1 - KTG Energie AG

BUSINESS PERFORMANCE ∙ 1ST HALF YEAR 2012
3 ∙ BUSINESS OPERATIONS
During the first half of 2012 KTG Energie AG continued growing
vigorously. We have significantly expanded our production
capacity while simultaneously boosting turnover and improving
our operating result. During the first half of the year plants in
Putlitz PAL, Schöllnitz II und Wuthenow began running at full
capacity. As a result, on 30 June 2012, KTG Energie AG had
plants generating a total of 30.6 MW connected to the power
grid, as compared with 22.4 MW on 31 December 2011. Furthermore,
as of the balance sheet date plants set to generate over
9 MW were under construction, with others at the planning
stage. During the first half of 2012 we produced 70.2 million
kilowatt hours of environmentally friendly energy. Thanks to
the stock market flotation at the end of June we have laid the
financial foundations for further growth, and can view the
future with optimism.
3.1 ∙ Overall Performance Trends and Turnover
Over recent years KTG Energie AG has invested heavily in
expanding its biogas production capacity. Our turnover and
income performance during the first half of 2012 was very
encouraging. Thanks to our numerous new biogas plants, sales of
renewable energy soared by 50.6 per cent, from EUR 8.9 million
to EUR 13.4 million, while total operating income increased from
EUR 11.4 million to EUR 13.7 million. A positive point to note
in connection with this performance is that the bulk of the plants
were not commissioned until either the end of 2011 or the first
half of 2012, and for biological reasons they take several months
to reach full capacity. This factor will have a positive impact on
our turnover and income from the second half of 2012 onwards.
3.2 ∙ Cost Developments
As the company has grown our costs have increased correspondingly.
Material costs chiefly comprise expenditure on
raw materials and supplies and also input materials for biogas
production. These rose from EUR 4.8 million to EUR 5.4 million,
representing an increase of 12.5 per cent. The material costs as a
ratio of total output stood at 39.4 per cent (H1 2011: 42 per cent).
Due to the rise in the number of employees, our personnel costs
rose by 39.0 per cent, from EUR 0.7 million to EUR 0.9 million.
Depreciation, amortisation and impairment rose by 44.3 per cent
during the first six months of 2012, from EUR 0.9 million to
EUR 1.3 million. This can chiefly be ascribed to the commissioning
of the new biogas plants. As a result of the increased
number of plants and higher turnover, other operating costs
during the first half of 2012 came to EUR 3.4 million (H1 2011:
EUR 3.2 million).
3.3 ∙ Earnings
KTG Energie AG once again increased its operating profit during
the first six months of 2012. EBITDA rose by 44.8 per cent, from
EUR 2.7 million to EUR 3.9 million, while EBIT soared from
EUR 1.8 million to EUR 2.6 million, an increase of 45.1 per cent.
Meanwhile, the EBIT margin in relation to total output for the
period from January to June 2012 stood at 19.1 per cent, a significant
3.2 per cent up on the 2011 figure of 15.9 per cent.
The financial result for the first half of 2012 came to -1.1 million,
much the same level as the year before. It should be noted here
that the construction time interest on assets not yet running at
full capacity has been recognised. The result from ordinary
activities rose by 145.8 per cent during the first half of 2012,
from EUR 0.6 million to EUR 1.5 million.
The extraordinary expenses totalling EUR 1.3 million are attributable
to the costs of the stock market flotation in June 2012.
Due to this one-off effect the net profit for the half year came to
just EUR 0,1 million (H1 2011: EUR 0,3 million).
3.4 ∙ Financial and Assets Position
KTG Energie AG‘s financial and assets position during the first
six months of 2012 was dominated by the effect of investments in
the expansion of biogas capacity and the stock market flotation.
Thanks to the feed-in tariff guaranteed under the EEG, operating
biogas plants is conducive to secure long-term planning, and
thus offers a sound foundation for the sustained development of
KTG Energie AG.
The balance sheet total increased from EUR 95.2 million on
31 December 2011 to EUR 108.8 million, and thanks to the stock
market flotation our equity received a EUR 13.8 million boost.
As of the balance sheet date on 30 June 2012, KTG Energie
AG held equity totalling EUR 21.1 million and the equity ratio
stood at 19.4 per cent. Total balance sheet date liabilities on
30 June 2012 came to EUR 86.4 million (31 December 2011:
EUR 87.9 million). This rise is chiefly attributable to the financing
of the new biogas plants, as a result of which liabilities to banks
increased from EUR 42.5 million to EUR 47.7 million.
Due to our investment activities, property, plant and equipment
rose in value during the first six months of 2012 from EUR
8 ∙ KTG ENERGIE AG HALF-YEARLY REPORT 2012