Eurowind Energy overperforms FY profit target by more than 250%
The German wind park Sitten. Source: Eurowind Energy A/S.
Danish renewables developer Eurowind Energy A/S today published its annual report for the fiscal year through June 30, 2022, unveiling that it overperformed its pre-tax profit target by more than 250%.
The company was expecting to record a pre-tax profit of EUR 30.5 million (USD 30.4m) for fiscal 2021/22 but actually booked EUR 115.5 million, with net revenue rising by about 30% year on year to EUR 173.5 million even without the sale of any assets. Thus, the top line reached its highest level in the company’s history, helped by high power prices.
Eurowind Energy says it is a wind developer that is also capable of developing, building and operating solar power plants, energy storage facilities, electrolysers and other Power-to-X (PtX) technologies. Eurowind Energy now owns, either directly or indirectly, 103 operational wind and solar parks in six countries totalling 857 MW. The vast majority are located in Denmark and Germany.
In its report, the company says it anticipates the emergence around the world of new “Power Majors” with a generational capacity of at least 20 GW, a development portfolio of at least 100 GW and annual construction activity of about 4 GW. Its goal is to become one of those businesses and it believes it is well positioned to do so.
“The result of the financial year allows us to accelerate our strategy even further. We will invest every Euro we earn in more capacity, thereby generating more green and affordable power to the consumers. Our long-term strategy is to hold on to our generating assets in order to earn reoccurring revenue, significantly accelerate development and construction activity and benefit from having an energy trading affiliate. That gives us the best outset to continuously increase the activity level across all markets and technologies,” group CEO Jens Rasmussen stated.
For fiscal 2022/23, the company forecasts a pre-tax profit in the range of EUR 400 million-500 million. It said it is looking forward to entering one or two new markets and expanding its operating portfolio significantly.