eno energy GmbH increases sales and improves earnings in the 2018 financial year
Preliminary business figures of the eno Group for the financial year 2018
eno energy GmbH increases sales and improves earnings in the 2018 financial year
- Robust profitability: EBIT margin rises from 2.5% to a good 7.5
- Sales increase at approx. 6
- Financing structure simplified and debt financing reduced by 25 million euros
- Equity ratio rises to around 47 % (previous year 28.7 %)
- Order situation and project pipeline give eno an optimistic outlook for the 2019 financial year
According to preliminary figures, eno energy GmbH increased its sales and earnings in the 2018 financial year. The company, which operates the project development, general contractor and operational management business for renewable energy projects, increased its sales volume to a good EUR 86 million and thus by around 6 % compared to the previous year. Thanks to strict cost discipline, eno simultaneously reduced its operating expenses by around 5%, so that the EBITDA margin (earnings before interest, depreciation and taxes) improved from 5.9% in 2017 to a good 10%.
The EBIT margin (earnings before interest and taxes) increased from 2.5 % in 2017 to around 7.5 %. In addition, the Rostock-based company significantly reduced its borrowing from banks in the past financial year as part of numerous sales of wind farm projects (around 58 MW). As a result, interest expenses fell significantly in the reporting year. The management therefore expects a net profit for 2018 after taxes in the mid single-digit million range.
The equity ratio of eno energy GmbH increased to around 47% (previous year: 28.7%). This is due to the reduction in liabilities and thus in the balance sheet total by around EUR 25 million as part of the aforementioned project sales.
In addition to eno energy GmbH, eno energy systems GmbH is a key contributor to the sales and earnings development of the entire eno Group. The production of wind turbines (WTGs), engineering, service and maintenance services are bundled in systems. In the 2018 financial year, the company increased its EBITDA margin to over 6.5% (previous year: 4.5%) by focusing on higher-margin products. Revenue declined by 25% year-on-year as a result of this focus. The balance sheet was adjusted for non-cash amortisation of intangible assets and a one-off book value loss from the sale of non-operating assets. Due to these accounting adjustments made in 2018, the company will report a loss in the low, single-digit million range. At the same time, however, this has set the stage for eno energy systems’ growth and profitability in the current year.
Outlook: In view of the existing order situation and the existing project pipeline in Germany, Sweden and France, eno energy GmbH and eno energy systems GmbH expect business development in 2019 to at least match the level of 2018.
Shaping tomorrow's future today
The eno energy Group is Europes leading medium-sized manufacturer of premium wind turbines. At our locations Rostock and Rerik, we develop and produce durable and powerful onshore wind turbines in the 2.2 to 6.0 MW range.
Due to our first-class quality “Made in Germany” and innovative know-how, we are offering individual solutions to our customers. Based on our product portfolio, our international sales pipeline and our constantly growing network, our environmental and social philosophy of sustainable and responsible behaviour drives us forward every day.
