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European Energy ups profit forecast, cuts revenue projections

The Nojsomheds Odde wind farm in Denmark. Source: European Energy A/S

February 8 (Renewables Now) - Danish wind and solar developer European Energy A/S said on Thursday that, after all, it expects pre-tax profit for 2018 to be slightly above its latest forecast from December.

Last month, European Energy reduced its projections for 2018 pre-tax profit to between EUR 23 million (USD 26m) and EUR 25 million from the previously forecast range of EUR 26 million-EUR 28 million. Now, it anticipates to report a figure between EUR 25.5 million and EUR 26 million for the 12-month period.

The company, though, further lowered its revenue guidance and now expects a range of EUR 94 million to EUR 97 million instead of the previously announced EUR 115 million-120 million that was already reduced from EUR 190 million-210 million.

European Energy explained that last year it sold three under-construction solar parks to an associated company of the group and planned to classify the transaction as revenue, with the same amount in direct cost. It has now decided to eliminate the revenue and direct cost totalling EUR 24 million in the presentation of the Groups Profit and Loss for 2018. It noted that this has not affected its pre-tax result.

(EUR 1.0 = USD 1.133)

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