European Energy posts lower H1 results ahead of busy H2

Ken Teegardin/CC BY-SA 2.0

August 31 (Renewables Now) - Copenhagen-based wind and solar developer European Energy A/S today reported lower results for the second quarter and first half of 2018, but said they are in line with its full-year guidance.

In the first half, profit before tax declined to EUR 935,000 (USD 1.1m) from EUR 5.5 million in the same period of 2017. The company's full-year forecast for a pre-tax profit of EUR 26 million – 28 million remains unchanged.

in EUR millions Q2 2018 Q2 2017 H1 2018 H1 2017
Revenue 8.4 10.1 18.6 32.2
EBITDA 1.1 2.8 5.4 8.9
Profit (loss) before tax (1.2) 1.1 0.9 5.5
Group's share of profit for the period  (1.5) 1.6 0.5 5.3

The company explained that the performance reflects continued growth in development and construction and added that most project divestments are expected later in 2018. It is currently in active sales processes for 250 MW of projects, compared to 160 MW after the first half of 2017.

During the second quarter, the company grid connected eight solar parks in Denmark totalling 70 MW. It is building 164 MW of wind and solar power, while 280 MW are with a ready-for-construction status.

"The positive momentum in our development and construction activities continued in our key markets as well as new markets. The planned divestment of our solar and wind farms also progressed according to plan," commented chief executive Knud Erik Andersen.

European Energy, founded in 2004, boasted a milestone of having reached 1 GW of constructed capacity in the second quarter. It expects to build the second gigawatt in just two years.

(EUR 1 = USD 1.167)

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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