DGAP-News: KTG Energie AG / Key word(s): Final Results/Results
Forecast
KTG Energie AG stays on planned growth path
27.03.2014 / 08:31
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KTG Energie AG stays on planned growth path
- Company continues growth in Q1
- EBITDA set to rise by at least 25 percent to EUR 17 million in 2014
- Proposed dividend: 40 cents per share
- Continuously rising dividend plan
- Audited 2013 annual report published
Hamburg, March 27, 2014 - Based on the growth it achieved in the first
quarter of the year (November 2013 - January 2014), KTG Energie AG (ISIN:
DE000A0HNG53) is confirming its forecast for the current 2013/2014
financial year: "We continued to grow during the first quarter. We are
currently expanding our base of installations, as scheduled, and we are
sure that we will achieve our 2014 forecast," comments Dr. Thomas Berger,
CEO of KTG Energie AG. Compared with the abbreviated 2013 financial year,
high-margin revenue from existing installation operations are to grow to up
to EUR 65 million in the 2013/2014 financial year (January-October 2013:
EUR 42 million). The Management Board expects the EBITDA margin to come in
at around 27 percent, resulting in EBITDA from existing installations to
lie in a prospective range of between EUR 16 million and EUR 17 million.
Given a targeted minimum 15 percent EBIT margin, the existing installation
park will achieve EBIT prospectively in a range between EUR 9 million and
EUR 9.5 million. Compared with the abbreviated 2013 financial year, EBITDA
would consequently grow by up to 25 percent, and EBIT by up to 18 percent.
In addition, production capacities are to grow to around 50 MW through the
expansion of existing installations by July 2014, compared with 41 MW as of
October 31, 2013.
2013: Profitability and revenue double - first dividend payment
The KTG Energie Group, which has today published its audited annual report
for its 2013 abbreviated financial year (www.ktg-energie.de), more than
doubled its revenue in the 2013 abbreviated financial year compared with
the first ten months of the previous year to EUR 50.9 million (January to
October 2012: around EUR 23 million). Revenue from high-margin installation
operations climbed from EUR 31 million to EUR 42.3 million, and trading
revenue and other income contributed EUR 8.7 million to revenue growth.
Operating earnings (EBITDA) improved by 97 percent to EUR 13.2 million
(January to October 2012: EUR 6.7 million), and EBIT rose to EUR 8.0
million. The parent company KTG Energie AG generated a profit of more than
EUR 3.0 million, almost 80 percent of which is to be paid out as a dividend
to shareholders. The Management and Supervisory boards of KTG Energie AG
are proposing to the Shareholders' General Meeting that it approve the
payment of a dividend of EUR 0.40 per share. Given a price of EUR 11.20
(Xetra, March 26, 10:12 hours), this is equivalent to an approximately 3.6
percent dividend yield. The Management Board is endeavoring to realize
continuous dividend growth in the coming years.
Cash flow significantly higher than debt servicing
KTG Energie reports EUR 19.9 million of equity as of the October 31, 2013
balance sheet date (December 31, 2012: EUR 18.6 million), and liquid assets
of EUR 8.4 million (December 31, 2012: EUR 20.8 million). The debt service
coverage ratio (DSCR) stood at around 1.40. Accordingly, the cash flow
available for debt servicing covered the interest and redemption amounts
required to service debt by 1.4 times. The refinancing of installations
under construction, which has had interim financing through bond funding,
and which is gradually being replaced by low-interest KfW loans, is
releasing funds for redemption. "Feed-in tariffs guaranteed for twenty
years and the acceptance guarantee secure our future sales revenues and
income, allowing our business model to stand on an extremely solid
foundation, and ensuring the repayment of the medium-term bond by
refinancing with long-term, low-interest KfW loans" notes CEO Dr. Thomas
Berger.
High revenue and income as basis of future growth
The organic expansion of existing installations to a 50 MW production
capacity level, which is planned as of August 1, on its own allows a
high-margin and long-term secured annual revenue of up to EUR 75 million
for the 2014/2015 financial year. As far as existing installations are
concerned, the 20-year feed-in tariff guarantee for the residual term
pledged in each case, and the feed-in priority - as planned in the
amendment to the German Renewable Energies Act (EEG) - ensure maximum
security. CEO Dr. Thomas Berger: "Our growing revenue and income base
enables us to distribute continuously growing and attractive dividends to
our shareholders." Minority shareholder KTG Agrar SE also benefits from
this. In addition, KTG Energie identifies further growth potential in
optimizing existing installations, in the acquisition from the market and
optimization of additional biogas installations, and in mobile heating
transportation.
About KTG Energie AG
KTG Energie AG, based in Hamburg, is specialized in the production of
renewable energies from renewable raw materials. To this end, the company
has been operating biogas plants in Germany since 2006 and covers the
entire value added chain from the planning and construction to the
operation of the systems. Sales quantities are guaranteed through the
Renewable Energy Act (EEG) for a period of 20 years at fixed conditions.
Today, over a quarter of a million people are already supplied with clean,
environmentally-friendly energy. As a subsidiary of the agricultural
company KTG Agrar AG, the supply of renewable raw materials - particularly
catch crops, grass and straw - is guaranteed in the long term. KTG Energie
currently employs around 65 staff and has more than doubled sales volume in
the short fiscal year 2013 (January through October), in comparison with
the previous year, to EUR50.9 million and increased the operating result
(EBITDA) by 97% to EUR13.2 million. The company has been listed on the
Frankfurt Stock Exchange since 2012.
Further information: www.ktg-energie.de
Contact:
Investor Relations / Press
Tobias M. Weitzel
BSK Becker+Schreiner Kommunikation GmbH
Phone: +49 2154-8122 16
E-mail: weitzel@kommunikation-bsk.de
End of Corporate News
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Language: English
Company: KTG Energie AG
Ferdinandstr. 12
20095 Hamburg
Germany
Phone: +49 40 76755372
Fax: +49 40 76755374
E-mail: info@ktg-energie.de
Internet: www.ktg-energie.de
ISIN: DE000A0HNG53, DE000A1ML257,
WKN: A0HNG5, A1ML25
Listed: Freiverkehr in Berlin, Düsseldorf, München, Stuttgart;
Frankfurt in Open Market (Entry Standard)
End of News DGAP News-Service
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259929 27.03.2014
DGAP-News: KTG Energie AG stays on planned growth path
| Source: EQS Group AG