1 - KTG Energie AG

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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
BUSINESS PERFORMANCE ∙ 1ST HALF YEAR 2012 71.3 million to 78.3 million, while plant, equipment and machinery fell slightly from EUR 29.1 million to EUR 28.1 million. The significant increase in assets under construction, from EUR 33,3 million to EUR 41.4 million, is a testament to our continuing expansion. Hamburg, 14 September 2012 KTG Energie AG KTG Energie AG Inventories increased from EUR 5.3 million at the end of 2011 to EUR 7.0 million by 30 June 2012. This is due to an increase in work in progress by EUR 0,5 million to EUR 0,8 million, as well as a slight increase in payments on account to EUR 0,6 million. Receivables and other assets decreased from EUR 15.1 million to EUR 13.8 million. 4 ∙ OUTLOOK In its August 2012 forecast the International Monetary Fund (IMF) predicts global growth for 2012 as a whole of some 3.5 per cent. However, economists‘ assessment of the German economy is significantly more optimistic than previously, as a result of which their growth forecasts have been revised upwards. They are now expecting 2012 German growth to come in at one per cent, 0.4 percentage points more than expected back in the spring. Dr. Thomas R. G. Berger Management Board Chairman Olaf Schwarz CFO Due to the amended EEG, the German biogas sector is currently undergoing transformation, with the German Biogas Association (Fachverband Biogas e.V.) anticipating the construction of 300 new plants in Germany during 2012, considerably fewer than the year before. The amended EEG has vindicated the business model adopted by KTG Energie AG. Since 2006 we have pursued a policy of using second crops, as well as incorporating systems for the use of the heat generated when planning our facilities. Accordingly, the EEG and the German Gas Grid Access Ordinance (Gasnetzzugangsverordnung - GasNZV) between them provide a stable and attractive legal framework for our growth strategy. Given the great potential offered by the environmentally friendly energy sector, KTG Energie AG views the future with optimism. Thanks to the investments we have already made in the grid, we expect turnover and income to rise faster in the second half of 2012 than during the first half, and the stock market flotation has laid the foundations for us to expand our capacities [more rapidly], and by the end of 2012 we should be feeding over 35 megawatts into the grid. By 2015 the output from our biogas plants is scheduled to hit the 60 megawatt mark. 9 ∙ KTG ENERGIE AG HALF-YEARLY REPORT 2012
Page 1 and 2: KTG Energie AG Half-yearly report 2
Page 3 and 4: CONTENTS CONTENTS 1 ∙ COMPANY 03
Page 5 and 6: COMPANY ∙ FOREWORD BY THE MANAGEM
Page 7 and 8: COMPANY ∙ COMPANY LOCATIONS · CU
Page 9: BUSINESS PERFORMANCE ∙ 1ST HALF Y
Page 13 and 14: FINANCIAL DATA 11 ∙ KTG ENERGIE A
Page 15 and 16: FINANCIAL DATA ∙ CONSOLIDATED BAL
Page 17 and 18: FINANCIAL DATA ∙ CONSOLIDATED BAL
Page 19 and 20: FINANCIAL DATA ∙ CONSOLIDATED CAS
Page 21 and 22: FINANzDATEN ∙ 2012 CONSOLIDATED S
Page 23 and 24: FINANCIAL DATA ∙ CONSOLIDATED STA
Page 25 and 26: FINANCIAL DATA ∙ CONSOLIDATED STA
Page 27 and 28: CONSOLIDATED NOTES 4 · COMMENTS 25
Page 29 and 30: CONSOLIDATED NOTES ∙ NOTES TO THE
Page 31 and 32: LEGAL NOTICE LEGAL NOTICE PUBLISHER

1 - KTG Energie AG

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