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Company Announcement 9/2020 (August 31, 2020)
European Energy starts the organization in the first part of the year and maintains its high expectations of annual goals. In the current quarter, it recorded revenues of 37.2 million euros, EBITDA of 9.4 million euros and an e-tax profit of 3.7 euros.million euros. This concludes in the first half of 2020 with forged sales of 65.9 million euros, EBITDA of 19.7 million euros and a pre-tax profit of 7.9 million euros.
Knud Erik Andersen, CEO of European Energy, says:
“We are pleased to announce that European Energy is creating a healthy and successful expansion in the first part of 2020, as we meet our expectations for our annual goals.
Increased green energy sales were the main driving force for successful growth. Electricity sales increased by 120% at the time of the 2020 quarter compared to 2019.Revenues from the sale of electricity from solar assets increased from 337% to 3.8 million euros.
Construction activities are the main ones and have not been affected by the COVID-19 crisis, more precautions are being taken at our facilities in Denmark, Poland, Germany, Italy and Brazil.More than 1127 MW in total are currently under structure or in a condition of being built All our solar and wind projects. In Italy, we connected to the grid our Project Troia, the largest solar park ever built in Italy, with an existing capacity of 103 MW. At the same time, our portfolio of projects in progression continues to grow well with many projects entering the structure phase.With more than 15 GW of projects in progress, we expect structure activity to continue to increase, move to new markets and remain at the top of the European continent for years to come.
During the 2020 quarter, we closed the sale of 4 Vestas V126 wind turbines of 3.6 MW to Viertkamp Germany to German investor Encavis AG, Hamburg, and the sale contributed definitively to quarterly results. Also in Germany, we closed the sale of the Vier Berge assigned 3 turbines Enercon E126 and 4 Enercon E138 with a total capacity of 25.8 MW to the capital fund CEE RF6 Holding S.a.rl, Luxembourg, and gained the first component of the advance.We expect revenue to be identified, by November 2020, when the park will be fully built and connected to the grid.After the day of the evaluation, we sold the Danish solar park Hanstholmsvej.The solar park is the first in Denmark to use bifacial modules, and electric power sold under a long-term contract to a knowledge center in Denmark.When the benefits obtained from these divestments are identified later this year, more than 80% of the expected gross advantage for the year will be guaranteed.
At the end of the quarter, we had very strong money with 121.1 million euros totaling 95.7 million euros of loose money flow.Strong money built us to fund our expansion for the coming quarters.In July, we closed our biggest long-term funding.to date on the Troia site with the French bank Natixis for 96.5 million euros, reinforcing our liquidity.
Despite the current COVID-19 crisis, our business activities were maintained first in all key markets, so we believe that a momentary wave of COVID-19 will have a very limited effect on our activities and, therefore, we have made the decision to continue.Our hiring policy and now we have 172 employees, compared to 119 at the time of the 2019 quarter.In Brazil the negative effects of COVID-19 came on a polarized political environment, and the local currency suffered a significant price drop.Structure activities are advancing as planned, however, the fall in the price of the currency and the overall situation of the country led to a depreciation of 3.4 million euros in this quarter.
Despite the loss in Brazil, we achieved monetary functionality at the time of the 2020 quarter and remain committed to EBITDA (52-58 million euros) and pre-tax profit (35-39 million euros) for the full year in 2020 in line with the past directive.
The opposing fight against climate change is a megatrend and we are pleased to see it gain strength around the world.In July, European Union leaders followed a new budget and stimulus package with the aim of guiding the EU through the COVID-19 crisis.The plan spends more than 500 billion euros on weather coverage over the next seven years, while all EU spending should contribute to emissions reduction targets.Thanks to these ambitious policy plans, monetary institutions, pension funds, personal corporations and many other personal investors are increasingly focusing on renewable energy and new markets are opening up.Addressing climate replacement is our most sensible priority and explaining why for our business, and we are determined to work hard to take it on.With the expansion of our activity and the technical progression of our sectors, we look to the long term with optimism.
More information: Jonny Thorsted Jonasson, CFO: [email protected] or phone: forty-five 5180 0000
This announcement was made in accordance with the Market Abuse Regulation (EU Regulation) No.596/2014 on market abuse).
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Second Quarter 2020 2020 Monthly Financial Report