Q2 2024 Encavis AG Earnings Call Transcript
Key Points
- Encavis AG (XTER:ECV) confirmed its guidance for fiscal year 2024 despite challenges in the first half.
- The company is set to benefit from a takeover offer by Elbe BidCo, managed by KKR, which aims to enhance its energy transition efforts.
- Encavis AG (XTER:ECV) has ambitious plans to increase its capacity target from 5.8 gigawatts to 7 gigawatts by 2027.
- The company secured significant financing agreements, including a EUR203 million project refinancing and a EUR300 million syndicated revolving credit facility.
- Encavis Asset Management is actively working on projects, including the largest German solar farm, Bartow, with a new PPA contract and financing secured.
- Encavis AG (XTER:ECV) reported a 7% drop in energy production due to unfavorable weather conditions and negative price periods.
- The company experienced a 9% reduction in revenues, attributed to lower power production and prices.
- There were unexpected shutdowns due to negative prices, impacting power production and revenues.
- The Asset Management business faced delays in project investments due to interest rate environments and investor reluctance.
- The company had to account for EUR5.4 million in costs related to the partnership with Elbe, KKR, and Viessmann, affecting financial comparisons.
Good morning, ladies and gentlemen. A warm welcome to our this year's conference call on the H1 2024 figures. These figures are already published on July 30 via netTALK News and via press release because these previous, these figures are pretty much below previous year's figures but as expected. And the guidance for fiscal year 2024 is currently confirmed.
Ladies and gentlemen, as you are aware and I think I don't have to highlight that very long is that there is a transaction going on. Elbe BidCo, which is investment fund, which is managed and advised by KKR together with Viessmann and group of family Viessmann, and ABACON is having out takeover offer for Encavis cash consideration of EUR17.50 per share.
And it is that the Management Board, Supervisory Board of Encavis AG recommended the acceptance on May 02. And in the meantime until June 18, 2024, 87.41% of all Encavis shareholders accepted that offer. The closing of the deal is expected for Q3 2024 or Q4 2024. Well the whole contemplated
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