BREMEN (dpa-AFX) - After a record year, wind and solar park developer and operator Energiekontor expects earnings to fall in 2024. The current difficult environment for new projects is having a negative impact. Long delivery times from turbine and component manufacturers and limited availability of wind turbines are causing delays in the completion and commissioning of projects. The statements were poorly received by the market.

On Maundy Thursday, the shares headed towards the interim low of March 2023 with double-digit percentage losses. The shares fell by almost 13 percent to 62.10 euros in the morning. In the current year, the discount is now around a quarter. Warburg analyst Jan Bauer praised the record results for the past year. However, the outlook is disappointing at first glance.

Earnings before taxes are likely to be "noticeably" below those of the previous year, the company announced in Bremen. Energiekontor is aiming for just 30 to 70 million euros, which is below the market estimate of 79.6 million euros. Last year, the company, which is listed in the second-tier index SDax, still achieved 95.5 million euros. Warburg analyst Bauer had expected pre-tax earnings of as much as 90 million euros for the current year.

Due to the difficult market environment, the company expects most of the projects currently under construction to be commissioned in the next two years, Energiekontor explained. The earnings potential is therefore not expected to unfold until 2025 and 2026. In addition, the company already sold a wind farm in the UK at the end of last year and booked this in 2023.

Energiekontor expects the majority of the pre-tax profit to come from further project sales in the UK. However, the transmission system operator responsible there recently announced possible delays in the expansion of the supra-regional grids, as the Group also announced. For this reason, potential shifts in earnings could not be ruled out here either. However, any shifts in earnings would come to bear in the 2025 and 2026 financial years. The Group is therefore sticking to its target of achieving earnings before taxes of around EUR 120 million by 2028.

Last year, earnings before taxes rose from EUR 62.9 million to EUR 95.5 million, reaching the upper end of the company's forecast. Energiekontor had raised its earnings outlook in mid-December following the sale of the British wind farm. Thanks to a low tax rate, consolidated net income rose disproportionately by 87 percent to EUR 83.3 million. Shareholders are to receive a 20 cent higher dividend of 1.20 euros./nas/men/mis