26.09.2019 2G Energy AG  DE000A0HL8N9

DGAP-News: 2G Energy AG increases EBIT disproportionately to EUR 2.9 million in the first half of the year


DGAP-News: 2G Energy AG / Key word(s): Half Year Results/Incoming Orders
2G Energy AG increases EBIT disproportionately to EUR 2.9 million in the first half of the year

26.09.2019 / 08:00
The issuer is solely responsible for the content of this announcement.

  • Consolidated sales grow 13.9 % to EUR 95.8 million (HY 2018: EUR 84.1 million)
  • Consolidated EBIT up 157.7 % to EUR 2.9 million (HY 2018: EUR 1.1 million), EBIT margin improves to 3.0 % (HY 2018: 1.3 %)
  • Total turnover rises 13.7 % to EUR 107.4 million
  • Order backlog at EUR 150.6 million as of August 31
  • Explicit recognition of CHP as a support for the energy turnaround from the climate cabinet

Heek, September 26, 2019 - 2G Energy AG (ISIN DE000A0HL8N9), one of the world's leading manufacturers of gas-driven combined heat and power systems, has increased consolidated earnings before interest and tax (EBIT) in the first half of year by a disproportionately high level of 157.7 percent, with the figure climbing to EUR 2.9 million, corresponding to a 3.0 % EBIT margin (HY 2018: 1.3 %). 2G increased sales in the reporting period from EUR 84.1 million to EUR 95.8 million. Systematic pursuit of its partner concept and globalization of the business led therefore to a significant 13.9 % rise in revenues in the first half of 2019. Standing at EUR 6.4 million (+ 21.1 %), foreign sales grew even faster than domestic sales (EUR + 5.3 million, + 9.8 %). Overall, 2G generated 38.2 % of its revenues abroad, boosted in particular by a marked expansion in service sales abroad amounting to EUR 12.8 million (HY 2018: EUR 9.4 million, + 35.5 %).

Modest rises in staff levels both abroad and in the service business meant that the personnel cost ratio only improved slightly to 17.9 % in spite of the increase in sales (HY 2018: 18.1 %). An unfavorable product and country mix also led to an increase, albeit small, in the cost of materials ratio (69.5 %; HY 2018: 68.4 %). The main drivers of the continuing rise in profitability are therefore a further streamlining of efficiency and enhanced capacity utilization at the Heek facility which is reflected in stable depreciation (EUR 1.8 million; HY 2018: EUR 1.8 million) and a fall in other operating expenses (EUR 10.0 million; HY 2018: EUR 10.4 million).

Position paper from the climate cabinet underlines significance of CHP systems for implementing the energy turnaround
The intention formulated in the position paper to drive and comprehensively modernize the deployment of combined heat and power technology in Germany is good news for the CHP sector. On this point, the position paper notes the following: "Combined heat and power generation is supported in a way that is compatible with the expansion of renewable energies on the electricity and heat sides. Looking ahead, coal-fired CHP stations will be replaced by modern CHP systems, thereby securing the supply of electricity and heat and supporting the integration of renewable energies through their flexible, advantageous mode of operation. CHP subsidies will be expanded and extended until 2030, also taking in public power supplies.

Beneficial amendments to the Renewable Energy Act and Combined Heat and Power Act for operating CHP systems come into force
On September 20, 2019, the Bundesrat adopted the changes to the Renewable Energy Act (EEG) and Combined Heat and Power Act (KWKG) for CHP systems passed by the Bundestag before the summer recess without amendments. For example, the EEG levy on CHP systems' own electricity supplies will be lowered again to a standard 40 percent. The rules restricting the pro-rated EEG levy to 3,500 hours of full utilization per year and the claw-back mechanism for all CHP systems coming on stream since August 1, 2014 will cease to apply to all CHP systems using gaseous fuels with retroactive effect from January 1, 2019. With the approval of the Bundesrat, the long-awaited extension of the KWK Act to December 31, 2025 can also come into force. The reservations with respect to the eligibility of existing systems for subsidies also no longer apply in the KWK Act. The upshot of these reservations was that subsidies for existing CHP systems were suspended for 2019. As these approval reservations no longer apply, subsidies for existing systems can now be paid out.

Overall, this means that planning certainty and the investment horizon have increased substantially for the CHP sector in Germany. With a look to the upcoming quarters, 2G is expecting demand, particularly for gas-driven systems, to pick up.

Management Board reinforces specific forecast for 2019
Consistently dynamic demand at home and abroad with orders received for CHP systems totaling EUR 91.4 million (PY: EUR 123.8 million) after the first eight months is maintaining the order book at the high level of EUR 150.6 million (PY: EUR 161.6 million). In North America, the investments made in the previous year in personnel and a decentralized sales and service structure are bearing fruit: the order book in the area of EUR 12.7 million (PY: EUR 5.9 million) has already picked up pace appreciably. On the basis of positive business and market growth for climate-friendly CHP systems based on gas engines, the Management Board confirms its specific sales forecast for the current fiscal year of 2019 in the upper half of the range from EUR 210 to 230 million. The Board's estimate of an EBIT margin between 5.5 and 7.0 percent is also confirmed.

2G company portrait
2G Energy AG is an internationally leading full service provider of combined heat and power plants (CHP) with electric output between 20 kW and 2,000 kW, which are deployed for the decentralized generation and supply of electricity and heating. 2G is consistently expanding its technology leadership through continuous research and development work, both in gas engine technology for natural gas, biogas and synthetic gas applications (e.g. hydrogen), as well as in specific software development. In particular, this product range, which is based on thousands of plants realized, significantly differentiates 2G from its competitors.

2G benefits from global long-term trends that make efficient and effective energy solutions ever more important. These include rising energy demand accompanied at the same time by the need to conserve natural resources. Moreover, in the energy revolution's future electricity market design, the digitalization that 2G consistently implements forms an indispensable system-relevant element in combination with solar, wind, biogas and natural gas producers, and creates a high barrier to market entry for competitors.

The cogeneration of mechanical energy and heating/cooling make CHP technology more efficient and more environmentally compatible than conventional energy production methods. Compared with conventional electricity generation, CHP technology saves up to 40 percent of primary energy, and emits up to 60 percent less carbon dioxide and nitrogen oxide. 2G customers thereby benefit consistently from economically and ecologically highly beneficial innovations that rapidly pay for themselves and create extensive added values.

2G employs around 640 staff at its headquarters in Heek, Germany, in St. Augustine, USA, as well as at five other European locations. The company is active in a total of 50 countries and generated net sales of EUR 209.8 million in the 2018 financial year. 2G was founded in 1995 and has been listed on the stock market since 2007. The shares of 2G Energy (ISIN DE000A0HL8N9) are listed in the "Scale" segment of the Frankfurt Stock Exchange. The share capital amounts to EUR 4,430,000 and is divided into 4,430,000 shares. As of June 30, 2019, company founders Christian Grotholt and Ludger Gausling held a 53.0 % interest in the company, with the free float amounting to 47.0 %.

2019 calendar dates
October 17 Family Office Capital Day, Vienna
November 25 Q3 key figures and business trends
November 25-26 German Equity Capital Forum 2019, Frankfurt am Main

IR contact
2G Energy AG
Benzstrasse 3, 48619 Heek
Telephone: +49 (0) 2568 93 47-2795
Fax: +49 (0) 2568 93 47-15
Email: [email protected]
Internet: www.2-g.de

26.09.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: 2G Energy AG
Benzstr. 3
48619 Heek
Phone: +49 (0)2568-9347-0
Fax: +49 (0)2568-9347-15
E-mail: [email protected]
Internet: www.2-g.de
Indices: Scale 30
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Stuttgart, Tradegate Exchange
EQS News ID: 880361

End of News DGAP News Service

880361  26.09.2019 


Die wichtigsten Finanzdaten auf einen Blick
  2015 2016 2017 2018 2019 2020 2021e
Umsatzerlöse1 152,88 174,30 189,40 209,78 236,40 246,73 257,00
EBITDA1,2 8,07 9,24 11,12 15,37 19,17 20,11 22,20
EBITDA-Marge3 5,28 5,30 5,87 7,33 8,11 8,15 8,64
EBIT1,4 4,77 5,65 7,33 11,45 15,45 16,45 18,20
EBIT-Marge5 3,12 3,24 3,87 5,46 6,54 6,67 7,08
Jahresüberschuss1 2,60 1,78 4,92 7,61 10,30 11,96 12,45
Netto-Marge6 1,70 1,02 2,60 3,63 4,36 4,85 4,84
Cashflow1,7 2,06 6,38 12,85 4,88 1,92 9,79 8,50
Ergebnis je Aktie8 0,59 0,40 1,11 1,72 2,33 2,70 2,78
Dividende8 0,37 0,40 0,42 0,45 0,45 0,45 0,50
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2020 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: PricewaterhouseCoopers

2G Energy
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A0HL8N 101,800 Kaufen 456,57
KGV 2022e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
29,94 24,81 1,22 63,47
5,98 46,66 1,85 22,43
Dividende '20 in € Dividende '21e in € Div.-Rendite '21e
in %
0,45 0,50 0,49 03.06.2022
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
19.05.2022 08.09.2022 18.11.2021 21.04.2022
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-6,00% 7,33% 13,36% 18,23%
Wirtschaftsprüfer BGFL-Scoring Coverage
PricewaterhouseCoopers 0,000
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