The groups profit before tax totaled EUR 1,1M based on a revenue of EUR 10,1M. The cash flow for the quarter has been positive, and the Group has maintained a high level of cash and cash equivalents, totaling EUR 21,0M by the end of the quarter.
The profit before tax for the first half year of 2017 for the Group equals EUR 5,5M, compared to 2016 where it was EUR 4,1M.
During the second quarter of 2017, 27 MW wind power has been grid connected, 81 MW wind and solar power is under construction and another 302 MW are ready to build.
The timing of the close of each individual sale of energy farms has great impact on the Groups results. The Group has successfully closed 5 MW (gross) in Q2 and 37 MW (gross) after the end of Q2. Moreover 39 MW (gross) are conditionally closed with expected closing during 2017 and 2018.
Due to these developments management raises full year guidance for profit before tax from EUR 17-22M to EUR 23M-26M. Last time European Energy raised full year guidance was upon submitting the first quarterly report of 2017.CEO Knud Erik Andersen says: “I am very pleased that we are able to outperform our expectations, due to the intense attention our green energy projects are getting from institutional investors looking for long term, low risk assets”
During the third quarter of 2017 European Energy A/S has successfully refinanced the outstanding 03/2018 EUR 45M bond loan with a larger EUR 60M bond loan. Final maturity of the new bond loan is 05/2021, and the new bond loan will carry a lower coupon of Euribor 3M + 7.0%.The bond will be listed on NASDAQ Copenhagen. The outstanding bond of EUR 45M has been delisted from NASDAQ Stockholm and repaid in July.