Good morning, ladies and gentlemen. A warm welcome to our this year's conference call on the H1 2024 figures. These figures are already published on July 30 via ad hoc news and via press release, because these figures are pretty much below previous years' figures, but as expected, and the guidance for fiscal year 2024 is currently confirmed. Ladies and gentlemen, as you are aware, and I think I don't have to highlight that very long, is that there is a transaction going on, Elbe BidCo, which is investment fund, which is managed and advised by KKR, together with Viessmann and family Viessmann, and Abacon is having a out takeover offer for Encavis. A cash consideration of 57.50 EUR per share, and it is that the Management Board, Supervisory Board of Encavis AG recommended the acceptance on May 2, and in the meantime, until June 18, 2024, 87.41% of all Encavis shareholders accepted that offer. The closing of the deal is expected for Q3 2024 or Q4 2024. Well, the whole contemplated transaction will benefit Encavis and the energy transition. As a matter of fact, before that contemplated transaction, we had a target of 5.8 GW in 2027, and now we have a new ambition, together with our partners, to reach 7 GW of capacity then. Here you already see what that will mean, the whole transaction will mean to Encavis. Although the whole company is working on the realization of this new partnership, we are working on our daily business as well. As we pointed out in Q1 already, we signed two non-recourse project refinancing agreements in total amount of EUR 12 million for our plants in Spain, Talayuela and La Cabrera. And in the meantime, now on thirtieth of April, 2025, which was not already announced in the Q1 figures, is that we signed a syndicated revolving credit facility in the amount of EUR 300 million. Both will help us to foster our further growth of our accelerated growth strategy, 2027. The syndicated revolving credit facility will hold until thirtieth of April, 2025. Until then, at latest, the total takeover will be done, and this interim's financing was necessary because we received a rejection vote of our annual shareholders meeting for our capitalization measures. Recently, most recently, in July 2024, we got from Scope Ratings a confirmation of our investment grade issuer rating of BBB-. But not only on the financing side, we are busy, but we are working on further investments, construction, and connection to the grids of some parks. So in Q1, we always stated that we are under construction in the Borrentin Park with 114 MW, the largest park of our own portfolio. In addition to that, we could acquire another park in Spain of 95 MW, which brings our total capacity in Spain alone at the end of year 2025 to 800 MW. This park was acquired from BayWa. The park is under construction and will be connected to the grid in Q4 2025. In addition to that, we closed the contract of the already grid-connected 11-MW wind farm, Schieder-Schwalenberg. That park was already acquired in December 2023. Sometimes closing of such parks needs some time, and we got a 14-MW solar park, Mørke, in Smalland, in Denmark, connected to the grid. Encavis' asset management is working on the projects as well. As you might know, the largest German solar farm in the group managed is with asset management. It is the Bartow park with 260 MW. Here we could sign, beginning of April, a PPA contract with LyondellBasell, and now we got financing done with Commerzbank on the 31st of July in the amount of EUR 145 million. Before I go now into the details of our half-year figures, I would like, to highlight that these figures we will presented in this, presentation, are without the cost of the partnership with Elbe, with KKR and Viessmann. The reason for that, is that we want to keep the half-year figures here comparable to the guidance, which did not incorporate these costs as well. The total costs so far of that project are EUR 5.4 million, which were accounted for in the half year, 2024. If you compare our half-year report with the figures here, please have in mind that all figures, despite cash flow and, and revenues, have to be reduced by EUR 5.4 million. Well, if we go then into the details of our figures, we usually start with the energy production of our existing portfolio, and for the first time, we have here a severe drop of 7% or 130 GWh. As a matter of fact, there are numerous issues which we are confronted with, and this is a very unusual combination. Firstly, it is that we sold at the end of last year, two wind farms, which were at the end of the feed-in tariff, Gösen and Sollnitz, and they produced in the first half of last year, 20 GWh, so that is obviously lacking now, and that was planned for. And we have much less favorable weather conditions in the first half of this year than we had in the first half of 2023. It is not that 2024 is extremely bad. Yes, it is below standard weather, but the first half of 2023 was very much better than standard weather, and therefore, there is a big deviation here. We were, in some areas of Europe, confronted for the first time with negative prices. Now, you might ask, why do negative prices influence the gigawatt hour production? In 15-minute periods where we see negative prices, we stop the power production because we do not want to pay money for producing electricity, and then we do not produce the electricity, and that costs us a huge part of this 130 GWh power production. Then we had in some areas, as usual, but fully compensated grid curtailments. That all means that we have a reduction of our GWh production of the existing portfolio of 7% or 130 GWh. That is by 2/3 compensated by new parks connected to the grid. So in total, the energy production in this growing portfolio is only 3% or 46 GWh below previous year's figure. But that leads to 9% reduced revenues. Well, if there is a big lack of power production in the existing portfolio, which on average has a much higher remuneration per kilowatt hour than the new parks, then this means that there is a higher negative deviation in the revenues. In fact, it is that the EUR 21.3 million negative deviation in that operating profit is by half has its reason in the reduced volumes, which I pointed out in the existing portfolio, and the other half by lower prices. These lower prices were expected and were planned for in our guidance for 2024, and so therefore reflected in our guidance, but it is a deviation to the first half of 2023. You see that EUR 21 million deviation in the revenues, in the EBITDA as well. But in addition to that, some compensational effect in the revenues, which is provided by Stern or by newly grid-connected parks, they come along with cost. That means that the EBITDA has a slightly higher deviation compared to previous year, and they come along with depreciation, so the same applies to EBIT. If we have a look into the segmentation report, then we see that although we have a severe drop in power prices and reduced volumes due to meteorological reasons, grid curtailments, and some negative price-related shutdowns, that still the operating revenues of the solar parks contribute approximately 2/3 to the top line of the whole group. While wind farms are stable with 22% providing to the total top line, PV service is increasing its importance to the top line. If we go now into the details of the solar farms, we have a drop in revenues of the solar parks by 14%. This is due to the expected lower power prices in combination with less sunshine in many European states, and first in the lifetime, negative price-related, uncompensated shutdowns. Let's have a look on the meteorological effect. As a matter of fact, we always plan standard weather for solar and for wind. While we have seen in all European countries in the first half of 2023, very positive deviations in the irradiation compared to standard weather, we see in all but one surprising country, negative deviations to that standard weather. Why a surprising country? Well, most Germans would consider this summer not to be the most sunny one, but in fact, we still are above standard weather in the irradiation. But in fact, the highest deviation we see in the Netherlands, we had last year in the first half, 9.2% more irradiation than usually expected, and this year, 6% less than usually expected. So going, compared with the usual expectation, it is a negative deviation of 15%, and that certainly means that there is less power produced. But the likelihood of high or low irradiation in the future does not change with that experience, so this is something which we cannot forecast, and something where we always assume standard weather. If we then have a look into the wind farms, here we have a deviation of -7% in the revenues, and this is mainly due to the deviation of EUR 3.2 million to the sale of the parks, Gösen and Sollnitz, which produced in the first half of 2023, EUR 2.2 million of revenues, which are obviously missing now, and EUR 1 million is due to prices. Our Stern parks develop very well, as well as our other projects, so not to take it too negatively. So the solar farms and wind farms are working properly, they are in good shape, and they have with the capacities which we have are growing and we are further investing successfully. But there is, by accident, a combination of some negative influences which currently overcompensate that effect. Stern is developing very well, very well as well. We have growth of 30% in our revenues, mainly driven by internal revenues with our own parks. As a matter of fact, this is exactly what we had in mind strategically when we decided to acquire Stern. The EBITDA margin looks a bit to be under pressure, but in fact, the first half of 2023 was fairly impressed by one-off effects of winding down the formerly developed small development business of Stern. Here, we had quite realized some profits in winding that business down. So the 11% of EBITDA margin is in line with our expectation. In our asset management business, we still have, due to the interest rate environment and to the reluctance in the past of some investors to provide us with sufficient committed equity, some delays in further project investments, which are expected now for the second half of this year. We have some shifts in projects, so therefore, the revenues are somewhat reduced. But since the costs are fixed, we are currently in the negatives, but we are confident that this will turn around in the second half. In the headquarters, we see in the revenues only the consolidation of the internal revenues with Stern. Here you see the magnitude of the growth of the revenues from 8.7-12.7, so almost +50% of internal revenues with our new subsidiary. That is very positive. The EBITDA is purely the cost of the holdings. Here you see a reduction from minus 6.3 to minus 5%, although the company is growing as well as the workforce. So that is not the reason, but the reason is that in the first half of 2023, we had several one-off effects, which were a cost burden, and this means that we have a reduction of our cost in total. Ladies and gentlemen, now we had a turbulent first half year due to bad weather, shutdowns due to negative prices, as well as weather and negative prices, and the low price volume. As a matter of fact, our guidance 2024, which we announced in March, was based on, like, every year, standard weather. This is something which I already early pointed out. Only the fact that we had negative or bad weather conditions in the first half does not mean that we have any reason to assume that we do not have standard weather in the second half. So the weather is an open issue, and there's no relationship between, the first half weather conditions, the second half, so therefore, we stick to our assumption of standard weather. And we had the power price curve of tenth of March, 2024. The power price curve is the assumption and, regarding the power prices, the overall power price environment. It is not a forecast of every 15 minutes corridor. So what we cannot say today, how many negative price, 15-minute corridors there will be, and so how many shutdowns will be done? And so therefore, we cannot forecast anything like that for the second half. But having a look on the pricing level, and if you compare this chart with the Q1 figure, it is that there is some relief in the power prices. In most of the countries and technologies, the reduction in power prices is somewhat slightly lower than we assumed in the Q1 figures. This is not material, so therefore there's no reason to change the guidance out of that reason. And it is a snapshot, and the prices are extremely volatile in the current environment, but there is some relief. Overall, we currently stick to our guidance. Honestly said, it depends very much on the weather conditions and very much on the volatility of daily power prices and whether there are negative prices in 50-minute corridors, which could enforce us to shut down one or the other park. Not all of them, it is only selectively... So therefore, we confirm our guidance. Ladies and gentlemen, that's it, what I wanted to present to you. The further charts in the presentation are standard charts, which you have seen already in the last quarters. And now I'm available for your questions. Thank you very much for your audience and your attention. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may click the Q&A button on the left side of the screen and then raise your hand or submit a text question. If you are connected via phone, please press star followed by one on your telephone keypad. If you wish to remove yourself from the question queue, you may press star followed by two, or please press the Lower Your Hand button. Anyone who has a question may click the Q&A and Raise Your Hand button, or press star followed by one at this time. One moment for the first question, please. It seems there are no questions at this time. Okay. I would hand back to Dr. Christoph Husmann for any closing remarks. Yeah. Thank you very much for attending our presentation of the Q2 figures. And if you have any further questions in the aftermath, please do not hesitate to contact the investor relations department. And so thank you very much for dialing in, and I hope that you sit in an air-conditioned and nice room so that the day is not as warm as it started this morning. Thank you very much, and have a good day. Bye.
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