2G Energy AG (2GB); announces results of its Annual General Meeting

Published on 26-06-2019 08:31:00
Author Sparks Team

2G Energy (2G), a manufacturer of gas driven combined heat and power (CHP) systems, announced yesterday the results of its Annual General Meeting. The company’s shareholders approved all agenda items, including a dividend increase to €0.45 per share from last year’s €0.42.

In addition, 2G revealed its order book was €151m as of end-April 2019, which secures a two-shift work cycle in their factories until at least Q220, according to the company. New order intake for CHP plants in the first four months of FY19 decreased to €46.6m from €66.3m in the previous year.

2G highlights however that the last year’s figure is not fully comparable as the company faced an extraordinarily high new order intake in 2018, driven by increased flexibility of biogas plants in Germany. That said, new order intake in a comparative period in FY17 was at €37.4m. The company also adds its service business continues to achieve growth both in net sales and earnings.

On the back of positive business development to date, 2G confirmed its FY19 forecast. The company still expects its net sales will reach €210-230m and EBIT margin will be up to 7.0% (versus 5.5% in FY18).

Friedrich Pehle, 2G’s CFO, commented that ‘As far as sales growth is concerned, our partner concept will give us a boost, especially internationally. On the cost side, we are benefiting from our “Lead-to-Lean” lead project and the enormous efficiency gains it entails.’

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