Q4: European Energy delivers a strong result for 2017
Feb 21, 2018
The Group’s revenue for 2017 totaled EUR 186.7M and the profit before tax was EUR 25.8M. The return on equity reached 27%.
Knud Erik Andersen, CEO of European Energy, says:
“We are pleased with the results of 2017. We reached our financial target and we perceive the result as a confirmation that we have the right strategy for the years to come. The year has been characterized by a high activity level on our core markets but we have also succeeded in developing and selling the first projects in Latin America.”
The European Energy Group has delivered a solid result for the fourth quarter of 2017 with a revenue of EUR 57.8M and a profit before tax of EUR 8.7M. For the fourth quarter, especially the sale of three wind parks in Finland, with a total capacity of 17.25 MW, had a positive impact on the result.
“The Nordic countries remain important to us. The Nordic region is an attractive marked and we expect to expand as well our solar PV as wind pipeline here”, says Knud Erik Andersen.
After the second quarter of 2017, European Energy raised the full year guidance from an expected revenue of EUR 130M-170M to EUR 150M-175M. Furthermore, the expected profit before tax for 2017 was raised from EUR 17M-22M to EUR 23M-26M. Thus, the Group met the guidance as the revenue for 2017 was EUR 186.7M and the profit before tax was EUR 25.8M.
During 2017, European Energy divested wind farms with a total capacity of 101.5 MW and solar farms with a total capacity of 111.0 MW. By the end of the year, European Energy had 229.6 MW under construction and another 271.0 MW was ready to be build.
“Our strategy and our project pipeline make us expect that the results for 2018 will be equal to or slightly above this year’s performance”, Knud Erik Andersen adds.