European Energy delivers sound Q1 results
May 31, 2018
The European Energy Group’s share of profit before tax for the first quarter of 2018 totaled EUR 2.2 million based on a revenue of EUR 10.2 million, this is compared to EUR 4.4 million and EUR 22 million in first quarter of 2017. The result is in the line with guidance released by European Energy for the full year.
Knud Erik Andersen, CEO of European Energy, said:
“We are satisfied with our first quarter results. Our strategy and business model is working very well and the quarter has been busy for European Energy. We have progressed our projects under development and construction, and we have further built on our substantial pipeline of possible new projects.”
The outlook for the year is unchanged at a profit before tax of EUR 26 – 28 million. The cash flow for the quarter has been positive and the Group has maintained a high level of cash and cash equivalents, totaling EUR 52.0 million by the end of the quarter.
“We have known for some time now that the majority of divestments of our projects will happen in the second half of 2018. This makes our earnings unevenly distributed over the quarters; however, this is common in companies whose focus is the delivery of large projects. This quarterly result corresponds very well with the guidance we have provided for the full year.”
With 165 MW under construction and another 290 MW ready to build, European Energy expects the positive developments to continue.