ESCH-SUR-ALZETTE, Luxembourg, May 21, 2015 /PRNewswire/ --
The Enovos Group has ended the 2014 financial year with a positive result, thereby continuing its growth course. It succeeded in increasing its EBITDA by 9.4 % to 212.2 million euros - compared to 193.9 million euros the previous year. Operating cash flow stands at 268.3 million euros compared to 218.3 million euros in 2013 - an increase of 23 %. The net income before impairments has increased by 12% over the previous year.
The net income of 26.5 million euros - after impairments totalling -82.2 million euros - is well below last year's level, but is expected to catch up with its historic values again this year. The group had to write off investments in Italian photovoltaic facilities that are under investigation by the Italian justice authorities. The Italian authorities initiated proceedings for alleged fraud against people associated with the operating partner.
However, the positive growth in EBITDA and cash flow clearly illustrates that the Enovos Group companies were able to assert themselves in a difficult market environment and in the midst of huge technological change. Competitive offers, innovative products and services, competent and committed staff and optimised cost management all contributed to this positive result.
The Enovos Group is continuing to invest in grids and in promising new forms of energy:
Grid operator Creos invested a total of 144 million euros in 2014 - 130 million euros in Luxembourg (electricity and gas) and 14 million euros in Germany (gas). Future large-scale projects include work on the new high-voltage transmission lines in the east of the capital to improve the security of supply in the south of the country, connecting to the grids of Belgian operator Elia and the roll-out of smart meters in Luxembourg from 2016.
2014 was additionally characterised by preparatory work related to the integration of the Luxembourg and Belgian gas markets, as well as the commissioning of the new Roost Regional Centre uniting several former sites.
Energy supplier Enovos Luxembourg continues to focus on renewable energy and invested around 52 million euros in new projects in 2014. Some 30 million euros were invested in Belgium via its subsidiary NPG Energy NV. This commitment is also reflected in the new premium products nova naturstroum and nova naturgas from Enovos Luxembourg. 64 per cent of nova naturstroum currently comes from renewable energy sources within Luxembourg.
In 2014, the Enovos Group secured a second loan of 80 million euros on the German capital market in order to guarantee its long-term investments. With a debt ratio of 43.4%, the Enovos Group continues to have a sound financial basis to remain on its growth course in the coming years.
At the end of 2014, the group employed a total of 1,459 employees - compared to 1,394 employees the previous year. In Luxembourg, the group companies have taken on 85 new members of staff in the past financial year.
In conjunction with the annual report, in 2015, the Enovos Group is publishing its first non-financial report on its corporate social responsibility (CSR) and its corporate governance report.
All the reports are available to download from: http://www.enovos.eu.