10.09.2020 2G Energy AG  DE000A0HL8N9

DGAP-News: 2G Energy AG increases total output in the first half year by 7.5 % to EUR 115.5 million


DGAP-News: 2G Energy AG / Key word(s): Half Year Results/Forecast
2G Energy AG increases total output in the first half year by 7.5 % to EUR 115.5 million

10.09.2020 / 08:30
The issuer is solely responsible for the content of this announcement.

  • Total output increases by EUR 8.0 million in H1 2020
  • Net sales of 85.6 million Euro at the half-year closing date are still below the prior year's level (EUR 95.8 million), as many technically completed projects had not yet been finally invoiced
  • EBIT of EUR 2.3 million (H1 2019: EUR 2.9 million) still below previous year (also due to reporting date)
  • No changes to planning for fiscal year 2020 and the medium-term outlook
  • Dynamic incoming orders of EUR 94.9 million by the end of July (previous year: EUR 82.0 million) ensure that order books remain full and that production will be utilized in two shifts well beyond the first quarter of 2021

Heek, 10 September 2020 - 2G Energy AG (ISIN DE000A0HL8N9), one of the leading international manufacturers of gas-fired combined heat and power (CHP) plants, has achieved net sales of EUR 85.6 million in the first half of 2020. Due to the reporting date, net sales are thereby around EUR 10.2 million or 11% below the prior year's level on the basis of HGB (German Commercial Code) accounting. The reason for the lower number of invoices as of June 30 is the delays in order processing that occurred in connection with the Covid 19 pandemic, as temporary closures of construction sites delayed the installation and commissioning of individual projects accordingly.

Thanks to protective measures introduced in a timely manner, production process in Heek were kept largely free of disruptions, enabling total output to be increased by 7.5% to EUR 115.5 million (H1 2019: EUR 107.4 million) as originally planned. Work in progress and finished goods were up accordingly by EUR 29.8 million (H1 2019: EUR 11.6 million).

Service grows continuously
In the past six months, 2G was again able to increase service revenues by EUR 3.2 million or 7% to EUR 45.7 million. At EUR 39.8 million, new equipment sales were, for the above-mentioned reasons, around 25% below the previous year figure (EUR 53.2 million). As of the reporting date, the Service division had thereby contributed more than 50% of total net sales.

Cost of materials ratio remains constant despite increased work-in-progress
The cost of materials was up from EUR 74.6 million EUR 80.2 million due to the increase in total output. Despite the significantly lower net sales in relation to the total output, the cost of materials ratio of 69.5% remained constant by comparison with the previous year. The implementation of the industrial process model in the form of low-waste, quality-oriented procurement processes was thereby again reflected in an increase in gross profit to EUR 35.3 million (H1 2019: EUR 32.8 million, +7.5%).

Personnel costs increased significantly to EUR 22.0 million in the past half year (H1 2019: EUR 19.3 million, +14.0%). In addition to very cautious capacity expansions, especially in the service area, the still very low unemployment rate at the company's headquarters region plays a certain role, so that 2G is exposed to permanent pressure with regards to wage levels. Added to this are protective measures in connection with the Covid 19 pandemic, which have led to efficiency losses.

With depreciation and amortization (EUR 1.8 million) and other operating expenses (EUR 10.0 million) remaining constant compared to the prior year, earnings before interest and taxes (EBIT) at the half year closing date stood at EUR 2.3 million (H1 2019: EUR 2.9 million), corresponding to an EBIT margin of 2.7% (H1 2019: 3.0%).

Order situation developing positively in many markets
Despite the Covid 19 pandemic, 2G succeeded in acquiring new orders totalling EUR 94.9 million (previous year: EUR 82.0 million) by the end of July. The significant growth of a good 15% derived entirely from the domestic market, where incoming orders were up from EUR 46.1 million to EUR 63.1 million. These gratifying developments were largely due to good business with natural gas-fired CHP plants, which saw an increase in orders of EUR 13.4 million or 113 %.

Forecast confirmed
At EUR 159.5 million as of the end of July, the order books are well filled, so that production capacity utilization in 2-shift operations is guaranteed beyond the first quarter of 2021. On the German domestic market in particular, it appears that classic cost-cutting measures in the industrial arena are resulting in a further increase in interest in CHP solutions. Assuming that the Covid 19 pandemic does not worsen again in the markets relevant to 2G and, as a consequence, leads to temporary closures of construction sites in key foreign markets, the Management Board continues to expect net sales of between EUR 235 million and EUR 250 million and an EBIT margin of between 5.5% and 7.0% for the entire year.

2G will publish the full half-year report on September 17.

2G company portrait
2G Energy AG is an internationally leading full-service provider of combined heat and power systems (CHP) with electric output between 20 kW and 4,500 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 systems 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 electrical and thermal energy makes CHP technology more efficient and climate-compatible than conventional energy production methods, especially if, for example, hydrogen from regenerative sources is utilized as fuel. 2G power systems offset fluctuating electricity production from wind and solar power plants in line with demand, consequently forming a backbone technology for future supply concepts. 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 650 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 sales of some EUR 236.0 million in the 2019 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, 2020, company founders Christian Grotholt and Ludger Gausling held a 52.3 % interest in the company, with the free float amounting to 47.7 %.

2020 calendar dates
September 17 Half-year report 2020
November 16 Q3 key figures and business trends
November 16-18 German Equity Forum, Frankfurt am Main

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

10.09.2020 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: 1129637

End of News DGAP News Service

1129637  10.09.2020 


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 106,400 Kaufen 477,20
KGV 2022e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
31,29 24,99 1,30 66,33
6,25 48,77 1,93 23,45
Dividende '19 in € Dividende '20e in € Div.-Rendite '20e
in %
0,45 0,45 0,42 15.06.2021
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
17.05.2021 09.09.2021 18.11.2021 29.04.2021
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
16,27% 16,55% 18,49% 53,09%
Wirtschaftsprüfer BGFL-Scoring Coverage
PricewaterhouseCoopers 0,000
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