of the company’s segments in the first half of 2022. Group sales revenues rose by 33.1 percent to EUR 144.2 million.

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According to the company, the increase is essentially attributable to two factors in the company’s Own Plant Operation segment, namely the already high production volumes of BioEnergie Park Güstrow and other own plant facilities combined with higher purchase prices for certified biomethane (RED II) on the one hand, and the high electricity trading prices in the Energy division on the other hand.

Moreover, inventories were built up considerably in the reporting period, primarily due to the strong order situation in the Plant Construction segment and, to a lesser extent, in the Service segment.

As a result, total output for the first six months of 2022 rose by 46.7 percent to EUR 171.1 million.

We are seeing new, sustainable momentum in the biogas sector. The most important driver is climate change, which entails new laws as well as government and private sector investments in renewables. This primarily includes the RED II regulations and the very promising REPowerEU plan. In our opinion, the swift decarbonization of the transport sector and of energy production is only further fueled by the current distortions in the energy market, commented Jörg Fischer, CFO of EnviTec Biogas.

Sales revenues in Own Plant Operation, the company’s most important segment, increased by 71.0 percent to EUR 107.6 million in the reporting period. Total output rose by 70.4 percent to EUR 108.5 million.

The Service segment saw sales revenues decline slightly by 3.1 percent to EUR 19.2 million. Total output rose by 3.6 percent to EUR 21.3 million due to an increase in inventories (+ EUR 2.1 million), essentially repowering and conversion projects (biogas upgrading).

While sales revenues in the Plant Construction segment declined by 32.0 percent to EUR 17.4 million due to a lower number of projects invoiced, total output – which also includes plants under construction via changes in inventories – climbed 27.6 percent to EUR 41.3 million.

The Plant Construction segment’s order backlog increased to EUR 218.6 million by the end of June 2022 compared to EUR 169.6 million on December 31, 2021.

At EUR 181.8 million, the order backlog is largely attributable to the international biogas markets mainly France, Denmark, the United States, and China.

High profitability

The EnviTec Group also recorded high profitability in the first six months of 2022, as earnings before interest and taxes (EBIT) rose to EUR 18.9 million (H1 2021: EUR 7.5 million).

Earnings before taxes (EBT) stood at EUR 20.1 million (H1 2021: EUR 7.9 million). Consolidated net income for the period increased to EUR 17.6 million (H1 2021: EUR 7.3 million). Earnings per share stood at EUR 1.19 at the Group level (H1 2021: EUR 0.49).

The profit contribution resulting from the general increase in electricity and gas prices caused by the war against Ukraine played only a minor role in the first six months of 2022. “This clearly underlines the sustainability of the current market momentum,” the company said.

The war in Ukraine and the resulting consequences on the energy market, supply chains, and prices remain the most important factors of uncertainty, especially for the Plant Construction segment.

The new geopolitical situation and, most importantly, the situation in the energy markets, call for determined action and, above all, investments. Looking at all the issues currently discussed such as a windfall tax, we, therefore, plead to exempt profits that are reinvested in renewable energy to finance the urgently required expansion, said Olaf von Lehmden, CEO of EnviTec Biogas.

In the year to date, the EnviTec Group’s performance has been clearly above the company’s original, conservative plans, which is why the earnings forecast has already been upgraded twice.

In spite of all the challenges ahead, we are convinced that we will be able to continue our growth in the coming periods. Supported by strong fundamental factors such as climate change and the transformation of the energy markets, we have created a strong stepping stone for continued growth, in particular by entering bioLNG production, said Olaf von Lehmden.

The Executive Board of EnviTec Biogas currently projects consolidated total output (or revenues) of between EUR 330 million and EUR 370 million for the fiscal year 2022.

Earnings before taxes (EBT) are expected to come in at between EUR 45 million and EUR 50 million.

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