European Energy raises 2021 pre-tax profit guidance

Author: Ken Teegardin. Licence: Creative Commons, Attribution-ShareAlike 2.0 Generic.

December 23 (Renewables Now) - European Energy A/S today revised upwards by EUR 10 million (USD 11.2m) its full-year projections for pre-tax profit and retained its forecast for earnings before interest, tax, depreciation and amortisation (EBITDA).

The Danish renewables developer now expects to report 2021 pre-tax profit of EUR 60 million rather than EUR 50 million, but its EBITDA guidance remains the same – EUR 80 million.

“The company has experienced increasing power sales from its operations all over Europe due to the material increasing prices on electricity. This has led to higher prices on energy parks when the Group is divesting. In 2021 we increased the construction activities four-fold and with an even bigger building program for next year, we are also looking into an interesting 2022,” said CEO Knud Erik Andersen.

European Energy noted that while gross profit is higher, it has been counterbalanced by higher-than-expected staff and other external costs.

(EUR 1.0 = USD 1.126)

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